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,|
|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|
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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