Friedman Industries, Incorporated Announces Second Quarter Results

Friedman Industries, Incorporated (NYSE-MKT, trading symbol: 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, 2016, the Company recorded a net loss of $603,882 ($0.09 diluted loss per share) on sales of $18,317,506. During the quarter ended September 30, 2015, the Company recorded a net loss of $193,294 ($0.03 diluted loss per share) on sales of $23,165,705.
               
SUMMARY OF OPERATIONS (unaudited)
 

THREE MONTHS ENDED SEPT. 30,

SIX MONTHS ENDED SEPT. 30,

2016

2015

2016

2015
 
Net sales $ 18,317,506 $ 23,165,705 $ 40,711,270 $ 47,134,273
Total costs and
other income 19,264,296 23,453,588 43,989,048 46,616,469
       
Earnings (loss) before
income taxes (946,790 ) (287,883 ) (3,277,778 ) 517,804
 
Income taxes (342,908 ) (94,589 ) (1,212,677 ) 185,149
       
Net earnings (loss) $ (603,882 ) $ (193,294 ) $ (2,065,101 ) $ 332,655
 
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 (loss) per share:
Basic $ (0.09 ) $ (0.03 ) $ (0.30 ) $ 0.05
Diluted $ (0.09 ) $ (0.03 ) $ (0.30 ) $ 0.05
 

For further information, please refer to the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission on November 14, 2016 or contact Alex LaRue, Vice President - Secretary and Treasurer, at (903) 758-3431.

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