Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies
VICTORIA – 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. The company announced financial results for full year ended December 31, 2022.
Mr. Daniel B. O’Brien, CEO, states, “2022 was an excellent year for both growth and profits. It is a testament to the quality of our employees that we were able to execute so well.” Mr. O’Brien adds, “It was not an easy year. We had to contend with high input prices, inflation and shipping costs – all of which affected our margins. We expect 2023 to bring its own problems for us to surmount. Our estimation for 2023 is continued growth in revenue, cash flow and profit but we are not yet able to predict which quarters will be the most positive.”
- Sales for the Full Year were $45,840,469, up approximately 33 per cent when compared to sales of $34,416,335 in the corresponding period a year ago.
- Full Year, 2022 net income was $7,021,604, or $0.57 per share, compared to a net income of $3,449,162, or $0.28 per share, in Full Year, 2021.
- The higher earnings reported for 2022 were in part due to a significant income tax carry forward rebate.
- Basic weighted average shares used in computing earnings per share amounts were 12,379,316 and 12,316,254 for full year, 2022 and full year, 2021 respectively..
- 2022 Non-GAAP operating cash flow: The Company shows 12 months operating cash flow of $8,442,735, or $0.68 per share. This compares with operating cash flow of $5,645,095, or $0.46 per share, in the corresponding 12 months of 2021 (see the table that follows 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.
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