- Sales in the third quarter (Q3), were $3,861,195, up 44% when compared to sales of $2,676,921, in the corresponding period a year ago. The result was a GAAP accounting net loss of $92,293, or $0.01 per basic weighted average shares for Q3, 2011, compared with a net loss of $155,415, or $0.01 per basic weighted average share, in Q3, 2010. A combination of a much higher income tax expense recognized in Q3, 2011 ($247,634) versus Q3, 2010 ($9,140) , higher raw material cost from China, as well as the mix of products sold were the main factors that resulted in a negative net income in Q3.
- GAAP operating income for the third quarter of 2011 was positive $155,288 compared to negative $146,275 for a net positive change of $301,563. This illustrates the cost control exercised throughout operations.
- Basic weighted average shares used in computing per share amounts in Q3 were 13,169,991 for 2011 and 13,962,567 for 2010. A share buy back of 792,576 shares in Q1, 2011 is the reason for the reduction of shares outstanding.
- Non-GAAP operating cash flow: For the 9 months ending Sept. 30, 2011, net income reflects $370,111 of non-cash charges (depreciation and stock option expenses), net income tax expense of $862,634, and new factory construction and development costs and related interest expense of $650,969. These items are either non-cash items or items not related to operations or current operating activities. When these items are removed, the Company shows operating cash flow of $2,324,209, or $0.18 per weighted average share. This compares with operating cash flow of 1,737,521, or $0.12 per share, in the corresponding 9 months of 2010 (see the table that follows for details of these calculations).
FSI Announces Third Quarter Financial Results
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