Friedman Industries, Incorporated Announces Fourth Quarter and Fiscal Year 2018 Results
LONGVIEW, Texas, June 28, 2018 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE American:FRD), headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama and Lone Star, Texas. The Company has two reportable segments; coil products and tubular products. The coil product segment consists of the operations in Hickman and Decatur where the Company processes hot-rolled steel coils using temper mills and cut-to-length lines. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe, provides pipe finishing services and distributes pipe.
The Company announced today its results of operations for the quarter and year ended March 31, 2018. For the year ended March 31, 2018, the Company recorded net earnings of $2,759,404 ($0.39 diluted earnings per share) on sales of $121,157,278. For the year ended March 31, 2017, the Company recorded a net loss of $2,678,684 ($0.39 diluted loss per share) on sales of $77,756,055.
For the quarter ended March 31, 2018, the Company recorded net earnings of $2,155,816 ($0.31 diluted earnings per share) on sales of $43,962,778 compared to a net loss of $376,958 ($0.06 loss per share diluted) on net sales of $21,056,040 for the quarter ended March 31, 2017.
| SUMMARY OF OPERATIONS | ||||||||||||||
| Three Months Ended March 31, | Year Ended March 31, | |||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||
| Net Sales | $ | 43,962,778 | $ | 21,056,040 | $ | 121,157,278 | $ | 77,756,055 | ||||||
| Total costs and | ||||||||||||||
| other income | 41,247,746 | 21,558,099 | 117,089,984 | 81,906,871 | ||||||||||
| Earnings (loss) before | ||||||||||||||
| income taxes | 2,715,032 | (502,059 | ) | 4,067,294 | (4,150,816 | ) | ||||||||
| Income taxes | 559,216 | (125,101 | ) | 1,307,890 | (1,472,132 | ) | ||||||||
| Net earnings (loss) | $ | 2,155,816 | $ | (376,958 | ) | $ | 2,759,404 | $ | (2,678,684 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||
| Basic | 7,009,444 | 6,851,944 | 7,009,444 | 6,851,944 | ||||||||||
| Diluted | 7,009,444 | 6,851,944 | 7,009,444 | 6,851,944 | ||||||||||
| Net earnings (loss) per share: | ||||||||||||||
| Basic | $ | 0.31 | $ | (0.06 | ) | $ | 0.39 | $ | (0.39 | ) | ||||
| Diluted | $ | 0.31 | $ | (0.06 | ) | $ | 0.39 | $ | (0.39 | ) | ||||
The improved fiscal 2018 results were driven by an increased volume of shipments for both the coil and tubular segments. For fiscal 2018, coil segment sales volume increased 19% and tubular segment sales volume increased 98% compared to fiscal 2017 volumes. The Company experienced improved demand throughout fiscal 2018 with a more notable increase during the fourth quarter associated with reactions to the Section 232 steel trade actions and the first full quarter of marketing API line pipe. Management expects results for the first quarter of fiscal 2019 to be positively impacted by the continuation of these conditions.
For further information, please refer to the Company's Form 10-K as filed with the U.S. Securities and Exchange Commission on June 28, 2018 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.
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