This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FSI Announces Second Quarter, 2011 Financial Results

FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable and environmentally safe water and energy conservation technologies, as well as oil field anti-scalant, detergent, water and agricultural technologies. Today the Company announces financial results for the second quarter (Q2) ended June 30, 2011.

Mr. Daniel B. O’Brien, CEO, states, “This quarter was significant for the Company in demonstrating our continued strong growth. Quarter over quarter sales are expected to track higher for the rest of the year. It is important to note that FSI has attained a $1.5million revolving line of credit (LOC) at 4%. The availability of this LOC for working capital purposes is not evident in the ‘Cash and cash equivalent’ section of the balance sheet.”
  • Sales in Q2 were $3,930,075, up approximately 39% when compared to sales of $2,833,552, in the corresponding period a year ago. The result was a GAAP net profit of $174,734, or $0.01 per share, compared with a net loss of $133,590, or $0.01 per share, in Q2, 2010. See the financial statements regarding the significant increase in income tax expense taken in Q2.
  • Basic weighted average shares used in computing per share amounts in Q2 were 13,169,991 for 2011 and 13,962,567 for 2010. See note ‘h’ attached to the table on the following page with respect to change in shares outstanding.
  • Non-GAAP operating cash flow: For the 6 months ending June 30, 2011, net income reflects $235,266 of non-cash charges (depreciation and stock option expenses), $615,000 of income tax, as well as $443,488 in new factory development costs and 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 $1,826,595, or $0.14 per share. This compares with operating cash flow of $1,519,523, or $0.11 per share, in the corresponding 6 months of 2010 (see the table that follows for details of these calculations).

Mr. O’Brien continues, “The Company will continue to update the progress of the sugar to aspartic acid plant in Alberta, on a timely basis. Production from the Alberta plant will allow FSI to supply the only renewably-based poly-aspartic acid in the world. This will allow access to customers who demand this level of environmentally sound behavior as well as insulating the company from future oil price shocks.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs