- Sales for the full year 2011 were $15,518,635, up 35%, when compared to $11,491,401 for full year 2010. The result was an after tax GAAP accounting net income of $182,990, or $0.01 per weighted average share, compared to an accounting net loss of $190,080, or $0.01 per weighted average share in full year 2010.
- Non-GAAP operating cash flow: (for details see the following table). For the 12 months ending Dec. 31, 2011 net income (loss) reflects $586,196 of non-cash charges, net Income Taxes of $1,125,632 and New Factory Construction Costs of $895,768. When non-cash charges, income tax and other items, not related to current operations of the Company, are removed, the Company shows positive operating cash flow of $2,790,427 or $0.21 per share. This compares with 2010 operating cash flow of $1,908,365, or $0.14 per share.
- FSI’s NanoChem Division (a U.S. division) had significant taxable revenue in 2011, resulting in $1,125,632 of net income tax expensed compared to $690,180 in 2010. At the same time expensing of certain construction costs from the biomass factory in Canada resulted in a loss carry forward for that division. These expenses will be very valuable to the Canadian division in the near future, which will reduce taxable revenue as the biomass factory in Alberta comes on line.
Mr. O’Brien continues, “I want to stress how hard our employees have worked as FSI survived the recession and returned to impressive levels of growth. Processes have been improved, our aspartic acid factory reached completion and new products have been developed that will drive our growth for years to come. I look forward to reporting more record quarters and years to the shareholders along with other important milestones.”Conference call ** CEO, Dan O’Brien has scheduled a conference call for 11:00am EST, 8:00am PST, Friday March 30, to discuss the financials. To attend this call, dial 1-877-941-0844 (or 1-480-629-9835 ). The conference call title, ‘ Fourth Quarter Financials’ maybe requested ** The above information and following table contain supplemental information regarding income and cash flow from operations for the 3 & 12 months respectively ended Dec. 31, 2011 and 2010. Adjustments to exclude depreciation, stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation G. The GAAP financial measure most directly comparable is net income . The reconciliation of each of the Non-GAAP financial measures is as follows:
|FLEXIBLE SOLUTIONS INTERNATIONAL, INC. Consolidated Statement of Operations For 3 & 12 Months Ended Dec. 31 (12 Months Operating Cash Flow) (12 month audited / 3 month unaudited)|
|3 and 12 month revenue ended Dec. 31|
|3 month||3 month revenue|
|12 month revenue|
|Net income (loss) GAAP||$||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.|
Flexible Solutions International 615 Discovery Street, Victoria, BC V8T 5G4 CANADAIf you have received this news release by mistake or if you would like to be removed from our update list please reply to: firstname.lastname@example.org To find out more information about Flexible Solutions and our products, please visit www.flexiblesolutions.com