HOUSTON--(BUSINESS WIRE)--
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) | |||||||||||||||||||
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THREE MONTHS ENDED SEPT. 30, |
SIX MONTHS ENDED SEPT. 30, |
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2016 |
2015 |
2016 |
2015 |
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| 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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