Omega Flex, Inc. Announces Second Quarter Earnings
Omega Flex reported a slight increase in Net Sales for the first half of 2022, totaling $63,041,000, up by 0.3% from $62,829,000 in 2021. However, Net Income fell to $10,901,000, down 12.4% from $12,451,000 in the previous year, with the second quarter income also down by 11.9%. Factors impacting results include increased costs from resuming marketing activities and higher product liability reserves. The company noted that the prior year benefited from lower marketing expenses due to the pandemic.
- None.
- Net Income decreased to $10,901,000 from $12,451,000, down 12.4%.
- Second quarter net income fell 11.9% compared to the same period in 2021.
- Net Sales for the second quarter were 0.7% lower than Q2 2021.
| OMEGA FLEX, INC. (OFLX) | ||||||||
| Six Months Ended June 30, | Three Months Ended June 30, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Net Sales | ||||||||
| Net Income attributable to Omega Flex, Inc. | ||||||||
| Earnings Per Share – Basic and Diluted | ||||||||
| Weighted Average Shares – Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | ||||
EXTON, Pa., July 21, 2022 (GLOBE NEWSWIRE) -- Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first six months of 2022 and 2021 were
The Company’s Net Income through June 2022 was
In contrast to the first six months of last year (which were the strongest on record), the current six month and quarterly results were impacted by costs for resumption of travel and other marketing efforts, which were lower in the 2021 period due to the pandemic as well as higher product liability reserves and expenses.
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 |
FAQ
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