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Flexible Solutions Announces Full Year, 2011 Financial Results

Stocks in this article: FSI

FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE Amex: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces financial results for the full year ended December 31, 2011.

Mr. Daniel B. O’Brien, CEO, states, “We are very pleased to announce record revenue. 2011 revenue was 35% higher than revenue from the 2010 period and revenue growth is expected to continue in 2012 at a rate of 20 to 30 percent. Cash flow from operations increased by 50% in 2011. This allowed the Company to expand its working capital through lines of credit at very attractive rates.”

  • 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.

The NanoChem division continues to be the dominant source of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment, oil field extraction and agricultural use to further increase sales in this division. In past years, the NanoChem Division sales have been less volatile quarter to quarter. However, due to increasing sales to agriculture, revenue seasonality may be more apparent.

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