Omega Flex, Inc. - Form 10-Q

0001376474-13-000401.txt : 20130808 0001376474-13-000401.hdr.sgml : 20130808 20130808132704 ACCESSION NUMBER: 0001376474-13-000401 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130808 DATE AS OF CHANGE: 20130808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Omega Flex, Inc. CENTRAL INDEX KEY: 0001317945 STANDARD INDUSTRIAL CLASSIFICATION: HEATING EQUIP, EXCEPT ELEC & WARM AIR & PLUMBING FIXTURES [3430] IRS NUMBER: 231948942 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51372 FILM NUMBER: 131021086 BUSINESS ADDRESS: STREET 1: 451 CREAMERY WAY CITY: EXTON STATE: PA ZIP: 19341 BUSINESS PHONE: 610-524-7272 MAIL ADDRESS: STREET 1: 451 CREAMERY WAY CITY: EXTON STATE: PA ZIP: 19341 10-Q 1 oflx_10q.htm OMEGA FLEX, INC. - FORM 10-Q Omega Flex, Inc. - Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

( )

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________________ to ______________________

Commission File Number 000-51372

Omega Flex, Inc.

(Exact name of registrant as specified in its charter)


Pennsylvania	23-1948942
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
451 Creamery Way, Exton, PA	19341
(Address of principal executive offices)	(Zip Code)

(610) 524-7272

Registrant’s telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [x]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller reporting company filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange. (Check one):

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting Company [x]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of The Exchange Act).

Yes [ ] No [x]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS

DURING THE PRECEDING FIVE YEARS.

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 12 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by the courts.

The number of shares of the registrant’s common stock outstanding as of June 30, 2013 was 10,091,822.

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OMEGA FLEX, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2013

INDEX


PART I - FINANCIAL INFORMATION	Page No.

Item 1 – Financial Statements

Condensed consolidated balance sheets at June 30, 2013 (unaudited)
and December 31, 2012	3

Condensed consolidated statements of income for the
three-months and six-months ended June 30, 2013 and 2012 (unaudited)	4

Condensed consolidated statements of comprehensive income for the three-months
and six-months ended June 30, 2013 and 2012 (unaudited)	5

Condensed consolidated statements of cash flows for the
six-months ended June 30, 2013 and 2012 (unaudited)	6

Notes to the condensed consolidated financial statements (unaudited)	7

Item 2- Management's Discussion and Analysis of Financial Condition
and Results of Operations	18

Item 3 – Quantitative and Qualitative Information About Market Risks	28

Item 4 – Controls and Procedures	28

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings	29

Item 4 – Submission of Matter to a Vote of the Security Holders	30

Item 6 - Exhibits	32

SIGNATURE	32

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PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA FLEX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	June 30,	December 31,
	2013	2012

	(unaudited)
	(Dollars in thousands)
ASSETS
Current Assets
Cash and Cash Equivalents	$ 2,502	$ 939
Accounts Receivable - less allowances of
$633 and $653, respectively	11,956	12,134
Inventories-Net	6,943	7,128
Deferred Taxes	868	750
Other Current Assets	1,135	1,503

Total Current Assets	23,404	22,454

Property and Equipment - Net	4,946	4,824
Goodwill-Net	3,526	3,526
Other Long Term Assets	1,732	1,865

Total Assets	$ 33,608	$ 32,669

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$ 1,641	$ 2,737
Line of Credit	---	324
Accrued Compensation	1,352	349
Accrued Commissions and Sales Incentives	2,375	3,671
Taxes Payable	149	235
Other Liabilities	2,810	4,214

Total Current Liabilities	8,327	11,530

Deferred Taxes	732	614
Other Long Term Liabilities	733	783

Total Liabilities	9,792	12,927

Shareholders’ Equity:
Omega Flex, Inc. Shareholders’ Equity:
Common Stock – par value $0.01 Share: authorized 20,000,000 Shares: 10,153,633 shares issued and 10,091,822 outstanding at June 30, 2013 and December 31, 2012, respectively	102	102
Treasury Stock	(1)	(1)
Paid-in Capital	10,808	10,808
Retained Earnings	13,298	9,181
Accumulated Other Comprehensive Loss	(465)	(410)
Total Omega Flex, Inc. Shareholders’ Equity	23,742	19,680
Noncontrolling Interest	74	62

Total Shareholders’ Equity	23,816	19,742

Total Liabilities and Shareholders’ Equity	$ 33,608	$ 32,669

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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OMEGA FLEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


	For the three-months ended		For the six-months ended
	June 30,		June 30,
	2013	2012	2013	2012
	(Amounts in Thousands, except earnings per Common Share)

Net Sales	$ 18,892	$ 14,256	$ 35,274	$ 28,804

Cost of Goods Sold	8,671	7,169	16,453	14,262

Gross Profit	10,221	7,087	18,821	14,542

Selling Expense	3,196	3,058	6,244	6,014
General and Administrative Expense	2,505	2,699	4,876	5,265
Insurance Legal Recovery	---	---	---	(4,700)
Engineering Expense	626	595	1,344	1,230

Operating Profit	3,894	735	6,357	6,733

Interest Income	1	5	---	8
Other Income (Expense)	(42)	(14)	(126)	45

Income Before Income Taxes	3,853	726	6,231	6,786

Income Tax Expense	1,304	255	2,098	2,392

Net Income	2,549	471	4,133	4,394
Less: Net (Income) Loss attributable to the Noncontrolling Interest, Net of Tax	(14)	6	(16)	3

Net Income attributable to Omega Flex, Inc.	$ 2,535	$ 477	$ 4,117	$ 4,397


Basic and Diluted Earnings per Common Share:
Earnings per Share	$ 0.25	$ 0.05	$ 0.41	$ 0.44


Basic and Diluted Weighted-Average Shares Outstanding	10,092	10,092	10,092	10,092

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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OMEGA FLEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	For the three-months ended		For the six-months ended
	June 30,		June 30,
	2013	2012	2013	2012
	(Amounts in Thousands)		(Amounts in Thousands)

Net Income	$ 2,549	$ 471	$ 4,133	$ 4,394

Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustment, net of Taxes	(2)	(54)	(59)	16
Other Comprehensive Income (Loss)	(2)	(54)	(59)	16

Comprehensive Income	2,547	417	4,074	4,410

Less: Comprehensive Income (Loss) Attributable to the Noncontrolling Interest	14	(9)	12	(2)

Total Other Comprehensive Income	$ 2,533	$ 426	$ 4,062	$ 4,412

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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OMEGA FLEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	For the six-months ended
	June 30,
	2013	2012
	(Dollars in thousands)
Cash Flows from Operating Activities:
Net Income	$ 4,133	$ 4,394
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Non-Cash Compensation Expense	117	13
Depreciation and Amortization	263	324
Provision for Losses on Accounts Receivable, net of write-offs and recoveries	(20)	(17)
Changes in Assets and Liabilities:
Accounts Receivable	93	(81)
Inventory	127	(164)
Other Assets	460	(141)
Accounts Payable	(1,074)	202
Accrued Compensation	1,003	(18)
Accrued Commissions and Sales Incentives	(1,292)	128
Other Liabilities	(1,468)	2
Net Cash Provided by Operating Activities	2,342	4,642

Cash Flows from Investing Activities:
Capital Expenditures	(405)	(105)
Net Cash Used in Investing Activities	(405)	(105)

Cash Flows from Financing Activities:
Principal Payments on Line of Credit	(324)	-
Net Cash Used in Financing Activities	(324)	-

Net Increase in Cash and Cash Equivalents	1,613	4,537
Translation effect on cash	(50)	24
Cash and Cash Equivalents – Beginning of Period	939	3,476

Cash and Cash Equivalents – End of Period	$ 2,502	$ 8,037


Supplemental Disclosure of Cash Flow Information:

Cash paid for Income Taxes	$ 2,220	$ 2,343


Cash paid for Interest	$ 1	$ -

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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OMEGA FLEX, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Omega Flex, Inc. (Omega) and its subsidiaries (collectively the “Company”). The Company’s unaudited condensed consolidated financial statements for the quarter ended June 30, 2013 have been prepared in accordance with accounting principles generally accepted in the United States (GAAP), and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest shareholders’ annual report (Form 10-K). All material inter-company accounts and transactions have been eliminated in consolidation. It is Management’s opinion that all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments are of a normal recurring nature or a description is provided for any adjustments that are not of a normal recurring nature.

Description of Business

The Company is a leading manufacturer of flexible metal hose, which is used in a variety of applications to carry gases and liquids within their particular applications. These applications include carrying liquefied gases in certain processing applications, fuel gases within residential and commercial buildings and vibration absorbers in high vibration applications. In addition, our flexible metal piping is used to carry other types of gases or fluids in a number of industrial applications where the customer requires a degree of flexibility, an ability to carry corrosive compounds or mixtures, a double containment system, or piping to carry gases or fluids at very high or very low (cryogenic) temperatures.

The Company manufactures flexible metal hose at its facility in Exton, Pennsylvania, with a minor amount of manufacturing performed in the United Kingdom. The Company sells its product through distributors, wholesalers and to original equipment manufacturers (“OEMs”) throughout North America, and in certain European markets.

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2. SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions relate to revenue recognition and related sales incentives, accounts receivable valuations, inventory valuations, goodwill valuation, product liability reserve and accounting for income taxes. Actual amounts could differ significantly from these estimates.

Revenue Recognition

The Company’s revenue recognition activities relate almost entirely to the manufacture and sale of flexible metal hose and pipe. Under GAAP, revenues are considered to have been earned when the Company has substantially accomplished what it must do to be entitled to the benefits represented by the revenues. The following criteria represent preconditions to the recognition of revenue:

Persuasive evidence of an arrangement for the sale of product or services must exist.

Delivery has occurred or services rendered.

The sales price to the customer is fixed or determinable.

Collection is reasonably assured.

The Company recognizes revenue upon shipment in accordance with the above principles.

Gross sales are reduced for all consideration paid to customers for which no identifiable benefit is received by the Company. This includes promotional incentives, which includes various programs including year-end rebates and discounts. The amounts of certain incentives are known with reasonable certainty at the time of sale, while others are projected based upon the most reliable information available at the reporting date.

Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

Accounts Receivable

Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of the

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Company’s customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required.

Inventory

Inventories are valued at the lower of cost or market. Cost of inventories is determined by the first-in, first-out (FIFO) method. The Company generally considers inventory quantities beyond two-years usage, measured on a historical usage basis, to be excess inventory and reduces the gross carrying value of inventory accordingly.

Goodwill and Intangible Assets

In accordance with Financial Accounting Standards Board (FASB) ASC Topic 350, Intangibles – Goodwill and Other, the Company performed an annual impairment test in accordance with this guidance as of December 31, 2012. This analysis did not indicate any impairment of goodwill. There are no circumstances that indicate that Goodwill might be impaired at June 30, 2013.

Product Liability Reserves

Product liability reserves represent the estimated unpaid amounts under the Company’s insurance policies with respect to existing claims. The Company uses the most current available data to estimate claims. As explained more fully under Contingencies, for various product liability claims covered under the Company’s general liability insurance policies, the Company must pay certain defense costs within its deductible or self-insured retention limits, ranging primarily from $25,000 to $250,000 per claim, depending on the terms of the policy in the applicable policy year, up to an aggregate amount. The Company is vigorously defending against all known claims.

Fair Value of Financial and Nonfinancial Instruments

The Company measures financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The accounting standard defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard creates a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company relies on its actively traded share value – a level 1 input – in determining the fair value of the reporting

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unit in its annual impairment test as described in the FASB ASC Topic 350, Intangibles - Goodwill and Other.

Earnings per Common Share

Basic earnings per share have been computed using the weighted-average number of common shares outstanding. For the periods presented, there are no dilutive securities. Consequently, basic and dilutive earnings per share are the same.

Currency Translation

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing on the balance sheet dates. The statements of income are translated into U.S. dollars at average exchange rates for the period. Adjustments resulting from the translation of financial statements are excluded from the determination of income and are accumulated in a separate component of shareholders’ equity. Exchange gains and losses resulting from foreign currency transactions are included in operations (other income (expense)) in the period in which they occur.

Income Taxes

The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes. Under this method the Company records income tax expense and the related deferred taxes and tax benefits.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period in which the rate is enacted. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. No valuation reserve was deemed necessary at June 30, 2013 or at December 31, 2012. Also, in accordance with FASB ASC Topic 740 (formerly FIN 48), the Company had reserves on the books for uncertainties in tax positions of $119,000 at both June 30, 2013, and December 31, 2012. These reserves are reviewed each quarter.

Other Comprehensive Income (Loss)

For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.

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New Accounting Pronouncements

ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. The requirements are effective for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 currently has no impact on the Company’s financial conditions, results of operations or cash flows.

ASU 2011-12, “Comprehensive Income (Topic 220) Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05,” issued in December 2011 amends ASU 2011-05 to reflect only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments. The amendments are being made to allow FASB time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. While FASB is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments; entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. Public entities should begin applying these requirements for fiscal years ending after December 15, 2011. Adoption of ASU 2011-12 had no material impact on the financial statements.

3. INVENTORIES

Inventories, net of reserves consisted of the following:


	June 30,	December 31,
	2013	2012
	(dollars in thousands)

Finished Goods	$ 5,339	$ 5,598
Raw Materials	1,604	1,530

Total Inventory	$ 6,943	$ 7,128

4. LINE OF CREDIT

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0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Company’s then existing financial ratios. At June 30, 2013, the Company’s ratio would allow for the most favorable rate under the agreement’s range, which would be a rate of 2.02% (LIBOR plus 1.75%). The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a “Line Fee” ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Company’s then existing financial ratios. The Company may terminate the line at any time during the four year term, as long as there are no amounts outstanding.

As of June 30, 2013, the Company had no outstanding borrowings on its line of credit, but at December 31, 2012, the Company owed $324,000.

As of June 30, 2013 and December 31, 2012, the Company was in compliance with all debt covenants.

5. COMMITMENTS AND CONTINGENCIES

Commitments:

Under a number of indemnity agreements between the Company and each of its officers and directors, the Company has agreed to indemnify each of its officers and directors against any liability asserted against them in their capacity as an officer or director, or both. The Company’s indemnity obligations under the indemnity agreements are subject to certain conditions and limitations set forth in each of the agreements. Under the terms of the Agreement, the Company is contingently liable for costs which may be incurred by the officers and directors in connection with claims arising by reason of these individuals’ roles as officers and directors. The Company has obtained directors’ and officers’ insurance policies to fund certain of the Company’s obligations under the indemnity agreements.

The Company has salary continuation agreements with one current employee, and one former employee who retired at the end of 2010. These agreements provide for monthly payments to each of the employees or their designated beneficiary upon the employee’s retirement or death. The payment benefits range from $1,000 per month to $3,000 per month with the term of such payments limited to 15 years after the employee’s retirement at age 65. The agreements also provide for survivorship benefits if the employee dies before attaining age 65, and severance payments if the employee is terminated without cause; the amount of which is dependent on the length of company service at the date of termination. The net present value of the retirement payments associated with these agreements is $461,000 at June 30, 2013, of which $449,000 is included in Other Long Term Liabilities, and the remaining current portion of $12,000 is included in Other Liabilities, associated with the retired employee previously noted who is now receiving benefit payments. The December 31, 2012 liability of $481,000, had $469,000 reported in Other Long Term Liabilities, and a current portion of $12,000 in Other Liabilities.

The Company has obtained and is the beneficiary of three whole life insurance policies with respect to the two employees discussed above, and one other employee policy. The cash

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surrender value of such policies (included in Other Long Term Assets) amounts to $898,000 at June 30, 2013 and $838,000 at December 31, 2012.

As disclosed in detail in the December 31, 2012 Form 10-K, the Company has several lease obligations in place that will be paid out over time. Most notably, the Company has a lease for the manufacturing facility in Banbury, England, and also the new building lease in Exton, Pennsylvania near the current main operating facility, which provides additional manufacturing, warehousing and distribution space.

Contingencies:

The Company’s general liability insurance policies are subject to deductibles or retentions, ranging primarily from $25,000 to $250,000 per claim, (depending on the terms of the policy and the applicable policy year) up to an aggregate amount. The Company is insured on a ‘first dollar’ basis for workers’ compensation subject to statutory limits.

In the ordinary and normal conduct of the Company’s business, it is subject to periodic lawsuits, investigations and claims (collectively, the “Claims”). There has been an increase in the frequency of those Claims over the past few years relating to product liability. The Company does not believe that the Claims have legal merit, and is therefore vigorously defending against those Claims. The Company has in place commercial general liability insurance policies that cover the Claims, as noted above, including those alleging damages as a result of product defects. Litigation is subject to many uncertainties and management is unable to predict the outcome of the pending suits and claims. The potential liability for a given claim could range from zero to a maximum of $250,000, depending upon the insurance deductible in place for the respective claim year. The aggregate maximum exposure for all current open claims is estimated not to exceed approximately $3,340,000, which represents the defense costs and any settlements or adverse verdicts incurred over time within the insurance policy deductibles or retentions. It is possible that the results of operations or liquidity and capital resources of the Company could be adversely affected by the ultimate outcome of the pending litigation as a result of the costs of contesting such lawsuits, potentially materially. The Company is currently unable to estimate the ultimate liability, if any, that may result from the pending litigation and, accordingly, the liability in the consolidated financial statements represents an accrual for legal costs for services previously rendered and outstanding settlements for existing claims. The liabilities recorded on the Company’s books at June 30, 2013 and December 31, 2012 were $638,000 and $537,000, respectively, and are included in Other Liabilities.

In 2013, the Company recently won one of the Claims at trial in U.S. District Court in St. Louis, Missouri when the jury unanimously found that the Company was not negligent in designing its TracPipe^® product, and that the TracPipe^® product was not defective. In 2010, the Company took another one of the Claims to trial in Pennsylvania, and the jury returned a verdict that the Company was not negligent in designing and selling the TracPipe product, but that under the unique law in Pennsylvania for strict liability, the product lacked “any element” necessary to make it safe for its intended use. The Company has appealed that portion of the verdict, and the Supreme Court of Pennsylvania has agreed to hear the case with the focus on whether the product liability law in Pennsylvania should be revised.

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In 2007, the Company instituted a legal complaint against a former insurer, seeking reimbursement of amounts paid in defense of a class action litigation, as well as supplementary payments made in connection with the class action. In March of 2012, the Company and the insurer settled the litigation for $4,700,000, with receipt of the cash occurring during that same month. For clarity regarding this item, it is defined as the “Insurance Legal Recovery or ILR” on the accompanying condensed consolidated statement of income for the six-months ended June 30, 2012.

In February of 2012, the Company was made aware of a fraud perpetrated by an outside party involving insurance related premiums that the Company had prepaid for umbrella coverage. The assets are currently secured by a governmental agency who is investigating the case, and being held in a custodial account. The value of the assets amount to $269,000 at June 30, 2013, and are included in Other Long Term Assets. It is possible that not all of those funds will be returned to the Company, or the Company may need to incur additional costs to procure collection, but the outcome is currently not known or able to be estimated. The Company is currently pursing all avenues in an effort to bring closure to the event, reclaim the assets, and has since replaced the aforementioned insurance coverage.

As disclosed in Note 13, Subsequent Events, in the Company’s December 31, 2012 Form 10-K, our subsidiary, Omega Flex Limited (“OFL”), had been sued regarding the installation of TracPipe product in an apartment complex in England. In March of 2013, OFL settled that case by entering into a settlement agreement and making a one-time payment of £800,000 to resolve all claims associated with the project. The Company subsequently recorded approximately $1,300,000 in Other Liabilities at December 31, 2012 to reflect the event. The amount was paid in full in March 2013, and therefore there is no liability relating to this at June 30, 2013.

6. STOCK BASED PLANS

Phantom Stock Plan

Plan Description. On April 1, 2006, the Company adopted the Omega Flex, Inc. 2006 Phantom Stock Plan (the “Plan”). The Plan authorizes the grant of up to one million units of phantom stock to employees, officers or directors of the Company and of any of its subsidiaries. The phantom stock units ("Units") each represent a contractual right to payment of compensation in the future based on the market value of the Company’s common stock. The Units are not shares of the Company’s common stock, and a recipient of the Units does not receive any of the following:

ownership interest in the Company

shareholder voting rights

other incidents of ownership to the Company’s common stock

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The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit. The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment. The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.

The Units may be Full Value, in which the value of each Unit at the maturity date, will equal the closing price of the Company’s common stock as of the maturity date; or Appreciation Only, in which the value of each Unit at the maturity date will be equal to the closing price of the Company’s common stock at the maturity date minus the closing price of the Company’s common stock at the grant date.

On December 9, 2009, the Board of Directors authorized an amendment to the Plan to pay an amount equal to the value of any cash or stock dividend declared by the Company on its common stock to be accrued to the phantom stock units outstanding as of the record date of the common stock dividend. The dividend equivalent will be paid at the same time the underlying phantom stock units are paid to the participant.

In certain circumstances, the Units may be immediately vested upon the participant’s death or disability. All Units granted to a participant are forfeited if the participant is terminated from his relationship with the Company or its subsidiary for “cause,” which is defined under the Plan. If a participant’s employment or relationship with the Company is terminated for reasons other than for “cause,” then any vested Units will be paid to the participant upon termination. However, Units granted to certain “specified employees” as defined in Section 409A of the Internal Revenue Code will be paid approximately 181 days after termination.

Grants of Phantom Stock Units. As of December 31, 2012, the Company had 16,790 unvested units outstanding, all of which were granted at Full Value. On April 3, 2013, the Company granted an additional 8,700 Full Value Units with a fair value of $12.59 per unit on grant date, using historical volatility. In all cases, the grant price was equal to the closing price of the Company’s common stock at the grant date. In March 2013, the Company paid $154,000 for the 8,645 fully vested and matured units that were granted on February 20, 2009. As of June 30, 2013, the Company had 17,193 unvested units outstanding.

The Company uses the Black-Scholes option pricing model as its method for determining fair value of the Units. The Company uses the straight-line method of attributing the value of the stock-based compensation expense relating to the Units. The compensation expense (including adjustment of the liability to its fair value) from the Units is recognized over the vesting period of each grant or award.

The FASB ASC Topic 718 Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates in order to derive the Company’s best estimate of awards ultimately to vest.

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Forfeitures represent only the unvested portion of a surrendered Unit and are typically estimated based on historical experience. Based on an analysis of the Company’s historical data, which has limited experience related to any stock-based plan forfeitures, the Company applied a 0% forfeiture rate to Plan Units outstanding in determining its Plan Unit compensation expense as of June 30, 2013.

The total Phantom Stock related liability as of June 30, 2013 was $290,000 of which $125,000 is included in other liabilities, as it is expected to be paid in March 2014, and the balance of $165,000 is included in other long term liabilities.

In accordance with FASB ASC Topic 718 Stock Compensation, the Company recorded compensation expense of approximately $117,000 and $13,000 related to the Phantom Stock Plan for the six months ended June 30, 2013 and 2012, respectively.

The following table summarizes information about the Company’s nonvested phantom stock Units at June 30, 2013:


	Units	Weighted Average Grant Date Fair Value
Number of Phantom Stock Unit Awards:
Nonvested at December 31, 2012	16,790	$ 12.14
Granted	8,700	$ 12.59
Vested	(8,297)	$ 11.05
Forfeited	(---)	$ ---
Canceled	(---)	$ ---

Nonvested at June 30, 2013	17,193	$ 12.89

Phantom Stock Unit Awards Expected to Vest	17,193	$ 12.89

The total unrecognized compensation cost calculated at June 30, 2013 was $188,000 which will be recognized through April of 2016. The Company will recognize the related expense over the weighted average period of 1.69 years.

7. NONCONTROLLING INTERESTS

The Company owns 100% of all subsidiaries, except for its UK subsidiary Omega Flex, Limited, of which it owns 95%. A noncontrolling interest owns the other 5%, and held a value of $62,000 at December 31, 2012. The total equity of the Company including the non-controlling interest was $19,742,000 at December 31, 2012.

For the six months ended June 30, 2013, the operations of Omega Flex, Limited generated a profit of $325,000. The noncontrolling interest’s portion of the profit was therefore approximately $16,000.

The noncontrolling interest must also recognize its share of any currency translation adjustment, since the subsidiary’s functional currency is British Pounds, and the local books are

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translated into US Dollars for consolidation purposes. The noncontrolling interest’s share of foreign currency translation was a loss $4,000 for the six months ended June 30, 2013.

At June 30, 2013, after considering the income and foreign currency translation components described above, the balance of the noncontrolling interest was $74,000.

8. SHAREHOLDERS’ EQUITY

As of June 30, 2013 and December 31, 2012, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share. At both dates, the number of shares issued was 10,153,633, and the total number of outstanding shares was 10,091,822, with the 61,811 variance representing shares held in Treasury.

On April 4, 2013, the Company’s Board of Directors authorized an extension of its stock repurchase program without expiration, up to a maximum amount of $1,000,000. The original program established in December of 2007 authorized the purchase of up to $5,000,000 of its common stock. The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions. The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time. Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share. The Company did not make any stock repurchases during the first six months of 2013, or during the year ended December 31, 2012.

In connection with the aforementioned share buyback program, on December 15, 2009 the Company entered into an amendment of its Rule 10b5-1 Repurchase Plan (the “Plan”) dated December 15, 2008 with Hunter Associates, Inc. (“Hunter”), by which Hunter will continue to implement the share buyback program by purchasing shares of the Company’s common stock in accordance with the terms of the Plan and within the safe harbor afforded by Rule 10b5-1.

SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred through the date of this filing. During this period, the Company did not have any material subsequent events that impacted its condensed consolidated financial statements.

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Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

This report contains forward-looking statements, which are subject to inherent uncertainties. These uncertainties include, but are not limited to, variations in weather, changes in the regulatory environment, customer preferences, general economic conditions, increased competition, the outcome of outstanding litigation, and future developments affecting environmental matters. All of these are difficult to predict, and many are beyond the ability of the Company to control.

Certain statements in this Quarterly Report on Form 10-Q that are not historical facts, but rather reflect the Company’s current expectations concerning future results and events, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company, 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 Form 10-Q. The Company undertakes no obligation to update 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.

OVERVIEW

The Company is a leading manufacturer of flexible metal hose, and is currently engaged in a number of different markets, including construction, manufacturing, transportation, petrochemical, pharmaceutical and other industries.

The Company’s business is managed as a single operating segment that consists of the manufacture and sale of flexible metal hose and accessories. The Company’s products are concentrated in residential and commercial construction, and general industrial markets. The Company’s primary product, flexible gas piping, is used for gas piping within residential and commercial buildings. Through its flexibility and ease of use with patented fittings distributed under the trademark AutoFlare^®, TracPipe^® and TracPipe^®CounterStrike^® flexible gas piping allows users to substantially cut the time required to install gas piping, as compared to traditional methods. Most of the Company’s products are manufactured at the Company’s Exton, Pennsylvania facility with a minor amount of manufacturing performed in the United Kingdom. A majority of the Company’s sales across all industries are generated through independent outside sales organizations such as sales representatives, wholesalers and distributors, or a combination of both. The Company has a broad distribution network in North America and to a lesser extent in other global markets.

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CHANGES IN FINANCIAL CONDITION

The Cash balance was $2,502,000 at June 30, 2013, compared to $939,000 at December 31, 2012, increasing $1,563,000 (166.5%) during the six months. The Company generated Net Income of $4,133,000 through the first half of the year, but also paid some major obligations, such as the UK Settlement of approximately $1,300,000, and more typical outflows such as promotional incentives and taxes.

Accounts Payable has decreased $1,096,000 (40%), ending at $1,641,000 at June 30, 2013, from a balance of $2,737,000 at December 31, 2012. The majority of the change is timing related, with less payments due to vendors outstanding at the quarter end than experienced at December 31, 2012.

Accrued Compensation was $1,352,000 at June 30, 2013, compared with $349,000 at December 31, 2012, thus increasing $1,003,000 (287.4%). The increase largely represents the accumulation of the current year’s accrual for incentive compensation, which is then usually paid towards the end of the year it was earned, or during the first quarter of the following year.

Accrued Commissions and Sales Incentives decreased $1,296,000 (35.3%), being $2,375,000 at June 30, 2013, compared to $3,671,000 at December 31, 2012. The decrease mostly pertained to the payment of annual sales incentive programs earned in 2012 and paid during the first quarter of 2013, offset partially by the recording of the new 2013 program obligations. Customarily, annual programs represent a significant portion of the overall sales incentive payment structure, and therefore the balance at the end of a year is typically more significant than during a particular quarter.

Other Liabilities were $2,810,000 at June 30, 2013, compared to $4,214,000 at December 31, 2012, reducing by $1,404,000 (33.3%). As disclosed previously in Note 5, Commitments and Contingencies, the Company’s subsidiary, OFL, had been sued regarding the installation of TracPipe product in an apartment complex in England. The Company had reached a settlement of approximately $1,300,000 regarding this issue in March of 2013, and subsequently recorded the amount in Other Liabilities as of December 31, 2012. OFL then paid $1,300,000 during March of 2013 and thus diminished the balance of the liability accordingly, which accounts for a majority of the change between periods.

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RESULTS OF OPERATIONS

Three-months ended June 30, 2013 vs. June 30, 2012

The Company reported comparative results from operations for the three-months ended June 30, 2013 and 2012 as follows:


	Three-months ended June 30, (in thousands)

	2013	2013	2012	2012
	($000)		($000)
Net Sales	$ 18,892	100.0%	$ 14,256	100.0%
Gross Profit	$ 10,221	54.1%	$ 7,087	49.7%
Operating Profit	$ 3,894	20.6%	$ 735	5.2%

Net Sales. The Company’s 2013 second quarter sales increased $4,636,000 (32.5%) over the same period in 2012, ending at $18,892,000 for the three months ended June 30, 2013, compared to $14,256,000 for the same three months in 2012.

The increases in Net Sales are partly attributable to the recovery of the residential construction sector over the prior year, as well as a widening acceptance of the Company’s more recent product offerings. An increase in volume, or units sold, accounts for the majority of the change compared to the prior year, and there was also a slight rise in pricing.

Gross Profit. The Company’s gross profit margins have improved between the two periods, being 54.1% and 49.7% for the three-months ended June 30, 2013 and 2012, respectively. The favorable change resulted from a combination of items, including the pricing action noted above, and the Company’s ability to find various efficiencies in cost of sales.

Selling Expenses. Selling expenses consist primarily of employee salaries and associated overhead costs, commissions, and the cost of marketing programs such as advertising, trade shows and related communication costs, and freight. Selling expense was $3,196,000 and $3,058,000 for the three-months ended June 30, 2013 and 2012, respectively, representing an increase of $138,000. Commissions and Freight together increased $301,000, largely in conjunction with the increase in sales volume. The impact was however softened by small decreases in various other selling related items. Sales expense as a percent of net sales has however decreased, being 16.9% for the three-months ended June 30, 2013, and 21.5% for the three-months ended June 30, 2012.

General and Administrative Expenses. General and administrative expenses consist primarily of employee salaries, benefits for administrative, executive and finance personnel, legal and accounting, insurance, and corporate general and administrative services. General and administrative expenses were $2,505,000 and $2,699,000 for the three-months ended June 30, 2013 and 2012, respectively, decreasing $194,000 between periods. The Company recognized a decrease of $829,000 in legal and insurance related expenses primarily associated with product

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liability claims and coverage. Those decreases were however partially offset by an increase of $499,000 in staffing related expenses, mostly incentive compensation earned in associated with the strong profits generated during the quarter. As a percentage of sales, general and administrative expenses also decreased to 13.3% for the three months ended June 30, 2013 from 18.9% for the three months ended June 30, 2012.

Engineering Expense. Engineering expenses consist of development expenses associated with the development of new products, and costs related to enhancements of existing products and manufacturing processes. Engineering expenses increased $31,000 for the quarter. They were $626,000 and $595,000 for the three months ended June 30, 2013 and 2012, respectively. Engineering expenses as a percentage of sales were 3.3% for the three months ended June 30, 2013 and 4.2% for the three months ended June 30, 2012.

Operating Profit. Reflecting all of the factors mentioned above, Operating Profits increased by $3,159,000, rising close to 430% over last year. The Company had a profit of $3,894,000 in the three-month period ended June 30, 2013, versus a profit of $735,000 in the three-months ended June 30, 2012.

Interest Income (Expense). Interest income is recorded on cash investments, and interest expense is recorded at times when the Company has debt amounts outstanding on its line of credit. The interest income was nominal for the second quarter of 2013 and 2012, and both periods had similar amounts of income.

Other Income (Expense). Other Income (Expense) primarily consists of foreign currency exchange gains (losses) on transactions with Omega Flex Limited, our U.K. subsidiary.

Income Tax Expense. Income Tax Expense was $1,304,000 for the second quarter of 2013, compared to $255,000 for the same period in 2012. The $1,049,000 increase was primarily due to higher income before taxes. The Company’s effective tax rate in 2013 does however approximate the 2012 rate and does not differ materially from expected statutory rates.

Six-months ended June 30, 2013 vs. June 30, 2012

The Company reported comparative results from operations for the six-months ended June 30, 2013 and 2012 as follows:


	Six-months ended June 30, (in thousands)

	2013	2013	2012	2012
	($000)		($000)
Net Sales	$ 35,274	100.0%	$ 28,804	100.0%
Gross Profit	$ 18,821	53.4%	$ 14,542	50.5%
Operating Profit	$ 6,357	18.0%	$ 6,733	23.4%

Net Sales. The Company’s sales for the first six months of 2013 increased $6,470,000

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(22.5%) over the same period in 2012, ending at $35,274,000 and $28,804,000 in 2013 and 2012, respectively.

The Company has seen a steady growth in Net Sales during the for the first six months of the year over last year, and they currently outpace the rate of recovery in the residential construction market. The increase largely reflects a widening acceptance of the Company’s more recent offerings. Increase in volume, or units sold, accounts for the majority of the change compared to the prior year, and there was also a slight rise in pricing.

Gross Profit. The Company’s gross profit margins have increased between the two periods, being 53.4% and 50.5% for the six-months ended June 30, 2013 and 2012, respectively. The improvement resulted from a combination of items, including the pricing action noted above, and the Company’s ability to find various efficiencies in cost of sales.

Selling Expenses. Selling expenses consist primarily of employee salaries and associated overhead costs, commissions, and the cost of marketing programs such as advertising, trade shows and related communication costs, and freight. Selling expense was $6,244,000 and $6,014,000 for the six-months ended June 30, 2013 and 2012, respectively, representing an increase of $230,000. Commissions and Freight increased by $544,000 compared to last year, largely in unison with the increase in sales volume. The increases in Commissions and Freight were however partially tamped down by a decrease in advertising relating expenses. Sales expense is however lower than the prior year when compared as a percent of net sales, being 17.7% for the six-months ended June 30, 2013, and 20.9% for the six-months ended June 30, 2012.

General and Administrative Expenses. General and administrative expenses consist primarily of employee salaries, benefits for administrative, executive and finance personnel, legal and accounting, insurance, and corporate general and administrative services. General and administrative expenses were $4,876,000 and $5,265,000 for the six-months ended June 30, 2013 and 2012, respectively, decreasing $389,000 between periods. Legal and insurance related expenses primarily associated with product liability claims and coverage decreased $415,000, accounting for a majority of the change. As a percentage of sales, general and administrative expenses decreased to 13.8% for the six-months ended June 30, 2013 from 18.3% for the six months ended June 30, 2012.

Insurance Legal Recovery. As previously disclosed in a Form 8-K/A filed with the Securities and Exchange Commission on March 15, 2012, the Company agreed to settle a legal dispute relating to insurance coverage and received $4,700,000 as part of the settlement during that same month. This receipt was all recorded as income during the first quarter of 2012. There was no comparable event during 2013, and thus the change between periods is $4,700,000. This event also impacted incentive compensation, which is included in the General and Administrative Expenses, and Income Tax Expenses, increasing both significantly compared to this year.

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Engineering Expense. Engineering expenses consist of development expenses associated with the development of new products, and costs related to enhancements of existing products and manufacturing processes. Engineering expenses have increased between periods, as they were $1,344,000 and $1,230,000 for the six months ended June 30, 2013 and 2012, respectively. Engineering expenses as a percentage of sales were 3.8% for the six months ended June 30, 2013 and 4.3% for the six months ended June 30, 2012.

Operating Profit. Reflecting all of the factors mentioned above, Operating Profits were down $376,000 or 5.6%, ending with a profit of $6,357,000 for the first half of 2013, compared to $6,733,000 in 2012. Excluding the Insurance Legal Recovery less its applicable auxiliary costs, operating profits were actually higher by 127.5% versus the prior year.

Interest Income (Expense). Interest income is recorded on cash investments, and interest expense is recorded at times when the Company has debt amounts outstanding on its line of credit. The interest income was nominal for the first six months of 2013 and 2012, and both periods had similar amounts of income.

Other Income (Expense). Other Income (Expense) primarily consists of foreign currency exchange gains (losses) on transactions with Omega Flex Limited, our U.K. subsidiary.

Income Tax Expense. Income Tax Expense was $2,098,000 for the first six months of 2013, compared to $2,392,000 for the same period in 2012, decreasing by $294,000, largely in correlation with the change in income before taxes. The Company’s effective tax rate in 2013 does however approximate the 2012 rate and does not differ materially from expected statutory rates.

CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES

Financial Reporting Release No. 60, released by the Securities and Exchange Commission, requires all companies to include a discussion of critical accounting policies or methods used in the preparation of financial statements. Note 2 of the Notes to the Condensed Consolidated Financial Statements includes a summary of the significant accounting policies and methods used in the preparation of our condensed Consolidated Financial Statements. The following is a brief discussion of the Company’s more significant accounting policies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions relate to revenue recognition and related sales incentives, accounts receivable valuations, inventory valuations, goodwill valuation, product liability reserve and accounting for income taxes. Actual amounts could differ significantly from these estimates.

Our critical accounting policies and significant estimates and assumptions are described in more detail as follows:

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Revenue Recognition

Persuasive evidence of an arrangement for the sale of product or services must exist.

Delivery has occurred or services rendered.

The sales price to the customer is fixed or determinable.

Collection is reasonably assured.

The Company recognizes revenue upon shipment in accordance with the above principles.

Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

Accounts Receivable

Inventory

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Goodwill and Intangible Assets

In accordance with FASB ASC Topic 350, Intangibles – Goodwill and Other, the Company performs an annual impairment test in accordance with this guidance at the end of each year, or when a triggering event is noted that may indicate impairment. This was last tested at December 31, 2012, and the analysis did not indicate any impairment of goodwill. There are no circumstances that indicate that Goodwill might be impaired at June 30, 2013.

Product Liability Reserves

Fair Value of Financial and Nonfinancial Instruments

The Company measures financial instruments in accordance with Financial Accounting Standards Board (FASB) ASC Topic 820, Fair Value Measurements and Disclosures. The accounting standard defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard creates a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company relies on its actively traded share value – a level 1 input – in determining the fair value of the reporting unit in its annual impairment test as described in the FASB ASC Topic 350, Intangibles - Goodwill and Other.

Earnings per Common Share

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Currency Translation

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing on the balance sheet dates. The Statements of Income are translated into U.S. dollars at average exchange rates for the period. Adjustments resulting from the translation of financial statements are excluded from the determination of income and are accumulated in a separate component of shareholders’ equity. Exchange gains and losses resulting from foreign currency transactions are included in operations (other income (expense)) in the period in which they occur.

Accounting for Income Taxes

The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes. Under this method the Company records income tax expense and the related deferred taxes and tax benefits.

Other Comprehensive Income (Loss)

For the six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.

LIQUIDITY AND CAPITAL RESOURCES

Historically, the Company’s primary cash needs have been related to working capital items, which the Company has largely funded through cash generated from operations.

As of June 30, 2013, the Company had a cash balance of $2,502,000. Additionally, the Company has a $10,000,000 line of credit available with Sovereign Bank, as discussed in detail in Note 4, which had no borrowings outstanding upon it at June 30, 2013. At December 31, 2012, the Company had cash of $939,000, and borrowings against the line of credit of $324,000.

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Operating Activities

Cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities, such as those included in working capital.

For the first six months of 2013, the Company’s cash from operating activities was $2,342,000. The first half of 2012 experienced cash from operating activities of $4,642,000. The significant increase in 2012 was largely related to the ILR discussed in Note 5, Commitments and Contingencies, which enhanced cash from operations by approximately $3,900,000 after considering the deduction for auxiliary costs. Inversely, the Company paid approximately $1,300,000 during the first quarter of 2013 related to the settlement in England, also discussed in Note 5. Those two isolated events, along with various other less significant operating related items account for the $2,300,000 decrease in cash from operating activities between periods.

As a general trend, the Company tends to deplete cash early in the year, as significant payments are typically made for accrued promotional incentives, incentive compensation, and taxes. Cash has then historically shown a tendency to be restored and accumulated during the latter portion of the year.

Investing Activities

Cash used in investing activities for the first six months of 2013 and 2012 was $405,000 and $105,000, respectively, all related to capital expenditures for both periods. During 2013, the Company added machinery and leasehold improvements to the new facility in Exton which has required a greater outlay of cash than in the previous year.

We believe our existing cash and cash equivalents will be sufficient to meet our anticipated cash needs for at least the next 12 months. Our future capital requirements will depend upon many factors including our rate of revenue growth, the timing and extent of any expansion efforts, and the potential for investments in, or the acquisition of any complementary products, businesses or supplementary facilities for additional capacity. Regarding any known material commitments for capital expenditures, as previously touched upon, the Company does anticipate an increase in capital spending in 2013 related to the expansion of our current manufacturing capabilities, as well as space, as the Company has opened another manufacturing facility located largely adjacent to the existing main manufacturing facility in Exton, PA. Total capital spending for the coming year could approach $1,800,000.

Financing Activities

At December 31, 2012, the line of credit balance was $324,000. During the first six months of 2013 the Company paid off the line of credit balance, and therefore had no outstanding borrowings on its line of credit as of June 30, 2013.

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CONTINGENT LIABILITIES AND GUARANTEES

See Note 5 to the Company’s financial statements.

OFF-BALANCE SHEET ARRANGEMENTS

Refer to Item 7 of the Company’s 2012 year-end Form 10-K under the caption “Off-Balance Sheet Obligations or Arrangements”.

Item 3. Quantitative And Qualitative Information About Market Risks

The Company does not engage in the purchase or trading of market risk sensitive instruments. The Company does not presently have any positions with respect to hedge transactions such as forward contracts relating to currency fluctuations. No market risk sensitive instruments are held for speculative or trading purposes.

Item 4 – Controls And Procedures

(a)

Evaluation of Disclosure Controls and Procedures.

At the end of the fiscal second quarter of 2013, the Company evaluated the effectiveness of the design and operation of its disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to ensure that the Company records, processes, summarizes and reports in a timely manner the information required to be disclosed in the periodic reports filed by the Company with the Securities and Exchange Commission. The Company’s management, including the chief executive officer and chief financial officer, have conducted an evaluation of the effectiveness of the design and operation of the Company’s Disclosure Controls and Procedures as defined in the Rule 13a-15(e) of Securities Exchange Act of 1934. Based on that evaluation, the chief executive officer and chief financial officer have concluded that, as of the date of this report, the Company’s disclosure controls and procedures are effective to provide reasonable assurance of achieving the purposes described in Rule 13a-15(e), and no changes are required at this time.

(b)

Changes in Internal Controls.

There was no change in the Company’s “internal control over financial reporting” (as defined in rule 13a-15(f) of the Securities Exchange Act of 1934) identified in connection with the evaluation required by Rule 13a-15(d) of the Securities Exchange Act of 1934 that occurred during the three-month period covered by this Report on Form 10-Q that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting subsequent to the date the chief executive officer and chief financial officer completed their evaluation.

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PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

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30, 2012.

Item 4 – Submission of Matter to a Vote of the Security Holders

On June 4, 2013, the Company held its 2013 Annual Meeting of Shareholders. The shareholders voted on the following proposals:

To elect three Class 2 directors for a three year term expiring at the 2016 annual meeting of shareholders.

Approval on a non-binding advisory basis the executive compensation of the Company’s named executive officers.

Vote on a non-binding advisory basis the frequency of non-binding advisory approvals of executive compensation

To ratify the appointment by the audit committee of the board of directors of McGladrey LLP (McGladrey), as the independent auditors for the Company for the fiscal year ending December 31, 2013.

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The results of the voting are as follows:


1.	Election of Directors
			For	Withheld	Non-votes

	J. Nicholas Filler		7,497,155	567,034	846,430
	Bruce C. Klink		7,533,281	530,908	846,430
	Edward J. Trainor		7,447,689	616,500	846,430

2.	The proposal to approve, on a non-binding advisory basis, the executive compensation of the Company’s named executive officers was approved by shareholders’

	For		7,183,951
	Against		853,797
	Abstain		26,441
	Non-Votes		846,430

3.	The vote, on a non-binding advisory basis, on the frequency of non-binding advisory approvals of executive compensation is as follows:

		Every 1 Year	913,842
		Every 2 Year	3,152
		Every 3 Year	7,112,547
		Non-Votes	846,430

4.		The proposal to ratify the appointment by the Audit Committee of the Board of Directors of McGladrey LLP to audit the Company’s financial statements for the year ending December 31, 2013 was ratified by shareholders:

		For	8,891,040
		Against	15,858
		Abstain	3,721

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Item 6 - Exhibits

Exhibit

No.

Description

31.1

Certification of Chief Executive Officer of Omega Flex, Inc. pursuant to Rule 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.2

Certification of Chief Financial Officer of Omega Flex, Inc. pursuant to 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1

Certification of Chief Executive Officer and Chief Financial Officer of Omega Flex, Inc., pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



	OMEGA FLEX, INC.
	(Registrant)

Date: August 8, 2013	By: /S/ Paul J. Kane______________
	Paul J. Kane
	Vice President – Finance
	and Chief Financial Officer

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EX-31.1 2 oflx_ex31z1.htm CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER Certification by the Chief Executive Officer

EXHIBIT 31.1

Certification by the Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin R. Hoben, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013, of Omega Flex, Inc. (the “registrant];

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2013

/s/ Kevin R. Hoben__________________________

Kevin R. Hoben

Chief Executive Office

EX-31.2 3 oflx_ex31z2.htm CERTIFICATION BY THE CHIEF FINANCIAL OFFICER Certification by the Chief Financial Officer

EXHIBIT 31.2

Certification by the Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Paul J. Kane, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013, of Omega Flex, Inc. (the “registrant];

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2013

/s/ Paul J. Kane

Paul J. Kane

Chief Financial Officer

EX-32.1 4 oflx_ex32z1.htm CERTIFICATION Certification

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, for the purposes of 18 U.S.C. Section 1350, in his capacity as an officer of Omega Flex, Inc. (the “Company”), that, to his knowledge:

(a)

the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(b)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: June 30, 2013

/s/ Kevin R. Hoben

Kevin R. Hoben

Chief Executive Officer

/s/ Paul J. Kane

Paul J. Kane

Chief Financial Officer

This certification is not deemed to be “filed” for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. This certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates it by reference.

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2. SIGNIFICANT ACCOUNTING POLICIES     Use of Estimates               The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions relate to revenue recognition and related sales incentives, accounts receivable valuations, inventory valuations, goodwill valuation, product liability reserve and accounting for income taxes.  Actual amounts could differ significantly from these estimates.     Revenue Recognition               The Companys revenue recognition activities relate almost entirely to the manufacture and sale of flexible metal hose and pipe.  Under GAAP, revenues are considered to have been earned when the Company has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.  The following criteria represent preconditions to the recognition of revenue:   ·    Persuasive evidence of an arrangement for the sale of product or services must exist. ·    Delivery has occurred or services rendered. ·    The sales price to the customer is fixed or determinable. ·    Collection is reasonably assured.         The Company recognizes revenue upon shipment in accordance with the above principles.               Gross sales are reduced for all consideration paid to customers for which no identifiable benefit is received by the Company.  This includes promotional incentives, which includes various programs including year-end rebates and discounts.  The amounts of certain incentives are known with reasonable certainty at the time of sale, while others are projected based upon the most reliable information available at the reporting date.               Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.   Accounts Receivable               Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of the Companys customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required.   Inventory               Inventories are valued at the lower of cost or market.  Cost of inventories is determined by the first-in, first-out (FIFO) method.  The Company generally considers inventory quantities beyond two-years usage, measured on a historical usage basis, to be excess inventory and reduces the gross carrying value of inventory accordingly.     Goodwill and Intangible Assets           In accordance with Financial Accounting Standards Board (FASB) ASC Topic 350, Intangibles Goodwill and Other, the Company performed an annual impairment test in accordance with this guidance as of December 31, 2012.  This analysis did not indicate any impairment of goodwill.  There are no circumstances that indicate that Goodwill might be impaired at June 30, 2013.   Product Liability Reserves               Product liability reserves represent the estimated unpaid amounts under the Companys insurance policies with respect to existing claims.  The Company uses the most current available data to estimate claims.  As explained more fully under Contingencies, for various product liability claims covered under the Companys general liability insurance policies, the Company must pay certain defense costs within its deductible or self-insured retention limits, ranging primarily from $25,000 to $250,000 per claim, depending on the terms of the policy in the applicable policy year, up to an aggregate amount.  The Company is vigorously defending against all known claims.   Fair Value of Financial and Nonfinancial Instruments               The Company measures financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures.  The accounting standard defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements.  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.  The standard creates a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Companys own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company relies on its actively traded share value a level 1 input in determining the fair value of the reporting unit in its annual impairment test as described in the FASB ASC Topic 350, Intangibles - Goodwill and Other.       Earnings per Common Share               Basic earnings per share have been computed using the weighted-average number of common shares outstanding.  For the periods presented, there are no dilutive securities.  Consequently, basic and dilutive earnings per share are the same.   Currency Translation               Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing on the balance sheet dates.  The statements of income are translated into U.S. dollars at average exchange rates for the period.  Adjustments resulting from the translation of financial statements are excluded from the determination of income and are accumulated in a separate component of shareholders equity.  Exchange gains and losses resulting from foreign currency transactions are included in operations (other income (expense)) in the period in which they occur.   Income Taxes   The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes.  Under this method the Company records income tax expense and the related deferred taxes and tax benefits.               Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period in which the rate is enacted.  A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain.  No valuation reserve was deemed necessary at June 30, 2013 or at December 31, 2012.  Also, in accordance with FASB ASC Topic 740 (formerly FIN 48), the Company had reserves on the books for uncertainties in tax positions of $119,000 at both June 30, 2013, and December 31, 2012.  These reserves are reviewed each quarter.   Other Comprehensive Income (Loss)                For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.   New Accounting Pronouncements   ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. The requirements are effective for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods.  ASU 2011-11 currently has no impact on the Companys financial conditions, results of operations or cash flows.   ASU 2011-12, Comprehensive Income (Topic 220) Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, issued in December 2011 amends ASU 2011-05 to reflect only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments.  The amendments are being made to allow FASB time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  While FASB is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments; entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05.  Public entities should begin applying these requirements for fiscal years ending after December 15, 2011.  Adoption of ASU 2011-12 had no material impact on the financial statements.

3. INVENTORIES               Inventories, net of reserves consisted of the following:   <table border="0" cellspacing="0" cellpadding="0" width="622" style='width:466.25pt;border-collapse:collapse'> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> June 30, </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> December 31, </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2013 </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="266" colspan="3" valign="top" style='width:199.85pt;padding:0in 5.4pt 0in 5.4pt'> (dollars in thousands) </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Finished Goods </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> $ 5,339  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> $ 5,598  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Raw Materials </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,604  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,530  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Total Inventory </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 6,943  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 7,128  </td> </tr> </table>

4. LINE OF CREDIT   On December 30, 2010, the Company agreed to a new Revolving Line of Credit Note and Loan Agreement with Sovereign Bank, NA (Sovereign).  The Company established a line of credit facility in the maximum amount of $10,000,000, maturing on December 31, 2014, with funds available for working capital purposes and other cash needs.  The loan is collateralized by all of the Companys tangible and intangible assets.  The loan agreement provides for the payment of any borrowings under the agreement at an interest rate range of either LIBOR plus 1.75% to plus 2.75% (for borrowings with a fixed term of 30, 60, or 90 days), or, Prime less 0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Companys then existing financial ratios.  At June 30, 2013, the Companys ratio would allow for the most favorable rate under the agreements range, which would be a rate of 2.02% (LIBOR plus 1.75%).  The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a Line Fee ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Companys then existing financial ratios.  The Company may terminate the line at any time during the four year term, as long as there are no amounts outstanding.   As of June 30, 2013, the Company had no outstanding borrowings on its line of credit, but at December 31, 2012, the Company owed $324,000.   As of June 30, 2013 and December 31, 2012, the Company was in compliance with all debt covenants.

5. COMMITMENTS AND CONTINGENCIES   Commitments:   Under a number of indemnity agreements between the Company and each of its officers and directors, the Company has agreed to indemnify each of its officers and directors against any liability asserted against them in their capacity as an officer or director, or both.  The Companys indemnity obligations under the indemnity agreements are subject to certain conditions and limitations set forth in each of the agreements.  Under the terms of the Agreement, the Company is contingently liable for costs which may be incurred by the officers and directors in connection with claims arising by reason of these individuals roles as officers and directors.  The Company has obtained directors and officers insurance policies to fund certain of the Companys obligations under the indemnity agreements.              The Company has salary continuation agreements with one current employee, and one former employee who retired at the end of 2010.  These agreements provide for monthly payments to each of the employees or their designated beneficiary upon the employees retirement or death.  The payment benefits range from $1,000 per month to $3,000 per month with the term of such payments limited to 15 years after the employees retirement at age 65.  The agreements also provide for survivorship benefits if the employee dies before attaining age 65, and severance payments if the employee is terminated without cause; the amount of which is dependent on the length of company service at the date of termination.  The net present value of the retirement payments associated with these agreements is $461,000 at June 30, 2013, of which $449,000 is included in Other Long Term Liabilities, and the remaining current portion of $12,000 is included in Other Liabilities, associated with the retired employee previously noted who is now receiving benefit payments.  The December 31, 2012 liability of $481,000, had $469,000 reported in Other Long Term Liabilities, and a current portion of $12,000 in Other Liabilities.   The Company has obtained and is the beneficiary of three whole life insurance policies with respect to the two employees discussed above, and one other employee policy.  The cash surrender value of such policies (included in Other Long Term Assets) amounts to $898,000 at June 30, 2013 and $838,000 at December 31, 2012.               As disclosed in detail in the December 31, 2012 Form 10-K, the Company has several lease obligations in place that will be paid out over time.  Most notably, the Company has a lease for the manufacturing facility in Banbury, England, and also the new building lease in Exton, Pennsylvania near the current main operating facility, which provides additional manufacturing, warehousing and distribution space.   Contingencies:   The Companys general liability insurance policies are subject to deductibles or retentions, ranging primarily from $25,000 to $250,000 per claim, (depending on the terms of the policy and the applicable policy year) up to an aggregate amount.  The Company is insured on a first dollar basis for workers compensation subject to statutory limits.   In the ordinary and normal conduct of the Companys business, it is subject to periodic lawsuits, investigations and claims (collectively, the Claims).  There has been an increase in the frequency of those Claims over the past few years relating to product liability.  The Company does not believe that the Claims have legal merit, and is therefore vigorously defending against those Claims.  The Company has in place commercial general liability insurance policies that cover the Claims, as noted above, including those alleging damages as a result of product defects.  Litigation is subject to many uncertainties and management is unable to predict the outcome of the pending suits and claims. The potential liability for a given claim could range from zero to a maximum of $250,000, depending upon the insurance deductible in place for the respective claim year.  The aggregate maximum exposure for all current open claims is estimated not to exceed approximately $3,340,000, which represents the defense costs and any settlements or adverse verdicts incurred over time within the insurance policy deductibles or retentions.  It is possible that the results of operations or liquidity and capital resources of the Company could be adversely affected by the ultimate outcome of the pending litigation as a result of the costs of contesting such lawsuits, potentially materially. The Company is currently unable to estimate the ultimate liability, if any, that may result from the pending litigation and, accordingly, the liability in the consolidated financial statements represents an accrual for legal costs for services previously rendered and outstanding settlements for existing claims. The liabilities recorded on the Companys books at June 30, 2013 and December 31, 2012 were $638,000 and $537,000, respectively, and are included in Other Liabilities.   In 2013, the Company recently won one of the Claims at trial in U.S. District Court in St. Louis, Missouri when the jury unanimously found that the Company was not negligent in designing its TracPipe® product, and that the TracPipe® product was not defective.  In 2010, the Company took another one of the Claims to trial in Pennsylvania, and the jury returned a verdict that the Company was not negligent in designing and selling the TracPipe product, but that under the unique law in Pennsylvania for strict liability, the product lacked any element necessary to make it safe for its intended use.  The Company has appealed that portion of the verdict, and the Supreme Court of Pennsylvania has agreed to hear the case with the focus on whether the product liability law in Pennsylvania should be revised.   In 2007, the Company instituted a legal complaint against a former insurer, seeking reimbursement of amounts paid in defense of a class action litigation, as well as supplementary payments made in connection with the class action.  In March of 2012, the Company and the insurer settled the litigation for $4,700,000, with receipt of the cash occurring during that same month.  For clarity regarding this item, it is defined as the Insurance Legal Recovery or ILR on the accompanying condensed consolidated statement of income for the six-months ended June 30, 2012.   In February of 2012, the Company was made aware of a fraud perpetrated by an outside party involving insurance related premiums that the Company had prepaid for umbrella coverage. The assets are currently secured by a governmental agency who is investigating the case, and being held in a custodial account.  The value of the assets amount to $269,000 at June 30, 2013, and are included in Other Long Term Assets.  It is possible that not all of those funds will be returned to the Company, or the Company may need to incur additional costs to procure collection, but the outcome is currently not known or able to be estimated.  The Company is currently pursing all avenues in an effort to bring closure to the event, reclaim the assets, and has since replaced the aforementioned insurance coverage.   As disclosed in Note 13, Subsequent Events, in the Companys December 31, 2012 Form 10-K, our subsidiary, Omega Flex Limited (OFL), had been sued regarding the installation of TracPipe product in an apartment complex in England.  In March of 2013, OFL settled that case by entering into a settlement agreement and making a one-time payment of £800,000 to resolve all claims associated with the project.  The Company subsequently recorded approximately $1,300,000 in Other Liabilities at December 31, 2012 to reflect the event.  The amount was paid in full in March 2013, and therefore there is no liability relating to this at June 30, 2013.

6. STOCK BASED PLANS   Phantom Stock Plan               Plan Description.  On April 1, 2006, the Company adopted the Omega Flex, Inc. 2006 Phantom Stock Plan (the Plan).  The Plan authorizes the grant of up to one million units of phantom stock to employees, officers or directors of the Company and of any of its subsidiaries.  The phantom stock units ("Units") each represent a contractual right to payment of compensation in the future based on the market value of the Companys common stock.  The Units are not shares of the Companys common stock, and a recipient of the Units does not receive any of the following:   §         ownership interest in the Company §         shareholder voting rights §         other incidents of ownership to the Companys common stock   The Units are granted to participants upon the recommendation of the Companys CEO, and the approval of the Compensation Committee.  Each of the Units that are granted to a participant will be initially valued by the Compensation Committee, and at a minimum, the Units value will be equal to the closing price of the Companys common stock on the grant date.  The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date.  Upon vesting, the Units represent a contractual right of payment for the value of the Unit.  The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment.  The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.   The Units may be Full Value, in which the value of each Unit at the maturity date, will equal the closing price of the Companys common stock as of the maturity date; or Appreciation Only, in which the value of each Unit at the maturity date will be equal to the closing price of the Companys common stock at the maturity date minus the closing price of the Companys common stock at the grant date.   On December 9, 2009, the Board of Directors authorized an amendment to the Plan to pay an amount equal to the value of any cash or stock dividend declared by the Company on its common stock to be accrued to the phantom stock units outstanding as of the record date of the common stock dividend.  The dividend equivalent will be paid at the same time the underlying phantom stock units are paid to the participant.   In certain circumstances, the Units may be immediately vested upon the participants death or disability.  All Units granted to a participant are forfeited if the participant is terminated from his relationship with the Company or its subsidiary for cause, which is defined under the Plan.  If a participants employment or relationship with the Company is terminated for reasons other than for cause, then any vested Units will be paid to the participant upon termination.  However, Units granted to certain specified employees as defined in Section 409A of the Internal Revenue Code will be paid approximately 181 days after termination.   Grants of Phantom Stock Units.  As of December 31, 2012, the Company had 16,790 unvested units outstanding, all of which were granted at Full Value. On April 3, 2013, the Company granted an additional 8,700 Full Value Units with a fair value of $12.59 per unit on grant date, using historical volatility. In all cases, the grant price was equal to the closing price of the Companys common stock at the grant date. In March 2013, the Company paid $154,000 for the 8,645 fully vested and matured units that were granted on February 20, 2009.  As of June 30, 2013, the Company had 17,193 unvested units outstanding.   The Company uses the Black-Scholes option pricing model as its method for determining fair value of the Units.  The Company uses the straight-line method of attributing the value of the stock-based compensation expense relating to the Units.  The compensation expense (including adjustment of the liability to its fair value) from the Units is recognized over the vesting period of each grant or award.   The FASB ASC Topic 718 Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates in order to derive the Companys best estimate of awards ultimately to vest.   Forfeitures represent only the unvested portion of a surrendered Unit and are typically estimated based on historical experience.  Based on an analysis of the Companys historical data, which has limited experience related to any stock-based plan forfeitures, the Company applied a 0% forfeiture rate to Plan Units outstanding in determining its Plan Unit compensation expense as of June 30, 2013.   The total Phantom Stock related liability as of June 30, 2013 was $290,000 of which $125,000 is included in other liabilities, as it is expected to be paid in March 2014, and the balance of $165,000 is included in other long term liabilities.   In accordance with FASB ASC Topic 718 Stock Compensation, the Company recorded compensation expense of approximately $117,000 and $13,000 related to the Phantom Stock Plan for the six months ended June 30, 2013 and 2012, respectively.   The following table summarizes information about the Companys nonvested phantom stock Units at June 30, 2013:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Units </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Weighted Average Grant Date Fair Value </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Number of Phantom Stock Unit Awards: </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   Nonvested at December 31, 2012 </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 16,790  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.14  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Granted </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 8,700  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.59  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Vested </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (8,297)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 11.05  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Forfeited </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Canceled </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Nonvested at June 30, 2013 </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Phantom Stock Unit Awards Expected to Vest </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> </table> </div>   The total unrecognized compensation cost calculated at June 30, 2013 was $188,000 which will be recognized through April of 2016.  The Company will recognize the related expense over the weighted average period of 1.69 years.

7.  NONCONTROLLING INTERESTS   The Company owns 100% of all subsidiaries, except for its UK subsidiary Omega Flex, Limited, of which it owns 95%.  A noncontrolling interest owns the other 5%, and held a value of $62,000 at December 31, 2012.  The total equity of the Company including the non-controlling interest was $19,742,000 at December 31, 2012.   For the six months ended June 30, 2013, the operations of Omega Flex, Limited generated a profit of $325,000.  The noncontrolling interests portion of the profit was therefore approximately $16,000.   The noncontrolling interest must also recognize its share of any currency translation adjustment, since the subsidiarys functional currency is British Pounds, and the local books are translated into US Dollars for consolidation purposes.  The noncontrolling interests share of foreign currency translation was a loss $4,000 for the six months ended June 30, 2013.   At June 30, 2013, after considering the income and foreign currency translation components described above, the balance of the noncontrolling interest was $74,000.

8. SHAREHOLDERS EQUITY   As of June 30, 2013 and December 31, 2012, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share.  At both dates, the number of shares issued was 10,153,633, and the total number of outstanding shares was 10,091,822, with the 61,811 variance representing shares held in Treasury.   On April 4, 2013, the Companys Board of Directors authorized an extension of its stock repurchase program without expiration, up to a maximum amount of $1,000,000.  The original program established in December of 2007 authorized the purchase of up to $5,000,000 of its common stock.  The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions.  The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time.  Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share.  The Company did not make any stock repurchases during the first six months of 2013, or during the year ended December 31, 2012.   In connection with the aforementioned share buyback program, on December 15, 2009 the Company entered into an amendment of its Rule 10b5-1 Repurchase Plan (the Plan) dated December 15, 2008 with Hunter Associates, Inc. (Hunter), by which Hunter will continue to implement the share buyback program by purchasing shares of the Companys common stock in accordance with the terms of the Plan and within the safe harbor afforded by Rule 10b5-1.

9.    SUBSEQUENT EVENTS   The Company evaluated all events or transactions that occurred through the date of this filing.  During this period, the Company did not have any material subsequent events that impacted its condensed consolidated financial statements.

Use of Estimates               The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions relate to revenue recognition and related sales incentives, accounts receivable valuations, inventory valuations, goodwill valuation, product liability reserve and accounting for income taxes.  Actual amounts could differ significantly from these estimates.

Revenue Recognition               The Companys revenue recognition activities relate almost entirely to the manufacture and sale of flexible metal hose and pipe.  Under GAAP, revenues are considered to have been earned when the Company has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.  The following criteria represent preconditions to the recognition of revenue:   ·    Persuasive evidence of an arrangement for the sale of product or services must exist. ·    Delivery has occurred or services rendered. ·    The sales price to the customer is fixed or determinable. ·    Collection is reasonably assured.         The Company recognizes revenue upon shipment in accordance with the above principles.               Gross sales are reduced for all consideration paid to customers for which no identifiable benefit is received by the Company.  This includes promotional incentives, which includes various programs including year-end rebates and discounts.  The amounts of certain incentives are known with reasonable certainty at the time of sale, while others are projected based upon the most reliable information available at the reporting date.               Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

Accounts Receivable               Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of the Companys customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required.

Inventory               Inventories are valued at the lower of cost or market.  Cost of inventories is determined by the first-in, first-out (FIFO) method.  The Company generally considers inventory quantities beyond two-years usage, measured on a historical usage basis, to be excess inventory and reduces the gross carrying value of inventory accordingly.

Goodwill and Intangible Assets           In accordance with Financial Accounting Standards Board (FASB) ASC Topic 350, Intangibles Goodwill and Other, the Company performed an annual impairment test in accordance with this guidance as of December 31, 2012.  This analysis did not indicate any impairment of goodwill.  There are no circumstances that indicate that Goodwill might be impaired at June 30, 2013.

Product Liability Reserves               Product liability reserves represent the estimated unpaid amounts under the Companys insurance policies with respect to existing claims.  The Company uses the most current available data to estimate claims.  As explained more fully under Contingencies, for various product liability claims covered under the Companys general liability insurance policies, the Company must pay certain defense costs within its deductible or self-insured retention limits, ranging primarily from $25,000 to $250,000 per claim, depending on the terms of the policy in the applicable policy year, up to an aggregate amount.  The Company is vigorously defending against all known claims.

Fair Value of Financial and Nonfinancial Instruments               The Company measures financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures.  The accounting standard defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements.  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.  The standard creates a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Companys own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company relies on its actively traded share value a level 1 input in determining the fair value of the reporting unit in its annual impairment test as described in the FASB ASC Topic 350, Intangibles - Goodwill and Other.

Earnings per Common Share               Basic earnings per share have been computed using the weighted-average number of common shares outstanding.  For the periods presented, there are no dilutive securities.  Consequently, basic and dilutive earnings per share are the same.

Currency Translation               Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing on the balance sheet dates.  The statements of income are translated into U.S. dollars at average exchange rates for the period.  Adjustments resulting from the translation of financial statements are excluded from the determination of income and are accumulated in a separate component of shareholders equity.  Exchange gains and losses resulting from foreign currency transactions are included in operations (other income (expense)) in the period in which they occur.

Income Taxes   The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes.  Under this method the Company records income tax expense and the related deferred taxes and tax benefits.               Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period in which the rate is enacted.  A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain.  No valuation reserve was deemed necessary at June 30, 2013 or at December 31, 2012.  Also, in accordance with FASB ASC Topic 740 (formerly FIN 48), the Company had reserves on the books for uncertainties in tax positions of $119,000 at both June 30, 2013, and December 31, 2012.  These reserves are reviewed each quarter.

Other Comprehensive Income (Loss)                For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment. New Accounting Pronouncements   ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. The requirements are effective for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods.  ASU 2011-11 currently has no impact on the Companys financial conditions, results of operations or cash flows.   ASU 2011-12, Comprehensive Income (Topic 220) Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, issued in December 2011 amends ASU 2011-05 to reflect only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments.  The amendments are being made to allow FASB time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  While FASB is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments; entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05.  Public entities should begin applying these requirements for fiscal years ending after December 15, 2011.  Adoption of ASU 2011-12 had no material impact on the financial statements.

<table border="0" cellspacing="0" cellpadding="0" width="622" style='width:466.25pt;border-collapse:collapse'> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> June 30, </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> December 31, </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2013 </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="266" colspan="3" valign="top" style='width:199.85pt;padding:0in 5.4pt 0in 5.4pt'> (dollars in thousands) </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Finished Goods </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> $ 5,339  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> $ 5,598  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Raw Materials </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,604  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,530  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Total Inventory </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 6,943  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 7,128  </td> </tr> </table>

<div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Units </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Weighted Average Grant Date Fair Value </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Number of Phantom Stock Unit Awards: </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   Nonvested at December 31, 2012 </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 16,790  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.14  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Granted </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 8,700  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.59  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Vested </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (8,297)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 11.05  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Forfeited </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Canceled </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Nonvested at June 30, 2013 </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Phantom Stock Unit Awards Expected to Vest </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> </table> </div>

119000

5339000

5598000

1604000

1530000

6943000

7128000

On December 30, 2010, the Company agreed to a new Revolving Line of Credit Note and Loan Agreement with Sovereign Bank, NA (Sovereign). The Company established a line of credit facility in the maximum amount of $10,000,000, maturing on December 31, 2014, with funds available for working capital purposes and other cash needs.

10000000

The loan is collateralized by all of the Companys tangible and intangible assets.

The loan agreement provides for the payment of any borrowings under the agreement at an interest rate range of either LIBOR plus 1.75% to plus 2.75% (for borrowings with a fixed term of 30, 60, or 90 days), or, Prime less 0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Companys then existing financial ratios. At June 30, 2013, the Companys ratio would allow for the most favorable rate under the agreements range, which would be a rate of 2.02% (LIBOR plus 1.75%).

The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a Line Fee ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Companys then existing financial ratios.

324000

Under a number of indemnity agreements between the Company and each of its officers and directors, the Company has agreed to indemnify each of its officers and directors against any liability asserted against them in their capacity as an officer or director, or both. The Companys indemnity obligations under the indemnity agreements are subject to certain conditions and limitations set forth in each of the agreements. Under the terms of the Agreement, the Company is contingently liable for costs which may be incurred by the officers and directors in connection with claims arising by reason of these individuals roles as officers and directors. The Company has obtained directors and officers insurance policies to fund certain of the Companys obligations under the indemnity agreements.

461000

449000

12000

481000

469000

12000

898000

838000

25000 250000

3340000

638000

537000

4700000

Insurance Legal Recovery or ILR

-269000

Other Long Term Assets

800000

1300000

Plan Description. On April 1, 2006, the Company adopted the Omega Flex, Inc. 2006 Phantom Stock Plan (the Plan). The Plan authorizes the grant of up to one million units of phantom stock to employees, officers or directors of the Company and of any of its subsidiaries. The phantom stock units ('Units') each represent a contractual right to payment of compensation in the future based on the market value of the Companys common stock. The Units are not shares of the Companys common stock

1000000

The phantom stock units ('Units') each represent a contractual right to payment of compensation in the future based on the market value of the Company's common stock. The Units are not shares of the Company's common stock, and a recipient of the Units does not receive any of the following: (a) ownership interest in the Company, (b) shareholder voting rights, and (c) other incidents of ownership to the Company's common stock. The Units are granted to participants upon the recommendation of the Company's CEO, and the approval of the Compensation Committee. Each of the Units that are granted to a participant will be initially valued by the Compensation Committee, and at a minimum, the Unit's value will be equal to the closing price of the Company's common stock on the grant date. The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit. The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment. The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.

The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit.

3 years

16790

8700

154000

8645 17193

290000

125000

165000

117000

13000

16790

12.14

8700

12.59

8297

-11.05

17193

12.89

-17193

188000

1.69

62000

19742000

325000

-16000

4000

74000

20000000

0.01

10153633

10091822

61811

1000000

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SIGNIFICANT ACCOUNTING POLICIES     Use of Estimates               The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions relate to revenue recognition and related sales incentives, accounts receivable valuations, inventory valuations, goodwill valuation, product liability reserve and accounting for income taxes.  Actual amounts could differ significantly from these estimates.     Revenue Recognition               The Companys revenue recognition activities relate almost entirely to the manufacture and sale of flexible metal hose and pipe.  Under GAAP, revenues are considered to have been earned when the Company has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.  The following criteria represent preconditions to the recognition of revenue:   ·    Persuasive evidence of an arrangement for the sale of product or services must exist. ·    Delivery has occurred or services rendered. ·    The sales price to the customer is fixed or determinable. ·    Collection is reasonably assured.         The Company recognizes revenue upon shipment in accordance with the above principles.               Gross sales are reduced for all consideration paid to customers for which no identifiable benefit is received by the Company.  This includes promotional incentives, which includes various programs including year-end rebates and discounts.  The amounts of certain incentives are known with reasonable certainty at the time of sale, while others are projected based upon the most reliable information available at the reporting date.               Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.   Accounts Receivable               Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of the Companys customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required.   Inventory               Inventories are valued at the lower of cost or market.  Cost of inventories is determined by the first-in, first-out (FIFO) method.  The Company generally considers inventory quantities beyond two-years usage, measured on a historical usage basis, to be excess inventory and reduces the gross carrying value of inventory accordingly.     Goodwill and Intangible Assets           In accordance with Financial Accounting Standards Board (FASB) ASC Topic 350, Intangibles Goodwill and Other, the Company performed an annual impairment test in accordance with this guidance as of December 31, 2012.  This analysis did not indicate any impairment of goodwill.  There are no circumstances that indicate that Goodwill might be impaired at June 30, 2013.   Product Liability Reserves               Product liability reserves represent the estimated unpaid amounts under the Companys insurance policies with respect to existing claims.  The Company uses the most current available data to estimate claims.  As explained more fully under Contingencies, for various product liability claims covered under the Companys general liability insurance policies, the Company must pay certain defense costs within its deductible or self-insured retention limits, ranging primarily from $25,000 to $250,000 per claim, depending on the terms of the policy in the applicable policy year, up to an aggregate amount.  The Company is vigorously defending against all known claims.   Fair Value of Financial and Nonfinancial Instruments               The Company measures financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures.  The accounting standard defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements.  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.  The standard creates a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Companys own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company relies on its actively traded share value a level 1 input in determining the fair value of the reporting unit in its annual impairment test as described in the FASB ASC Topic 350, Intangibles - Goodwill and Other.       Earnings per Common Share               Basic earnings per share have been computed using the weighted-average number of common shares outstanding.  For the periods presented, there are no dilutive securities.  Consequently, basic and dilutive earnings per share are the same.   Currency Translation               Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing on the balance sheet dates.  The statements of income are translated into U.S. dollars at average exchange rates for the period.  Adjustments resulting from the translation of financial statements are excluded from the determination of income and are accumulated in a separate component of shareholders equity.  Exchange gains and losses resulting from foreign currency transactions are included in operations (other income (expense)) in the period in which they occur.   Income Taxes   The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes.  Under this method the Company records income tax expense and the related deferred taxes and tax benefits.               Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period in which the rate is enacted.  A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain.  No valuation reserve was deemed necessary at June 30, 2013 or at December 31, 2012.  Also, in accordance with FASB ASC Topic 740 (formerly FIN 48), the Company had reserves on the books for uncertainties in tax positions of $119,000 at both June 30, 2013, and December 31, 2012.  These reserves are reviewed each quarter.   Other Comprehensive Income (Loss)                For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.   New Accounting Pronouncements   ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. 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2. Significant Accounting Policies: Revenue Recognition (Policies)	6 Months Ended
Jun. 30, 2013
Policies
Revenue Recognition	Revenue Recognition The Company’s revenue recognition activities relate almost entirely to the manufacture and sale of flexible metal hose and pipe. Under GAAP, revenues are considered to have been earned when the Company has substantially accomplished what it must do to be entitled to the benefits represented by the revenues. The following criteria represent preconditions to the recognition of revenue: · Persuasive evidence of an arrangement for the sale of product or services must exist. · Delivery has occurred or services rendered. · The sales price to the customer is fixed or determinable. · Collection is reasonably assured. The Company recognizes revenue upon shipment in accordance with the above principles. Gross sales are reduced for all consideration paid to customers for which no identifiable benefit is received by the Company. This includes promotional incentives, which includes various programs including year-end rebates and discounts. The amounts of certain incentives are known with reasonable certainty at the time of sale, while others are projected based upon the most reliable information available at the reporting date. Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

2. Significant Accounting Policies: Revenue Recognition (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Revenue Recognition

Revenue Recognition

· Persuasive evidence of an arrangement for the sale of product or services must exist.

· Delivery has occurred or services rendered.

· The sales price to the customer is fixed or determinable.

· Collection is reasonably assured.

The Company recognizes revenue upon shipment in accordance with the above principles.

Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References+ Details

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net Sales	$ 18,892	$ 14,256	$ 35,274	$ 28,804
Cost of Goods Sold	8,671	7,169	16,453	14,262
Gross Profit	10,221	7,087	18,821	14,542
Selling Expense	3,196	3,058	6,244	6,014
General and Administrative Expense	2,505	2,699	4,876	5,265
Insurance Legal Recovery				(4,700)
Engineering Expense	626	595	1,344	1,230
Operating Profit	3,894	735	6,357	6,733
Interest Income (Expense), Net	1	5		8
Other Income (Expense), Net	(42)	(14)	(126)	45
Income Before Income Taxes	3,853	726	6,231	6,786
Income Tax Expense	1,304	255	2,098	2,392
Net Income	2,549	471	4,133	4,394
Net (Income) Loss attributable to the Noncontrolling Interest, net of tax	(14)	6	(16)	3
Net Income attributable to Omega Flex, Inc.	$ 2,535	$ 477	$ 4,117	$ 4,397
Basic and Diluted Earnings per Common Share	$ 0.25	$ 0.05	$ 0.41	$ 0.44
Basic and Diluted Weighted-Average Shares Outstanding	10,092	10,092	10,092	10,092

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4. Line of Credit

6 Months Ended

Jun. 30, 2013

Notes

4. Line of Credit

4. LINE OF CREDIT

On December 30, 2010, the Company agreed to a new Revolving Line of Credit Note and Loan Agreement with Sovereign Bank, NA (“Sovereign”). The Company established a line of credit facility in the maximum amount of $10,000,000, maturing on December 31, 2014, with funds available for working capital purposes and other cash needs. The loan is collateralized by all of the Company’s tangible and intangible assets. The loan agreement provides for the payment of any borrowings under the agreement at an interest rate range of either LIBOR plus 1.75% to plus 2.75% (for borrowings with a fixed term of 30, 60, or 90 days), or, Prime less 0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Company’s then existing financial ratios. At June 30, 2013, the Company’s ratio would allow for the most favorable rate under the agreement’s range, which would be a rate of 2.02% (LIBOR plus 1.75%). The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a “Line Fee” ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Company’s then existing financial ratios. The Company may terminate the line at any time during the four year term, as long as there are no amounts outstanding.

As of June 30, 2013, the Company had no outstanding borrowings on its line of credit, but at December 31, 2012, the Company owed $324,000.

As of June 30, 2013 and December 31, 2012, the Company was in compliance with all debt covenants.

- Definition

The entire disclosure for short-term debt.

+ References+ Details

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2. Significant Accounting Policies: Currency Translation (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Currency Translation

Currency Translation

- Definition

Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.

+ References+ Details

XML 18 R29.xml IDEA: 6. Stock Based Plans: Schedule of nonvested phantom stock units (Tables) 2.4.0.8000290 - Disclosure - 6. Stock Based Plans: Schedule of nonvested phantom stock units (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Tables/Schedules2false 2us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Units </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Weighted Average Grant Date Fair Value </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Number of Phantom Stock Unit Awards: </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   Nonvested at December 31, 2012 </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 16,790  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.14  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Granted </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 8,700  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.59  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Vested </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (8,297)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 11.05  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Forfeited </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Canceled </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Nonvested at June 30, 2013 </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 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2. Significant Accounting Policies: Accounts Receivable (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Accounts Receivable

Accounts Receivable

- Definition

Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs.

+ References+ Details

XML 20 R34.xml IDEA: 5. Commitments and Contingencies: Contingencies (Details) 2.4.0.8000340 - Disclosure - 5. 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Significant Accounting Policies: Income Taxes (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2us-gaap_IncomeTaxPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Income Taxes   The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes.  Under this method the Company records income tax expense and the related deferred taxes and tax benefits.               Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period in which the rate is enacted.  A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain.  No valuation reserve was deemed necessary at June 30, 2013 or at December 31, 2012.  Also, in accordance with FASB ASC Topic 740 (formerly FIN 48), the Company had reserves on the books for uncertainties in tax positions of $119,000 at both June 30, 2013, and December 31, 2012.  These reserves are reviewed each quarter.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144681 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144749 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318 false0Income Taxesfalse2. 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8. Shareholders' Equity (Details) (USD $)	6 Months Ended	12 Months Ended
8. Shareholders' Equity (Details) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Shares Issued	10,153,633	10,153,633
Common Stock, Shares Outstanding	10,091,822	10,091,822
Treasury Stock, Number of Shares Held	61,811	61,811
Stock Repurchased During Period, Shares	0	0
April 4, 2012
Stock Repurchase Program, Authorized Amount	$ 1,000,000

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2. Significant Accounting Policies: New Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2013

Policies

New Accounting Pronouncements

New Accounting Pronouncements

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2. Significant Accounting Policies: Other Comprehensive Income (loss) (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Other Comprehensive Income (loss)

Other Comprehensive Income (Loss)

For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.

XML 26 R34.htm IDEA: XBRL DOCUMENT

5. Commitments and Contingencies: Contingencies (Details)	6 Months Ended						6 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 Alternative Currency GBP (£)	Jun. 30, 2013 Positive Outcome of Litigation USD ($)	Jun. 30, 2012 Positive Outcome of Litigation USD ($)	Jun. 30, 2013 Insurance Claims USD ($)	Jun. 30, 2013 Pending or Threatened Litigation USD ($)	Dec. 31, 2012 Pending or Threatened Litigation USD ($)
Product Liability Inurance Deductible - Range, minimum						$ 25,000
Product Liability Inurance Deductible - Range, maximum						250,000
Product Liability Contingency, Loss Exposure Not Accrued, High Estimate							3,340,000
Loss Contingency Accrual							638,000	537,000
Insurance Legal Recovery		4,700,000			4,700,000
Gain Contingency, Income Statement Caption		Insurance Legal Recovery or ILR
Loss Contingency, Range of Possible Loss, Maximum				269,000
Loss Contingency, Balance Sheet Caption				Other Long Term Assets
Payments for Legal Settlements	$ 1,300,000		£ 800,000

XML 27 R19.xml IDEA: 2. Significant Accounting Policies: Inventory (Policies) 2.4.0.8000190 - Disclosure - 2. Significant Accounting Policies: Inventory (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2us-gaap_InventoryPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Inventory               Inventories are valued at the lower of cost or market.  Cost of inventories is determined by the first-in, first-out (FIFO) method.  The Company generally considers inventory quantities beyond two-years usage, measured on a historical usage basis, to be excess inventory and reduces the gross carrying value of inventory accordingly.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2126999 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4492-108314 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 206 -Paragraph b -Subparagraph i, ii -Chapter 2 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4556-108314 false0Inventoryfalse2. Significant Accounting Policies: Inventory (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.omegaflex.com/20130630/role/idr_Disclosure2SignificantAccountingPoliciesInventoryPolicies12 XML 28 R31.htm IDEA: XBRL DOCUMENT

3. Inventories: Schedule of Inventory, Current (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Details
Inventory, Finished Goods, Gross	$ 5,339	$ 5,598
Inventory, Raw Materials, Gross	1,604	1,530
Inventories-Net	$ 6,943	$ 7,128

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INVENTORIES               Inventories, net of reserves consisted of the following:   <table border="0" cellspacing="0" cellpadding="0" width="622" style='width:466.25pt;border-collapse:collapse'> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> June 30, </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> December 31, </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2013 </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="266" colspan="3" valign="top" style='width:199.85pt;padding:0in 5.4pt 0in 5.4pt'> (dollars in thousands) </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Finished Goods </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> $ 5,339  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> $ 5,598  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Raw Materials </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,604  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,530  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Total Inventory </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 6,943  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 7,128  </td> </tr> </table> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for inventory. 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InventoriesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.omegaflex.com/20130630/role/idr_Disclosure3Inventories12 XML 30 R12.xml IDEA: 6. Stock Based Plans 2.4.0.8000120 - Disclosure - 6. Stock Based Planstruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse006. STOCK BASED PLANS   Phantom Stock Plan               Plan Description.  On April 1, 2006, the Company adopted the Omega Flex, Inc. 2006 Phantom Stock Plan (the Plan).  The Plan authorizes the grant of up to one million units of phantom stock to employees, officers or directors of the Company and of any of its subsidiaries.  The phantom stock units ("Units") each represent a contractual right to payment of compensation in the future based on the market value of the Companys common stock.  The Units are not shares of the Companys common stock, and a recipient of the Units does not receive any of the following:   §         ownership interest in the Company §         shareholder voting rights §         other incidents of ownership to the Companys common stock   The Units are granted to participants upon the recommendation of the Companys CEO, and the approval of the Compensation Committee.  Each of the Units that are granted to a participant will be initially valued by the Compensation Committee, and at a minimum, the Units value will be equal to the closing price of the Companys common stock on the grant date.  The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date.  Upon vesting, the Units represent a contractual right of payment for the value of the Unit.  The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment.  The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.   The Units may be Full Value, in which the value of each Unit at the maturity date, will equal the closing price of the Companys common stock as of the maturity date; or Appreciation Only, in which the value of each Unit at the maturity date will be equal to the closing price of the Companys common stock at the maturity date minus the closing price of the Companys common stock at the grant date.   On December 9, 2009, the Board of Directors authorized an amendment to the Plan to pay an amount equal to the value of any cash or stock dividend declared by the Company on its common stock to be accrued to the phantom stock units outstanding as of the record date of the common stock dividend.  The dividend equivalent will be paid at the same time the underlying phantom stock units are paid to the participant.   In certain circumstances, the Units may be immediately vested upon the participants death or disability.  All Units granted to a participant are forfeited if the participant is terminated from his relationship with the Company or its subsidiary for cause, which is defined under the Plan.  If a participants employment or relationship with the Company is terminated for reasons other than for cause, then any vested Units will be paid to the participant upon termination.  However, Units granted to certain specified employees as defined in Section 409A of the Internal Revenue Code will be paid approximately 181 days after termination.   Grants of Phantom Stock Units.  As of December 31, 2012, the Company had 16,790 unvested units outstanding, all of which were granted at Full Value. On April 3, 2013, the Company granted an additional 8,700 Full Value Units with a fair value of $12.59 per unit on grant date, using historical volatility. In all cases, the grant price was equal to the closing price of the Companys common stock at the grant date. In March 2013, the Company paid $154,000 for the 8,645 fully vested and matured units that were granted on February 20, 2009.  As of June 30, 2013, the Company had 17,193 unvested units outstanding.   The Company uses the Black-Scholes option pricing model as its method for determining fair value of the Units.  The Company uses the straight-line method of attributing the value of the stock-based compensation expense relating to the Units.  The compensation expense (including adjustment of the liability to its fair value) from the Units is recognized over the vesting period of each grant or award.   The FASB ASC Topic 718 Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates in order to derive the Companys best estimate of awards ultimately to vest.   Forfeitures represent only the unvested portion of a surrendered Unit and are typically estimated based on historical experience.  Based on an analysis of the Companys historical data, which has limited experience related to any stock-based plan forfeitures, the Company applied a 0% forfeiture rate to Plan Units outstanding in determining its Plan Unit compensation expense as of June 30, 2013.   The total Phantom Stock related liability as of June 30, 2013 was $290,000 of which $125,000 is included in other liabilities, as it is expected to be paid in March 2014, and the balance of $165,000 is included in other long term liabilities.   In accordance with FASB ASC Topic 718 Stock Compensation, the Company recorded compensation expense of approximately $117,000 and $13,000 related to the Phantom Stock Plan for the six months ended June 30, 2013 and 2012, respectively.   The following table summarizes information about the Companys nonvested phantom stock Units at June 30, 2013:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Units </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Weighted Average Grant Date Fair Value </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Number of Phantom Stock Unit Awards: </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   Nonvested at December 31, 2012 </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 16,790  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.14  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Granted </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> 8,700  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.59  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Vested </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (8,297)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ 11.05  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Forfeited </td> <td width="61" valign="bottom" style='width:45.6pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>      Canceled </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> (---)  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ ---  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Nonvested at June 30, 2013 </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="555" valign="bottom" style='width:416.4pt;padding:0in 5.4pt 0in 5.4pt'> Phantom Stock Unit Awards Expected to Vest </td> <td width="61" valign="bottom" style='width:45.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 17,193  </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="74" valign="bottom" style='width:55.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> $ 12.89  </td> </tr> </table> </div>   The total unrecognized compensation cost calculated at June 30, 2013 was $188,000 which will be recognized through April of 2016.  The Company will recognize the related expense over the weighted average period of 1.69 years.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 false06. 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2. Significant Accounting Policies: Income Taxes (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Income Taxes

Income Taxes

The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes. Under this method the Company records income tax expense and the related deferred taxes and tax benefits.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References+ Details

XML 32 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities:
Net Income	$ 4,133	$ 4,394
Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities:
Non-Cash Compensation Expense	117	13
Depreciation and Amortization	263	324
Provision for Losses on Accounts Receivable, net of write-offs and recoveries	(20)	(17)
Changes in Assets and Liabilities
Accounts Receivable Change	93	(81)
Inventory Change	127	(164)
Other Assets Change	460	(141)
Accounts Payable Change	(1,074)	202
Accrued Compensation Change	1,003	(18)
Accrued Commissions and Sales Incentives Change	(1,292)	128
Other Liabilities Change	(1,468)	2
Net Cash Provided by (Used In) Operating Activities	2,342	4,642
Cash Flows from Investing Activities:
Capital Expenditures	(405)	(105)
Net Cash Provided By (Used In) Investing Activities	(405)	(105)
Cash Flows from Financing Activities:
Principal Payments on Line of Credit	(324)
Net Cash Provided by (Used In) Financing Activities	(324)
Net Increase (Decrease) in Cash and Cash Equivalents	1,613	4,537
Translation effect on cash	(50)	24
Cash and Cash Equivalents - Beginning of Period	939	3,476
Cash and Cash Equivalents - End of Period	2,502	8,037
Supplemental Disclosure of Cash Flow Information
Cash paid for Income Taxes	2,220	2,343
Cash paid for Interest	$ 1

XML 33 R8.htm IDEA: XBRL DOCUMENT

2. Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Notes

2. Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Revenue Recognition

· Persuasive evidence of an arrangement for the sale of product or services must exist.

· Delivery has occurred or services rendered.

· The sales price to the customer is fixed or determinable.

· Collection is reasonably assured.

The Company recognizes revenue upon shipment in accordance with the above principles.

Commissions, for which the Company receives an identifiable benefit, are accounted for as a sales expense.

Accounts Receivable

Inventory

Goodwill and Intangible Assets

Product Liability Reserves

Fair Value of Financial and Nonfinancial Instruments

Earnings per Common Share

Currency Translation

Income Taxes

The Company accounts for taxes in accordance with the FASB ASC Topic 740, Income Taxes. Under this method the Company records income tax expense and the related deferred taxes and tax benefits.

Other Comprehensive Income (Loss)

For the three and six-months ended June 30, 2013 and 2012, respectively, the sole component of Other Comprehensive Income (Loss) was a foreign currency translation adjustment.

New Accounting Pronouncements

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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COMMITMENTS AND CONTINGENCIES   Commitments:   Under a number of indemnity agreements between the Company and each of its officers and directors, the Company has agreed to indemnify each of its officers and directors against any liability asserted against them in their capacity as an officer or director, or both.  The Companys indemnity obligations under the indemnity agreements are subject to certain conditions and limitations set forth in each of the agreements.  Under the terms of the Agreement, the Company is contingently liable for costs which may be incurred by the officers and directors in connection with claims arising by reason of these individuals roles as officers and directors.  The Company has obtained directors and officers insurance policies to fund certain of the Companys obligations under the indemnity agreements.              The Company has salary continuation agreements with one current employee, and one former employee who retired at the end of 2010.  These agreements provide for monthly payments to each of the employees or their designated beneficiary upon the employees retirement or death.  The payment benefits range from $1,000 per month to $3,000 per month with the term of such payments limited to 15 years after the employees retirement at age 65.  The agreements also provide for survivorship benefits if the employee dies before attaining age 65, and severance payments if the employee is terminated without cause; the amount of which is dependent on the length of company service at the date of termination.  The net present value of the retirement payments associated with these agreements is $461,000 at June 30, 2013, of which $449,000 is included in Other Long Term Liabilities, and the remaining current portion of $12,000 is included in Other Liabilities, associated with the retired employee previously noted who is now receiving benefit payments.  The December 31, 2012 liability of $481,000, had $469,000 reported in Other Long Term Liabilities, and a current portion of $12,000 in Other Liabilities.   The Company has obtained and is the beneficiary of three whole life insurance policies with respect to the two employees discussed above, and one other employee policy.  The cash surrender value of such policies (included in Other Long Term Assets) amounts to $898,000 at June 30, 2013 and $838,000 at December 31, 2012.               As disclosed in detail in the December 31, 2012 Form 10-K, the Company has several lease obligations in place that will be paid out over time.  Most notably, the Company has a lease for the manufacturing facility in Banbury, England, and also the new building lease in Exton, Pennsylvania near the current main operating facility, which provides additional manufacturing, warehousing and distribution space.   Contingencies:   The Companys general liability insurance policies are subject to deductibles or retentions, ranging primarily from $25,000 to $250,000 per claim, (depending on the terms of the policy and the applicable policy year) up to an aggregate amount.  The Company is insured on a first dollar basis for workers compensation subject to statutory limits.   In the ordinary and normal conduct of the Companys business, it is subject to periodic lawsuits, investigations and claims (collectively, the Claims).  There has been an increase in the frequency of those Claims over the past few years relating to product liability.  The Company does not believe that the Claims have legal merit, and is therefore vigorously defending against those Claims.  The Company has in place commercial general liability insurance policies that cover the Claims, as noted above, including those alleging damages as a result of product defects.  Litigation is subject to many uncertainties and management is unable to predict the outcome of the pending suits and claims. The potential liability for a given claim could range from zero to a maximum of $250,000, depending upon the insurance deductible in place for the respective claim year.  The aggregate maximum exposure for all current open claims is estimated not to exceed approximately $3,340,000, which represents the defense costs and any settlements or adverse verdicts incurred over time within the insurance policy deductibles or retentions.  It is possible that the results of operations or liquidity and capital resources of the Company could be adversely affected by the ultimate outcome of the pending litigation as a result of the costs of contesting such lawsuits, potentially materially. The Company is currently unable to estimate the ultimate liability, if any, that may result from the pending litigation and, accordingly, the liability in the consolidated financial statements represents an accrual for legal costs for services previously rendered and outstanding settlements for existing claims. The liabilities recorded on the Companys books at June 30, 2013 and December 31, 2012 were $638,000 and $537,000, respectively, and are included in Other Liabilities.   In 2013, the Company recently won one of the Claims at trial in U.S. District Court in St. Louis, Missouri when the jury unanimously found that the Company was not negligent in designing its TracPipe® product, and that the TracPipe® product was not defective.  In 2010, the Company took another one of the Claims to trial in Pennsylvania, and the jury returned a verdict that the Company was not negligent in designing and selling the TracPipe product, but that under the unique law in Pennsylvania for strict liability, the product lacked any element necessary to make it safe for its intended use.  The Company has appealed that portion of the verdict, and the Supreme Court of Pennsylvania has agreed to hear the case with the focus on whether the product liability law in Pennsylvania should be revised.   In 2007, the Company instituted a legal complaint against a former insurer, seeking reimbursement of amounts paid in defense of a class action litigation, as well as supplementary payments made in connection with the class action.  In March of 2012, the Company and the insurer settled the litigation for $4,700,000, with receipt of the cash occurring during that same month.  For clarity regarding this item, it is defined as the Insurance Legal Recovery or ILR on the accompanying condensed consolidated statement of income for the six-months ended June 30, 2012.   In February of 2012, the Company was made aware of a fraud perpetrated by an outside party involving insurance related premiums that the Company had prepaid for umbrella coverage. 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5. Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Notes

5. Commitments and Contingencies

5. COMMITMENTS AND CONTINGENCIES

Commitments:

The Company has obtained and is the beneficiary of three whole life insurance policies with respect to the two employees discussed above, and one other employee policy. The cash surrender value of such policies (included in Other Long Term Assets) amounts to $898,000 at June 30, 2013 and $838,000 at December 31, 2012.

Contingencies:

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

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SHAREHOLDERS EQUITY   As of June 30, 2013 and December 31, 2012, the Company had authorized 20,000,000 common stock shares with par value of $0.01 per share.  At both dates, the number of shares issued was 10,153,633, and the total number of outstanding shares was 10,091,822, with the 61,811 variance representing shares held in Treasury.   On April 4, 2013, the Companys Board of Directors authorized an extension of its stock repurchase program without expiration, up to a maximum amount of $1,000,000.  The original program established in December of 2007 authorized the purchase of up to $5,000,000 of its common stock.  The purchases may be made from time-to-time in the open market or in privately negotiated transactions, depending on market and business conditions.  The Board retained the right to cancel, extend, or expand the share buyback program, at any time and from time-to-time.  Since inception, the Company has purchased a total of 61,811 shares for approximately $932,000, or approximately $15 per share.  The Company did not make any stock repurchases during the first six months of 2013, or during the year ended December 31, 2012.   In connection with the aforementioned share buyback program, on December 15, 2009 the Company entered into an amendment of its Rule 10b5-1 Repurchase Plan (the Plan) dated December 15, 2008 with Hunter Associates, Inc. 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Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false2Accounts Payable14false 4us-gaap_LineOfCreditus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2truefalsefalse324000324falsefalsefalsexbrli:monetaryItemTypemonetaryThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 false2Line of Credit15false 4us-gaap_AccruedSalariesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse13520001352falsefalsefalse2truefalsefalse349000349falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Liabilities -URI http://asc.fasb.org/extlink&oid=6509677 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765 false2Accrued Compensation16false 4us-gaap_AccruedSalesCommissionCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse23750002375falsefalsefalse2truefalsefalse36710003671falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred through that date and payable for sales commissions. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Liabilities -URI http://asc.fasb.org/extlink&oid=6509677 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765 false2Accrued Commissions and Sales Incentives17false 4us-gaap_TaxesPayableCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse149000149falsefalsefalse2truefalsefalse235000235falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 false2Taxes Payable18false 4us-gaap_OtherLiabilitiesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse28100002810falsefalsefalse2truefalsefalse42140004214falsefalsefalsexbrli:monetaryItemTypemonetaryThe aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 false2Other Liabilities19false 4us-gaap_LiabilitiesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse83270008327falsefalsefalse2truefalsefalse1153000011530falsefalsefalsexbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true2Total Current Liabilities20false 3us-gaap_DeferredTaxLiabilitiesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse732000732falsefalsefalse2truefalsefalse614000614falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31931-109318 false2Deferred Taxes21false 3us-gaap_OtherLiabilitiesNoncurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse733000733falsefalsefalse2truefalsefalse783000783falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 false2Other Long Term Liabilities22false 3us-gaap_Liabilitiesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse97920009792falsefalsefalse2truefalsefalse1292700012927falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 true2Total Liabilities23true 3us-gaap_StockholdersEquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Omega Flex, Inc. Shareholders' Equity:24false 4us-gaap_CommonStockValueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse102000102[3]falsefalsefalse2truefalsefalse102000102[3]falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false2Common Stock25false 4us-gaap_TreasuryStockValueus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truefalsefalse-1000-1falsefalsefalse2truefalsefalse-1000-1falsefalsefalsexbrli:monetaryItemTypemonetaryThe amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656 false2Treasury Stock26false 4us-gaap_AdditionalPaidInCapitalus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1080800010808falsefalsefalse2truefalsefalse1080800010808falsefalsefalsexbrli:monetaryItemTypemonetaryExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false2Paid-in Capital27false 4us-gaap_RetainedEarningsAccumulatedDeficitus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1329800013298falsefalsefalse2truefalsefalse91810009181falsefalsefalsexbrli:monetaryItemTypemonetaryThe cumulative amount of the reporting entity's undistributed earnings or deficit.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false2Retained Earnings28false 4us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-465000-465falsefalsefalse2truefalsefalse-410000-410falsefalsefalsexbrli:monetaryItemTypemonetaryAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669686-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e637-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e681-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false2Accumulated Other Comprehensive Loss29false 4us-gaap_StockholdersEquityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse2374200023742falsefalsefalse2truefalsefalse1968000019680falsefalsefalsexbrli:monetaryItemTypemonetaryTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). 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Shareholders' Equity30false 3us-gaap_MinorityInterestus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse7400074falsefalsefalse2truefalsefalse6200062falsefalsefalsexbrli:monetaryItemTypemonetaryTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 7 false2Noncontrolling Interest31false 3us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse2381600023816falsefalsefalse2truefalsefalse1974200019742falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4590271-111686 true2Total Shareholders' Equity32false 3us-gaap_LiabilitiesAndStockholdersEquityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse3360800033608USD$falsetruefalse2truefalsefalse3266900032669USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 true2Total Liabilities and Shareholders' Equity1Less allowance of $633.2Less allowance of $6533Common Stock - par value $0.01 per share; authorized 20,000,000 shares: 10,153,633 shares issued and 10,091,822 outstanding at both, June 30, 2013 and December 31, 2012.falseCONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)ThousandsUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.omegaflex.com/20130630/role/idr_CONDENSEDCONSOLIDATEDBALANCESHEETSUnaudited232 XML 38 R9.htm IDEA: XBRL DOCUMENT

3. Inventories

6 Months Ended

Jun. 30, 2013

Notes

3. Inventories

3. INVENTORIES

Inventories, net of reserves consisted of the following:

	June 30,	December 31,
	2013	2012
	(dollars in thousands)

Finished Goods	$ 5,339	$ 5,598
Raw Materials	1,604	1,530

Total Inventory	$ 6,943	$ 7,128

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

3. Inventories: Schedule of Inventory, Current (Tables)

6 Months Ended

Jun. 30, 2013

Tables/Schedules

Schedule of Inventory, Current

	June 30,	December 31,
	2013	2012
	(dollars in thousands)

Finished Goods	$ 5,339	$ 5,598
Raw Materials	1,604	1,530

Total Inventory	$ 6,943	$ 7,128

XML 40 R32.htm IDEA: XBRL DOCUMENT

4. Line of Credit (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Line of Credit Facility, Description	On December 30, 2010, the Company agreed to a new Revolving Line of Credit Note and Loan Agreement with Sovereign Bank, NA (“Sovereign”). The Company established a line of credit facility in the maximum amount of $10,000,000, maturing on December 31, 2014, with funds available for working capital purposes and other cash needs.
Sovereign Bank, NA
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000
Line of Credit Facility, Collateral	The loan is collateralized by all of the Company’s tangible and intangible assets.
Line of Credit Facility, Interest Rate Description	The loan agreement provides for the payment of any borrowings under the agreement at an interest rate range of either LIBOR plus 1.75% to plus 2.75% (for borrowings with a fixed term of 30, 60, or 90 days), or, Prime less 0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Company’s then existing financial ratios. At June 30, 2013, the Company’s ratio would allow for the most favorable rate under the agreement’s range, which would be a rate of 2.02% (LIBOR plus 1.75%).
Line of Credit Facility, Commitment Fee Description	The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a “Line Fee” ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Company’s then existing financial ratios.
Line of Credit Facility, Amount Outstanding	$ 0	$ 324

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LINE OF CREDIT   On December 30, 2010, the Company agreed to a new Revolving Line of Credit Note and Loan Agreement with Sovereign Bank, NA (Sovereign).  The Company established a line of credit facility in the maximum amount of $10,000,000, maturing on December 31, 2014, with funds available for working capital purposes and other cash needs.  The loan is collateralized by all of the Companys tangible and intangible assets.  The loan agreement provides for the payment of any borrowings under the agreement at an interest rate range of either LIBOR plus 1.75% to plus 2.75% (for borrowings with a fixed term of 30, 60, or 90 days), or, Prime less 0.50% to plus 0.50% (for borrowings with no fixed term other than the December 31, 2014 maturity date), depending upon the Companys then existing financial ratios.  At June 30, 2013, the Companys ratio would allow for the most favorable rate under the agreements range, which would be a rate of 2.02% (LIBOR plus 1.75%).  The Company is required to pay an annual commitment fee for the access to the funds, and is also obligated to pay a Line Fee ranging from 17.5 to 35.0 basis points of the average unused balance on a quarterly basis, depending again upon the Companys then existing financial ratios.  The Company may terminate the line at any time during the four year term, as long as there are no amounts outstanding.   As of June 30, 2013, the Company had no outstanding borrowings on its line of credit, but at December 31, 2012, the Company owed $324,000.   As of June 30, 2013 and December 31, 2012, the Company was in compliance with all debt covenants.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for short-term debt.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false04. 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7. Noncontrolling Interests (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Total Shareholders' Equity	$ 23,816		$ 23,816		$ 19,742
Income (Loss) Attributable to Parent			325
Net (Income) Loss attributable to the Noncontrolling Interest, net of tax	(14)	6	(16)	3
A non-controlling interest
Shareholders' Equity attributable to non-controlling interest	74		74		62
Net (Income) Loss attributable to the Noncontrolling Interest, net of tax			16
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest			$ (4)

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CONDENSED CONSOLIDATED BALANCE SHEETS - PARENTHETICAL (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful Accounts Receivable	$ 633	$ 653
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares Issued	10,153,633	10,153,633
Common Stock, Shares Outstanding	10,091,822	10,091,822

XML 49 R14.htm IDEA: XBRL DOCUMENT

8. Shareholders' Equity

6 Months Ended

Jun. 30, 2013

Notes

8. Shareholders' Equity

8. SHAREHOLDERS’ EQUITY

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Glossary Preferred Stock

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+ Details

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 2,549	$ 471	$ 4,133	$ 4,394
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustment, Net of Taxes	(2)	(54)	(59)	16
Other Comprehensive Income	(2)	(54)	(59)	16
Comprehensive Income	2,547	417	4,074	4,410
Less: Comprehensive Income (Loss) Attributable to the Noncontrolling Interest, Net of Taxes	14	(9)	12	(2)
Total Other Comprehensive Income	$ 2,533	$ 426	$ 4,062	$ 4,412

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2013

Dec. 31, 2012

Current Assets

Cash and Cash Equivalents

$ 2,502

$ 939

Accounts Receivable

11,956

^[1]

12,134

^[2]

Inventories-Net

6,943

7,128

Deferred Taxes

868

750

Other Current Assets

1,135

1,503

Total Current Assets

23,404

22,454

Property and Equipment - Net

4,946

4,824

Goodwill-Net

3,526

Other Long Term Assets

1,732

1,865

Total Assets

33,608

32,669

Current Liabilities:

Accounts Payable

1,641

2,737

Line of Credit

324

Accrued Compensation

1,352

349

Accrued Commissions and Sales Incentives

2,375

3,671

Taxes Payable

149

235

Other Liabilities

2,810

4,214

Total Current Liabilities

8,327

11,530

Deferred Taxes

732

614

Other Long Term Liabilities

733

783

Total Liabilities

9,792

12,927

Omega Flex, Inc. Shareholders' Equity:

Common Stock

102

^[3]

102

^[3]

Treasury Stock

(1)

Paid-in Capital

10,808

Retained Earnings

13,298

9,181

Accumulated Other Comprehensive Loss

(465)

(410)

Total Omega Flex, Inc. Shareholders' Equity

23,742

19,680

Noncontrolling Interest

Total Shareholders' Equity

23,816

19,742

Total Liabilities and Shareholders' Equity

$ 33,608

$ 32,669

[1]	Less allowance of $633.
[2]	Less allowance of $653
[3]	Common Stock - par value $0.01 per share; authorized 20,000,000 shares: 10,153,633 shares issued and 10,091,822 outstanding at both, June 30, 2013 and December 31, 2012.

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6. Stock Based Plans: Schedule of nonvested phantom stock units (Tables)

6 Months Ended

Jun. 30, 2013

Tables/Schedules

Schedule of nonvested phantom stock units

	Units	Weighted Average Grant Date Fair Value
Number of Phantom Stock Unit Awards:
Nonvested at December 31, 2012	16,790	$ 12.14
Granted	8,700	$ 12.59
Vested	(8,297)	$ 11.05
Forfeited	(---)	$ ---
Canceled	(---)	$ ---

Nonvested at June 30, 2013	17,193	$ 12.89

Phantom Stock Unit Awards Expected to Vest	17,193	$ 12.89

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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2. Significant Accounting Policies: Earnings Per Common Share (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Earnings Per Common Share

Earnings per Common Share

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

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6. Stock Based Plans (Details) (USD $)	6 Months Ended
6. Stock Based Plans (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards, Weighted Average Period of Recognition	1.69
Phantom Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Description	Plan Description. On April 1, 2006, the Company adopted the Omega Flex, Inc. 2006 Phantom Stock Plan (the “Plan”). The Plan authorizes the grant of up to one million units of phantom stock to employees, officers or directors of the Company and of any of its subsidiaries. The phantom stock units ('Units') each represent a contractual right to payment of compensation in the future based on the market value of the Company’s common stock. The Units are not shares of the Company’s common stock
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	The phantom stock units ('Units') each represent a contractual right to payment of compensation in the future based on the market value of the Company's common stock. The Units are not shares of the Company's common stock, and a recipient of the Units does not receive any of the following: (a) ownership interest in the Company, (b) shareholder voting rights, and (c) other incidents of ownership to the Company's common stock. The Units are granted to participants upon the recommendation of the Company's CEO, and the approval of the Compensation Committee. Each of the Units that are granted to a participant will be initially valued by the Compensation Committee, and at a minimum, the Unit's value will be equal to the closing price of the Company's common stock on the grant date. The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit. The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment. The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit.
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Maximum	3 years
Unvested units outstanding	17,193		16,790
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	8,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 12.59
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 154,000
Employee Service, Share-based Compensation, Paid Shares	8,645
Fair Value, Option, Methodology and Assumptions	The Company uses the Black-Scholes option pricing model as its method for determining fair value of the Units. The Company uses the straight-line method of attributing the value of the stock-based compensation expense relating to the Units. The compensation expense (including adjustment of the liability to its fair value) from the Units is recognized over the vesting period of each grant or award.
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent	290,000
Deferred Compensation Share-based Arrangements, Liability, Current	125,000
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent	165,000
Allocated Share-based Compensation Expense	117,000	13,000
Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards	$ 188,000

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6. Stock Based Plans: Schedule of nonvested phantom stock units (Details) (Phantom Stock Plan, USD $)	6 Months Ended
	Jun. 30, 2013
Phantom Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	16,790
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance	$ 12.14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	8,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 12.59
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(8,297)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 11.05
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	17,193
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 12.89
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Number	17,193

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7. Noncontrolling Interests

6 Months Ended

Jun. 30, 2013

Notes

7. Noncontrolling Interests

7. NONCONTROLLING INTERESTS

The noncontrolling interest must also recognize its share of any currency translation adjustment, since the subsidiary’s functional currency is British Pounds, and the local books are translated into US Dollars for consolidation purposes. The noncontrolling interest’s share of foreign currency translation was a loss $4,000 for the six months ended June 30, 2013.

At June 30, 2013, after considering the income and foreign currency translation components described above, the balance of the noncontrolling interest was $74,000.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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XML 66 R21.xml IDEA: 2. Significant Accounting Policies: Product Liability Reserves (Policies) 2.4.0.8000210 - Disclosure - 2. Significant Accounting Policies: Product Liability Reserves (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2us-gaap_LiabilityReserveEstimatePolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Product Liability Reserves               Product liability reserves represent the estimated unpaid amounts under the Companys insurance policies with respect to existing claims.  The Company uses the most current available data to estimate claims.  As explained more fully under Contingencies, for various product liability claims covered under the Companys general liability insurance policies, the Company must pay certain defense costs within its deductible or self-insured retention limits, ranging primarily from $25,000 to $250,000 per claim, depending on the terms of the policy in the applicable policy year, up to an aggregate amount.  The Company is vigorously defending against all known claims.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for estimating its liability as of the balance sheet date for the ultimate cost of settling reported and unreported claims incurred and claims adjustment expenses (including effects of inflation and other societal and economic factors).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Subparagraph b -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.13(b)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 false0Product Liability Reservesfalse2. Significant Accounting Policies: Product Liability Reserves (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.omegaflex.com/20130630/role/idr_Disclosure2SignificantAccountingPoliciesProductLiabilityReservesPolicies12 XML 67 R30.htm IDEA: XBRL DOCUMENT

2. Significant Accounting Policies: Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Details
Liability for Uncertain Tax Positions, Current	$ 119	$ 119

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2. Significant Accounting Policies: Use of Estimates (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Use of Estimates

Use of Estimates

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6. Stock Based Plans

6 Months Ended

Jun. 30, 2013

Notes

6. Stock Based Plans

6. STOCK BASED PLANS

Phantom Stock Plan

§ ownership interest in the Company

§ shareholder voting rights

§ other incidents of ownership to the Company’s common stock

The Units are granted to participants upon the recommendation of the Company’s CEO, and the approval of the Compensation Committee. Each of the Units that are granted to a participant will be initially valued by the Compensation Committee, and at a minimum, the Unit’s value will be equal to the closing price of the Company’s common stock on the grant date. The Units follow a vesting schedule, with a maximum vesting of 3 years after the grant date. Upon vesting, the Units represent a contractual right of payment for the value of the Unit. The Units will be paid on their maturity date, one year after all of the Units granted in a particular award have fully vested, unless an acceptable event occurs under the terms of the Plan prior to one year, which would allow for earlier payment. The amount to be paid to the participant on the maturity date is dependent on the type of Unit granted to the participant.

The following table summarizes information about the Company’s nonvested phantom stock Units at June 30, 2013:

	Units	Weighted Average Grant Date Fair Value
Number of Phantom Stock Unit Awards:
Nonvested at December 31, 2012	16,790	$ 12.14
Granted	8,700	$ 12.59
Vested	(8,297)	$ 11.05
Forfeited	(---)	$ ---
Canceled	(---)	$ ---

Nonvested at June 30, 2013	17,193	$ 12.89

Phantom Stock Unit Awards Expected to Vest	17,193	$ 12.89

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

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1. Basis of Presentation and Description of Business

6 Months Ended

Jun. 30, 2013

Notes

1. Basis of Presentation and Description of Business

1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS

Basis of Presentation

Description of Business

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5. Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Details
Loss Contingency, Management's Assessment and Process	Under a number of indemnity agreements between the Company and each of its officers and directors, the Company has agreed to indemnify each of its officers and directors against any liability asserted against them in their capacity as an officer or director, or both. The Company’s indemnity obligations under the indemnity agreements are subject to certain conditions and limitations set forth in each of the agreements. Under the terms of the Agreement, the Company is contingently liable for costs which may be incurred by the officers and directors in connection with claims arising by reason of these individuals’ roles as officers and directors. The Company has obtained directors’ and officers’ insurance policies to fund certain of the Company’s obligations under the indemnity agreements.
Deferred Compensation Arrangements, Overall, Description	The Company has salary continuation agreements with one current employee, and one former employee who retired at the end of 2010. These agreements provide for monthly payments to each of the employees or their designated beneficiary upon the employee’s retirement or death. The payment benefits range from $1,000 per month to $3,000 per month with the term of such payments limited to 15 years after the employee’s retirement at age 65. The agreements also provide for survivorship benefits if the employee dies before attaining age 65, and severance payments if the employee is terminated without cause; the amount of which is dependent on the length of company service at the date of termination.
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent	$ 461	$ 481
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent	449	469
Other Deferred Compensation Arrangements, Liability, Current	12	12
Cash Surrender Value of Life Insurance	$ 898	$ 838

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Inventories: Schedule of Inventory, Current (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0001317945duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Tables/Schedules2false 2us-gaap_ScheduleOfInventoryCurrentTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<table border="0" cellspacing="0" cellpadding="0" width="622" style='width:466.25pt;border-collapse:collapse'> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> June 30, </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> December 31, </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2013 </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="266" colspan="3" valign="top" style='width:199.85pt;padding:0in 5.4pt 0in 5.4pt'> (dollars in thousands) </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="top" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="top" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Finished Goods </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'> $ 5,339  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;padding:0in 5.4pt 0in 5.4pt'> $ 5,598  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Raw Materials </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,604  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 1,530  </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr align="left"> <td width="355" valign="top" style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'> Total Inventory </td> <td width="120" valign="bottom" style='width:1.25in;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 6,943  </td> <td width="36" valign="bottom" style='width:27.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="110" valign="bottom" style='width:82.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> $ 7,128  </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5 false0Schedule of Inventory, Currentfalse3. 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2. Significant Accounting Policies: Inventory (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Inventory

Inventory

- Definition

Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.

+ References+ Details

XML 83 R15.htm IDEA: XBRL DOCUMENT

9. Subsequent Events

6 Months Ended

Jun. 30, 2013

Notes

9. Subsequent Events

9. SUBSEQUENT EVENTS

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2. Significant Accounting Policies: Fair Value of Financial and Nonfinancial Instruments (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Fair Value of Financial and Nonfinancial Instruments

Fair Value of Financial and Nonfinancial Instruments

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2. Significant Accounting Policies: Goodwill and Intangible Assets (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Goodwill and Intangible Assets

Goodwill and Intangible Assets

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2013
Document and Entity Information
Entity Registrant Name	Omega Flex, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Entity Central Index Key	0001317945
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	10,091,822
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

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2. Significant Accounting Policies: Product Liability Reserves (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Product Liability Reserves

Product Liability Reserves

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