美国

证券交易委员会

华盛顿，特区。20549

表格10-Q

(马克 一)

☒ 根据1934年证券交易法第13条或15(d)的季度报告

截至季度结束九月三十日， 2024

☐根据1934年证券交易法第13或15(d)条款的过渡报告

从________________________到______________________的过渡期

委员会档案编号 000-51372

欧米茄 Flex，公司。

（公司章程中指定的准确公司名称）

(610) 524-7272

注册人的电话号码，包括区号

不适用

（如自上次报告以来更改，前名称，前地址和前财政年度）

根据法案第12(b)节注册的证券:

请勾选标记以指示注册者是否（1）在过去12个月内（或注册者需要提交这些报告的更短时间内）已提交证券交易所法案第13或15（d）节要求提交的所有报告，及　（2）是否已被提交要求过去90天的提交要求所制约。是 ☒ No ☐

通过勾选圆圈表明注册者是否在过去12个月内(或注册者需要提交这些文件的较短期限内)已经递交规章S-T(本章第232.405条)规定的每个交互式数据文件。是 ☒ No ☐

在勾选标记处表示注册人是大型加速提交人、加速提交人、非加速提交人、小型报告公司还是新兴增长公司。请参阅证券交易法120亿条规则中“大型加速提交人”、“加速提交人”、“小型报告公司”和“新兴增长公司”的定义。

如果是新兴成长企业，请勾选表示该登记注册者已选择不使用Exchange Act第13(a)条规定的任何新的或修订的财务会计准则的延长过渡期进行遵守。☐

请勾选是否登记的公司是空壳公司（根据《交易所法》第120亿.2条的定义）。 是 ☐ 否 ☒

截至2024年11月1日，注册人普通股的流通股份数量为 10,094,322.

OMEGA FLEX，INC。

第10-Q表格的季度报告

截至2024年9月30日的九个月

指数

关于前瞻性声明的警示说明

在欧美佳福莱克斯公司本季度报告（“表格10-Q”）中，某些声明并非历史事实——而是反映我们对未来结果和事件的当前期望——构成根据1995年《私人证券诉讼改革法》意义上的前瞻性声明。诸如“相信”、“期望”、“打算”、“计划”、“预测”、“意图”、“估计”、“潜在”、“持续”、“希望”、“可能”、“将”和类似表达，或这些词的否定形式，标识了这样的前瞻性声明。这些前瞻性声明并不能保证未来的表现，且受到风险和不确定性的影响。可能导致欧美佳福莱克斯公司或行业结果的实际结果、表现或成就与这些前瞻性声明中表达或暗示的未来结果、表现或成就发生重大差异的重要因素已在公司的年度报告第 I 部分，第 1A 项风险因素以及截至2023年12月31日的其他部分中列出。

读者 被提醒不要过度依赖这些前瞻性声明，这些声明仅反映管理层在本10-Q表格日期的观点。 我们没有义务更新或修订任何前瞻性声明，无论是反映本文件日期之后的事件或情况，还是反映不可预见的事件、条件或情况的发生，除非法律要求。 此外，本10-Q表格的某些部分包含来自独立行业板块来源和其他来源的信息，我们并未独立验证这些信息。

除非另有说明或上下文另有要求，本表格10-Q中提到的“欧美佳福莱克斯”、“公司”、“我们”、“我们”和“我们的”均指欧美佳福莱克斯公司及其子公司。

第一部分 - 财务信息

项目 1 - 基本报表

欧美佳福莱克斯，INC.

简化 合并资产负债表

(金额 以千为单位，除普通股数据外)

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，有限公司

简化版 合并损益表

(金额 以千为单位，除了每普通股数据)

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，有限公司

精简 综合收入报表

(金额 以千为单位)

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，INC.

浓缩 合并股东权益变动表

(金额 以千为单位，除分享金额外)

(未经审计)

截至2024年9月30日的三个月期间

截至2023年9月30日的三个月

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，INC.

浓缩 合并股东权益变动表

(金额 以千为单位，除分享金额外)

(未经审计)

截至2024年9月30日的九个月

For the nine months ended September 30, 2023

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，有限公司

简明合并现金流量表

(金额 以千为单位)

请参见 附带的未经审计的简明合并基本报表说明。

欧美佳福莱克斯，有限公司

备注 关于简明合并基本报表

(未经审计)

项目 2 – 管理层对财务控件及运营结果的讨论与分析

您 应当与我们在此Form 10-Q的第I部分，第1项中包含的缩略合并 基本报表及相关附注一起阅读以下对我们财务 状况和经营成果的讨论和分析。本讨论及本报告的其他部分 包含涉及风险和不确定性的前瞻性声明，例如基于我们管理层的信念以及管理层所作的假设和当前可得的信息的 我们的计划、目标、期望和意图的声明。我们的实际结果可能与这些前瞻性声明中讨论的结果有重大差异。请参阅本Form 10-Q中的“关于前瞻性声明的警示说明”。

概述

该公司是灵活金属软管的领先制造商，目前正在多个市场中开展业务，包括施工、制造业-半导体、运输、石油化工、药品和其他行业。

公司的业务作为一个单一的经营板块进行管理，包括灵活金属软管、配件及附件的制造和销售。公司的产品主要集中在住宅和商业施工以及一般工业市场，拥有涵盖全球各国的知识产权和专利的全面组合。公司的主要产品灵活燃气管道，用于住宅和商业建筑内的燃气管道。通过其灵活性和易用性，公司的TracPipe^® 和TracPipe^® CounterStrike^® 灵活燃气管道，及其下的AutoFlare商标分发的配件^®与传统方法相比，该产品允许用户大幅减少安装燃料币管道所需的时间。公司的最新产品线MediTrac^® 波纹医疗管道（“CMT”）用于医疗气体（氧气、氮气、一氧化二氮、二氧化碳和医疗真空）的管道系统，适用于医疗保健设施。建立在灵活燃料币管道市场公认的优势和策略基础上，MediTrac^® CMT可以替代刚性铜管，由于其开多的连续长度和灵活性，它的安装速度约为刚性铜管的五倍，节省安装人工和施工进度。公司的产品在美国宾夕法尼亚州的Exton和德克萨斯州的休斯顿，以及在英国牛津郡的Banbury生产。公司的大多数销售来自于独立的外部销售组织，如销售代表、批发商和分销商，或两者的组合。公司在北美拥有广泛的分销网络，在其他全球市场的覆盖程度较低。

财务状况的变化

截至2024年9月30日的期间与2023年12月31日相比

截至2024年9月30日，公司的现金余额为45,873,000美元，比2023年12月31日的46,356,000美元减少了483,000美元（1.0%），主要是由于股息支付10,095,000美元，具体见本报告中包括的合并基本报表第9条，股东权益，以及资本开支1,443,000美元，大部分被经营活动提供的现金11,097,000美元所抵消。有关现金变动的进一步详情，请参阅公司的合并现金流量报表。

截至2024年9月30日和2023年12月31日，留存收益分别为71,630,000美元和68,493,000美元，增加了3,137,000美元，增长了4.6%。 这一增长主要归因于年度净利润，如本公司汇总合并的 收益报告中所提供，部分被2024年已宣派的分红派息所抵消，详细情况请见本报告包含的汇总 合并基本报表的第9条，股东权益。

经营成果

截至2024年9月30日的三个月与截至2023年9月30日的三个月比较

公司报告了截至2024年9月30日和2023年9月30日的三个月期间的对比运营结果如下：

净 销售额。 公司的2024年第三季度销售额为24,880,000美元，比2023年第三季度的27,496,000美元减少了2,616,000美元，下降了9.5%。销售额的下降主要是由于销售单位数量减少，原因是市场整体受抑，其中包括住房开工数量的下降等多种因素。

毛利润。 截至2024年和2023年9月30日的季度，公司毛利润率分别为61.7%和61.6%。

销售 费用. 销售费用主要包括员工薪酬及相关间接费用、佣金以及市场营销项目的成本，如广告、贸易展览和相关的通讯费用，以及运费。2024年和2023年截至9月30日的季度销售费用分别为4,976,000美元和5,059,000美元，减少了83,000美元或1.6%。减少主要与较低销售额相关的佣金有关。与去年相比，销售费用占净销售额的百分比有所增加，2024年9月30日的季度为20.0%，2023年9月30日的季度为18.4%。

一般 管理费用. 一般和行政费用主要包括员工薪资、行政、执行和财务人员的福利、法律和会计，以及企业的一般和行政服务。截至2024年9月30日和2023年9月30日的季度一般和行政费用分别为3,848,000美元和4,037,000美元，减少了189,000美元，降幅为4.7%。与盈利能力相关的激励补偿部分主要由于年初执行管理团队的变化而下降。产品责任储备和费用也相应减少。这部分被与公司股票价格相关的股票基础补偿的增加所抵消，具体内容详见第7条，股票基础补偿计划，以及与人员相关的成本。在销售的百分比中，截至2024年9月30日的季度一般和行政费用从2023年9月30日的14.7%上升至15.5%。

Engineering Expense. Engineering expenses consist of development expenses associated with the development of new products and enhancements to existing products, and manufacturing engineering costs. Engineering expenses were $1,058,000 and $992,000 for the quarters ended September 30, 2024 and 2023, respectively, increasing by $66,000 or 6.7%. Engineering expenses increased as a percentage of sales, being 4.3% for the quarter ended September 30, 2024, and 3.6% for the same quarter in 2023.

Operating Profits. Reflecting all of the factors mentioned above, operating profits were $5,468,000 and $6,859,000 for the quarters ended September 30, 2024 and 2023, respectively, decreasing by $1,391,000 or 20.3%.

Interest Income. Interest income is recorded on cash investments, and interest expense is recorded at times when the Company has debt amounts outstanding on its line of credit. The Company recorded $586,000 of interest income for the third quarter of 2024 and $502,000 for the third quarter of 2023. Higher invested cash balances are mainly responsible for the higher interest income.

Other Income (Expense). Other income (expense) primarily consists of foreign currency exchange gains (losses) on transactions settled in currencies other than the Company’s local currency, typically related to the Company’s foreign U.K. and France subsidiaries. There was a gain of $21,000 during the third quarter of 2024 compared to a loss of $41,000 during the third quarter of 2023.

Income Tax Expense. Income tax expense was $1,479,000 for the third quarter of 2024, compared to $1,746,000 for the third quarter in 2023, decreasing $267,000 or 15.3%, mostly the result of lower income before income taxes.

Nine months ended September 30, 2024 compared to nine months ended September 30, 2023

The Company reported comparative results from operations for the nine month periods ended September 30, 2024 and 2023 as follows:

Net Sales. The Company’s sales for the first nine months of 2024 of $74,716,000 decreased $8,602,000 or 10.3% compared to the first nine months of 2023, which generated sales of $83,318,000. The decrease in sales is mainly due to lower sales unit volumes as a result of the overall market being suppressed because of, among other factors, a decline in housing starts.

Gross Profit. The Company’s gross profit margins were 61.1% and 61.7% for the nine months ended September 30, 2024 and 2023, respectively. The decline in gross profit margin is mainly due to lower production, which caused lower absorption of factory labor and overhead costs, and higher overhead expenses mainly due to newly leased facilities. This is partly offset by lower raw material costs and a decrease in the provision for excess inventories for MediTrac^® CMT products.

Selling Expenses. Selling expenses consist primarily of employee salaries and associated overhead costs, commissions, and the cost of marketing programs such as advertising, trade shows and related communication costs, and freight. Selling expenses were $15,202,000 and $15,631,000 for the nine months ended September 30, 2024 and 2023, respectively, representing a decrease of $429,000 or 2.7%. The decrease is mostly related to commissions and freight due to lower sales. These decreases were partially offset by higher travel and recruiting expenses. Selling expenses increased as a percent of net sales compared to last year, being 20.3% for the nine months ended September 30, 2024, and 18.8% for the nine months ended September 30, 2023.

General and Administrative Expenses. General and administrative expenses consist primarily of employee salaries, benefits for administrative, executive and finance personnel, legal and accounting, and corporate general and administrative services. General and administrative expenses were $11,687,000 and $13,204,000 for the nine months ended September 30, 2024 and 2023, respectively, decreasing by $1,517,000 or 11.5%. The incentive compensation component, which is aligned with profitability, decreased mainly due to the changes in the executive management team at the beginning of the year and lower profits. Product liability reserves and expenses were also lower along with stock based compensation, which moves in relation to the Company’s stock price, as detailed in Note 7, Stock Based Compensation Plans. These were partly offset by increases in staffing and computer related expenses. As a percentage of sales, general and administrative expenses decreased to 15.6% for the nine months ended September 30, 2024 from 15.8% for the nine months ended September 30, 2023.

Engineering Expense. Engineering expenses consist of development expenses associated with the development of new products and enhancements to existing products, and manufacturing engineering costs. Engineering expenses were $2,973,000 and $2,854,000 for the nine months ended September 30, 2024 and 2023, respectively, increasing by $119,000 or 4.2% mainly due to higher consulting expenses. Engineering expenses increased as a percentage of sales, being 4.0% for the nine months ended September 30, 2024, and 3.4% for the nine months ended September 30, 2023.

Operating Profits. Reflecting all of the factors mentioned above, operating profits were $15,809,000 and $19,686,000 for the nine months ended September 30, 2024 and 2023, respectively, decreasing by $3,877,000 or 19.7%.

Interest Income. Interest income is recorded on cash investments, and interest expense is recorded at times when the Company has debt amounts outstanding on its line of credit. The Company recorded $1,741,000 and $1,179,000 of interest income during the first nine months of 2024 and 2023, respectively. Higher invested cash balances and interest rates are mainly responsible for the higher interest income.

Other Income (Expense). Other income (expense) primarily consists of foreign currency exchange gains (losses) on transactions settled in currencies other than the Company’s local currency, typically related to the Company’s foreign U.K. and France subsidiaries. There was a loss of $39,000 during the first nine months of 2024 compared to a gain of $14,000 during the first nine months of 2023.

Income Tax Expense. Income tax expense was $4,241,000 for the first nine months of 2024, compared to $5,014,000 for the same period in 2023, decreasing $773,000 or 15.4%, mostly the result of lower income before income taxes.

LIQUIDITY AND CAPITAL RESOURCES

Historically, the Company’s primary cash needs have been related to working capital items, which the Company has largely funded through cash generated from operations.

As of September 30, 2024, the Company had a cash balance of $45,873,000. Additionally, the Company has a $15,000,000 line of credit available, as discussed in detail in Note 5, which had no borrowings outstanding upon it as of September 30, 2024. As of December 31, 2023, the Company had a cash balance of $46,356,000, with no borrowings against the line of credit.

We believe our existing cash and cash equivalents, along with our borrowing capacity, will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future capital requirements will depend upon many factors including our rate of revenue growth, the timing and extent of any expansion efforts, and the potential for investments in, or the acquisition of any complementary products, businesses, or supplementary facilities for additional capacity.

See Notes 6 and 8 to the Company’s Condensed Consolidated Financial Statements included in this Form 10-Q for a description of the Company’s commitments and contingencies.

CASH FLOWS

Operating Activities

Cash provided or used by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities, such as those included in working capital.

For the nine months ended September 30, 2024, the Company’s operating activities provided cash of $11,097,000, compared to the nine months ended September 30, 2023 which provided cash of $11,496,000, a decrease of $399,000. For details of the operating cash flows refer to the Condensed Consolidated Statements of Cash Flows in Part I – Financial Information on page nine.

As a general trend, the Company tends to deplete or generate lower amounts of cash early in the year, as significant payments are typically made for incentive compensation and accrued promotional incentives. Cash has then historically shown a tendency to be restored and accumulated during the latter portion of the year.

Investing Activities

Cash used in investing activities during the nine months ended September 30, 2024 and 2023 was $1,443,000 and $1,455,000, respectively, as a result of payments for mainly leasehold improvements and manufacturing equipment capital expenditures.

Financing Activities

All financing activities relate to dividend payments, which are detailed in Note 9, Shareholders’ Equity. Dividend payments through the first nine months of 2024 and 2023 amounted to $10,095,000 and $9,793,000, respectively.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

See our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of our critical accounting policies and estimates. There have been no material changes to our critical accounting policies and estimates discussed in such report.

RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, updated in December 2022 by ASU No. 2022-06, Deferral of Sunset Date of Topic 848. The ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASUs provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04, as updated by ASU 2022-06, is effective for all entities as of March 12, 2020, through December 31, 2024. The impact of the adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands public entities tax disclosures including improving disclosures surrounding the Company’s rate reconciliation, cash taxes paid, and disaggregation of income tax expense (or benefit) from continuing operations. The amendment is effective for annual periods beginning after December 15, 2024. The Company is in the process of evaluating the impact of ASU No. 2023-09 on its Condensed Consolidated Financial Statements.

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

The Company does not engage in the purchase or trading of market risk sensitive instruments. The Company does not presently have any positions with respect to hedge transactions such as forward contracts relating to currency fluctuations. No market risk sensitive instruments are held for speculative or trading purposes.

Item 4 – Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures.

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Form 10-Q. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this Form 10-Q, our disclosure controls and procedures were effective at the reasonable assurance level. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

(b) Changes in Internal Controls.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

See legal proceedings disclosure in Note 6, Commitments and Contingencies, to the Condensed Consolidated Financial Statements included in this Form 10-Q.

Item 1A – Risk Factors

Risk factors are discussed in detail in the Company’s December 31, 2023 Form 10-K. There are no additional risks attributable to the quarter.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

Not Applicable.

Item 5 – Other Information

None.

Item 6 - Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.