Omega Flex, Inc. Announces Fourth Quarter Earnings, 2019

Earnings

EXTON, PA — Omega Flex, Inc. (NASDAQ: OFLX) recently reported its results of operations for the Fourth Quarter, 2019.

Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for 2019 and 2018 were $111,360,000 and $108,313,000, respectively, increasing 2.8%. Net Sales for the three months ended December 31, 2019 were 3.0% higher than the fourth quarter of 2018.

The Company’s Net Income for 2019 was $17,286,000 compared to $20,139,000 during 2018, decreasing $2,853,000 or 14.2%. Income for the fourth quarter of 2019 was 7.8% lower than 2018.

The reduction in income for the year is largely generated by increases in several atypical SG&A items: legal costs including those associated primarily with one pending class action case, which the Company is vigorously defending; consulting costs including related to our new product, MediTrac® flexible medical gas piping; and executive compensation accrual for prior equity awards.

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The same factors impacted the quarterly results, although to a lesser extent. The Company’s gross profit from core operations has however improved over the prior year and the prior quarter.

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