FRD Friedman Industries Inc

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