EXTON, Pa., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Omega Flex, Inc. (Nasdaq:OFLX) today reported its results of operations for the Twelve and Three Months Ending December 31, 2012:
|OMEGA FLEX, INC. (OFLX)|
|Twelve Months Ended December 31,||Three Months Ended December 31,|
|Earnings Per Share – Basic and Diluted||$0.76||$0.46||$0.16||$0.17|
|Weighted Average Shares – Basic and Diluted||10,091,822||10,091,822||10,091,822||10,091,822|
Kevin R. Hoben, President and CEO, announced that the Company had Net Sales of $64,016,000 for the twelve months ending December 31, 2012, compared to $54,193,000 in 2011, increasing $9,823,000, or 18.1%. For the fourth quarter, Net Sales were $18,426,000 and $15,618,000, for 2012 and 2011, respectively, increasing $2,808,000 or 18.0%.
The Company has experienced sales growth from almost all of its product lines during the year. Domestically, the Company's gas piping product, TracPipe® CounterStrike®, has benefited from the uptick in the construction environment, such as the building of single family homes and high-rises. Additionally, the Company's DoubleTrac® and DEF-Trac® double-containment piping systems have seen increases in orders shipped. Internationally, despite the soft economy, the Company's traditional product, TracPipe®, also showed an increase in sales compared to 2011.