- 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 $0.06 per share, in the corresponding 3 months of 2011 (see the table that follows for details of these calculations).
The NanoChem division continues to produce most of FSI’s revenue and cash flow. New opportunities are unfolding to further increase sales in this division.* CEO, Dan O’Brien has scheduled a conference call for 11:00 am EST, 8:00am PST, Wednesday May 16th to discuss the financials. Call 1-877-941-8609 (or 1-480-629-9692 ). The conference call title, “ First Quarter Financials,” may be requested. * The above information and following table contain supplemental information regarding income and cash flow from operations for the 3 months ended March 31, 2012. Adjustments to exclude depreciation, stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation G. The GAAP financial measure most directly comparable is net income . The reconciliation of each of the Non-GAAP financial measures is as follows:
|FLEXIBLE SOLUTIONS INTERNATIONAL, INC. Consolidated Statement of Operations For 3 Months Ended March 31 (3 Months Operating Cash Flow) (Unaudited)|
|3 months ended March 31|
|Income before income tax - GAAP||$||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|
Flexible Solutions International615 Discovery Street, Victoria, BC V8T 5G4 CANADA If 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.