Omega Flex, Inc. Announces Second Quarter 2023 Earnings
July 19 2023 - 3:15PM
Kevin R. Hoben, Chairman and CEO, announced that
the Company’s Net Sales for the first six months of 2023 and 2022
were $55,822,000 and $63,041,000, respectively, decreasing
$7,219,000 or 11.5%. Net Sales for the three months ended
June 30, 2023 were 18.6% lower than the second quarter of
2022.
The Company’s Net Income through June 2023 was
$10,298,000 compared to $10,901,000 through the first six months of
2022, decreasing $603,000 or 5.5%. Income for the second quarter of
2023 was 16.4% below the same period in 2022.
In contrast to the first six months of last
year, the current six month and quarterly results were impacted by
lower sales unit volumes as a result of the overall market being
suppressed because of, among other factors, a decline in housing
starts. The impact of the lower sales unit volumes is mitigated by
lower product liability reserves and expenses, reduced incentive
compensation to align with the changes in the executive management
team, and higher interest income.
INFORMATION CONCERNING FORWARD-LOOKING
STATEMENTS – This press 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 press 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 press 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
Omega Flex (NASDAQ:OFLX)
Historical Stock Chart
From May 2024 to Jun 2024
Omega Flex (NASDAQ:OFLX)
Historical Stock Chart
From Jun 2023 to Jun 2024