According to drummer Steve DePace:
[The album is] 99% there, if not done. We've got 10 songs, and we just did another round of mixing. The album sounds great -- I think it's some of our best work ever. That also is an indicator for more future songs to come. We know we can write songs with Krist now that sound just like Flipper.
The band also hopes to re-release their entire back catalog sometime in 2008. The bands' first two albums are currently in legal limbo with producer Rick Rubin, and are largely out of print. In addition to the album, the band is currently putting the finishing touches on a new DVD. It is titled Flipper Live: Target Video 1980-81 and is due out February 19, 2008. You can check out the artwork on the DVD's release detail page.
Flipper released their last album, American Grafishy in 1992 before splitting up in 1995.