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FSI Announces Second Quarter, 2011 Financial Results

The NanoChem division continues to contribute most of our sales and cash flow, and new opportunities are unfolding to further increase sales in this division. NanoChem sales have been less seasonal than those of our WaterSavr and Flexible Solutions Ltd divisions. This has lead to less volatility in total revenue figures quarter over quarter. However, in the future, Q1 and Q2 sales may be much larger than sales in Q3 and Q4. This is largely due to potential growth in agricultural product sales (sales which tend to be larger in Q1 and Q2).

* CEO, Dan O’Brien has scheduled a conference call for 11:00am EST, 8:00am PST, Tuesday August 16th to discuss the financials. Call 1-877-941-0844 (or 1-480-629-9835 ). The conference call title, “Second Quarter Financials,” may be requested. *

(TABLE FOLLOWS)

The above information and following table contain supplemental information regarding income and cash flow from operations for the 6 months ended June 30, 2010 and June 30, 2011. Adjustments to exclude depreciation, stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation G. The GAAP financial measure most directly comparable is net income . The reconciliation of each of the Non-GAAP financial measures is as follows:

FLEXIBLE SOLUTIONS INTERNATIONAL, INC.

Consolidated Statement of Operations

For 3 Months Ended June 30 (6 Months Operating Cash Flow)

(Unaudited)

   

 

3 months ended June 30
  2011       2010    
Revenue $ 3,930,075 $ 2,833,552
Net income (loss) before income tax – GAAP $ 469,734 $ 279,490
Income tax $ 295,000

$

413,080

 

a

Net income (loss) - GAAP $ 174,734 $ (133,590 )
Net income (loss) per common share – basic. - GAAP $ 0.01 $ (0.01 )
 
3 month weighted average shares outstanding – basic. GAAP  

13,169,991

 

b

 

13,962,567

 

b

6 month Operating Cash Flow

Ended June 30

Operating Cash flow (6months). NON-GAAP

$

768,107

c

$

623,261

d

Operating Cash flow excluding certain non-operating
items and items not related to current operations
(6 months). NON-GAAP $ 1,826,595 e $ 1,519,523 f
Operating Cash flow per share excluding
non-operating items and items not related to
current operations (6 months) – basic. NON-GAAP $ 0.14 e $ 0.11 f
Non-cash Adjustments (6 month)

$

235,266

g

$

241,179

g

Shares (6 month basic weighted average) used in
computing per share amounts – basic GAAP 13,353,904 h 13,962,567 h

Notes : certain items not related to “operations” of the Company have been excluded from net income as follows.

a) Income tax – accounting adjustment to second quarter income tax. Income during the first six months was higher than expected resulting in higher income tax expense.

b) See the financials for diluted earnings per share.

c) Non-GAAP - amounts exclude certain non-cash items (depreciation and stock option expense totaling $235,266)

d) Non-GAAP - amounts exclude certain non-cash items (depreciation and stock option expense totaling $241,179)

e) NON-GAAP amounts exclude certain non-cash items and items not related to operations or current operating activities (depreciation, stock option expense ($235,266), income tax of $615,000, and new factory construction costs ($443,488).

f) Non-GAAP - amounts exclude certain non-cash items and items not related to operations or current operating activities (depreciation, stock option expense ($241,179), income tax of $482,080, and new factory construction costs ($414,182).

g) Non-GAAP – amounts represent depreciation and stock option expense

h) Significant change in 2011 shares outstanding was due to repurchase and cancellation of 792,576 shares. See the Consolidated Balance Sheet for shares outstanding.

Safe Harbor Provision

The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.

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