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Friedman Industries Inc (FRD) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

Friedman Industries Inc

CIK: 39092 Ticker: FRD

Exhibit 99.1

 

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July 22, 2022

 

Dateline: Longview, Texas

 

Friedman Industries, Incorporated (NYSE American; trading symbol: FRD)

 

FOR IMMEDIATE RELEASE

 

 

FRIEDMAN INDUSTRIES, INCORPORTATED ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS AND PROVIDES POST PLATEPLUS TRANSACTION UPDATE

 

FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS

 

The Company announced today its results of operations for the quarter and year ended March 31, 2022. For the quarter ended March 31, 2022 (the “2022 quarter”), the Company recorded a net loss of $7,461,256 ($1.11 diluted loss per share) on sales of $75,091,475 compared to net earnings of $10,403,597 ($1.50 diluted earnings per share) on net sales of $49,214,204 for the quarter ended March 31, 2021 (the “2021 quarter”). The 2022 quarter results were negatively impacted by margin compression associated with declining steel prices at the time and a net recognized loss of approximately $13.9 million related to hot-rolled coil derivative instruments. Results for the 2021 quarter were positively impacted by strong margins primarily associated with a historic rise in steel prices and a net recognized gain of approximately $5.5 million related to hot-rolled coil derivative instruments.

 

For the year ended March 31, 2022 (“fiscal 2022”), the Company recorded net earnings of $14,066,322 ($2.04 diluted earnings per share) on sales of $285,234,752. For the year ended March 31, 2021 (“fiscal 2021”), the Company recorded net earnings of $11,424,475 ($1.63 diluted earnings per share) on sales of $126,102,533. The combined earnings of fiscal 2022 and fiscal 2021 is higher than any other consecutive two years in Company history.

 

Our operating results are significantly impacted by the market price of hot-rolled steel coil. The Company experienced significant volatility in steel price during both fiscal 2022 and fiscal 2021. The start of fiscal 2021 coincided with the COVID-19 virus starting to have a broad impact across the United States. From March 2020 to August 2020 steel prices declined approximately 25% in response to the initial impacts of COVID-19 on steel industry demand. In August 2020, steel prices began a historic rise, increasing approximately 350% through September 2021. From October 2021 through February 2022, steel prices declined approximately 50% until starting to increase in March 2022 in response to the Russian invasion of Ukraine.  With the volatility of steel prices, the Company saw periods of both expanding and contracting margins in fiscal 2022 and fiscal 2021. The overall results for both years is characterized by higher than average margins with fiscal 2022 being the most profitable year in Company history and fiscal 2021 being the third most profitable year.

 

 

The following information was filed by Friedman Industries Inc (FRD) on Friday, July 22, 2022 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Estimated Useful Lives Of Various Classes Of Assets (Details)
Note 1 - Summary Of Significant Accounting Policies - Summary Of Inventory By Product Group (Details)
Note 10 - Other Comprehensive Income (Loss)
Note 10 - Other Comprehensive Income (Loss) (Tables)
Note 10 - Other Comprehensive Income (Loss) - Summary Of Other Comprehensive Loss (Details)
Note 11 - Retirement Plan
Note 11 - Retirement Plan (Details Textual)
Note 12 - Related Party Transactions
Note 12 - Related Party Transactions (Details Textual)
Note 13 - Industry Segment Data
Note 13 - Industry Segment Data (Details Textual)
Note 13 - Industry Segment Data (Tables)
Note 13 - Industry Segment Data - Segment Information (Details)
Note 14 - Revenue
Note 14 - Revenue (Details Textual)
Note 14 - Revenue (Tables)
Note 14 - Revenue - Disaggregation Of Revenue (Details)
Note 15 - Subsequent Events
Note 15 - Subsequent Events (Details Textual)
Note 2 - Equity Compensation Plans And Capital Stock
Note 2 - Equity Compensation Plans And Capital Stock (Details Textual)
Note 2 - Equity Compensation Plans And Capital Stock (Tables)
Note 3 - Debt
Note 3 - Debt (Details Textual)
Note 4 - Leases
Note 4 - Leases (Details Textual)
Note 4 - Leases (Tables)
Note 4 - Leases - Balance Sheet Information (Details)
Note 4 - Leases - Lease Cost (Details)
Note 4 - Leases - Maturities Of Operating And Finance Lease (Details)
Note 5 - Property, Plant And Equipment
Note 5 - Property, Plant And Equipment (Details Textual)
Note 6 - Derivative Financial Instruments
Note 6 - Derivative Financial Instruments (Details Textual)
Note 6 - Derivative Financial Instruments (Tables)
Note 6 - Derivative Financial Instruments - Change In Accumulated Other Comprehensive Income (Loss), Net Of Tax (Details)
Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized In Earnings For Derivative Instruments (Details)
Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized In Other Comprehensive Income (Details)
Note 6 - Derivative Financial Instruments - Net Fair Value Of Derivative Financial Instruments (Details)
Note 7 - Fair Value Measurements
Note 7 - Fair Value Measurements (Tables)
Note 7- Fair Value Measurements - Recurring Fair Value Measurements (Details)
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share (Tables)
Note 8 - Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Note 9 - Income Taxes
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes - Components Of Tax Expense (Benefit) (Details)
Note 9 - Income Taxes - Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Details)
Note 9 - Income Taxes - Significant Components Of Consolidated Deferred Tax Assets (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details Textual)
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies (Policies)
Ticker: FRD
CIK: 39092
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-018429
Submitted to the SEC: Tue Aug 02 2022 4:10:45 PM EST
Accepted by the SEC: Tue Aug 02 2022
Period: Thursday, March 31, 2022
Industry: Steel Works Blast Furnaces And Rolling And Finishing Mills

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