FSI Announces First Quarter 2021 Financial Results

The Crypto Daily - Movers and Shakers - May 5, 2021

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. Non-GAAP operating cash flow: For the quarter ending March 31, 2021, net income reflects $272,554 of non-cash charges (depreciation, stock option expenses), PPP loan forgiveness, as well as gain on investment, interest expense, interest income, and income tax. Net income attributable to non-controlling interests (minority interest) is removed from the cash flow calculation. These are items not related to operating or current operating activities. When these items are removed, the Company shows operating cash flow of $1,513,629, or $0.12 per share. This compares with operating cash flow of $1,778,785, or $0.15 per share, in the corresponding 3 months of 2020 (see the table that follows for details of these calculations). Story continues

Sales in the first quarter (Q1) were $7,624,607, compared to sales of $8,429,486 in the corresponding period a year ago. The financials show a Q1, 2021 net profit of $1,450,571, or $0.12 per share, compared to a net profit of $1,264,675, or $0.10 per share, in Q1, 2020. Mr. Daniel B. O’Brien, CEO, states, “Each year brings challenges which we find ways to meet. A year ago, it was covid. This year it is shipping difficulty and price increases. We are confident that we will overcome these hurdles too.” Mr. O’Brien continues, “The problems I’m speaking of affected Q1 revenue but the sales that were delayed are being recognized in Q2 and our full year expectations remain positive.”

Basic weighted average shares used in computing earnings per share amounts in Q1 were 12,292,452 and 12,237,798 for Q1, 2021 and Q1, 2020 respectively. VICTORIA, BC / ACCESSWIRE / May 14, 2021 / FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE American:FSI)(FRANKFURT:FXT), 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 the first quarter (Q1) ended March 31, 2021.

The above information and following table contain supplemental information regarding income and cash flow from operations for the period ended March 31, 2021. 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) The conference call title, “FSI First Quarter 2021 Financial Results,” may be requested.

A conference call has been scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Monday, May 17th. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1 877‑876‑9174 (or 1 785‑424‑1669) just prior to the scheduled call time. Conference call

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