Friedman Industries, Incorporated Announces Second Quarter Results

LONGVIEW, Texas--()--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

Contacts

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