Hi
I hope this may be useful to some one

source

This logic also works for flex

package  {
     import flash.filters.ColorMatrixFilter;
     import flash.display.MovieClip;
     import flash.display.Loader;
	 import fl.controls.Slider;
     import flash.net.URLRequest;
     import fl.motion.*;
     import flash.events.Event;  

     public class AdjustColorExample extends MovieClip
     {
	 	 private var loader:Loader = new Loader();
		 private var Br_slider:Slider;
		 private var co_slider:Slider;
		 private var hu_slider:Slider;
		 private var sa_slider:Slider;
         public function AdjustColorExample() {
             var imgUrl:String = "http://www.helpexamples.com/flash/images/image1.jpg";
             loader.contentLoaderInfo.addEventListener(Event.COMPLETE, setFilter);
             var request:URLRequest = new URLRequest(imgUrl);
             loader.load(request);
             addChild(loader);
			 //-- min -100 and max 100 for  brightness
			 Br_slider = getSlider(-100, 100, 50, 390, 300);
			 //-- min -100 and max 100 for  contrast
		     co_slider = getSlider(-100, 100, 50, 420, 300);
			 //-- min -180 and max 180 for  hue
		     hu_slider = getSlider(-180, 180, 50, 450, 300);
			 //-- min -100 and max 100 for  saturation
		     sa_slider = getSlider(-100, 100, 50, 480, 300);

         }
		 private function getSlider(min, max, xx, yy, w){
		 	var slider:Slider = new Slider();
			    slider.minimum  = min;
			    slider.maximum  = max;
			    slider.x  = xx;
			    slider.y  = yy;
			    slider.width  = w;
				slider.addEventListener(Event.CHANGE, onChange);
				addChild(slider);
				return slider;
		 }

        public function onChange(e:Event):void {
			setFilter(e)
        }  

		private function setFilter(e:Event){
             var myColor:AdjustColor = new AdjustColor();
             myColor.brightness = Br_slider.value;
             myColor.contrast = co_slider.value;
             myColor.hue = hu_slider.value;
             myColor.saturation = sa_slider.value;
             var matrix:Array = new Array();
             matrix = myColor.CalculateFinalFlatArray();
             var filter:ColorMatrixFilter = new ColorMatrixFilter(matrix);
             var myFilters:Array = new Array();
             myFilters.push(filter);
             loader.filters = myFilters;
		}
     }
}