MRO Magazine

Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2016 Results of Operations


June 29, 2016
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, 2016. Net earnings for the year ended March 31, 2016, were $294,000 ($0.04 earnings per share diluted) on net sales of $81,631,382. During the year ended March 31, 2015, the Company recorded net earnings of $382,330 ($0.06 earnings per share diluted) on sales of $108,322,780.

For the quarter ended March 31, 2016, the Company recorded a net loss of ($523,775) ($0.08 loss per share diluted) on net sales of $15,948,861 compared to a net loss of ($452,718) ($0.07 loss per share diluted) on net sales of $25,321,149 recorded during the quarter ended March 31, 2015.

   
SUMMARY OF OPERATIONS
(unaudited)    

THREE MONTHS ENDED MAR. 31,

YEAR ENDED MAR. 31,

2016

 

2015

2016

2015

 
Net sales $ 15,948,861 $ 25,321,149 $ 81,631,382 $ 108,322,780
Total costs and
other income 16,764,151 25,995,146 81,232,701 107,636,964
       
Earnings (loss) before
income taxes (815,290 ) (673,997 ) 398,681 685,816
 
Income taxes (291,515 ) (221,279 ) 104,681 303,486
       
Net earnings (loss) $ (523,775 ) $ (452,718 ) $ 294,000 $ 382,330
 
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 $ (0.08 ) $ (0.07 ) $ 0.04 $ 0.06
Diluted $ (0.08 ) $ (0.07 ) $ 0.04 $ 0.06
 

For further information, please refer to the Company’s Form 10-K as filed with the U.S. Securities and Exchange Commission on June 29, 2016 or contact Alex LaRue, Vice President – Secretary and Treasurer at (903) 758-3431.

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