Friedman Industries, Incorporated Announces First Quarter Results

Friedman Industries, Incorporated (NYSE American, trading symbol: FRD), a Texas-based company engaged in pipe manufacturing and finishing, steel coil processing and steel and pipe distribution, announced today its results of operations for the first quarter. For the quarter ended June 30, 2017, the Company recorded net earnings of $170,620 ($0.02 diluted earnings per share) on sales of $23,083,269. For the quarter ended June 30, 2016, the Company recorded a net loss of $1,461,219 ($0.21 diluted loss per share) on sales of $22,393,764.

    
      
        
           
        
      
      
        
          SUMMARY OF OPERATIONS (unaudited)
        
      
      
        
           
        
      
      
        
        
        
           
        
        
           
        
        
           
        
        
           
        
        
          THREE MONTHS ENDED JUNE 30,
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          

2017

2016

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net sales
        
        
        
        
        
        
        
        
        
        
          $
        
        
          23,083,269
        
        
        
        
        
        
        
        
          $
        
        
          22,393,764
        
        
        
      
      
        
          Total costs and
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          other income
        
        
        
        
        
        
        
        
        
        
        
        
          22,853,865
        
        
        
        
        
        
        
        
        
        
          24,724,752
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings (loss) before
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          income taxes
        
        
        
        
        
        
        
        
        
        
        
        
          229,404
        
        
        
        
        
        
        
        
        
        
          (2,330,988
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income taxes
        
        
        
        
        
        
        
        
        
        
        
        
          58,784
        
        
        
        
        
        
        
        
        
        
          (869,769
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net earnings (loss)
        
        
        
        
        
        
        
        
        
        
          $
        
        
          170,620
        
        
        
        
        
        
        
        
          $
        
        
          (1,461,219
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average shares outstanding:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
        
        
        
        
        
        
        
        
          7,009,444
        
        
        
        
        
        
        
        
        
        
          6,799,444
        
        
        
      
      
        
          Diluted
        
        
        
        
        
        
        
        
        
        
        
        
          7,009,444
        
        
        
        
        
        
        
        
        
        
          6,799,444
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net earnings (loss) per share:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.02
        
        
        
        
        
        
        
        
          $
        
        
          (0.21
        
        
          )
        
      
      
        
          Diluted
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.02
        
        
        
        
        
        
        
        
          $
        
        
          (0.21
        
        
          )
        
      
      
        
           
        
      
    
    

For further information, please refer to the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission on August 14, 2017 or contact Alex LaRue, Vice President - Secretary and Treasurer at [phone].

View source version on businesswire.com: http://www.businesswire.com/news/home/20170814005953/en/

Friedman Industries, IncorporatedAlex LaRue, 903-758-3431Vice President - Secretary and Treasurer