- Sales in the second quarter (Q2) were $4,884,629, up approximately 30% when compared to sales of $3,761,729 in the corresponding period a year ago. The financials give a Q2, 2013 accounting net income of $70,169, or $0.01 per share compared to an accounting net loss of $465,995, or $0.04 per share in Q2, 2012.
- Basic weighted average shares used in computing per share amounts in Q2 were 13,169,991 for both 2013 and 2012.
- Non-GAAP operating cash flow: For the 6 months ending June 30, 2013, net income reflects $715, 986 of non-cash charges (depreciation and stock option expenses), as well as net income tax ($70,000), interest expense ($55,880) and other minor items ($2,057) not related to operating or current operating activities. When these items are removed the Company shows operating cash flow of $975,138, or $0.07 per share. This compares with operating cash flow of $1,171,923, or $0.09 per share, in the corresponding 6 months of 2012 (see the table that follows for details of these calculations).
* CEO, Dan O’Brien has scheduled a conference call for 11:00am EST, 8:00am PST, Wednesday August 15th to discuss the financials. Call 1-877-941-9205 (or 480-629-9771 ). The conference call title, “ Second Quarter Financials,” may be requested. *The above information and following table contain supplemental information regarding income and cash flow from operations for the 6 months ended June 30, 2013. Adjustments to exclude depreciation, stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation G. The GAAP financial measure most directly comparable is net income . The reconciliation of each of the Non-GAAP financial measures is as follows: FLEXIBLE SOLUTIONS INTERNATIONAL, INC. Consolidated Statement of Operations For 3 Months Ended June 30 (6 Months Operating Cash Flow) (Unaudited)
|3 months ended June 30|
|Income before income tax - GAAP||$ 82,169||$ (345,995)|
|Net income (loss) - GAAP||$ 70,169 a||$ (465,995) a|
|Net income (loss) per common share – basic. - GAAP||$ 0.01 a||$ (0.04) a|
|3 month weighted average shares used in computing per shareamounts – basic.- GAAP||13,169,991||13,169,991|
|6 month Operating Cash Flow Ended June 30|
|Operating Cash flow (6months). NON-GAAP||$ 975,138 b||$ 1,171,923 b|
|Operating Cash flow per share excluding non-operating items anditems not related to current operations (6 months)– basic. NON-GAAP||$ 0.07 b||$ 0.09 b|
|Non-cash Adjustments (6 month) NON-GAAP||$ 715,986 c||$ 676,426 c|
|Shares (6 month basic weighted average) used in computing pershare amounts – basic GAAP||13,169,991||13,169,991|