EXTON, PA — Kevin R. Hoben, Chairman and CEO, recently announced that Omega Flex, Inc. (NASDAQ: OFLX) Net Sales for the first nine months of 2023 and 2022 were $83,318,000 and $94,670,000, respectively, decreasing $11,352,000 or 12.0%. Net Sales for the three months ended September 30, 2023 were 13.1% lower than the third quarter of 2022.
The Company’s Net Income through September 2023 was $15,874,000 compared to $17,441,000 through the first nine months of 2022, decreasing $1,567,000 or 9.0%. Income for the third quarter of 2023 was 14.7% below the same period in 2022.
Although Net Sales continue to be 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, Net Income for the nine months ended September 30, 2023, declined at a lesser rate due to lower product liability reserves and expenses and higher interest income.
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