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| Statement |
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| And the answer is a margin improvement and volume improvement |
| Company D is in very good general shape |
| This allows the NCS division to recover 30,000 square feet in Peru, Illinois from ENP making room for potential growth |
| And I pointed this out in speech, you'll probably discover that corn prices went up for a while, and our sales went up dramatically |
| Revenue was strong in Q3, but the remainder of the year can't be predicted |
| I can tell you that there were a whole pile of problems that needed to be solved and were solved by our production team, and I got to give them a call out for a really good job |
| Our sales to the LLC grew in the quarter |
| FSI would be a major user of aspartic acid derived this way and believes that sustainable aspartic will allow us to obtain large new customers and develop valuable new products that both biodegrade and come from sustainable sources |
| The LLC was profitable again in Q3 2023 and was one area where some revenue growth has occurred in 2023 |
| It was positive, but less than $0.005 |
| We've got our lines of credit, and we're confident that we can execute our plans with our existing capital |
| Raymond Howe I’m good and thanks |
| Well anyhow, it’s -- the current results are discouraging but long-term obviously your company's done very well so I'm still optimistic |
| Good to talk to you again |
| We've got some work to do to increase prices, lower costs and find additional volume |
| We are yielding many, many, many opportunities |
| This action returns full of ownership of the 20-acre parcel and the 120,000 square feet of buildings to FSI with a mortgage at favorable terms |
| Even more critical is increasing sales in our traditional businesses and obtaining sales in the food industry, to ensure that our wage and other base costs are spread over more revenue dollars |
| The financials show that our costs have increased as the year progressed |
| The total dollar amount due back to us is well in excess of $1 million, and we are going to perseverance so we succeed in covering our funds |
| Thanks, everybody, for joining us |
| Raymond Howe Good morning |
| Highlights with the financial results |
| is continuing to stabilize, but at generally higher costs |
| And maybe this would be a great time to wish you all a great Thanksgiving, and talk to you soon |
| Good morning |
| And then we have to finish proving to them that the products are better than the product they current buy because we're definitely trying to replace other suppliers rather than do brand-new things |
| Dan O’Brien Thank you |
| This has resulted in increased lines of credit with lower interest rates and reduced interest rates on our long-term debt |
| Thanks |
| Statement |
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| Volumes down, we've been unable to raise prices sufficiently to recover costs and to maintain our margin goals |
| Year-over-year revenue and operating cash flow were down, profits were negatively affected by product mix, cost of goods and reduced sales volume |
| One or many customers buying agricultural inputs, and they were unsuccessful in resigning those customers year-over-year, and it's resulted in a -- you've seen a huge shortfall, $4 million across the nine months |
| We believe that the sum of the issues we faced during the rest of 2023 will result in lower revenue, lower cash flow and lower profits for the coming quarter and for the full-year |
| As a result, total revenue for the quarter was well below the previous year period |
| In addition, the possibility of reduced hydrocarbon demand could slow our sales over the next several quarters |
| We now estimate that year-over-year revenue cash flow and profits will be down significantly in 2023 |
| However, margin increases and margin maintenance has been difficult |
| The problem is in the food industry |
| We cope with the shipping issues by ordering far ahead and carrying additional inventory in 2022, resulting in costs that we were unable to pass on to our customers |
| As a result, margins are compressed and earnings may not reach historical levels for some time |
| We anticipate that this may slow their progress towards sustainable aspartic acid |
| Oil, gas and industrial sales of TPA have been lower in Q3 '23 |
| Passing price increases, even small inflation-related ones along to customers and take several months, it's not always possible and will probably result in constrained margins for the next year |
| And yes, they lost business, which caused us to lose business, but we did not lose the customer |
| These tariffs are recovering -- affecting our cost of goods, our cash flow and our profits negatively |
| Also, the LLC remains exposed to high cost of goods, while experiencing difficulty passing all the costs to its customers |
| We're not happy with the results for Q3 '23 |
| William Gregowski Hey Dan, I know you don't like talking about the customer specifically, but in the breakout of your key customers, one of them was down from $6.2 million in the nine months -- first nine months last year to $2 million this year |
| We think that the remainder of '23 and all of 2024 could be difficult |
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