UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
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Item 2.02. Results of Operations and Financial Condition
On October 18, 2023, Omega Flex, Inc. (the “Company”) issued a press release reporting its results for the nine months and three months ended September 30, 2023. A copy of the earnings press release issued by the Company with respect to these matters is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information set forth and incorporated by reference in this Item 2.02 is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and the Company does not incorporate it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statement and Exhibits
(d) Exhibits:
|
Exhibit Number |
Description | |
| 99.1 | Press Release dated October 18, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
OMEGA FLEX, INC.
| Date: October 18, 2023 | By: | /s/ Kevin R. Hoben |
| Kevin R. Hoben | ||
| Chairman 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, 2023 | (610) 524-7272 |
PRESS RELEASE
“Omega Flex, Inc. Announces Third Quarter 2023 Earnings”
| OMEGA FLEX, INC. (OFLX) | ||||||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net Sales | $ | 83,318,000 | $ | 94,670,000 | $ | 27,496,000 | $ | 31,629,000 | ||||||||
| Net Income attributable to Omega Flex, Inc. | $ | 15,874,000 | $ | 17,441,000 | $ | 5,576,000 | $ | 6,540,000 | ||||||||
| Earnings Per Share – Basic and Diluted | $ | 1.57 | $ | 1.73 | $ | 0.55 | $ | 0.65 | ||||||||
| Weighted Average Shares – Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | ||||||||||||
Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first nine months of 2023 and 2022 were $83,318,000 and $94,670,000, respectively, decreasing $11,352,000 or 12.0%. Net Sales for the three months ended September 30, 2023 were 13.1% lower than the third quarter of 2022.
The Company’s Net Income through September 2023 was $15,874,000 compared to $17,441,000 through the first nine months of 2022, decreasing $1,567,000 or 9.0%. Income for the third quarter of 2023 was 14.7% below the same period in 2022.
Although Net Sales continue to be impacted by lower sales unit volumes as a result of the overall market being suppressed because of, among other factors, a decline in housing starts, Net Income for the nine months ended September 30, 2023 declined at a lesser rate due to lower product liability reserves and expenses and higher interest income.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This press release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict and may be beyond the ability of Omega Flex to control. Certain statements in this press release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995 that are not historical facts, but rather reflect Omega Flex’s current expectations concerning future results and events. The words “believes,” “expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,” “will,” and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s view only as of the date of this press release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions, or circumstances.
Cover |
Oct. 18, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 18, 2023 |
| Entity File Number | 000-51372 |
| Entity Registrant Name | OMEGA FLEX, INC |
| Entity Central Index Key | 0001317945 |
| Entity Tax Identification Number | 23-1948942 |
| Entity Incorporation, State or Country Code | PA |
| Entity Address, Address Line One | 451 Creamery Way |
| Entity Address, City or Town | Exton |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 19341 |
| City Area Code | 610 |
| Local Phone Number | 524-7272 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | OFLX |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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