Attached files
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| 8-K - OMEGA FLEX INC. - 8-K FILING - 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 |
July 24, 2013 | (610) 524-7272 |
PRESS RELEASE
Omega Flex today reported its results of operations for the Second Quarter, 2013:
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| OMEGA FLEX, INC. (OFLX) | |||||||
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| Six Months Ended June 30, |
| Three Months Ended June 30, | |||||
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| 2013 |
| 2012 |
| 2013 |
| 2012 | |
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Net Sales |
| $35,274,000 |
| $28,804,000 |
| $18,892,000 |
| $14,256,000 | |
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Net Income |
| $4,117,000 |
| $4,397,000 |
| $2,535,000 |
| $477,000 | |
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Earnings Per Share – Basic and Diluted |
| $0.41 |
| $0.44 |
| $0.25 |
| $0.05 | |
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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’s Net Sales for the first six months of 2013 climbed 22.5% over last year, rising to $35,274,000 from $28,804,000 for the periods ending June 30, 2013 and 2012, respectively. Net Sales for the three months ended June 30, 2013, were even more notable, increasing 32.5% over the same period in 2012.
The Company’s Net Sales show a steady pattern of growth during the year, and currently outpace the rate of recovery in the residential construction market. The increase largely reflects the widening acceptance of the Company’s newest product offerings.
The Company’s Net Income for the first six months of 2013 was $4,117,000. During the same period last year the Company had Net Income of $4,397,000, which was bolstered by a one-time insurance legal recovery (ILR) gain of $4,700,000, as previously disclosed. Excluding that item (and related items such as income taxes on the ILR), the Company recognized an improvement in Net Income for the first half of 2013 of approximately 120% over last year. For the quarter, Net Income was up over 400% over last year.
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.