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EXTON, Pa., Oct. 19, 2017 -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Third Quarter, 2017:
| OMEGA FLEX, INC. (OFLX) | |||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Net Sales | $ | 74,335,000 | $ | 68,408,000 | $ | 24,923,000 | $ | 23,942,000 | |||||
| Net Income | $ | 11,186,000 | $ | 10,244,000 | $ | 4,014,000 | $ | 3,888,000 | |||||
| Earnings Per Share – Basic and Diluted | $ | 1.11 | $ | 1.02 | $ | 0.40 | $ | 0.39 | |||||
| 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 through September 30, 2017 were $74,335,000, increasing 8.7% over last year, which was $68,408,000 after nine months. Net Sales for the three months ended September 30, 2017 increased 4.1% compared the same period in 2016.
The Company’s Net Income for the first nine months of 2017 was $11,186,000, versus $10,244,000 during the same period last year, increasing 9.2%. For the quarter, Net Income was 3.2% higher than last year.
The Company had an exceptionally strong start to the year, and continues to exceed the prior year results. Utilizing our innovative products and processes, we continue to outperform the relevant statistics, such as housing construction starts, and maintain a dominant position in our core markets.
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.
Contact:
Kevin R. Hoben
(610) 524-7272
