Friedman Industries, Incorporated Announces Second Quarter Results

HOUSTON, Nov 13, 2009 (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 second quarter. For the quarter ended September 30, 2009, the company recorded a net loss of $206,247 ($0.03 loss per share diluted) on sales of $16,086,330. During the quarter ended September 30, 2008, the Company recorded net earnings of $5,444,435 ($0.80 per share diluted) on sales of $71,074,140.

SUMMARY OF OPERATIONS (unaudited) THREE MONTHS ENDED SEPT. 30, SIX MONTHS ENDED SEPT. 30, 2009 2008 2009 2008 Net sales $ 16,086,330 $ 71,074,140 $ 28,332,549 $ 130,672,836 Total costs, and other income 16,372,187 62,731,819 28,939,213 116,228,687 Earnings (loss)before income taxes (285,857 ) 8,342,321 (606,664 ) 14,444,149 Income taxes (79,610 ) 2,897,886 (237,669 ) 5,024,054 Net earnings (loss) $ (206,247 ) $ 5,444,435 $ (368,995 ) $ 9,420,095 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 Net earnings (loss) per share: Basic $ (0.03 ) $ 0.80 $ (0.05 ) $ 1.39 Diluted $ (0.03 ) $ 0.80 $ (0.05 ) $ 1.39 For further information, please contact Ben Harper, Senior Vice President, at [phone].

SOURCE: Friedman Industries, Incorporated CONTACT: Friedman Industries, Incorporated Senior Vice President Ben Harper, [phone] Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Texas INDUSTRY KEYWORD: Manufacturing

Steel

Other Manufacturing SUBJECT CODE: Earnings