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TheStreet Open House

FSI Announces Second Quarter, 2012 Financial Results

Stocks in this article: FSI

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 11:00am EST, 8:00am PST, Wednesday August 15th to discuss the financials. Call 1-877-941-8609 (or 480-629-9692 ). The conference call title, “ Second Quarter Financials,” may be requested. *

The above information and following table contain supplemental information regarding income and cash flow from operations for the 6 months ended June 30, 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 June 30 (6 Months Operating Cash Flow) (Unaudited)

 

  3 months ended June 30
2012   2011
Revenue $ 3,761,729 $ 3,930,075
Income before income tax - GAAP $ (345,995) $ 469,734
 
Net income (loss) - GAAP

$

(465,995) a

$

174,734 a

Net income (loss) per common share – basic. - GAAP

$

(0.04) a

$

0.01 a

3 month weighted average shares used in computing per share amounts – basic.- GAAP 13,169,991 13,169,991
 

6 month Operating Cash Flow

Ended June 30

Operating Cash flow (6months). NON-GAAP

$

1,171,923 b

$

1,423,196 b

 
Operating Cash flow per share excluding non-operating items and items not related to current operations (6 months) – basic. NON-GAAP

$

0.09 b

$

0.11 b

Non-cash Adjustments (6 month) NON-GAAP $ 676,426 c $ 235,266 c
Shares (6 month basic weighted average) used in computing per share amounts – basic GAAP 13,169,991 13,353,904
 

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

a) Non-GAAP – the relative lower Net income numbers for Q2, 2012 in comparison to Q2, 2011 are largely a result of the commencement of depreciation of the Alberta Factory, as well as 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, USA.

b) Non-GAAP - amounts exclude certain non-cash items: depreciation and stock option expense (2012 = $676,426, 2011 = $235,266), interest expense (2012 = $61,414, 2011 = $40,089), net income tax (2012 = 680,000, 2011 = $615,000), gain on the sale of equipment(2012 = $2,217) and interest income(2012 = $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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