MRO Magazine

Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2015 Results of Operations


June 11, 2015
By Business Wire News

HOUSTON

Friedman Industries, Incorporated (FRD, NYSE MKT), a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the quarter and year ended March 31, 2015. Net earnings for the year ended March 31, 2015, were $382,330 ($0.06 earnings per share diluted) on net sales of $108,322,780. During the year ended March 31, 2014, the Company recorded net earnings of $1,712,926 ($0.25 earnings per share diluted) on sales of $116,149,022.

For the quarter ended March 31, 2015, the Company recorded a net loss of ($452,718) ($0.07 loss per share diluted) on net sales of $25,321,149 compared to net earnings of $389,440 ($0.06 earnings per share diluted) on net sales of $31,981,813 recorded during the quarter ended March 31, 2014.

   
SUMMARY OF OPERATIONS

 

(unaudited)      
THREE MONTHS ENDED MAR. 31, YEAR ENDED MAR. 31,

2015

 

2014

2015

2014

 
Net sales $ 25,321,149 $ 31,981,813 $ 108,322,780 $ 116,149,022
Total costs and
other income 25,958,910 31,387,604 107,636,964 113,612,314
       
Earnings (loss) before
income taxes (637,761 ) 594,209 685,816 2,536,708
 
Income taxes (185,043 ) 204,769 303,486 823,782
       
Net earnings (loss) $ (452,718 ) $ 389,440 $ 382,330 $ 1,712,926
 
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 ) $ 0.06 $ 0.06 $ 0.25
Diluted $ (0.07 ) $ 0.06 $ 0.06 $ 0.25
 

For further information, please refer to the Company’s Form 10-K as filed with the U.S. Securities and Exchange Commission on June 11, 2015 or contact Alex LaRue, Vice President – Secretary and Treasurer at (903) 639-2511.

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