Omega Flex, Inc. Announces Fourth Quarter 2023 Earnings

		OMEGA FLEX, INC. (OFLX)
		For the Period Ended December 31,
		Twelve Months							Three Months
			2023				2022			2023			2022
Net Sales		$111,465,000				$125,487,000			$28,147,000			$30,817,000
Net Income attributable to Omega Flex, Inc.		$20,763,000				$23,622,000			$4,889,000			$6,181,000
Earnings Per Share – Basic and Diluted		$2.06				$2.34			$0.48			$0.61
Weighted Average Shares – Basic and Diluted			10,094,322				10,094,322			10,094,322			10,094,322

EXTON, Pa., March 06, 2024 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the “Company” or “Omega Flex”) for 2023 and 2022 were $111,465,000 and $125,487,000, respectively, decreasing 11.2%.  Net sales for the fourth quarter of 2023 were 8.7% lower than during the same period in 2022.   The decrease in net sales was mainly due to lower sales unit volumes as a result of the overall market continuing to be suppressed because of, among other factors, a decline in housing starts.