HOUSTON--(BUSINESS WIRE)--Friedman Industries, Incorporated (NYSE-Amex:FRD), 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, 2011, the Company recorded net earnings of $1,831,411 ($0.27 per share diluted) on sales of $38,935,456. During the quarter ended June 30, 2010, the Company recorded net earnings of $1,435,137 ($0.21 per share diluted) on sales of $29,222,232.
| SUMMARY OF OPERATIONS (unaudited) | ||||||||||
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THREE MONTHS ENDED JUNE 30, |
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2011 |
2010 |
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| Net sales | $ | 38,935,456 | $ | 29,222,232 | ||||||
| Total costs, expenses and | ||||||||||
| other income | 36,180,578 | 27,044,737 | ||||||||
| Earnings before | ||||||||||
| income taxes | 2,754,878 | 2,177,495 | ||||||||
| Income taxes | 923,467 | 742,358 | ||||||||
| NET EARNINGS | $ | 1,831,411 | $ | 1,435,137 | ||||||
| Weighted average | ||||||||||
| shares outstanding: | ||||||||||
| Basic | 6,799,444 | 6,799,444 | ||||||||
| Diluted | 6,799,444 | 6,799,444 | ||||||||
| Net earnings per share: | ||||||||||
| Basic | $ | 0.27 | $ | 0.21 | ||||||
| Diluted | $ | 0.27 | $ | 0.21 | ||||||
For further information please refer to the Company's Form 10-Q as filed with the Securities and Exchange Commission on August 12, 2011 or contact Ben Harper, Senior Vice President, at 713-672-9433.