Omega Flex, Inc. (OFLX) will pay a special dividend of $3.50 per share in 2019. Earlier this year the piping products maker already hiked its quarterly dividend by 16.7 percent to 28 cents per share.

The special dividend is payable on December 30, 2019 to shareholders of record on December 26, 2019. The regular annual rate of $1.12 per share yields 1.0% at a stock price of $111.56.

 “The Board of Directors has reviewed the anticipated cash needs of the Corporation, and determined that the Corporation has cash and cash equivalents on-hand in excess of the amount necessary to meet the obligations incurred in its operations, fund capital expenditures, and fulfill its corporate objectives, as well as access to an existing revolving line of credit. The Board of Directors takes seriously its responsibility to the Corporation’s shareholders, and given that the Corporation maintains excess cash and cash equivalent assets, the Corporation will return those assets to the shareholders through a special dividend of $3.50 per share.”

OmegaFlex is a producer of flexible metallic piping products. The company supplies proprietary products for a broad number of applications and markets, which include primary steel production, semi-conductor, medical, pharmaceutical, petrochemical, residential and commercial construction, and power generation. OFLX distributes its TracPipe and TracPipe CounterStrike flexible gas piping and fittings under the AutoSnap and AutoFlare brand names. OmegaFlex was established in 1975 and has paid a regular quarterly dividend since 2017.