Posted July 25, 2022

Omega Flex sales relatively flat

Omega Flex reported sales of $31.7 million for the second quarter, a decline of 0.7 percent compared to sales of $31.9 million in the same period last year.

For the first six months of the year, sales of $63.04 million compared to $62.82 million last year, a gain of 0.3 percent.

Second-quarter net income of $5.4 million, or 54 cents per share, was down from $6.2 million, or 61 cents, in the same period last year.

Net income for the first six months of the year of $10.9 million, or $1.08 per share, declined from $12.4 million, or $1.23 per share.

"In contrast to the first six months of last year (which were the strongest on record), the current six month and quarterly 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," said Kevin R. Hoben, chairman and CEO.