Omega Flex, Inc. Announces Fourth Quarter 2022 Earnings
22 Février 2023 - 10:15PM
Kevin R. Hoben, Chairman and CEO, announced that
the Company’s net sales for 2022 and 2021 were $125,487,000 and
$130,011,000, respectively, decreasing 3.5%. Net Sales for the
three months ended December 31, 2022 were 13.1% lower than the
fourth quarter of 2021. While net sales are lower than the previous
periods, sales unit volumes decreased at a higher rate. The effect
of the lower sales volumes was largely offset by pricing actions to
offset material cost pressure and to protect margins.
The Company’s net income for 2022 was
$23,622,000 compared to $26,195,000 during 2021, decreasing
$2,573,000 or 9.8%.
In contrast to last year, the results were
impacted by costs for resumption of travel and other marketing
efforts, which were lower in the 2021 period due to the pandemic as
well as higher product liability reserves and expenses. These
increased costs were offset partly by reduced incentive
compensation to align with the changes in the executive management
team.
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.
Contact: Kevin R. Hoben |
(610) 524-7272 |
Omega Flex (NASDAQ:OFLX)
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