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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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