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Omega Flex, Inc. Announces Fourth Quarter 2018 Earnings

Earnings

EXTON, PA — Omega Flex (NASDAQ: OFLX)  reported its results of operations for the Fourth Quarter, 2018.

Kevin R. Hoben, Chairman and Chief Executive Officer, announced that the Company’s Net Sales for the twelve months ended December 31, 2018, were $108,313,000, increasing 6.4% over the prior year’s sales of $101,799,000. Net Sales for the fourth quarter were 5.1% higher than the final quarter of 2017.

The Company’s Income before Income Taxes for 2018 was $26,728,000, compared to $24,296,000 during 2017, increasing 10.0%. For the quarter, Income before Income Taxes expanded 4.0% over last year.

The Company’s Net Income increased $4,477,000 or 28.6%, being $20,139,000 and $15,662,000 for 2018 and 2017, respectively. The final quarter of last year included a one-time charge related to the enactment of the Tax Cuts and Jobs Act in December 2017.

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  OMEGA FLEX, INC. (OFLX)
  Twelve Months Ended December 31,   Three Months Ended December 31,
               
   2018
   2017    2018    2017
               
Net Sales $ 108,313,000 $ 101,799,000 $ 28,870,000 $ 27,464,000
               
               
Income before Income Taxes $ 26,728,000 $ 24,296,000 $ 7,999,000 $ 7,689,000
               
               
Net Income $ 20,139,000 $ 15,662,000 $ 6,024,000 $ 4,476,000
Earnings Per Share –
Basic and Diluted
$ 2.00 $ 1.55 $ 0.60 $ 0.44
Weighted Average Shares –
Basic and Diluted
10,091,822 10,091,822 10,091,822 10,091,822
 

Source: Omega Flex Inc., 451 Creamery Way, Exton PA 19341

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