FLEXIBLE SOLUTIONS INTERNATIONAL, INC. A Conference call is scheduled for
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- Sales for the third quarter(Q3) were
$8,720,621 , down approximately 25% when compared to sales of$11,685,107 in the corresponding period a year ago. - Q3, 2023 net loss was
$(718,161) , or$(0.06) per share, compared to a net income of$1,108,131 , or$0.09 per share, in Q3, 2022. - The lower earnings reported for Q3, 2023 were due to higher cost of goods, lower sales and product mix.
- Basic weighted average shares used in computing earnings per share amounts were 12,435,532 and 12,384,746 for Q3, 2023 and Q3, 2022 respectively.
- Q3, 2023 Non-GAAP operating cash flow: The Company shows 9 months operating cash flow of
$3,284,640 , or$0.26 per share. This compares with operating cash flow of$6,227,068 , or$0.50 per share, in the corresponding 9 months of 2022 (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, water treatment, oil field extraction, turf, ornamental and agricultural use to further increase sales in these divisions.
Conference call
A conference call has been scheduled for
The above information and following table contain supplemental information regarding income and cash flow from operations for the period ended
The reconciliation of each Non-GAAP financial measure is as follows:
Consolidated Statement of Operations
For The Three Months Ended
(Unaudited)
| Consolidated Statement of Operations Three Months Ended | ||||||||
| 2023 | 2022 | |||||||
| Revenue | $ | 8,720,621 | $ | 11,685,107 | ||||
| Income (loss) before income tax – GAAP | $ | (284,039 | ) | $ | 1,669,992 | |||
| Provision for Income tax – net - GAAP | $ | (219,712 | ) | $ | (349,181 | ) | ||
| Net income (loss) - controlling interest - GAAP | $ | (718,161 | ) | $ | 1,108,131 | |||
| Net income (loss) per common share – basic. – GAAP | $ | (0.06 | ) | $ | 0.09 | |||
| 3 month weighted average shares used in computing per share amounts – basic.- GAAP | 12,435,532 | 12,384,746 | ||||||
| Operating Cash Flow Nine Months Ended | ||||||||
| Operating Cash Flow (9 months). NON-GAAP | $ | 3,284,640 | a,b,c | $ | 6,227,068 | a,b,c | ||
| Operating Cash Flow per share excluding non-operating items and items not related to current operations (9 months) – basic. -NON-GAAP | $ | 0.26 | a,b,c | $ | 0.50 | a,b,c | ||
| Non-cash Adjustments (9 month) -GAAP | $ 1,757,644 d | |||||||
| Shares (9 month basic weighted average) used in computing per share amounts – basic -GAAP | 12,434,669 | 12,376,818 | ||||||
Notes: certain items not related to “operations” of the Company’s net income are listed below.
a) Non-GAAP –
b) Non-GAAP – amounts exclude certain cash and non-cash items: Depreciation and Stock compensation expense (2023 =
c) The revenue and gain from the 50% investment in the private
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
6001 54th Ave,
Company Contacts
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Fax: 403 223 2905
E-mail: info@flexiblesolutions.com
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