Financial Performance - Net sales for Q1 2025 were $23,330,000, a decrease of 7.5% compared to $25,216,000 in Q1 2024[17] - Gross profit for Q1 2025 was $14,072,000, down 6.8% from $15,099,000 in Q1 2024[17] - Operating profit decreased to $4,050,000 in Q1 2025, a decline of 20% from $5,058,000 in Q1 2024[17] - Net income attributable to Omega Flex, Inc. for Q1 2025 was $3,568,000, a decrease of 15.4% compared to $4,219,000 in Q1 2024[17] - Basic and diluted earnings per common share for Q1 2025 were $0.35, down from $0.42 in Q1 2024[17] - Comprehensive income for Q1 2025 was $3,574,000, compared to $4,204,000 in Q1 2024, reflecting a decrease of 14.9%[18] - The Company's net sales for Q1 2025 were $23,330,000, a decrease of $1,886,000 or 7.5% compared to Q1 2024's $25,216,000, primarily due to lower sales unit volumes and a decline in housing starts[128] - Gross profit margin improved to 60.3% in Q1 2025 from 59.9% in Q1 2024, with gross profit of $14,072,000 compared to $15,099,000 in the prior year[129] - Operating profit decreased by $1,008,000 or 19.9%, totaling $4,050,000 in Q1 2025 compared to $5,058,000 in Q1 2024[134] - Engineering expenses increased by $199,000 or 21.4% to $1,130,000 in Q1 2025, representing 4.8% of sales, up from 3.7% in Q1 2024[133] - Interest income for Q1 2025 was $511,000, slightly down from $546,000 in Q1 2024[134] - Selling expenses decreased by $351,000 or 6.6% to $5,001,000 in Q1 2025, representing 21.4% of net sales, up from 21.2% in Q1 2024[130] Assets and Liabilities - Total current assets decreased to $80,520,000 as of March 31, 2025, from $83,622,000 as of December 31, 2024[14] - Total liabilities decreased to $19,479,000 as of March 31, 2025, from $22,710,000 as of December 31, 2024[14] - Cash and cash equivalents at the end of Q1 2025 were $49,226,000, down from $51,699,000 at the end of Q4 2024[14] - The reserve for credit losses was $786,000 as of March 31, 2025, down from $866,000 as of December 31, 2024[46] - As of March 31, 2025, the Company's net inventories amounted to $15,177,000, an increase from $14,559,000 as of December 31, 2024, reflecting a growth of approximately 4.24%[75] - The Company maintains a revolving credit facility with a maximum amount of $15,000,000, with no outstanding borrowings as of March 31, 2025, indicating strong liquidity[78][79] - The Company reported a net present value of retirement payments associated with salary continuation agreements of $291,000 as of March 31, 2025, down from $302,000 as of December 31, 2024[81] - The Company has an unused facility fee of 10 basis points on the average unused balance of the revolving credit facility, which reflects prudent financial management[78] Dividends and Stock - Dividends declared per common share increased to $0.34 in Q1 2025 from $0.33 in Q1 2024[17] - The Company paid dividends totaling $3,432,000 in Q1 2025, compared to $3,332,000 in Q1 2024, reflecting a consistent dividend policy[148] - The Company declared a dividend of $0.34 per share on March 25, 2025, resulting in a total payment of $3,432,000[113] - The Company granted 12,829 phantom stock units with a fair value of $32.35 per unit in February 2025[93] - Total unrecognized compensation costs related to phantom stock units as of March 31, 2025, were $568,000, expected to be recognized through February 2028[100] - The Company had 19,232 nonvested and unmatured phantom stock units outstanding as of March 31, 2025[100] - The fair value of restricted stock awards granted on January 2, 2025, was $0.27 per share, totaling $113,400[104] Operational Insights - The Company manufactures flexible metal hose at facilities in Exton, Pennsylvania, Houston, Texas, and Banbury, Oxfordshire, UK[30] - The Company applies the five-step approach of ASC Topic 606 for revenue recognition, ensuring revenue reflects the transfer of goods or services[33] - The Company considers all highly liquid investments with an original maturity of 90 days or less as cash equivalents[43] - The Company has not experienced any losses related to cash balances and believes its credit risk to be minimal[43] - The Company does not offer a warranty as a separate component, and warranties are included with each purchase[39] - The Company uses the first-in, first-out (FIFO) method for inventory valuation[47] - The Company performed an annual impairment test for goodwill as of December 31, 2024, which did not indicate any impairment[49] - The Company is subject to potential claims related to its products, which may result in increased litigation costs, although it believes these claims lack legal merit[85] - The Company has recognized foreign currency translation adjustments as the sole component of other comprehensive income for the three months ended March 31, 2025[69] - The Company has an estimated maximum exposure for all current open claims as of March 31, 2025, not exceeding approximately $3,661,000[86] Lease Obligations - The Company recorded right-of-use assets of $4,838,000 and a lease liability of $5,169,000 as of March 31, 2025[110] - Rent expense for operating leases was $233,000 for the three months ended March 31, 2025, compared to $194,000 for the same period in 2024, reflecting a 20.1% increase[111] - Future minimum lease payments under non-cancelable leases as of March 31, 2025, total $5,780,000[112] - The Company has several lease obligations, including a facility in Banbury, England, which supports its manufacturing and distribution functions[84] Internal Controls - The management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective at a reasonable assurance level as of the end of the reporting period[157] - There were no changes in internal control over financial reporting during the most recent quarter that materially affected internal control[159]

EXTON, Pa., April 30, 2025 (GLOBE NEWSWIRE) -- OMEGA FLEX, INC. (OFLX) Three Months Ended March 31, 2025 2024 Net Sales $23,330,000 <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; ...

Financial Performance - Omega Flex, Inc. reported its results for the three months ended March 31, 2025[3]. - The earnings release was issued on April 30, 2025, detailing the company's financial performance[3]. - The financial results will likely influence future market strategies and investor decisions[3]. Regulatory Compliance - The report is not deemed "filed" under the Securities Exchange Act of 1934, ensuring it is treated as "furnished" information[4]. - The report is part of the company's compliance with the Exchange Act requirements[7]. Company Information - The company is listed on the NASDAQ Global Market under the trading symbol OFLX[2]. - The company has not indicated any changes in its status as an emerging growth company[2]. Document Details - The press release is attached as Exhibit 99.1, providing further details on financial results[5]. - The report includes a cover page interactive data file embedded within the Inline XBRL document[5]. - The CEO, Dean W. Rivest, signed the report, indicating executive approval of the financial disclosures[9].

EXTON, Pa., March 27, 2025 (GLOBE NEWSWIRE) -- Omega Flex, Inc. (the “Company”) (NASDAQ: OFLX) today announced that the Board of Directors declared a regular quarterly dividend of $0.34 per share payable on April 22, 2025, to shareholders of record on April 10, 2025. In determining the amount of future regular quarterly dividends, the Board will review the cash needs of the Company, and based on results of operations, financial condition, capital expenditure plans, and consideration of possible acquisitions ...

Financial Performance - The Company's net sales for the year were $101,681,000, reflecting a decrease of $9,784,000, or 8.8%, compared to $111,465,000 in the previous year[103] - Gross profit margins were 61.2% for 2024, slightly down from 61.3% in 2023[104] - Operating profit decreased by $4,228,000, or 16.4%, to $21,571,000 in 2024 from $25,799,000 in 2023[108] - Cash provided from operating activities was $20,857,000 in 2024, down from $23,422,000 in 2023, illustrating a decrease of $2,565,000[117] - Dividend payments for 2024 amounted to $13,527,000, compared to $13,124,000 in 2023[120] Assets and Liabilities - Cash and cash equivalents increased by $5,343,000, or 11.5%, to $51,699,000 as of December 31, 2024, from $46,356,000 at the end of 2023[100] - Retained earnings increased by $4,387,000, or 6.4%, to $72,880,000 as of December 31, 2024, compared to $68,493,000 in 2023[101] - Interest income rose to $2,278,000 in 2024 from $1,700,000 in 2023, attributed to higher invested cash equivalent balances[110] - Income tax expense decreased by $1,118,000, or 16.4%, to $5,707,000 in 2024, with an effective tax rate of approximately 24%[112] Expenses - Engineering expenses increased by $200,000, or 5.2%, to $4,068,000 in 2024, representing 4.0% of net sales[107] Goodwill and Impairment - The Company performed an annual impairment test for goodwill as of December 31, 2024, which indicated no impairment as the estimated fair value exceeded carrying value[128] Legal and Regulatory Matters - Product liability reserves are estimated based on current data, with defense and settlement costs ranging from $250,000 to $3,000,000 per claim, potentially impacting future liquidity and operations[129] Employee Compensation - The Phantom Stock Plan allows for the granting of phantom stock units to key employees, with a vesting schedule over three years and adjustments to market value over time[131] - The amended Phantom Stock Plan effective January 1, 2023, introduces three-year cliff vesting and pro-rata acceleration upon retirement at age 67 or greater[132] Accounting and Reporting - The Company accounts for tax liabilities under FASB ASC Topic 740, recognizing deferred tax assets and liabilities based on enacted tax rates expected to apply in future periods[135] - Recent accounting updates, including ASU No. 2023-07 and ASU No. 2023-09, will enhance segment reporting and tax disclosures, effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively[138][139] - The Company is evaluating the impact of ASU No. 2024-03, which requires disaggregation of income statement expenses, effective for annual periods beginning after December 15, 2026[140]

Core Insights - Omega Flex, Inc. reported a decrease in net sales for 2024, totaling $101.68 million, down from $111.47 million in 2023, representing an 8.8% decline [1][2] - The company's net income for 2024 was $18.01 million, a decrease of 13.2% from $20.76 million in 2023 [2] Financial Performance - Net Sales: $101,681,000 for 2024 vs. $111,465,000 for 2023, a decrease of $9,784,000 [1] - Net Income: $18,014,000 for 2024 vs. $20,763,000 for 2023, a decrease of $2,749,000 [2] - Earnings Per Share: Basic and diluted earnings per share were $1.78 for 2024 compared to $2.06 for 2023 [1] Quarterly Performance - Fourth Quarter Net Sales: $26,965,000 for 2024, down 4.2% from $28,147,000 in 2023 [1] - Fourth Quarter Net Income: $4,682,000 for 2024, a decrease of 4.2% from $4,889,000 in 2023 [2] Market Conditions - The decline in net sales is attributed to lower sales unit volumes, influenced by a decrease in housing starts and overall market suppression [1]

Financial Results - Omega Flex, Inc. reported its financial results for the twelve and three months ended December 31, 2024[3] - The earnings release was issued on March 5, 2025, detailing the company's performance[3] - The financial results include key metrics for revenue and earnings, although specific figures are not provided in the extracted content[3] Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934, and the company does not incorporate it into other filings[4] - The company is not classified as an emerging growth company under the Securities Act[2] Company Information - The company is listed on the NASDAQ Global Market under the trading symbol OFLX[2] - The company operates from its principal executive offices located in Exton, Pennsylvania[1] Document Details - The press release is attached as Exhibit 99.1, providing further details on financial performance[5] - The report includes a cover page interactive data file embedded within the Inline XBRL document[5] - The Chief Executive Officer, Dean W. Rivest, signed the report on March 5, 2025[9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------|------------------------------------------| | | | | transition period from ____________ ...

Financial Results - Omega Flex, Inc. reported its financial results for the nine and three months ended September 30, 2024[2]. - The earnings release was issued on October 30, 2024, detailing the company's performance[2]. - The report is not deemed "filed" under the Securities Exchange Act of 1934, and is instead "furnished" for informational purposes[3]. - The press release is attached as Exhibit 99.1, providing further details on financial performance[4]. Leadership - The company is led by Chief Executive Officer Dean W. Rivest, who signed the report[6].

Company Overview - Omega Flex is a leader in the flexible metal hose niche, particularly in corrugated stainless steel tubing (CSST), demonstrating that substantial returns can be achieved from various stock types [1] - Since its IPO in 2005, Omega Flex has produced total returns over six times higher than the S&P 500 index, despite a recent 74% decline in share price due to cyclical operations [2] Market Position and Product Advantages - Omega Flex's CSST systems offer significant advantages over traditional black iron piping, including easier installation and better performance during earthquakes and lightning strikes, leading to a 50% market share in new and remodeled housing construction in the U.S. [4][5] - The company has a flexible production capability, allowing it to respond to demand effectively, although its sales are closely tied to the cyclical U.S. housing industry [6] Current Challenges and Market Outlook - The company has faced challenges as U.S. housing starts have slowed due to rising interest rates and inflation, resulting in a drop in sales [7] - Research indicates a shortage of 4.5 million homes in the U.S., suggesting potential long-term growth in housing starts, although the timing of this recovery remains uncertain [8] Financial Metrics and Valuation - Omega Flex currently holds a return on invested capital (ROIC) of 24%, indicating a strong competitive position, with an 18% net income margin maintained despite economic challenges [10][11] - The company's price-to-earnings (P/E) ratio is at 25, near 10-year lows, and its dividend yield is at an all-time high of 2.8%, with only 69% of net income used for payouts [12][13] Investment Perspective - Despite being a less flashy investment, Omega Flex presents a compelling opportunity with its profitable operations available at a once-in-a-decade valuation, making it an attractive dividend stock for long-term holding [14]