FSI ANNOUNCES SECOND QUARTER, 2024 FINANCIAL RESULTS
August 14 2024 - 4:30PM
FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE Amex: FSI), 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 second quarter ended June 30, 2024.
Mr. Daniel B. O’Brien, CEO, states, “The second
quarter results are a solid improvement over the year earlier
period. We will try to build on these results over the remainder of
the year.” Mr. O’Brien continues, “We also hope that the hard work
the entire team has put into the Food/Nutrition division will start
to pay off with new revenue as early as the current quarter.”
- Sales for the
second quarter(Q2) were $10,528,739 up approximately 2% when
compared to sales of $10,331,291 in the corresponding period a year
ago.
- Q2, 2024 net
income was $1,289,796 or $0.10 per share, compared to a net income
of $809,865, or $0.07 per share, in Q2, 2023.
- Basic weighted
average shares used in computing earnings per share amounts were
12,450,532 and 12,435,532 for Q2, 2024 and Q2, 2023
respectively.
- Q2, 2024 -
Non-GAAP operating cash flow: The Company shows 6 months operating
cash flow of $3,853,907, or $0.31 per share. This compares with
operating cash flow of $3,220,674, or $0.26 per share, in the
corresponding 6 months of 2023 (see the table and notes that follow
for details of these calculations).
The NanoChem division and ENP subsidiary
continue to be the dominant sources of revenue and cash flow for
the Company. New opportunities continue to unfold in detergent,
food, nutraceuticals, oil field extraction, turf, ornamental and
agricultural use to further increase sales in these divisions.
CONFERENCE CALL
A conference call has been
scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on
Thursday August 15th, 2024. CEO, Dan O’Brien will
be presenting and answering questions on the conference call. To
participate in this call please dial
1-800-245-3047 (or
1-203-518-9765) just prior to the
scheduled call time. To join the call participants will be
requested to give their name and company
affiliation. The conference ID:
SOLUTIONS and/or call title Flexible
Solutions International – Second Quarter, 2024 Financials
may be requested
The above information and following table
contain supplemental information regarding income and cash flow
from operations for the period ended June 30, 2024. 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 Non-GAAP financial
measure is as follows:
FLEXIBLE SOLUTIONS INTERNATIONAL,
INC.CONSOLIDATED STATEMENT OF
OPERATIONSFOR THREE MONTHS ENDED JUNE 30, 2024 AND
2023(SIX MONTHS OPERATING CASH FLOW -
UNAUDITED)
|
|
3 months Net Income Ended June 30 |
|
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
$ |
10,528,739 |
|
|
$ |
10,331,291 |
|
|
Income (loss) before income tax – GAAP |
|
$ |
1,990,684 |
|
|
$ |
1,349,099 |
|
|
Provision for Income tax – net - GAAP |
|
$ |
(558,251 |
) |
|
$ |
(354,372 |
) |
|
Net income (loss) Controlling interest - GAAP |
|
$ |
1,289,796 |
|
|
$ |
809,865 |
|
|
Net income (loss) per common share – basic. – GAAP |
|
$ |
0.10 |
|
|
$ |
0.07 |
|
|
3 month weighted average shares used in computing per share
amounts – basic.- GAAP |
|
|
12,450,532 |
|
|
|
12,435,532 |
|
|
|
|
|
6 month Operating Cash FlowEnded June 30 |
|
Operating Cash Flow (6 months).
NON-GAAP |
|
$ |
3,853,907 |
a,b,c |
|
$ |
3,220,674 |
a,b,c |
|
Operating Cash Flow per share excluding non-operating items and
items not related to current operations (6 months) – basic.
-NON-GAAP |
|
$ |
0.31 |
a,b,c |
|
$ |
0.26 |
a,b,c |
|
Non-cash Adjustments (6 month) -GAAP |
|
$ |
1,318,784 |
d |
|
$ |
1,118,100 |
d |
|
Shares (6 month basic weighted average) used in computing per
share amounts – basic -GAAP |
|
|
12,450,118 |
|
|
|
12,434,230 |
|
|
Notes: certain
items not related to “operations” of the Company’s net income are
listed below.
a) Non-GAAP – Flexible
Solutions International purchased 65% of ENP in 4th quarter, 2018
(October 2018). Therefore Operating Cash Flow is adjusted by the
pre tax Net income or loss of the non-controlling interest in ENP
for 2023 only. The 2024 entry in the “Statement of operations and
comprehensive income” is a pretax number therefore no adjustment is
required.b) Non-GAAP – amounts exclude certain
cash and non-cash items: Depreciation and Stock compensation
expense (2024 = $1,318,784, 2023 = $1,118,100), Interest expense
(2024 = $332,397, 2023 = $250,368), Interest income (2024 =
$109,637, 2023 = $53,185), Gain on investment (2024 = $298,438,
2023 = $326,703), Loss on lease termination (2024 = $41,350, 2023 =
N/A), Income tax (2024 = ($822,429), 2023 = ($654,149)), and pretax
Net income attributable to non-controlling interests (2024 =
$201,620, 2023 = $381,276). Although included in operating expenses
these onetime expenditures were not related to operations of FSI.
*See the financial statements for all
adjustments.c) The revenue and gain from the 50%
investment in the private Florida LLC announced in January 2019 are
not treated as revenue or profit from operations by Flexible
Solutions given the Company only purchased 50% of the LLC. The
profit is treated as investment income and therefore occurs below
Operating income in the Statement of Operations. As a result, the
Gains on all investments, including those from the Florida LLC, are
removed from the calculation to arrive at Operating Cash Flow.
Again, see the financials.d) Non-GAAP – amounts
represent depreciation and stock compensation 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.
Flexible Solutions
International6001 54th
Ave, Taber, Alberta, CANADA T1G 1X4
Company ContactsJason BloomToll Free: 800 661
3560Fax: 403 223 2905E-mail: info@flexiblesolutions.com
If you have received this news release by
mistake or if you would like to be removed from our update list
please reply to: info@flexiblesolutions.com
To find out more information about Flexible
Solutions and our products, please visit
www.flexiblesolutions.com.
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