FLEXIBLE SOLUTIONS INTERNATIONAL, INC., 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 approximately 2% 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
