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June 29, 2020
Dateline: Longview, Texas
Friedman Industries, Incorporated (NYSE – American; trading symbol: FRD)
FOR IMMEDIATE RELEASE
Friedman Industries, Incorporated Announces Share Repurchase Program and Fourth Quarter and Fiscal Year 2020 Results
Friedman Industries, Incorporated announced today a share repurchase program authorized by the Board of Directors on June 25, 2020 under which the Company may repurchase up to 1,062,067 shares of the Company’s outstanding common stock through June 30, 2023, which equates to 15% of the Company’s outstanding shares of common stock as of June 29, 2020.
Repurchases under the program may be made from time to time at the Company’s discretion and may be made in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. The timing and actual number of shares repurchased pursuant to the program will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended or discontinued at any time.
Michael Taylor, Chairman of the Board and President and CEO of the Company, remarked, “The Board’s approval of this program reflects our confidence in the Company’s future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value.”
The Company also announced today its results of operations for the quarter and year ended March 31, 2020. For the quarter ended March 31, 2020 (the “2020 quarter”), the Company recorded a net loss of $3,018,842 ($0.43 diluted loss per share) on sales of $32,980,607 compared to a net loss of $1,165,658 ($0.17 diluted loss per share) on net sales of $42,203,066 for the quarter ended March 31, 2019 (the “2019 quarter”). Results for both the 2020 quarter and the 2019 quarter were negatively impacted by recognition of impairment losses related to the tubular segment’s pipe-finishing facility of $4,338,419 and $1,723,539, respectively. Excluding these impairment losses, the Company had earnings before income taxes of $408,628 for the 2020 quarter compared to earnings before income taxes of $258,480 for the 2019 quarter.
For the year ended March 31, 2020 (“fiscal 2020”), the Company recorded a net loss of $5,249,210 ($0.75 diluted loss per share) on sales of $142,102,324. For the year ended March 31, 2019 (“fiscal 2019”), the Company recorded net earnings of $5,099,924 ($0.73 diluted earnings per share) on sales of $187,154,493.
The following information was filed by Friedman Industries Inc (FRD) on Tuesday, June 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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