Friedman Industries, Incorporated Announces Third Quarter Results

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 third quarter. For the quarter ended December 31, 2012, the Company recorded net earnings of $1,150,058 ($0.17 per share diluted) on sales of $31,719,922. During the quarter ended December 31, 2011, the Company recorded net earnings of $1,799,250 ($0.26 per share diluted) on sales of $36,987,260.
 
SUMMARY OF OPERATIONS (unaudited)
                           
THREE MONTHS ENDED DEC. 31, NINE MONTHS ENDED DEC. 31,
2012 2011 2012 2011
 
Net sales $ 31,719,922 $ 36,987,260 $ 104,488,762 $ 117,961,998
Total costs and
other income 30,003,621 34,283,677 97,202,556 109,028,311
 
       
Earnings before
income taxes 1,716,301 2,703,583 7,286,206 8,933,687
Income taxes   566,243   904,333   2,399,965   2,988,118
Net earnings $ 1,150,058 $ 1,799,250 $ 4,886,241 $ 5,945,569
 
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
Earnings per share:
Basic $ 0.17 $ 0.26 $ 0.72 $ 0.87
Diluted $ 0.17 $ 0.26 $ 0.72 $ 0.87
 

For further information, please contact Ben Harper, Senior Vice President, at (713) 672-9433.

Copyright Business Wire 2010

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