| OMEGA FLEX, INC. (OFLX) | |||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net Sales | $74,716,000 | $83,318,000 | $24,880,000 | $27,496,000 | |||||||||
| Net Income attributable to Omega Flex, Inc. | $13,332,000 | $15,874,000 | $4,617,000 | $5,576,000 | |||||||||
| Earnings Per Share – Basic and Diluted | $1.32 | $1.57 | $0.46 | $0.55 | |||||||||
| Weighted Average Shares – Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | |||||||||
EXTON, Pa., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the "Company") for the first nine months of 2024 and 2023 were $74,716,000 and $83,318,000, respectively, decreasing $8,602,000 or 10.3%. Net Sales for the three months ended September 30, 2024 were 9.5% lower than for the third quarter of 2023. The decrease in net sales was mainly due to lower sales unit volumes as the overall market continued to be suppressed because of, among other factors, a decline in housing starts.
The Company's net income for the first nine months of 2024 was $13,332,000, compared to $15,874,000 for the first nine months of 2023, decreasing $2,542,000 or 16.0%. Net income for the third quarter of 2024 was 17.2% below the same period in 2023. The decrease in net income is mainly due to the decrease in net sales and a related decrease in production, which resulted in lower absorption of factory labor and overhead costs. Higher overhead expenses, mainly due to newly leased facilities, also contributed to the decrease in net income, and lower raw material costs were among the factors mitigating the decrease.
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 within 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: | Dean W. Rivest (610) 524-7272 |
