Friedman Industries, Incorporated Announces Second Quarter Results
by Business Wire
Friedman Industries, Incorporated (NYSE-MKT: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, 2012, the Company recorded net earnings of $1,644,329 ($0.24 per share diluted) on sales of $33,334,070. During the quarter ended September 30, 2011, the Company recorded net earnings of $2,314,908 ($0.34 per share diluted) on sales of $42,039,282.
| SUMMARY OF OPERATIONS (unaudited) | ||||||||||||||||
| THREE MONTHS ENDED SEPT. 30, | SIX MONTHS ENDED SEPT. 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net sales | $ | 33,334,070 | $ | 42,039,282 | $ | 72,768,840 | $ | 80,974,738 | ||||||||
Total costs, and other income | 30,864,294 | 38,564,056 | 67,198,935 | 74,744,634 | ||||||||||||
Earnings before income taxes | 2,469,776 | 3,475,226 | 5,569,905 | 6,230,104 | ||||||||||||
| Income taxes | 825,447 | 1,160,318 | 1,833,722 | 2,083,785 | ||||||||||||
| Net earnings | $ | 1,644,329 | $ | 2,314,908 | $ | 3,736,183 | $ | 4,146,319 | ||||||||
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 | $ | 0.24 | $ | 0.34 | $ | 0.55 | $ | 0.61 | ||||||||
| Diluted | $ | 0.24 | $ | 0.34 | $ | 0.55 | $ | 0.61 | ||||||||
For further information, please contact Ben Harper, Senior Vice President, at (713) 672-9433.