- Sales in the first quarter (Q1) were $4,357,467, up approximately 29% when compared to sales of $3,384,846 in the corresponding period a year ago. Due to estimates, in Q1, 2010, of the expected Income tax expense for full year 2010, a much lower tax expense was recognized in Q1, 2010 than the actual tax expense related to revenue for that quarter. This has resulted in, what appears to be, a larger net income in Q1, 2010 versus Q1, 2011. Therefore for comparison purposes between these quarters it would be more accurate to compare the GAAP number “Income before tax.” See the First Quarter Financial Statement or the table on the following page for these numbers. The financials give a Q1, 2011 net profit of 358,107, or $0.03 per share compared to a net profit of $515,673, or $0.04 per share in Q1, 2010.
- Basic weighted average shares used in computing per share amounts in Q1 were 13,592,698 for 2011 and 13,962,567 for 2010. Note: a share buy back by the Company in Q1, 2011 is the reason for the reduced share count.
- Non-GAAP operating cash flow: For the 3 months ending March 31, 2011, net income reflects $117,992 of non-cash charges (depreciation and stock option expenses), income tax, as well as $244,748 in new factory development costs and related interest expense. These items are either non-cash items or items not related to operations or current operating activities of the Company. When these items are removed, the Company shows operating cash flow of $1,040,847, or $0.8 per share. This compares with operating cash flow of $929,822, or $0.07 per share, in the corresponding 3 months of 2010 (see the table that follows for details of these calculations).
FSI Announces First Quarter, 2011 Financial Results
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