This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

FSI Announces First Quarter, 2012 Financial Results

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 first quarter (Q1) ended March 31, 2012.

Mr. Daniel B. O’Brien, CEO, states, “The increase in our non-GAAP operating cash flow over the previous year demonstrates the Company’s financial strength. With regard to revenue forecasting, given the news of an accelerated world economic slow down particularly in Europe and the Far East, it is simply too difficult and unrealistic to give accurate revenue guidance at this time. Never the less, full year 2012 revenue is expected to be higher than 2011 and revenue forecasts will be updated at each financial reporting date.” Mr. O’Brien continues, “As a result of the seasonality of the agriculture and swimming pool markets, FSI’s sales tend to be larger during the first half of the year, causing higher accounts receivable, and lower cash and inventory numbers. This does not affect the Company’s ability to grow given its strong working capital position including, a largely untapped, $6.4 million line of credit with a Chicago based bank.”

Note: as a result of the start up of the Alberta factory, a biomass expense is no longer given in the news release. Also, due to the generation of revenue from that facility, depreciation of the factory has begun results in a significantly higher non-cash accounting expenses in the financials.

  • Sales in the first quarter (Q1) were $5,194,071, up approximately 19% when compared to sales of $4,357,467 in the corresponding period a year ago. The financials give a Q1, 2012 net profit of $222,660, or $0.02 per share compared to a net profit of $358,107, or $0.03 per share in Q1, 2011.
  • Basic weighted average shares used in computing per share amounts in Q1 were 13,169,991 for 2012 and 13,592,698 for 2011. Note: a share buy back by the Company of close to 800,000 shares in Q1, 2011 is the reason for the reduced share count.
  • Non-GAAP operating cash flow: For the 3 months ending March 31, 2012, net income reflects $338,882 of non-cash charges (depreciation and stock option expenses), income tax and other minor items not related to operating or current operating activities. When these items are removed, the Company shows operating cash flow of $1,121,542, or $0.8 per share. This compares with operating cash flow of $796,099, or $0.06 per share, in the corresponding 3 months of 2011 (see the table that follows for details of these calculations).

Mr. O’Brien comments, “Production from the Alberta plant will allow FSI, through the NanoChem division, to supply the only renewably-based poly-aspartic acid in the world. This will allow access to customers who demand this level of environmentally sound behavior as well as insulating the Company from future oil price shocks.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs