FSI ANNOUNCES THIRD QUARTER, 2024 FINANCIAL RESULTS
Flexible Solutions International (FSI) reported strong Q3 2024 financial results with sales of $9.3 million, up 7% from $8.7 million in Q3 2023. Net income reached $611,858 ($0.05 per share) compared to a net loss of $(718,161) ($(0.06) per share) in Q3 2023. The company's 9-month operating cash flow improved to $5.9 million ($0.47 per share) from $3.3 million ($0.26 per share) in 2023. The NanoChem division and ENP subsidiary remain the main revenue drivers, with new opportunities emerging in food products, detergent, water treatment, and agricultural sectors.
Flexible Solutions International (FSI) ha riportato solidi risultati finanziari per il terzo trimestre del 2024, con vendite di 9,3 milioni di dollari, un incremento del 7% rispetto a 8,7 milioni di dollari nel terzo trimestre del 2023. Il reddito netto ha raggiunto 611.858 dollari (0,05 dollari per azione), rispetto a una perdita netta di (718.161 dollari) (-0,06 dollari per azione) nel terzo trimestre del 2023. Il flusso di cassa operativo dell'azienda per i nove mesi è migliorato a 5,9 milioni di dollari (0,47 dollari per azione) rispetto a 3,3 milioni di dollari (0,26 dollari per azione) nel 2023. La divisione NanoChem e la controllata ENP continuano a essere i principali motori di entrata, con nuove opportunità emergenti nei settori dei prodotti alimentari, detersivi, trattamento dell'acqua e agricoltura.
Flexible Solutions International (FSI) informó resultados financieros sólidos para el tercer trimestre de 2024, con ventas de 9,3 millones de dólares, un aumento del 7% en comparación con 8,7 millones de dólares en el tercer trimestre de 2023. El ingreso neto alcanzó 611.858 dólares (0,05 dólares por acción), en comparación con una pérdida neta de (718.161 dólares) (-0,06 dólares por acción) en el tercer trimestre de 2023. El flujo de efectivo operativo de la empresa durante los nueve meses mejoró a 5,9 millones de dólares (0,47 dólares por acción) desde 3,3 millones de dólares (0,26 dólares por acción) en 2023. La división NanoChem y la subsidiaria ENP siguen siendo los principales impulsores de ingresos, con nuevas oportunidades emergentes en productos alimenticios, detergentes, tratamiento de agua y sectores agrícolas.
유연한 솔루션 국제(Flexible Solutions International, FSI)는 2024년 3분기 재무 결과가 강력하며, 930만 달러의 매출을 기록하여 2023년 3분기 870만 달러에서 7% 증가했다고 보고했습니다. 순이익은 611,858 달러 (주당 0.05 달러)에 도달했으며, 2023년 3분기에는 순손실 (718,161 달러) (-주당 0.06 달러)를 기록했습니다. 회사의 9개월 운영 현금 흐름은 2023년 3.3백만 달러(주당 0.26 달러)에서 590만 달러 (주당 0.47 달러)로 개선되었습니다. NanoChem 부서와 ENP 자회사는 여전히 주요 수익 원천이며, 식품, 세제, 수처리 및 농업 분야에서 새로운 기회가 떠오르고 있습니다.
Flexible Solutions International (FSI) a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec des ventes de 9,3 millions de dollars, en hausse de 7 % par rapport à 8,7 millions de dollars au troisième trimestre 2023. Le revenu net a atteint 611.858 dollars (0,05 dollar par action), par rapport à une perte nette de (718.161 dollars) (-0,06 dollar par action) au troisième trimestre 2023. Le flux de trésorerie opérationnel de l'entreprise sur neuf mois s'est amélioré à 5,9 millions de dollars (0,47 dollar par action) contre 3,3 millions de dollars (0,26 dollar par action) en 2023. La division NanoChem et la filiale ENP demeurent les principaux moteurs de revenus, avec de nouvelles opportunités qui émergent dans les secteurs des produits alimentaires, des détergents, du traitement de l'eau et de l'agriculture.
Flexible Solutions International (FSI) berichtete über starke finanzielle Ergebnisse im dritten Quartal 2024 mit einem Umsatz von 9,3 Millionen US-Dollar, was einem Anstieg von 7 % gegenüber 8,7 Millionen US-Dollar im dritten Quartal 2023 entspricht. Der Nettogewinn erreichte 611.858 US-Dollar (0,05 US-Dollar pro Aktie) im Vergleich zu einem Nettoverlust von (718.161 US-Dollar) (-0,06 US-Dollar pro Aktie) im dritten Quartal 2023. Der operative Cashflow des Unternehmens für neun Monate verbesserte sich auf 5,9 Millionen US-Dollar (0,47 US-Dollar pro Aktie) von 3,3 Millionen US-Dollar (0,26 US-Dollar pro Aktie) im Jahr 2023. Die NanoChem-Sparte und die ENP-Tochtergesellschaft bleiben die Hauptumsatztreiber, wobei sich neue Chancen in den Bereichen Nahrungsmittel, Reinigungsmittel, Wasserbehandlung und Landwirtschaft ergeben.
- Sales increased 7% year-over-year to $9.3 million in Q3 2024
- Turned net loss into profit: $611,858 in Q3 2024 vs $(718,161) loss in Q3 2023
- Operating cash flow increased 80% to $5.9 million for nine months
- Earnings would have been $0.07 per share excluding one-time accounting expense
- One-time accounting expense of $385,123 from Florida sale impacted earnings
Insights
The Q3 results show significant improvement with
Operating cash flow for the first 9 months reached
A Conference call is scheduled for Friday November 15th, 2024, 11:00am Eastern Time
See dial in number below
VICTORIA, BRITISH COLUMBIA, Nov. 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 third quarter ended September 30, 2024.
Mr. Daniel B. O’Brien, CEO, states, “This was another very good quarter and a significant recovery from the year earlier period.” Mr. O’Brien continues, “In addition to the improvement in our existing business, we believe we advanced our new food product opportunities in the quarter and hope to announce some success relatively soon. We feel that 2025 might see a strong upside in profits for both existing and new business.”
- Sales for the third quarter(Q3) were
$9,314,937 , up approximately7% when compared to sales of$8,720,621 in the corresponding period a year ago. - Q3, 2024 net income was
$611,858 , or$0.05 per share (see note below), compared to a net loss of$(718,161) , or$(0.06) per share, in Q3, 2023. - The accounting treatment for the 2024 sale of the Florida LLC resulted in a
$385,123 accounting expense (“Loss on sale of investment”) see Form 10-Q: Note 9(d)). The 6-payment structure of the sale results in an accounting loss at payment one which reverts to actual gains at payment two and subsequently. Earnings would have been 7 cents per share without this one-time item. - Basic weighted average shares used in computing earnings per share amounts were 12,450,532 and 12,435,532 for Q3, 2024 and Q3, 2023 respectively.
- Q3, 2024 Non-GAAP operating cash flow: The Company shows 9 months operating cash flow of
$5,909,621 , or$0.47 per share. This compares with operating cash flow of$3,284,641 , or$0.26 per share, in the corresponding 9 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 food products, 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 11:00 am Eastern Time, 8:00 am Pacific Time, on Friday November 15th, 2024. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-888-999-5318 (or 1-848-280-6460) 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 – Third 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 September 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 (Unaudited)
For The Three Months Ended September 30 and Nine Months Operating Cash Flow
| Consolidated Statement of Operations Three Months Ended September 30 | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 9,314,937 | $ | 8,720,621 | ||||
| Income (loss) before income tax – GAAP | $ | 1,459,963 | ) | $ | (284,039 | ) | ||
| Provision for Income tax – net - GAAP | $ | (367,615 | ) | $ | (219,712 | ) | ||
| Net income (loss) - controlling interest - GAAP | $ | 611,858 | $ | (718,161 | ) | |||
| Net income (loss) per common share – basic. – GAAP | $ | 0.05 | $ | (0.06 | ) | |||
| 3 month weighted average shares used in computing per share amounts – basic.- GAAP | 12,450,532 | 12,435,532 | ||||||
| Operating Cash Flow Nine Months Ended September 30 | ||||||||
| Operating Cash Flow (9 months). NON-GAAP | $ | 5,909,621 | a,b,c | $ | 3,284,641 | a,b,c | ||
| Operating Cash Flow per share excluding non-operating items and items not related to current operations (9 months) – basic. -NON-GAAP | $ | 0.47 | a,b,c | $ | 0.26 | a,b,c | ||
| Non-cash Adjustments (9 month) -GAAP | $ 1,941,038 d | $ 1,757,645 d | ||||||
| Shares (9 month basic weighted average) used in computing per share amounts – basic -GAAP | 12,450,257 | 12,434,669 | ||||||
Notes: certain items not related to “operations” of the Company’s net income are listed below.
a) Non-GAAP – Flexible Solutions International, Inc. owns
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.
FAQ
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