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Omega Flex Inc. (OFLX) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in net sales to $101,681,000 from $111,465,000 in the previous year. The decrease is attributed to lower sales unit volumes due to a decline in housing starts.
Gross profit margins remained stable at 61.2% compared to 61.3% in the previous year.
Operating profit decreased to $21,571,000 from $25,799,000, reflecting a 16.4% decline due to lower net sales and increased expenses.
The company reported a net income of $17,915,000, down from $20,720,000 in the previous year.
Cash and cash equivalents increased to $51,699,000 from $46,356,000, primarily due to income generated from operations.
The company paid dividends totaling $13,527,000 during 2024.
Omega Flex continues to focus on its core strengths in the development, manufacture, and sale of flexible metal hose for various applications.
The company acknowledges that it faces intense competition in all its markets and is dependent on one product line for most of its sales.
Omega Flex is subject to periodic lawsuits and claims, primarily relating to potential lightning damage to its flexible gas piping products.
The company maintains a line of credit facility with no outstanding borrowings as of December 31, 2024.
Omega Flex's operations are sensitive to market and extrinsic factors, including interest rates and demand in the construction industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Omega Flex Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.