EXTON, Pa., April 20, 2017 (GLOBE NEWSWIRE) — Omega Flex, Inc. (Nasdaq:OFLX) today reported its results of operations for the Three Months Ended March 31, 2017:
|OMEGA FLEX, INC. (OFLX)|
|Three Months Ended March 31,|
|Net Income attributable to Omega Flex, Inc.||$4,138,000||$2,643,000|
|Earnings Per Share – Basic and Diluted||$0.41||$0.26|
|Weighted Average Shares – Basic and Diluted||10,091,822||10,091,822|
Kevin R. Hoben, President and CEO, announced that the Company’s Net Sales for the first quarter of 2017 were $25,607,000, increasing $4,981,000 (24.1%) over the first quarter of 2016, which had Net Sales of $20,626,000.
The Company’s Net Income for the first three months of 2017 was $4,138,000 compared to $2,643,000 established during the same quarter last year, increasing $1,495,000 or 56.6%.
The Company is encouraged that it has outperformed the current level of construction activity, both in the United States and abroad, and was able to widen its income over last year, despite an increase in the cost of its core raw material components. Sales expanded in most areas of the business, as we saw a resurgence of activity with some of our largest volume customers that had slumped during the previous year. Continuing with our trend of growth over the last several years, this was the Company’s most successful first quarter to date.
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: Contact: Kevin R. Hoben (610) 524-7272