$FRD
FRIEDMAN INDUSTRIES INC

2013 Q1 Form 10-K Financial Statement

#000119312514233511 Filed on June 11, 2014

View on sec.gov

Income Statement

Concept 2013 Q1 2013 2012 Q4
Revenue $31.96M $136.4M $31.72M
YoY Change -26.63% -15.52% -14.24%
Cost Of Revenue $28.87M $122.0M $28.84M
YoY Change -25.84% -15.2% -12.76%
Gross Profit $3.093M $14.40M $2.884M
YoY Change -33.21% -18.2% -26.66%
Gross Profit Margin 9.68% 10.55% 9.09%
Selling, General & Admin $1.250M $5.315M $1.184M
YoY Change -10.71% -3.22% -4.9%
% of Gross Profit 40.42% 36.91% 41.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $1.790M $440.0K
YoY Change -2.17% -2.71% -4.35%
% of Gross Profit 14.55% 12.43% 15.26%
Operating Expenses $1.250M $5.315M $1.184M
YoY Change -10.71% -3.22% -4.9%
Operating Profit $1.843M $9.087M $2.119M
YoY Change -42.96% -25.0% -31.97%
Interest Expense $20.00K $100.0K $20.00K
YoY Change -50.0% 0.0% 0.0%
% of Operating Profit 1.09% 1.1% 0.94%
Other Income/Expense, Net $0.00 $100.0K $0.00
YoY Change
Pretax Income $1.860M $9.145M $1.716M
YoY Change -43.12% -25.08% -36.54%
Income Tax $610.0K $3.009M $566.2K
% Of Pretax Income 32.8% 32.91% 33.0%
Net Earnings $1.250M $6.136M $1.150M
YoY Change -43.33% -24.72% -36.08%
Net Earnings / Revenue 3.91% 4.5% 3.63%
Basic Earnings Per Share $0.18 $0.90 $0.17
Diluted Earnings Per Share $0.18 $0.90 $0.17
COMMON SHARES
Basic Shares Outstanding 6.799M shares 6.799M shares
Diluted Shares Outstanding 6.799M shares 6.799M shares

Balance Sheet

Concept 2013 Q1 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.92M $15.92M $16.60M
YoY Change 34.01% 34.01% -14.87%
Cash & Equivalents $15.92M $16.60M
Short-Term Investments
Other Short-Term Assets $103.5K $100.0K $836.3K
YoY Change 17.29% 11.11% 391.95%
Inventory $39.22M $39.22M $32.91M
Prepaid Expenses
Receivables $9.038M $9.040M $6.687M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $64.28M $64.28M $57.03M
YoY Change -1.11% -1.12% -6.1%
LONG-TERM ASSETS
Property, Plant & Equipment $11.28M $11.28M $11.69M
YoY Change -10.57% -10.55% -10.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.010M $1.010M $1.000M
YoY Change 6.32% 6.32% 6.38%
Total Long-Term Assets $12.29M $12.30M $12.69M
YoY Change -9.37% -9.29% -9.34%
TOTAL ASSETS
Total Short-Term Assets $64.28M $64.28M $57.03M
Total Long-Term Assets $12.29M $12.30M $12.69M
Total Assets $76.58M $76.58M $69.73M
YoY Change -2.54% -2.53% -6.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.18M $11.18M $4.630M
YoY Change -7.53% -7.53% -50.11%
Accrued Expenses $590.0K $590.0K $670.0K
YoY Change -24.36% -24.36% -18.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.31M $12.31M $6.176M
YoY Change -11.13% -11.12% -45.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $940.0K $940.0K $920.0K
YoY Change 10.59% 10.59% 10.84%
Total Long-Term Liabilities $940.0K $940.0K $920.0K
YoY Change 10.59% 10.59% 10.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.31M $12.31M $6.176M
Total Long-Term Liabilities $940.0K $940.0K $920.0K
Total Liabilities $13.62M $13.62M $7.470M
YoY Change -10.1% -10.1% -40.95%
SHAREHOLDERS EQUITY
Retained Earnings $31.45M $30.75M
YoY Change -1.44%
Common Stock $36.98M $36.98M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.476M $5.476M
YoY Change 0.0%
Treasury Stock Shares 1.176M shares 1.176M shares
Shareholders Equity $62.96M $62.96M $62.25M
YoY Change
Total Liabilities & Shareholders Equity $76.58M $76.58M $69.73M
YoY Change -2.54% -2.53% -6.71%

Cashflow Statement

Concept 2013 Q1 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $1.250M $6.136M $1.150M
YoY Change -43.33% -24.72% -36.08%
Depreciation, Depletion And Amortization $450.0K $1.790M $440.0K
YoY Change -2.17% -2.71% -4.35%
Cash From Operating Activities $260.0K $11.50M $550.0K
YoY Change -103.87% 36.03% -40.86%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $499.5K -$330.0K
YoY Change 200.0% 55.41% 230.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K -$20.00K -$10.00K
YoY Change 100.0% -66.67% -50.0%
Cash From Investing Activities -$50.00K -$519.1K -$350.0K
YoY Change 150.0% 36.39% 191.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -890.0K -6.935M -4.280M
YoY Change 1.14% 104.0% 380.9%
NET CHANGE
Cash From Operating Activities 260.0K 11.50M 550.0K
Cash From Investing Activities -50.00K -519.1K -350.0K
Cash From Financing Activities -890.0K -6.935M -4.280M
Net Change In Cash -680.0K 4.042M -4.080M
YoY Change -91.06% -13.48% 5000.0%
FREE CASH FLOW
Cash From Operating Activities $260.0K $11.50M $550.0K
Capital Expenditures -$30.00K $499.5K -$330.0K
Free Cash Flow $290.0K $11.00M $880.0K
YoY Change -104.33% 35.26% -14.56%

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CY2014 dei Entity Registrant Name
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">ECONOMIC RELATIONSHIP:&#xA0;&#xA0;&#xA0;&#xA0;U.S. Steel Tubular Products, Inc. (&#x201C;USS&#x201D;) and Nucor Steel Company supply a significant amount of steel products to the Company. Loss of either of these mills as a source of supply could have a material adverse effect on the Company. Additionally, the Company derives revenue by selling a substantial amount of its manufactured pipe to USS. Total sales to USS were approximately 15% and 14% of total Company sales in fiscal 2014 and 2013, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 14% and 11% of total Company sales in fiscal 2014 and 2013, respectively. No other customers accounted for 10% or more of total sales in the two years ended March&#xA0;31, 2014. Loss of USS or Trinity as a customer could have a material adverse effect on the Company&#x2019;s business.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">The Company&#x2019;s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30&#xA0;days.</font></p> </div>
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<div> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:ARIAL" size="2">USE OF ESTIMATES:&#xA0;&#xA0;&#xA0;&#xA0;The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></p> </div>
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CY2014 us-gaap Operating Income Loss
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CY2014 us-gaap Net Income Loss
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CY2014 us-gaap Increase Decrease In Inventories
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-3930609
CY2014 us-gaap Cost Of Goods Sold
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109086539
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
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CY2014 us-gaap Deferred Income Tax Expense Benefit
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014 us-gaap Pension And Other Postretirement Benefit Expense
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CY2014 us-gaap Current State And Local Tax Expense Benefit
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014 us-gaap Current Federal Tax Expense Benefit
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CY2014 us-gaap Selling General And Administrative Expense
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CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2014 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2014 us-gaap Depreciation
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CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014 frd Employee Service Period
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CY2013Q1 us-gaap Earnings Per Share Basic
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CY2013Q1 us-gaap Earnings Per Share Diluted
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CY2013Q1 us-gaap Sales Revenue Goods Net
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CY2013Q1 us-gaap Gross Profit
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CY2013Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Earnings Per Share Basic
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CY2014Q1 us-gaap Earnings Per Share Diluted
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CY2014Q1 us-gaap Sales Revenue Goods Net
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CY2014Q1 us-gaap Gross Profit
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CY2012Q2 us-gaap Earnings Per Share Basic
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CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2012Q2 us-gaap Gross Profit
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CY2012Q2 us-gaap Net Income Loss
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CY2013Q2 us-gaap Earnings Per Share Basic
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CY2013Q2 us-gaap Earnings Per Share Diluted
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CY2013Q2 us-gaap Sales Revenue Goods Net
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CY2013Q2 us-gaap Gross Profit
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CY2013Q2 us-gaap Net Income Loss
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CY2012Q3 us-gaap Earnings Per Share Basic
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CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2012Q3 us-gaap Sales Revenue Goods Net
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CY2012Q3 us-gaap Gross Profit
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q4 us-gaap Earnings Per Share Basic
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CY2012Q4 us-gaap Earnings Per Share Diluted
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CY2012Q4 us-gaap Sales Revenue Goods Net
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CY2012Q4 us-gaap Gross Profit
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CY2012Q4 us-gaap Net Income Loss
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CY2013Q3 us-gaap Earnings Per Share Basic
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CY2013Q3 us-gaap Earnings Per Share Diluted
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CY2013Q3 us-gaap Sales Revenue Goods Net
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CY2013Q3 us-gaap Gross Profit
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CY2013Q3 us-gaap Net Income Loss
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CY2013Q4 us-gaap Earnings Per Share Basic
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CY2013Q4 us-gaap Earnings Per Share Diluted
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CY2013Q4 us-gaap Sales Revenue Goods Net
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CY2013Q4 us-gaap Gross Profit
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CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
487468

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