EXTON, Pa., July 20, 2017 (GLOBE NEWSWIRE) -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Second Quarter, 2017:
| OMEGA FLEX, INC. (OFLX) | |||||||||||||
| Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Net Sales | $49,412,000 | $44,466,000 | $23,805,000 | $23,840,000 | |||||||||
| Net Income | $7,172,000 | $6,356,000 | $3,034,000 | $3,713,000 | |||||||||
| Earnings Per Share – Basic and Diluted | $0.71 | $0.63 | $0.30 | $0.37 | |||||||||
| Weighted Average Shares – Basic and Diluted | 10,091,822 | 10,091,822 | 10,091,822 | 10,091,822 | |||||||||
Kevin R. Hoben, President and CEO, announced that the Company’s Net Sales for the first six months of 2017 were 11.1% higher than last year, increasing to $49,412,000 from $44,466,000 for the periods ending June 30, 2017 and 2016, respectively. Net Sales for the three months ended June 30, 2017 were largely consistent with the second quarter of 2016. Net Sales for the second quarter of 2017 were diminished primarily by an increase in customer promotional incentives.
The Company’s Net Income for the first six months of 2017 was $7,172,000, compared to $6,356,000 during the same period last year, increasing 12.8%. For the quarter, Net Income was however 18.3% below last year. The Company incurred higher raw material costs in comparison to the second quarter of 2016, which have been addressed though our own pricing actions to offset the imbalance. There were also additional expenses accrued related to the Company’s phantom stock plan, resulting primarily from the recent increase in the Company’s stock price.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This news 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 news 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 news 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.