Industry Press Releases

Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2017 Results of Operations

Friday, Jun 30, 2017

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 quarter and year ended March 31, 2017. For the year ended March 31, 2017, the Company recorded a net loss of $2,678,684 ($0.39 loss per share diluted) on net sales of $77,756,055. During the year ended March 31, 2016, the Company recorded net earnings of $294,000 ($0.04 earnings per share diluted) on net sales of $81,631,382.

For the quarter ended March 31, 2017, the Company recorded a net loss of ($376,958) ($0.06 loss per share diluted) on net sales of $21,056,040 compared to a net loss of ($523,775) ($0.08 loss per share diluted) on net sales of $15,948,861 recorded during the quarter ended March 31, 2016.

SUMMARY OF OPERATIONS
             
            (unaudited)        
            THREE MONTHS ENDED MAR. 31,       YEAR ENDED MAR. 31,
           

2017

   

2016

     

2017

   

2016

                                 
Net sales           $ 21,056,040       $ 15,948,861         $ 77,756,055       $ 81,631,382
Total costs and                                
other income             21,558,099         16,764,151           81,906,871         81,232,701
                                 
Earnings (loss) before                                
income taxes             (502,059)         (815,290)           (4,150,816)         398,681
                                 
Income taxes             (125,101)         (291,515)           (1,472,132)         104,681
                                 
Net earnings (loss)           $ (376,958)       $ (523,775)         $ (2,678,684)       $ 294,000
                                 
Weighted average shares outstanding:                                
Basic             6,851,944         6,799,444           6,851,944         6,799,444
Diluted             6,851,944         6,799,444           6,851,944         6,799,444
                                 
Net earnings (loss) per share:                                
Basic           $ (0.06)       $ (0.08)         $ (0.39)       $ 0.04
Diluted           $ (0.06)       $ (0.08)         $ (0.39)       $ 0.04

For further information, please refer to the Company's Form 10-K as filed with the U.S. Securities and Exchange Commission on June 29, 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

Other Press Releases