Friedman Industries, Incorporated Announces Second 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 second quarter. For the quarter ended September 30, 2015, the Company recorded a net loss of $193,294 ($0.03 diluted loss per share) on sales of $23,165,705. During the quarter ended September 30, 2014, the Company recorded net earnings of $765,655 ($0.11 diluted earnings per share) on sales of $31,544,474.

           
 
SUMMARY OF OPERATIONS (unaudited)
 

THREE MONTHS ENDED SEPT. 30,

SIX MONTHS ENDED SEPT. 30,

2015

2014

2015

2014

 
Net sales $ 23,165,705 $ 31,544,474 $ 47,134,273 $ 59,448,996

Total costs and other income

23,453,588 30,405,115 46,616,469 58,386,900
       
 

Earnings (loss) before income taxes

(287,883 ) 1,139,359 517,804 1,062,096
 
Income taxes (94,589 ) 373,704 185,149 414,691
       
Net earnings (loss) $ (193,294 ) $ 765,655 $ 332,655 $ 647,405
 
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 ) $ 0.11 $ 0.05 $ 0.10
Diluted $ (0.03 ) $ 0.11 $ 0.05 $ 0.10
 

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, 2015 or contact Alex LaRue, Vice President - Secretary and Treasurer, at (903) 639-2511.

Contacts

Friedman Industries, Incorporated
Alex LaRue, (903) 639-2511
Vice President - Secretary and Treasurer

Contacts

Friedman Industries, Incorporated
Alex LaRue, (903) 639-2511
Vice President - Secretary and Treasurer