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Flexible Solutions International Inc (FSI+4.84%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $9,314,937 from $8,720,621 in the same quarter the previous year. The increase is attributed to increased customer orders for both EWCP and TPA products.
Cost of sales for the quarter was $5,508,121, representing 59% of sales, compared to 83% in the same quarter of the previous year. This decrease in cost ratio is due to a decline in raw material costs.
The company reported a gross profit of $3,806,816 for the quarter, compared to $1,472,355 in the previous year, with the increase attributed to lower raw material costs.
Operating expenses for the quarter were $2,025,607, up from $1,859,028 in the previous year. This increase is primarily due to higher insurance costs and consulting fees.
Net income for the quarter was $611,858, compared to a net loss of $718,161 in the previous year. The improvement is due to increased sales and reduced cost of sales.
Cash provided by operating activities was $9,274,106, while cash used in investing and financing activities was $1,881,044 and $2,210,996, respectively.
Flexible Solutions had a working capital of $22,118,657 as of September 30, 2024. The company indicates sufficient cash resources to meet future commitments.
The filing also details various financial agreements, including loans with Stock Yards Bank and Trust, and notes the termination of a lease in Naperville, IL.
Flexible Solutions does not anticipate significant capital requirements for the twelve months ending September 30, 2025.
The company continues to focus on its EWCP and TPA product lines and highlights its dependency on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flexible Solutions International Inc. (CDA) quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.