HOUSTON--(BUSINESS WIRE)--Friedman Industries, Incorporated (NYSE Amex: FRD), a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the third quarter. For the quarter ended December 31, 2010, the Company recorded net earnings of $1,733,494 ($0.25 per share diluted) on sales of $31,135,887. During the quarter ended December 31, 2009, the Company recorded a net loss of $41,239 ($0.01 loss per share diluted) on sales of $13,470,721.
| SUMMARY OF OPERATIONS (unaudited) | ||||||||||||||||
| THREE MONTHS ENDED DEC. 31, | NINE MONTHS ENDED DEC. 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Net sales | $ | 31,135,887 | $ | 13,470,721 | $ | 89,711,381 | $ | 41,803,270 | ||||||||
|
Total costs, and other income |
28,510,988 | 13,443,389 | 82,271,525 | 42,382,602 | ||||||||||||
|
Earnings (loss) before income taxes |
2,624,899 | 27,332 | 7,439,856 | (579,332 | ) | |||||||||||
| Income taxes | 891,405 | 68,571 | 2,486,794 | (169,098 | ) | |||||||||||
| Net earnings (loss) | $ | 1,733,494 | $ | (41,239 | ) | $ | 4,953,062 | $ | (410,234 | ) | ||||||
|
Weighted average shares outstanding: |
||||||||||||||||
| Basic | 6,799,444 | 6,799,444 | 6,799,444 | 6,799,444 | ||||||||||||
| Diluted | 6,799,444 | 6,799,444 | 6,799,444 | 6,799,444 | ||||||||||||
| Earnings (loss) per share: | ||||||||||||||||
| Basic | $ | 0.25 | $ | (0.01 | ) | $ | 0.73 | $ | (0.06 | ) | ||||||
| Diluted | $ | 0.25 | $ | (0.01 | ) | $ | 0.73 | $ | (0.06 | ) | ||||||