- Sales for the full year 2011 were $15,518,635, up 35%, when compared to $11,491,401 for full year 2010. The result was an after tax GAAP accounting net income of $182,990, or $0.01 per weighted average share, compared to an accounting net loss of $190,080, or $0.01 per weighted average share in full year 2010.
- Non-GAAP operating cash flow: (for details see the following table). For the 12 months ending Dec. 31, 2011 net income (loss) reflects $586,196 of non-cash charges, net Income Taxes of $1,125,632 and New Factory Construction Costs of $895,768. When non-cash charges, income tax and other items, not related to current operations of the Company, are removed, the Company shows positive operating cash flow of $2,790,427 or $0.21 per share. This compares with 2010 operating cash flow of $1,908,365, or $0.14 per share.
- FSI’s NanoChem Division (a U.S. division) had significant taxable revenue in 2011, resulting in $1,125,632 of net income tax expensed compared to $690,180 in 2010. At the same time expensing of certain construction costs from the biomass factory in Canada resulted in a loss carry forward for that division. These expenses will be very valuable to the Canadian division in the near future, which will reduce taxable revenue as the biomass factory in Alberta comes on line.
Flexible Solutions Announces Full Year, 2011 Financial Results
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