Friedman Industries, Incorporated Announces Second Quarter Results

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.

Copyright Business Wire 2010

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