Omega Flex, Inc. Announces Fourth Quarter Earnings
February 13 2020 - 4:30PM
Omega Flex today reported its results of operations for the
Fourth Quarter, 2019:
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OMEGA FLEX, INC. (OFLX) |
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For the
Period Ended December 31, |
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Twelve Months |
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Three Months |
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2019 |
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2018 |
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2019 |
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2018 |
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Net Sales |
$111,360,000 |
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$108,313,000 |
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$29,733,000 |
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$28,870,000 |
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| Net Income attributable to
Omega Flex, Inc. |
$17,286,000 |
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$20,139,000 |
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$5,553,000 |
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$6,024,000 |
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| Earnings Per Share – Basic and
Diluted |
$1.71 |
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$2.00 |
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$0.55 |
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$0.60 |
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Weighted Average Shares – Basic and Diluted |
10,092,266 |
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10,091,822 |
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10,092,982 |
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10,091,822 |
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Kevin R. Hoben, Chairman and CEO, announced
that the Company’s Net Sales for 2019 and 2018 were $111,360,000
and $108,313,000, respectively, increasing 2.8%. Net Sales
for the three months ended December 31, 2019 were 3.0% higher than
the fourth quarter of 2018.
The Company’s Net Income for 2019 was $17,286,000 compared to
$20,139,000 during 2018, decreasing $2,853,000 or 14.2%.
Income for the fourth quarter of 2019 was 7.8% lower than
2018. The reduction in income for the year is largely
generated by increases in several atypical SG&A items: legal
costs including those associated primarily with one pending class
action case, which the Company is vigorously defending; consulting
costs including related to our new product, MediTrac® flexible
medical gas piping; and executive compensation accrual for prior
equity awards. The same factors impacted the quarterly
results, although to a lesser extent. The Company’s gross
profit from core operations has however improved over the prior
year and the prior quarter.
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.
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Contact: Kevin R. Hoben |
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(610) 524-7272 |
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