- 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).
FSI Announces Second Quarter, 2011 Financial Results
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