EXTON, Pa., Oct. 19, 2016 (GLOBE NEWSWIRE) -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Third Quarter, 2016:
| OMEGA FLEX, INC. (OFLX) | |||||||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||||
| Net Sales | $ | 68,408,000 | $ | 67,165,000 | $ | 23,942,000 | $ | 24,556,000 | |||||||||
| Net Income | $ | 10,244,000 | $ | 11,044,000 | $ | 3,888,000 | $ | 4,232,000 | |||||||||
| Earnings Per Share – Basic and Diluted | $ | 1.02 | $ | 1.09 | $ | 0.39 | $ | 0.42 | |||||||||
| 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 nine months of 2016 were 1.9% higher than last year, increasing to $68,408,000 from $67,165,000 for the periods ending September 30, 2016 and 2015, respectively. Net Sales for the three months ended September 30, 2016 decreased 2.5% compared to the same period in 2015.
The Company’s Net Income for the first nine months of 2016 was $10,244,000, versus $11,044,000 during the same period last year, decreasing 7.2%. For the quarter, Net Income was 8.1% lower than last year.
Amid a slow start, the Company’s 2016 unit sales volume is currently outpacing last year’s unprecedented sales level, thus emulating the growth trend established over the last several years. While Net Income for 2016 is currently lower than last year, largely due to an increase in legal related administrative expenses and currency related losses stemming from Brexit, the Company’s margins have actually improved as a percent of sales during the last quarter, and the results remain extremely strong.
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.