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8-K - OMEGA FLEX, INC. FORM 8-K - Omega Flex, Inc. | oflx_8k.htm |
Exhibit 99.1
OMEGA FLEX, INC.
Manufacturer of flexible metal hose and gas piping products
Exton, Pennsylvania | Contact: Kevin R. Hoben |
October 24, 2012 | (610) 524-7272 |
PRESS RELEASE
Omega Flex today reported its results of operations for the Third Quarter, 2012:
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| OMEGA FLEX, INC. (OFLX) | |||||||
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| Nine Months Ended September 30, |
| Three Months Ended September 30, | |||||
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| 2012 |
| 2011 |
| 2012 |
| 2011 | |
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Net Sales |
| $45,590,000 |
| $38,575,000 |
| $16,786,000 |
| $13,690,000 | |
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Net Income |
| $6,102,000 |
| $2,939,000 |
| $1,705,000 |
| $955,000 | |
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Earnings Per Share Basic and Diluted |
| $0.60 |
| $0.29 |
| $0.17 |
| $0.09 | |
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Weighted Average Shares Basic and Diluted |
| 10,091,822 |
| 10,091,822 |
| 10,091,822 |
| 10,091,822 | |
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Kevin R. Hoben, President and CEO, announced that the Company had Net Sales of $45,590,000 through the first nine months of 2012, compared to $38,575,000 in 2011, increasing $7,015,000, or 18.2%. Net Sales for the three months ended September 30, 2012, increased $3,096,000, or 22.6% over the same quarter in 2011.
The Company has seen steady sales growth during the year in its core product, TracPipe® CounterStrike®, which has benefited from the uptick in the construction environment. Additionally, the Company has further diversified its product base with an increase in sales of its emerging DoubleTrac® and DEF-Trac®, double-containment piping systems.
The Companys Net Income through September 30, 2012 was $6,102,000, surpassing last years income of $2,939,000 by $3,163,000, or 107.6%. As announced during the first quarter of 2012, the Company successfully secured funds pertaining to an insurance legal recovery, which enhanced net income for the year by approximately $2,530,000. Excluding that event, the years income was still 21.5% higher than last year. For the quarter ended September 30, 2012, Net Income increased $750,000, or 78.5% compared to the third quarter of 2011.
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 Flexs 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 managements 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.