Friedman Industries, Incorporated Announces Third Quarter Results

HOUSTON--()--Friedman Industries, Incorporated (NYSE-MKT; trading symbol: 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 third quarter. For the quarter ended December 31, 2015, the Company recorded net earnings of $485,120 ($0.07 per share diluted) on sales of $18,548,247. During the quarter ended December 31, 2014, the Company recorded net earnings of $187,643 ($0.03 per share diluted) on sales of $23,552,636.

 
SUMMARY OF OPERATIONS (unaudited)
             
THREE MONTHS ENDED DEC. 31, NINE MONTHS ENDED DEC. 31,

2015

2014

2015

2014

 
Net sales $ 18,548,247 $ 23,552,636 $ 65,682,520 $ 83,001,633
Total costs and
other income 17,852,080 23,254,919 64,468,549 81,641,819
       
Earnings before
income taxes 696,167 297,717 1,213,971 1,359,814
 
Income taxes 211,047 110,074 396,196 524,765
       
Net earnings $ 485,120 $ 187,643 $ 817,775 $ 835,049
 
Weighted average shares outstanding:
Basic 6,799,444 6,799,444 6,799,444 6,799,444
Diluted 6,799,444 6,799,444 6,799,444 6,799,444
 
Net earnings per share:
Basic $ 0.07 $ 0.03 $ 0.12 $ 0.12
Diluted $ 0.07 $ 0.03 $ 0.12 $ 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 February 16, 2016 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

Contacts

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