Friedman Industries, Incorporated Announces First Quarter Results

HOUSTON--()--Friedman Industries, Incorporated (NYSE MKT: FRD), a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the first quarter. For the quarter ended June 30, 2014, the Company recorded a net loss of $118,250 ($0.02 diluted loss per share) on sales of $27,904,521. During the quarter ended June 30, 2013, the Company recorded net earnings of $808,359 ($0.12 diluted earnings per share) on sales of $29,582,144.

 
SUMMARY OF OPERATIONS (unaudited)
   
THREE MONTHS ENDED JUNE 30,
2014 2013
 
Net sales $ 27,904,521 $ 29,582,144
Total costs and
other income 27,981,784 28,427,694
   
Earnings (loss) before
income taxes (77,263 ) 1,154,450
Income taxes 40,987 346,091
   
Net earnings (loss) $ (118,250 ) $ 808,359
 
Weighted average shares outstanding:
Basic 6,799,444 6,799,444
Diluted 6,799,444 6,799,444
 
Net earnings (loss) per share:
Basic $ (0.02 ) $ 0.12
Diluted $ (0.02 ) $ 0.12
 

For further information, please refer to the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission on August 13, 2014 or contact Alex LaRue, Assistant Vice President at (903) 639-2511.

Contacts

Friedman Industries, Incorporated
Alex LaRue, (903) 639-2511
Assistant Vice President

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Contacts

Friedman Industries, Incorporated
Alex LaRue, (903) 639-2511
Assistant Vice President