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Flexible Solutions Announces Full Year, 2011 Financial Results

Mr. O’Brien continues, “I want to stress how hard our employees have worked as FSI survived the recession and returned to impressive levels of growth. Processes have been improved, our aspartic acid factory reached completion and new products have been developed that will drive our growth for years to come. I look forward to reporting more record quarters and years to the shareholders along with other important milestones.”

Conference call

** CEO, Dan O’Brien has scheduled a conference call for 11:00am EST, 8:00am PST, Friday March 30, to discuss the financials. To attend this call, dial 1-877-941-0844 (or 1-480-629-9835 ). The conference call title, ‘ Fourth Quarter Financials’ maybe requested **

The above information and following table contain supplemental information regarding income and cash flow from operations for the 3 & 12 months respectively ended Dec. 31, 2011 and 2010. 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 & 12 Months Ended Dec. 31 (12 Months Operating Cash Flow) (12 month audited / 3 month unaudited)

 

       
3 and 12 month revenue ended Dec. 31
  2011         2010

3 month

3 month revenue
Revenue $ 3,369,898 $ 2,596,082
         
12 month revenue

12 month

Revenue $ 15,518,635 $ 11,491,401
Net income (loss) GAAP $ 182,990 $ (190,080)
Net income (loss) per share GAAP $ 0.01 $ (0.01)
 
12 month weighted average shares used in computing per share amounts – basic GAAP   13,272,049         13,962,567
 

The following calculations begin with: Net income (loss) GAAP

12 month Operating Cash Flow

ended Dec. 31

 

Operating cash flow (12 month). NON-GAAP – Excludes: a and b as indicated and as listed below

$ 1,894,818 a, b

 

$ 1,038,129 a, b

Operating cash flow (12 month). NON-GAAP – Excludes : a, b and c as indicated and as listed below

$ 2,790,427 a,b,c

 

$ 1,908,365 a,b,c

Operating Cash flow per share (12 months) – basic. NON-GAAP - Excludes : items “ a, b and c” as indicated and as listed below.

$ 0.21 a,b,c

 

$ $0.14 a,b,c

Non-cash Adjustments (as per 12 month Statement of Cash Flow)

$ 586,196 b $ 538,029 b

Adjustments – other (as listed below)

$ 2,021,241 a,c $ 1,560,416 a,c
12 month basic weighted average shares used in computing per share amounts – basic GAAP 13,272,049

 

13,962,567

 

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

a) NON-GAAP- “income tax ( Net Income Tax: 2011 = $1,125,632, 2010 = $690,180)

b) NON-GAAP- Non-cash Adjustments for 2011 and 2010, “depreciation, stock compensation expenses, write down of investment and inventory, loss on sale of equipment, other expenses, and shares for service (see - Consolidated Statement of Cash Flow).

c) NON-GAAP- Other Non-operating adjustments – add “New factory construction costs (2011 = $895,768, 2010 = $870,236), deduct interest income (interest income: 2011 = $159, 2010 = $0) which are unrelated to the “current operations” of the Company.

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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