FSI ANNOUNCES SECOND QUARTER, 2024 FINANCIAL RESULTS
Rhea-AI Summary
Flexible Solutions International (NYSE Amex: FSI) reported its Q2 2024 financial results, showing improvement over the previous year. Key highlights include:
- Q2 sales increased by 2% to $10,528,739 compared to $10,331,291 in Q2 2023
- Net income rose to $1,289,796 ($0.10 per share) from $809,865 ($0.07 per share) in Q2 2023
- 6-month operating cash flow improved to $3,853,907 ($0.31 per share) from $3,220,674 ($0.26 per share) in the same period of 2023
The NanoChem division and ENP subsidiary remain the primary revenue and cash flow generators. The company is exploring new opportunities in various sectors to further increase sales.
AI-generated analysis. Not financial advice.
Positive
- Q2 2024 sales increased by 2% year-over-year to $10,528,739
- Q2 2024 net income grew to $1,289,796, a 59% increase from Q2 2023
- Earnings per share improved from $0.07 in Q2 2023 to $0.10 in Q2 2024
- 6-month operating cash flow increased by 19.7% to $3,853,907 compared to the same period in 2023
- Operating cash flow per share rose from $0.26 to $0.31 year-over-year
Negative
- None.
News Market Reaction – FSI
On the day this news was published, FSI gained 23.83%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
A CONFERENCE CALL IS SCHEDULED FOR THURSDAY, AUGUST 15, 2024, 11:00AM EASTERN TIME
SEE DIAL IN NUMBER BELOW
VICTORIA, BRITISH COLUMBIA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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 approximately2% 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 OPERATIONS
FOR 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 Flow Ended 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
b) Non-GAAP – amounts exclude certain cash and non-cash items: Depreciation and Stock compensation expense (2024 =
c) The revenue and gain from the
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 International
6001 54th Ave, Taber, Alberta, CANADA T1G 1X4
Company Contacts
Jason Bloom
Toll 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.
