| OMEGA FLEX, INC. (OFLX) | |||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||
| Net Sales | $83,318,000 | $94,670,000 | $27,496,000 | $31,629,000 | |||||||||
| Net Income attributable to Omega Flex, Inc. | $15,874,000 | $17,441,000 | $5,576,000 | $6,540,000 | |||||||||
| Earnings Per Share - Basic and Diluted | $1.57 | $1.73 | $0.55 | $0.65 | |||||||||
| Weighted Average Shares - Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | |||||||||
EXTON, Pa., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Kevin R. Hoben, Chairman and CEO, announced that the Company's 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.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS - This press release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict and may be beyond the ability of Omega Flex to control. Certain statements in this press release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995 that are not historical facts, but rather reflect Omega Flex's current expectations concerning future results and events. The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's view only as of the date of this press release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions, or circumstances.
| Contact: | Kevin R. Hoben |
| (610) 524-7272 |
