EXTON, Pa., April 25, 2013 (GLOBE NEWSWIRE) -- Omega Flex, Inc. (Nasdaq:OFLX) today reported its results of operations for the Three Months Ended March 31, 2013:
|OMEGA FLEX, INC. (OFLX)|
|Three Months Ended March 31,|
|Net Income attributable to Omega Flex, Inc.||$1,582,000||$3,920,000|
|Earnings Per Share - Basic and Diluted||$0.16||$0.39|
|Weighted Average Shares - Basic and Diluted||10,091,822||10,091,822|
Kevin R. Hoben, President and CEO, announced that the Company's results for the first quarter of 2013 were favorable compared to the same period in 2012.
Net Sales for the three months ended March 31, 2013 increased 12.6% over the first quarter of 2012, rising to $16,382,000 from $14,548,000. Increases in Net Sales are primarily attributable to continued growth in the residential construction sector, as well as higher demand for the Company's double-containment piping products.The Company's Net Income for the first three months of 2013 was $1,582,000. During the same quarter last year the Company had Net Income of $3,920,000, much of which was earned through a one-time insurance legal recovery (ILR) gain of $4,700,000, as previously disclosed. Excluding that item (and related items such as income taxes on the ILR), the Company recognized an improvement in Net Income for the quarter of nearly 14% over last year.