Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2014 Results of Operations

By: Friedman Industries, Incorporated via Business Wire News Releases

June 11, 2014 at 17:39 PM EDT

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, 2014. Net earnings for the year ended March 31, 2014, were $1,712,926 ($0.25 per share diluted) on net sales of $116,149,022. During the year ended March 31, 2013, the Company recorded net earnings of $6,135,812 ($0.90 per share diluted) on sales of $136,448,786.

For the quarter ended March 31, 2014, the Company recorded net earnings of $389,440 ($0.06 per share diluted) on net sales of $31,981,813 compared to net earnings of $1,249,571 ($0.18 per share diluted) on net sales of $31,960,024 recorded during the quarter ended March 31, 2013.


	SUMMARY OF OPERATIONS
	(unaudited)
	THREE MONTHS ENDED MAR. 31,				YEAR ENDED MAR. 31,
	2014		2013		2014		2013

Net sales	$	31,981,813	$	31,960,024	$	116,149,022	$	136,448,786
Total costs and
other income		31,387,604		30,100,953		113,612,314		127,303,509

Earnings before
income taxes		594,209		1,859,071		2,536,708		9,145,277
Income taxes		204,769		609,500		823,782		3,009,465

Net earnings	$	389,440	$	1,249,571	$	1,712,926	$	6,135,812

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 per share:
Basic	$	0.06	$	0.18	$	0.25	$	0.90
Diluted	$	0.06	$	0.18	$	0.25	$	0.90

For further information, please refer to the Company's Form 10-K as filed with the U.S. Securities and Exchange Commission on June 11, 2014 or contact Alex LaRue, Assistant Vice President at (903) 639-2511.

Contacts:

Friedman Industries, Incorporated
Alex LaRue, (903) 639-2511
Assistant Vice President