Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2017 Results of Operations
June 29 2017 - 5:04PM
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
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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version on businesswire.com: http://www.businesswire.com/news/home/20170629006342/en/
Friedman Industries, IncorporatedAlex LaRue, 903-758-3431Vice
President - Secretary and Treasurer
Friedman Industries (AMEX:FRD)
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