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FRIEDMAN IND
Symbol U : FRD
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Friedman Industries, Incorporated Announces First Quarter Results

2012-08-13 17:19 ET - News Release


HOUSTON -- (Business Wire)

Friedman Industries, Incorporated, a Houston-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, 2012, the Company recorded net earnings of $2,091,854 ($0.31 per share diluted) on sales of $39,434,770. During the quarter ended June 30, 2011, the Company recorded net earnings of $1,831,411 ($0.27 per share diluted) on sales of $38,935,456.

 
SUMMARY OF OPERATIONS (unaudited)
               
THREE MONTHS ENDED JUNE 30,
20122011
 
Net sales $ 39,434,770 $ 38,935,456
Total costs, expenses and
other income   36,334,640   36,180,578
Earnings before
income taxes 3,100,130 2,754,878
Income taxes   1,008,276   923,467
NET EARNINGS $ 2,091,854 $ 1,831,411
 
Weighted average
shares outstanding:
Basic 6,799,444 6,799,444
Diluted 6,799,444 6,799,444
Net earnings per share:
Basic $ 0.31 $ 0.27
Diluted $ 0.31 $ 0.27
 

For further information please refer to the Company's Form 10-Q as filed with the Securities and Exchange Commission on August 13, 2012 or contact Ben Harper, Senior Vice President, at 713-672-9433.

Contacts:

Friedman Industries, Incorporated
Ben Harper, 713-672-9433
Senior Vice President

Source: Friedman Industries, Incorporated

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