Omega Flex Announces 2nd Quarter 2010 Financial Results
EXTON, Pa., July 21, 2010 (GLOBE NEWSWIRE) -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Second Quarter, 2010:
| OMEGA FLEX, INC. (OFLX) | EARNINGS DIGEST | |
| Three Months Ended June 30: | 2010 | 2009 |
| Revenues | $10,715,000 | $10,124,000 |
| Net income | $662,000 | $641,000 |
| Earnings per share - basic and diluted | $0.07 | $0.06 |
| Weighted average shares - basic and diluted | 10,091,822 | 10,091,822 |
| Six Months Ended June 30: | 2010 | 2009 |
| Revenues | $22,406,000 | $20,217,000 |
| Net income | $1,737,000 | $1,033,000 |
| Earnings per share - basic and diluted | $0.17 | $0.10 |
| Weighted average shares - basic and diluted | 10,091,822 | 10,092,579 |
Kevin R. Hoben , President and CEO, indicated the Company's 2 nd quarter 2010 Revenues improved $591,000 (5.8%) from Revenues in the 2 nd quarter 2009, and Net Income also increased modestly by $21,000 (3.3%) over the same period. Regarding the six-month results, Revenues were $2,189,000 (10.8%) above Revenues in the same period in 2009 and Net Income in 2010 increased $704,000 (68.2%) over the same period.
The increase in Revenue and Net Income for the six-months ended June 30, 2010, demonstrates a rise in customer demand for the Company's proprietary products, which has aided the Company's efforts to generate profits in a soft construction environment.
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