EXTON, PA — Omega Flex, Inc.’s (NASDAQ: OFLX) Chairman and CEO, Kevin R. Hoben, announced that the Company’s Net Sales for the first six months of 2023 and 2022 were $55,822,000 and $63,041,000, respectively, decreasing $7,219,000 or 11.5%. Net Sales for the three months ended June 30, 2023, were 18.6% lower than the second quarter of 2022.
The Company’s Net Income through June 2023 was $10,298,000 compared to $10,901,000 through the first six months of 2022, decreasing $603,000 or 5.5%. Income for the second quarter of 2023 was 16.4% below the same period in 2022.
In contrast to the first six months of last year, the current six month and quarterly results were impacted by lower sales unit volumes as a result of the overall market being suppressed because of, among other factors, a decline in housing starts. The impact of the lower sales unit volumes is mitigated by lower product liability reserves and expenses, reduced incentive compensation to align with the changes in the executive management team, and higher interest income.