Industry Press Releases

Friedman Industries, Incorporated Announces Second Quarter Results

Tuesday, Nov 14, 2017

Friedman Industries, Incorporated (NYSE - American; trading symbol: FRD):

Friedman Industries, Incorporated, a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the second quarter. For the quarter ended September 30, 2017, the Company recorded net earnings of $310,039 ($0.04 diluted earnings per share) on sales of $26,077,710. During the quarter ended September 30, 2016, the Company recorded a net loss of $603,882 ($0.09 diluted loss per share) on sales of $18,317,506.

 

SUMMARY OF OPERATIONS (unaudited)
                                 
       

THREE MONTHS ENDED SEPT. 30,

     

SIX MONTHS ENDED SEPT. 30,

       

2017

     

2016

     

2017

     

2016

                                 
Net sales       $ 26,077,710       $ 18,317,506         $ 49,160,979       $ 40,711,270  
Total costs and                                
other income         25,620,690         19,264,296           48,474,555         43,989,048  
                                 
Earnings (loss) before                                
income taxes         457,020         (946,790)           686,424         (3,277,778)  
                                 
Income taxes         146,981         (342,908)           205,765         (1,212,677)  
                                 
Net earnings (loss)       $ 310,039       $ (603,882)         $ 480,659       $ (2,065,101)  
                                 
Weighted average shares outstanding:                                
Basic         7,009,444         6,799,444           7,009,444         6,799,444  
Diluted         7,009,444         6,799,444           7,009,444         6,799,444  
                                 
Net earnings (loss) per share:                                
Basic       $ 0.04       $ (0.09)         $ 0.07       $ (0.30)  
Diluted       $ 0.04       $ (0.09)         $ 0.07       $ (0.30)  

 

For further information, please refer to the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission on November 13, 2017 or contact Alex LaRue, Vice President - Secretary and Treasurer, at (903) 758-3431.

Contacts

Friedman Industries, Incorporated
Alex LaRue, (903) 758-3431
Vice President - Secretary and Treasurer

 

Source:businesswire.com

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