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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flexible Solutions International Inc | AMEX:FSI | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.48% | 2.06 | 2.13 | 2.06 | 2.09 | 3,094 | 17:16:13 |
Mr. Daniel B. O’Brien, CEO, states, “This quarter was very good with strong contributions from all our product lines. We expect the next quarter to be good as well, however, there are still macro issues with international shipping for both price and availability.” Mr. O’Brien continues, “The FSI team is skilled at dealing with these types of problems and we expect to do as well as anyone can.”
The NanoChem division continues to be the dominant source of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment, oil field extraction and agricultural use to further increase sales in this division.
Conference callA conference call has been scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Tuesday, May 17th. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial (1)-866-342-8591 (or (1)-203-518-9713) just prior to the scheduled call time. The conference call title, “FSI First Quarter 2022 Financial Results,” may be requested.
The above information and following table contain supplemental information regarding income and cash flow from operations for the period ended March 31, 2022. 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 OperationsFor 3 Months Ended March 31 (3 Months Operating Cash Flow)(Unaudited)
3 Months Ended March 31 | ||||||||
2022 | 2021 | |||||||
Revenue | $ | 10,783,280 | $ | 7,624,697 | ||||
Operating income | $ | 2,331,130 | $ | 1,365,285 | ||||
Income (loss) before income tax - GAAP | $ | 2,389,982 | $ | 2,122,511 | ||||
Provision for Income tax (expense) / recovery - GAAP | $ | (712,446 | ) | $ | (485,456 | ) | ||
Net income (loss) - GAAP | $ | 1,533,059 | $ | 1,450,571 | ||||
Net income (loss) per common share – basic. - GAAP | $ | 0.12 | $ | 0.12 | ||||
3 month weighted average shares used in computing per share amounts – basic.- GAAP | 12,361,313 | 12,292,452 |
3 Months Operating Cash FlowEnded March 31 | |||||||||
Operating Cash flow (3 months). NON-GAAP | $ | 2,467,625 | a,b,c | $ | 1,429,112 | a,b,c | |||
Operating Cash flow per share excluding non-operating items and items not related to current operations (3 months) – basic. NON-GAAP | $ | 0.20 | a,b,c | $ | 0.12 | a,b,c | |||
Non-cash Adjustments (3 month) GAAP | $ | 286,759 | d | $ | 272,554 | d | |||
Shares (3 month basic weighted average) used in computing per share amounts – basic GAAP | 12,361,313 | 12,292,452 |
Notes: certain items not related to “operations” of the Company have been excluded from net income as follows.
a) Non-GAAP - Flexible Solutions International Inc. purchased 65% of ENP Investments LLC 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. An adjustment to Operating Cash Flow has been made to account for the use of a pre- tax amount versus an after tax amount which was originally used in that year. b) Non-GAAP - amounts exclude certain cash and non-cash items: depreciation and stock compensation expense (2022 = $286,759, 2021 = $272,554), interest expense (2022 = $57,618, 2021 = $62,274), interest income (2022 = $22,088, 2021 = $10,298), gain on investment (2022 = $36,764, 2021 = $208,968), PPP loan forgiveness (2022 = N/A, 2021 = $537,960), income tax (2022 = $712,446, 2021 = $485,456,) and pre-tax net income attributable to non-controlling interests (2022 = $207,882, 2021 = $271,001. 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, is 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 from all investments, including that of the Florida LLC, are removed from the calculation to arrive at Operating Cash Flow. 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 3560 Fax: 403 223 2905 E-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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