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Omega Flex, Inc. Announces Fourth Quarter Financial Results

Stocks in this article: OFLX

EXTON, Pa., Feb. 18, 2011 (GLOBE NEWSWIRE) -- Omega Flex (Nasdaq:OFLX) today reported its results of operations for the Fourth Quarter, 2010:

Three Months Ended December 31: 2010   2009  
Revenues $12,821,000 $12,595,000
Net income $1,986,000 $1,712,000
Earnings per share - basic and diluted $0.20 $0.17
Weighted average shares - basic and diluted 10,091,822 10,091,822
Twelve Months Ended December 31: 2010   2009  
Revenues $46,875,000 $44,140,000
Net income $4,566,000 $4,381,000
Earnings per share - basic and diluted $0.45 $0.43
Weighted average shares - basic and diluted 10,091,822 10,092,197

Kevin R. Hoben, President and CEO, announced that the Company was able to produce positive results for the 4th quarter and year ended 2010, despite a decline of approximately 8% in housing starts from last year.

Regarding the twelve-month results, Net Sales of $46,875,000 climbed 6.2% above the previous year, and Net Income of $4,566,000 increased 4.2%. The increase in sales during the year indicates continued penetration of the Company's proprietary products, especially that of CounterStrike ®, which has gained further acceptance due to its proven benefits. 

The Company's 4th quarter 2010 Net Sales increased 1.8% or $226,000, moving from $12,595,000 in 2009, to $12,821,000 in 2010. The Company reported Net Income of $1,986,000 for the 4th quarter of 2010, rising $274,000 (16.0%) compared to the same period in 2009.

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