Friedman Industries, Incorporated Announces First Quarter Results

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