Omega Flex, Inc. Announces 2nd Quarter Earnings

MIDDLETOWN, Conn., July 23, 2008 (PRIME NEWSWIRE) -- Omega Flex (Nasdaq:OFLX)
today reported its results of operations for the Second Quarter 2008:

OMEGA FLEX, INC. (OFLX) EARNINGS DIGEST

Three Months Ended June 30: 2008 2007
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Revenues $16,378,000 $19,202,000
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Net income $1,933,000 $1,808,000
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Basic and diluted earnings per share $0.19 $0.18
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Basic and diluted shares 10,100,982 10,153,633
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Six Months Ended June 30: 2008 2007
------------------------- ---- ----

Revenues $32,801,000 $36,533,000
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Net income $4,002,000 $3,680,000
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Basic and diluted earnings per share $0.40 $0.36
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Basic and diluted shares 10,106,877 10,153,633
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Kevin R. Hoben, President and CEO, indicated the Company's 2nd Quarter Revenues
were down $2,824,000 (14.7%) from Revenues in the 2nd Quarter 2007, and Net
Income improved $125,000 (6.9%) over the same period. Similarly, Revenues for
the first six months of 2008 were $3,732,000 (10.2%) below Revenues in the same
period in 2007, but Net Income increased $322,000 (8.8%) over the same period.

Revenue for the six months ended June 30, 2008 reflects continued weakness in
the residential construction industry, which was offset somewhat by gains in
market share in residential, non-residential and international construction
markets. Net income for the six- months ended June 30, 2008 rose primarily as a
result of improved margins related to decreased manufacturing costs and, to a
lesser extent, a decrease in marketing costs associated with reduced volume and
certain administrative costs.

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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CONTACT: Omega Flex, Inc.
Kevin R. Hoben
(860) 704-6820