Friedman Industries, Incorporated Announces Third Quarter Results

LONGVIEW, Texas--()--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, 2016, the Company recorded a net loss of $236,625 ($0.03 diluted loss per share) on sales of $15,988,745. During the quarter ended December 31, 2015, the Company recorded net earnings of $485,120 ($0.07 diluted earnings per share) on sales of $18,548,247.

 
SUMMARY OF OPERATIONS (unaudited)
 
       

THREE MONTHS ENDED DEC. 31,

     

NINE MONTHS ENDED DEC. 31,

2016

     

2015

2016

     

2015

 
Net sales $ 15,988,745 $ 18,548,247 $ 56,700,015 $ 65,682,520
Total costs and
other income 16,359,724 17,852,080 60,348,772 64,468,549
       
Earnings (loss) before
income taxes (370,979 ) 696,167 (3,648,757 ) 1,213,971
 
Income taxes (134,354 ) 211,047 (1,347,031 ) 396,196
       
Net earnings (loss) $ (236,625 ) $ 485,120 $ (2,301,726 ) $ 817,775
 
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 (loss) per share:
Basic $ (0.03 ) $ 0.07 $ (0.34 ) $ 0.12
Diluted $ (0.03 ) $ 0.07 $ (0.34 ) $ 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 14, 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

Contacts

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