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 first quarter. 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. For the quarter ended June 30, 2015, the Company recorded net earnings of $525,949 ($0.08 diluted earnings per share) on sales of $23,968,569.
| SUMMARY OF OPERATIONS (unaudited) | ||||||||
| THREE MONTHS ENDED JUNE 30, | ||||||||
2016 | 2015 | |||||||
| Net sales | $ | 22,393,764 | $ | 23,968,569 | ||||
| Total costs and | ||||||||
| other income | 24,724,752 | 23,162,882 | ||||||
| Earnings (loss) before | ||||||||
| income taxes | (2,330,988 | ) | 805,687 | |||||
| Income taxes | (869,769 | ) | 279,738 | |||||
| Net earnings (loss) | $ | (1,461,219 | ) | $ | 525,949 | |||
| Weighted average shares outstanding: | ||||||||
| Basic | 6,799,444 | 6,799,444 | ||||||
| Diluted | 6,799,444 | 6,799,444 | ||||||
| Net earnings (loss) per share: | ||||||||
| Basic | $ | (0.21 | ) | $ | 0.08 | |||
| Diluted | $ | (0.21 | ) | $ | 0.08 | |||
For further information, please refer to the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission on August 15, 2016 or contact Alex LaRue, Vice President - Secretary and Treasurer, at (903) 758-3431.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160815006185/en/
Contacts:
Alex LaRue, (903) 758-3431
Vice
President - Secretary and Treasurer
