Wed, Aug 14, 9:06 PM (153 days ago)
For the quarter ending June 30, 2024, Flexible Solutions International, Inc. reported revenues of $10,529, a slight increase from $10,331 in the prior year. Gross profit improved to $3,939, with a gross margin rise attributed to reduced raw material costs. Operating income reached $1,814, up from $1,051, reflecting cost management despite higher interest expenses due to increased debt. Net income attributable to controlling interests was $1,290, compared to $810 previously, resulting in earnings per share of $0.10. Cash flow from operations was robust at $7,064, with a closing cash position of $9,209. Total assets increased to $56,345, driven by higher cash balances and long-term deposits. Liabilities remained stable, with total liabilities at $17,281. The company faces uncertainties due to reliance on a few key customers, with three clients accounting for 50% of sales. Future operations may be impacted by fluctuating raw material prices and economic conditions affecting customer demand. Overall, the company demonstrates solid financial health with a positive outlook for operational stability.