Omega Flex Announces Third Quarter Earnings
EXTON, Pa., Oct. 20, 2010 (GLOBE NEWSWIRE) -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Third Quarter, 2010:
|OMEGA FLEX, INC. (OFLX)||EARNINGS DIGEST|
|Three Months Ended September 30:||2010||2009|
|Earnings per share - basic and diluted||$0.08||$0.16|
|Weighted average shares - basic and diluted||10,091,822||10,091,822|
|Nine Months Ended September 30:||2010||2009|
|Earnings per share - basic and diluted||$0.26||$0.26|
|Weighted average shares - basic and diluted||10,091,822||10,092,324|
Kevin R. Hoben, President and CEO, announced that the Company's 3 rd quarter 2010 Net Sales had increased modestly, from $11,328,000 in 2009, to $11,648,000 in 2010, a change of $320,000 or 2.8%. Unit volume, however, increased approximately 8%, reduced primarily by aggressive marketing incentives. The increase indicates an expansion into the market of the Company's proprietary products, amidst a largely stalled construction cycle.
The Company had Net income of $843,000 for the 3 rd quarter of 2010. Income has however decreased $793,000 (48.5%) compared to the same period in 2009, with the most significant contributor being an increase in the price of the Company's core raw materials, such as stainless steel.Compared to the 2 nd quarter of 2010, Net Sales and Net Income have grown 8.7% and 27.3%, respectively. Regarding the nine-month results, Net Sales of $34,054,000 rose 8% above the previous year, while Net Income of $2,580,000 was down 3.3%. Similar to the quarter, net income was negatively impacted by increases in material costs and marketing incentives. In addition, there have been increases in operating expenses, such as staffing related compensation, including incentives, and to a lesser extent, legal.
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