FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE MKT: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces financial results for the Third Quarter (Q3) ended Sept. 30, 2012. Mr. Daniel B. O’Brien, CEO, states, “Considering the performance of the global economy we are pleased with our financial progress. Much of Europe is in, or close to, recession and the United States is experiencing sluggish growth yet, so far this year, Flexible Solutions’ revenue remains positive.”
- Sales in the third quarter (Q3), were $3,598,032, down 7% when compared to sales of $3,861,195, in the corresponding period a year ago. The result was a GAAP accounting net loss of $458,085, or $0.03 per basic weighted average shares for Q3, 2012, compared with a net loss of $92,293, or $0.01 per basic weighted average share, in Q3, 2011.
- Basic weighted average shares used in computing per share amounts in Q3 were 13,169,991 for 2012 and 13,169,991 for 2011. Note: a share buy back of 792,576 shares in Q1, 2011 is the reason for the reduction of shares outstanding during 2011.
- Non-GAAP operating cash flow: For the 9 months ending Sept. 30, 2012, net income reflects $1,017,770 of non-cash charges (depreciation and stock option expenses), as well as interest income ($759), gain on sale of equipment ($2,217) and net income tax expense of $851,468. These items are either non-cash items or items not related to operations or current operating activities. When these items are removed, the Company shows operating cash flow of $1,164,841, or $0.09 per weighted average share. This compares with operating cash flow of $1,673,240, or $0.13 per share, in the corresponding 9 months of 2011 (see the table that follows for details of these calculations).
|3 months ended Sept. 30|
|Net income (loss) GAAP||$ (458,085)||$ (92,293)|
|Net income (loss) per common share – basic. GAAP||$ (0.03)||$ (0.01)|
|3 month weighted average shares used in computing per share amounts – basic. GAAP||13,169,991||13,169,991|
|9 month Operating Cash Flow Ended Sept. 30|
|Operating Cash flow (9 months). NON-GAAP||$1,164,841 a||$1,673,240 b|
|Operating Cash flow per share excluding non-operating itemsand items not related to current operations (9 months) – basic. NON-GAAP||$ 0.09 a||$ 0.13 b|
|Non-cash Adjustments (9 month)||$1,017,770 c||$ 370,111 c|
|9 month basic weighted average shares used in computing per share amounts – basic GAAP||13,169,991||13,269,926|
To find out more information about Flexible Solutions and our products, please visit www.flexiblesolutions.com.