F
FRIEDMAN INDUSTRIES INC
FRDCIK 0000039092NasdaqAcceleratedSmaller ReportingSteel Works, Blast Furnaces & Rolling & Finishing MillsTexasFY ends Mar 31
Period
FY 2025
Revenue
—
Net Income
$6.08M
Total Assets
$226.82M
Equity
$132.43M
Shares Out
7.11M
Op. Cash Flow
$-4.41M
Business
FRIEDMAN INDUSTRIES INC is a manufacturer and processor of steel products operating in two reportable segments: flat-roll products and tubular products. The company offers hot-rolled coil processing and cut-to-length sheet and plate, stretcher-leveler and temper mill services, processing and storage of customer coils, and electric-resistance-welded tubular pipe including API-certified line and oil country pipe and structural pipe. Its key divisions are the flat-roll product segment (five coil processing facilities) and the Texas Tubular Products (TTP) division (two ERW pipe mills). Products are sold wholesale on a rapid-delivery basis to steel distributors and fabricators primarily in the Midwestern, Southwestern and Southeastern United States, with shipments via truck or rail and sales conducted through the company’s own sales force.
Summary from filing dated 2025-06-12
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Net Sales | 445 | 516 | 548 | 285 | 126 | |
| Cost of materials sold (excludes items shown separately below) | 442 | 492 | 504 | 244 | 103 | |
| Selling, general and administrative | 16 | 21 | 22 | 12 | 8 | |
| Depreciation and amortization | 3 | 3 | 3 | — | — | |
| Costs and Expenses | 442 | 492 | 526 | 257 | 110 | |
| Gain on disposal of property, plant and equipment | 258,000 | 0 | — | — | — | |
| EARNINGS FROM OPERATIONS | 3 | 25 | 21 | 29 | 16 | |
| Gain on economic hedges of risk | 8 | 2 | 9 | −12 | — | |
| Interest expense | −3 | −3 | −2 | −255,000 | 24,619 | |
| Other income | 5,000 | 20,000 | 27,000 | 2 | −503,422 | |
| EARNINGS BEFORE INCOME TAXES | 8 | 23 | 28 | 18 | 15 | |
| Current | 1 | 5 | 4 | 5 | 2 | |
| Deferred | 221,000 | 794,000 | 3 | −561,000 | 1 | |
| Income tax | 2 | 6 | 7 | 4 | 4 | |
| NET EARNINGS | 6 | 17 | 21 | 14 | 11 | |
| Basic (in dollars per share) | 0.87 | 2.39 | 2.91 | 2.04 | 1.63 | |
| Diluted (in dollars per share) | 0.87 | 2.39 | 2.91 | 2.04 | 1.63 | |
| Cash dividends, per share (in dollars per share) | 0.16 | 0.1 | 0.08 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Cash | 4 | 3 | 3 | 3 | 8 | |
| Accounts receivable, net of allowances for credit losses and cash discounts of $147 and $97 at March 31, 2025 and 2024, respectively | 47 | 47 | 49 | 36 | 20 | |
| Inventories | 114 | 116 | 86 | 68 | 36 | |
| Current portion of derivative assets | 636,000 | 74,000 | 536,000 | 4 | 622,400 | |
| Other current assets | 980,000 | 4 | 5 | 15 | 12 | |
| TOTAL CURRENT ASSETS | 166 | 170 | 144 | 125 | 78 | |
| Land | 2 | 2 | 2 | 1 | 1 | |
| Buildings and yard improvements | 30 | 31 | 29 | 9 | 9 | |
| Machinery and equipment | 58 | 54 | 51 | 30 | 35 | |
| Construction in process | 100,000 | 2 | 1 | 16 | 9,614 | |
| Less accumulated depreciation | −34 | −31 | −28 | −26 | −30 | |
| Property, plant, and equipment, net | 56 | 57 | 54 | 30 | 15 | |
| Operating lease right-of-use asset | 3 | 3 | 1 | 113,000 | — | |
| Other assets | 1 | 356,000 | — | — | — | |
| TOTAL ASSETS | 227 | 230 | 199 | 159 | 95 | |
| Accounts Payable and Accrued Liabilities, Current | 35 | 44 | 37 | 45 | 15 | |
| Income taxes payable | 647,000 | 2 | 774,000 | 0 | 1 | |
| Dividends payable | 279,000 | 279,000 | 148,000 | 137,000 | 138,117 | |
| Employee compensation and related expenses | 2 | 6 | 5 | 1 | 3 | |
| Current portion of financing lease | 0 | 54,000 | 107,000 | 105,000 | 102,689 | |
| Current portion of derivative liability | 287,000 | 2 | 2 | 14 | 8 | |
| TOTAL CURRENT LIABILITIES | 38 | 54 | 45 | 61 | 29 | |
| POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 115,000 | 105,000 | 96,000 | 119,000 | 108,609 | |
| DEFERRED INCOME TAX LIABILITY | 5 | 5 | 4 | 0 | — | |
| Operating and Finance Lease Liabilities, Noncurrent | 3 | 3 | 1 | — | — | |
| ASSET BASED LENDING FACILITY | 48 | 40 | 33 | 18 | 0 | |
| TOTAL LIABILITIES | 94 | 103 | 84 | 80 | 30 | |
| COMMITMENTS AND CONTINGENCIES (SEE NOTE 11) | — | — | — | — | — | |
| Common stock, par value $1: Authorized shares 10,000,000 Issued shares 8,877,229 shares and 8,873,203 shares at March 31, 2025 and 2024, respectively | 9 | 9 | 9 | 8 | 8 | |
| Additional paid-in capital | 35 | 35 | 35 | 30 | 30 | |
| Treasury stock at cost ( 1,906,693 shares and 1,896,892 shares at March 31, 2025 and 2024, respectively) | −13 | −13 | −8 | −8 | — | |
| Retained earnings | 101 | 96 | 80 | 59 | 45 | |
| TOTAL STOCKHOLDERS EQUITY | 132 | 127 | 115 | 80 | 65 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 227 | 230 | 199 | 159 | 95 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 3 | 3 | 3 | — | — | |
| Compensation expense for restricted stock | 151,000 | 246,000 | 303,000 | 449,000 | 527,671 | |
| Change in post-retirement benefits | 10,000 | 9,000 | 8,000 | 11,000 | 8,745 | |
| Gain recognized on open derivatives not designated for hedge accounting | −2 | −64,000 | 459,000 | 1 | 0 | |
| Deferred realized loss on derivatives | 0 | 418,000 | 5 | 1 | −7 | |
| Right-of-use asset | 30,000 | 41,000 | 0 | — | — | |
| Accounts receivable | −147,000 | 2 | −14 | −15 | −9 | |
| Inventories | 2 | −30 | 59 | −32 | −621,943 | |
| Other current assets | 442,000 | 1 | −1 | −123,000 | 454,489 | |
| Accounts payable and accrued expenses | −9 | 7 | −19 | 22 | 5 | |
| Income taxes payable | −2 | 1 | 774,000 | −1 | 1 | |
| Employee compensation and related expenses | −4 | 1 | 4 | −2 | 2 | |
| Contribution to retirement plan | 0 | −350,000 | 100,000 | 200,000 | −250 | |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | −4 | 5 | 64 | −13 | 8 | |
| Purchase of property, plant and equipment | −4 | −6 | −16 | −8 | −5 | |
| Proceeds from sale of assets | 2 | 0 | 0 | 161,000 | 30,957 | |
| Deposit on steel processing equipment | −1 | 0 | — | — | — | |
| Increase in cash surrender value of officers life insurance | −7,000 | −13,000 | −13,000 | −14,000 | −11,580 | |
| NET CASH USED IN INVESTING ACTIVITIES | −3 | −6 | −88 | −8 | −5 | |
| Cash dividends paid | −1 | −581,000 | −589,000 | −551,000 | −564,190 | |
| Cash paid for principal portion of finance lease | −54,000 | −107,000 | −105,000 | −103,000 | −100,728 | |
| Cash paid for share repurchases | −171,000 | −5 | −37,000 | −538,000 | −2 | |
| Borrowings on asset based lending facility | 649 | 831 | 741 | 18 | 0 | |
| Repayments on asset based lending facility | −642 | −824 | −726 | — | — | |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 6 | 1 | 14 | 17 | −701,911 | |
| INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | −2 | 511,000 | −11 | −4 | 3 |
Filings
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