- Sales in the second quarter (Q2) were $3,761,729, down approximately 4% when compared to sales of $3,930,075 in the corresponding period a year ago. The financials give a Q2, 2012 accounting net loss of $465,995, or $0.04 per share compared to an accounting net profit of $174,734, or $0.01 per share in Q2, 2011. Although the income tax expense taken in Q2, 2012 was only $120,000 compared to $295,000 in Q2, 2011, the depreciation expense increased from $82,193 in 2011 to $305,189 in 2012. The increase in depreciation was largely Canada based and not deductible from US income.
- Basic weighted average shares used in computing per share amounts in Q2 were 13,169,991 for 2012 and 13,169,991 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 in first half.
- Non-GAAP operating cash flow: For the 6 months ending June 30, 2012, net income reflects $676,426 of non-cash charges (depreciation and stock option expenses), as well as net income tax ($680,000), interest expense ($61,414) and other minor items ($2,578) not related to operating or current operating activities. When these items are removed the Company shows operating cash flow of $1,171,923, or $0.09 per share. This compares with operating cash flow of $1,423,196, or $0.11 per share, in the corresponding 6 months of 2011 (see the table that follows for details of these calculations).
FSI Announces Second Quarter, 2012 Financial Results
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