The NanoChem division continues to produce most of FSI’s revenue and cash flow. New opportunities are unfolding to further increase sales in this division.
* CEO, Dan O’Brien has scheduled a conference call for 11:00 am EST, 8:00am PST, Wednesday May 16th to discuss the financials. Call 1-877-941-8609 (or 1-480-629-9692 ). The conference call title, “ First Quarter Financials,” may be requested. *
The above information and following table contain supplemental information regarding income and cash flow from operations for the 3 months ended March 31, 2012. 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 Months Ended March 31 (3 Months Operating Cash Flow) (Unaudited)|
|3 months ended March 31|
|Income before income tax - GAAP||$||782,660||$||678,107|
|Income tax(net) - GAAP||$||560,000||a||$||320,000||a|
|Net income (loss) - GAAP||$||222,660||a||$||358,107||a|
|Net income (loss) per common share – basic. - GAAP||$||0.02||a||$||0.03||a|
|3 month weighted average shares used in computing per share amounts – basic.- GAAP||13,169,991||13,592,698|
|3 month Operating Cash Flow|
|Ended March 31|
|Operating Cash flow (3 months). NON-GAAP||$||1,118,964||b||$||796,099||b|
|Operating Cash flow per share excluding non-operating items and items not related to current operations (3 months) – basic. NON-GAAP||$||0.08||b||$||0.06||b|
|Non-cash Adjustments (3 month)||$||338,882||c||$||117,992||c|
|Shares (3 month basic weighted average) used in computing per share amounts – basic GAAP||13,169,991||13,592,698|
Notes : certain items not related to “operations” of the Company have been excluded from net income as follows.a) GAAP – the relative higher Income tax expense and lower Net income numbers for Q1, 2012 in comparison to Q1, 2011 are largely a result of the commencement of depreciation of the Alberta Factory, as well the tax paid on revenue generated from the Illinois factory. Expenses resulting from the Alberta division can not be used to reduce taxable income in Illinois. b) Non-GAAP - amounts exclude certain non-cash items (depreciation and stock option expense totaling: 2012 = $338,882, 2011 = $117,992), net income tax (2012 = 560,000, 2011 = $320,000), gain on the sale of equipment($2,217) and interest income($361). See Operating Cash Flow for other adjustments. c) Non-GAAP – amounts represent depreciation, stock option expense. 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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