This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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  
     
Revenues $11,648,000 $11,328,000
     
Net income $843,000 $1,636,000
     
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  
     
Revenues $34,054,000 $31,545,000
     
Net income $2,580,000 $2,669,000
     
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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,131.04 -243.72 -1.49%
S&P 500 1,930.77 -20.36 -1.04%
NASDAQ 4,708.6950 -24.8020 -0.52%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs