Omega Flex, Inc. Announces Second Quarter 2019 Earnings

Earnings Releases

EXTON, PA — Omega Flex reported its results of operations for the Second Quarter, 2019:

    OMEGA FLEX, INC. (OFLX)
    Six Months Ended June 30,   Three Months Ended June 30,
                 
    2019
  2018   2019   2018
                 
Net Sales $53,597,000 $52,244,000 $26,809,000 $26,847,000
                 
Net Income attributable to
Omega Flex, Inc. $8,365,000 $8,939,000 $3,983,000 $4,776,000
Earnings Per Share –
Basic and Diluted $0.83 $0.89 $0.39 $0.47
Weighted Average Shares –
Basic and Diluted 10,091,827 10,091,822 10,091,832 10,091,822
 
Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first six months of 2019 and 2018 were $53,597,000 and $52,244,000, respectively, increasing 2.6%.  Net Sales for the three months ended June 30, 2019 were essentially flat compared to the second quarter of 2018.

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The Company’s Net Income through June 2019 was $8,365,000 compared to $8,939,000 through the first six months of 2018, decreasing $574,000 or 6.4%.  Income for the second quarter of 2019 was 16.6% lower than 2018.  The majority of the shortfall in income for the year and quarter relates to additional legal and product liability defense costs associated primarily with one pending class action case.  The Company continues to vigorously defend itself against the claim.

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

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