Omega Flex Announces Fourth Quarter 2012 Results

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,
  2012  2011  2012  2011 
         
Net Sales $64,016,000 $54,193,000 $18,426,000 $15,618,000
         
         
Net Income $7,696,000 $4,647,000 $1,594,000 $1,708,000
         
         
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.

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