LONGVIEW, Texas--(BUSINESS WIRE)--
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, 2017. For the year ended March 31, 2017, the Company recorded a net loss of $2,678,684 ($0.39 loss per share diluted) on net sales of $77,756,055. During the year ended March 31, 2016, the Company recorded net earnings of $294,000 ($0.04 earnings per share diluted) on net sales of $81,631,382.
For the quarter ended March 31, 2017, the Company recorded a net loss of ($376,958) ($0.06 loss per share diluted) on net sales of $21,056,040 compared to a net loss of ($523,775) ($0.08 loss per share diluted) on net sales of $15,948,861 recorded during the quarter ended March 31, 2016.
| SUMMARY OF OPERATIONS | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| THREE MONTHS ENDED MAR. 31, | YEAR ENDED MAR. 31, | ||||||||||||||||||||||
|
2017 |
2016 |
2017 |
2016 |
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| Net sales | $ | 21,056,040 | $ | 15,948,861 | $ | 77,756,055 | $ | 81,631,382 | |||||||||||||||
| Total costs and | |||||||||||||||||||||||
| other income | 21,558,099 | 16,764,151 | 81,906,871 | 81,232,701 | |||||||||||||||||||
| Earnings (loss) before | |||||||||||||||||||||||
| income taxes | (502,059 | ) | (815,290 | ) | (4,150,816 | ) | 398,681 | ||||||||||||||||
| Income taxes | (125,101 | ) | (291,515 | ) | (1,472,132 | ) | 104,681 | ||||||||||||||||
| Net earnings (loss) | $ | (376,958 | ) | $ | (523,775 | ) | $ | (2,678,684 | ) | $ | 294,000 | ||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 6,851,944 | 6,799,444 | 6,851,944 | 6,799,444 | |||||||||||||||||||
| Diluted | 6,851,944 | 6,799,444 | 6,851,944 | 6,799,444 | |||||||||||||||||||
| Net earnings (loss) per share: | |||||||||||||||||||||||
| Basic | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.39 | ) | $ | 0.04 | ||||||||||||
| Diluted | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.39 | ) | $ | 0.04 | ||||||||||||
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, 2017 or contact Alex LaRue, Vice President - Secretary and Treasurer at (903)758-3431.
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