Omega Flex, Inc. Announces Third Quarter 2023 Earnings
19 October 2023 - 7:15AM
Kevin R. Hoben, Chairman and CEO, announced that
the Company’s Net Sales for the first nine months of 2023 and 2022
were $83,318,000 and $94,670,000, respectively, decreasing
$11,352,000 or 12.0%. Net Sales for the three months ended
September 30, 2023 were 13.1% lower than the third quarter of
2022.
The Company’s Net Income through September 2023
was $15,874,000 compared to $17,441,000 through the first nine
months of 2022, decreasing $1,567,000 or 9.0%. Income for the third
quarter of 2023 was 14.7% below the same period in 2022.
Although Net Sales continue to be impacted by
lower sales unit volumes as a result of the overall market being
suppressed because of, among other factors, a decline in housing
starts, Net Income for the nine months ended September 30, 2023
declined at a lesser rate due to lower product liability reserves
and expenses and higher interest income.
INFORMATION CONCERNING FORWARD-LOOKING
STATEMENTS – This press release contains forward-looking
statements, which are subject to inherent uncertainties which are
difficult to predict and may be beyond the ability of Omega Flex to
control. Certain statements in this press release constitute
forward-looking statements with the meaning of the Private
Securities Litigation Reform act of 1995 that are not historical
facts, but rather reflect Omega Flex’s current expectations
concerning future results and events. The words “believes,”
“expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,”
“will,” and similar expressions identify such forward-looking
statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could
cause the actual results, performance, or achievements of Omega
Flex (or entities in which Omega Flex has interests) or industry
results, to differ materially from future results, performance or
achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management’s view
only as of the date of this press release. Omega Flex undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, conditions, or circumstances.
Contact: |
Kevin R. Hoben |
|
(610) 524-7272 |
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