Omega Flex, Inc. has announced the election of a new director to its board. Stephen M. Shea, the current Executive Vice President and Chief Financial Officer of Mestek, Inc., has been elected as a Class 2 director and will serve on the company's Audit committee. With over 30 years of experience in the HVAC manufacturing industry and a background as a Certified Public Accountant, Shea brings a wealth of expertise to the board.
Let's take a look at how Omega Flex, Inc. has performed in its most recent financial period. In the last quarter, the company reported a 12% increase in revenue, reaching $30 million compared to the previous quarter's $26.8 million. Additionally, the gross profit margin improved to 45% from 42% in the previous quarter.
Moreover, Omega Flex, Inc. achieved a 15% increase in net income, totaling $6.5 million compared to $5.6 million in the prior quarter. This increase in net income is indicative of the company's strong performance and effective cost management.
Furthermore, the company's operating cash flow saw a significant improvement, increasing by 20% to $8.2 million from $6.8 million in the previous quarter. This reflects the company's ability to efficiently generate cash from its core operations.
In terms of its balance sheet, Omega Flex, Inc. reported a 10% decrease in long-term debt, reducing it to $15 million from $16.7 million in the prior quarter. This reduction in long-term debt signifies the company's efforts to strengthen its financial position and reduce its interest expenses.
Today the company's shares have moved 3.0% to a price of $71.24. If you want to know more, read the company's complete 8-K report here.
