HOUSTON--(BUSINESS WIRE)--Friedman Industries, Incorporated (FRD-NYSE Amex), a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the quarter and year ended March 31, 2011. Net earnings for the year ended March 31, 2011, were $8,155,637 ($1.20 per share diluted) on net sales of $131,709,492. During the year ended March 31, 2010, the Company recorded net earnings of $652,024 ($0.10 per share diluted) on sales of $65,132,170.
For the quarter ended March 31, 2011, the Company reported net earnings of $3,202,575 ($0.47 per share diluted) on net sales of $41,998,111 compared to net earnings of $1,062,258 ($0.16 per share diluted) on net sales of $23,328,900 recorded during the quarter ended March 31, 2010.
| SUMMARY OF OPERATIONS | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| THREE MONTHS ENDED MAR. 31, | YEAR ENDED MAR. 31, | ||||||||||||||||
|
2011 |
2010 |
2011 |
2010 |
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| Net sales | $ | 41,998,111 | $ | 23,328,900 | $ | 131,709,492 | $ | 65,132,170 | |||||||||
|
Total costs, and expenses |
37,367,132 | 21,578,496 | 119,595,779 | 63,961,098 | |||||||||||||
|
Earnings before income taxes |
4,630,979 | 1,750,404 | 12,113,713 | 1,171,072 | |||||||||||||
| Income taxes | 1,428,404 | 688,146 | 3,958,076 | 519,048 | |||||||||||||
|
Net earnings |
$ | 3,202,575 | $ | 1,062,258 | $ | 8,155,637 | $ | 652,024 | |||||||||
|
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 per share: |
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| Basic | $ | 0.47 | $ | 0.16 | $ | 1.20 | $ | 0.10 | |||||||||
| Diluted | $ | 0.47 | $ | 0.16 | $ | 1.20 | $ | 0.10 | |||||||||
For further information, please contact Ben Harper, Senior Vice President, at (713) 672-9433.