Friedman Industries, Incorporated Announces First Quarter Results

Nachrichtenquelle: globenewswire
14.08.2020, 22:47  |  121   |   |   

LONGVIEW, Texas, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE – American; trading symbol: FRD) -

The Company announced today its results of operations for the first quarter. For the quarter ended June 30, 2020 (the “2020 quarter”), the Company recorded a net loss of $858,862 ($0.12 diluted loss per share) on net sales of $23,524,600 compared to net earnings of $194,772 ($0.03 diluted earnings per share) on net sales of $40,975,320 for the quarter ended June 30, 2019 (the “2019 quarter”).

The Company’s operating results for both the 2020 quarter and the 2019 quarter were negatively impacted by declining hot-rolled steel prices but the 2020 quarter was impacted additionally by a decline in volume primarily related to impacts of the COVID-19 pandemic.

SUMMARY OF OPERATIONS (unaudited)
       
  Three Months Ended June 30,
    2020     2019
       
Net Sales $ 23,524,600     $ 40,975,320
Total costs and other income   24,661,230       40,706,049
Earnings (loss) before income taxes   (1,136,630 )     269,271
       
Income taxes   (277,768 )     74,499
       
Net earnings (loss) $ (858,862 )   $ 194,772
       
Weighted average shares outstanding:    
Basic   7,080,444       6,999,444
Diluted   7,080,444       6,999,444
       
Net earnings (loss) per share:    
Basic $ (0.12 )   $ 0.03
Diluted $ (0.12 )   $ 0.03
             

COIL SEGMENT OPERATIONS

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