Omega Flex, Inc. Announces First Quarter Earnings

Omega Flex

EXTON, PA — Omega Flex (NASDAQ: OFLX) reported its results of operations for the First Quarter, 2020:

    Three Months Ended March 31,
    2020    2019 
Net Sales $ 25,266,000 $ 26,788,000
Net Income attributable to Omega Flex, Inc. $ 4,344,000 $ 4,382,000
Earnings Per Share – Basic and Diluted $ 0.43 $ 0.43
Weighted Average Shares – Basic and Diluted 10,094,322 10,091,822
Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first quarter of 2020 were $25,266,000 compared to $26,788,000 during the first quarter of last year, decreasing $1,522,000 or 5.7%.

Net Income for the first three months of 2020 was however very similar to last year, being $4,344,000 and $4,382,000 for 2020 and 2019, respectively, down 0.9%.  The company was successful in maintaining earnings per share at $0.43 per share.

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The COVID-19 pandemic has had an impact on our March 31, 2020 operations and financial results.  The business continues to operate with two shifts and no layoffs despite a slight softening in our business during the first quarter of 2020.

We have seen an increase in the adoption of MediTrac® flexible medical gas piping systems, used for medical gases (including oxygen) in new or renovated health care facilities.

The impact of the COVID-19 pandemic in the second quarter and beyond will depend on government plans to combat the contagion while attempting to restore the economy, which are highly uncertain and unpredictable at this time.

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