EXTON, PA — Omega Flex (NASDAQ: OFLX) reported its results of operations for the First Quarter, 2020:
|OMEGA FLEX, INC. (OFLX)|
|Three Months Ended March 31,|
|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|
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.
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.
Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.