UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 18, 2018
OMEGA FLEX, INC.
(Exact name of registrant as specified in charter)
| Pennsylvania | 000-51372 | 23-1948942 | ||
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||
| of incorporation) | File Number) | Identification No.) |
451 Creamery Way
Exton, Pennsylvania 19341
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 610-524-7272
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS - This report and the exhibit or exhibits attached hereto, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to management’s good faith expectations and beliefs, which are subject to inherent uncertainties which are difficult to predict, and may be beyond the ability of the Company to control. Forward-looking statements are made based upon management’s expectations and belief concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.
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 entities in which the Company has interests), or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements which reflect management’s view only as of the date of this Form 8-K. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstance after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances. For additional information about risks and uncertainties that could adversely affect the Company’s forward-looking statements, please refer to the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 18, 2018, Omega Flex, Inc. (the “Company”) issued a press release reporting its results for the nine months and three months ended September 30, 2018. A copy of the earnings release issued by the Company with respect to these matters is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in the earnings release and in this Item 2.02 is “furnished” and not “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities of that section. Such information may be incorporated by reference in another filing under the Securities and Exchange Act of 1934 or the Securities Act of 1933 only if, and to the extent that, such subsequent filing specifically references such information.
ITEM 7.01. REGULATION FD DISCLOSURE
The information included in Item 2.02 of this Form 8-K, including the press release attached as Exhibit 99.1, is incorporated by reference into this Item 7.01 in satisfaction of the public disclosure requirements of Regulation FD. This information is “furnished” and not “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may be incorporated by reference in another filing under the Securities and Exchange Act of 1934 or the Securities Act of 1933 only if, and to the extent that, such subsequent filing specifically references the information incorporated by reference herein.
ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS
| (a) | none |
| (b) | none |
| (c) | The following document is filed herewith as an exhibit to this Form 8-K: |
Exhibit 99.1 - Earnings Release
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| OMEGA FLEX, INC. | ||
| (Registrant) | ||
| Date: October 18, 2018 | By: | /s/ Kevin R. Hoben |
| Kevin R. Hoben | ||
| President and Chief Executive Officer | ||
Exhibit 99.1
OMEGA FLEX, INC.
Manufacturer of flexible metal hose and gas piping products
| Exton, Pennsylvania | Contact: Kevin R. Hoben | |
| October 18, 2018 | (610) 524-7272 |
PRESS RELEASE
Omega Flex today reported its results of operations for the Third Quarter, 2018:
| OMEGA FLEX, INC. (OFLX) | ||||||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net Sales | $ | 79,443,000 | $ | 74,335,000 | $ | 27,199,000 | $ | 24,923,000 | ||||||||
| Income before Income Taxes | $ | 18,729,000 | $ | 16,607,000 | $ | 6,766,000 | $ | 5,941,000 | ||||||||
| Net Income | $ | 14,115,000 | $ | 11,186,000 | $ | 5,176,000 | $ | 4,014,000 | ||||||||
| Earnings Per Share – Basic and Diluted | $ | 1.40 | $ | 1.11 | $ | 0.51 | $ | 0.40 | ||||||||
| Weighted Average Shares – Basic and Diluted | 10,091,822 | 10,091,822 | 10,091,822 | 10,091,822 | ||||||||||||
Kevin R. Hoben, President and CEO, announced that the Company’s Net Sales for the first nine months of 2018 were 6.9% higher than last year, increasing to $79,443,000 from $74,335,000 for the periods ending September 30, 2018 and 2017, respectively. Net Sales for the three months ended September 30, 2018 were 9.1% higher than the third quarter of 2017.
The Company’s Income before Income Taxes for the first nine months of 2018 was $18,729,000, compared to $16,607,000 during the same period last year, increasing 12.9%. For the quarter, Income before Income Taxes was up 13.9% above last year.
The Company’s Net Income through September 2018 increased $2,929,000 or 26.2%, being $14,115,000 and $11,186,000 for 2018 and 2017, respectively.
The Company was able to increase income for the year despite absorbing substantial developmental costs related to the launch of its new corrugated medical tubing product MediTrac®. MediTrac® was developed for conveying medical gases in health care facilities, and is currently being installed in several beta sites across the country. The Company does not anticipate any MediTrac® sales until the fourth quarter of 2018.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict, and may be beyond the ability of Omega Flex to control. Certain statements in this news release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995 that are not historical facts, but rather reflect Omega Flex’s current expectations concerning future results and events. The words “believes,” “expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,” “will,” and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s view only as of the date of this news release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances.
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