$FRD
FRIEDMAN INDUSTRIES INC

2016 Q1 Form 10-K Financial Statement

#000143774916034621 Filed on June 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2015
Revenue $15.95M $25.32M $108.3M
YoY Change -37.01% -20.83% -6.74%
Cost Of Revenue $15.77M $24.96M $103.2M
YoY Change -36.82% -17.6% -5.36%
Gross Profit $176.8K $356.3K $5.078M
YoY Change -50.39% -78.97% -28.1%
Gross Profit Margin 1.11% 1.41% 4.69%
Selling, General & Admin $1.000M $1.050M $4.453M
YoY Change -4.76% -6.25% -2.93%
% of Gross Profit 565.74% 294.71% 87.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $390.0K $350.0K $1.722M
YoY Change 11.43% -22.22% -5.56%
% of Gross Profit 220.64% 98.24% 33.9%
Operating Expenses $1.010M $1.050M $4.453M
YoY Change -3.81% -5.41% -2.93%
Operating Profit -$833.2K -$693.7K $624.8K
YoY Change 20.11% -218.8% -74.75%
Interest Expense $10.00K $20.00K $61.04K
YoY Change -50.0% 0.0% -38.96%
% of Operating Profit 9.77%
Other Income/Expense, Net $0.00 $0.00 $100.0K
YoY Change 0.0%
Pretax Income -$820.0K -$670.0K $685.8K
YoY Change 22.39% -213.56% -72.96%
Income Tax -$290.0K -$220.0K $303.5K
% Of Pretax Income 44.25%
Net Earnings -$523.8K -$452.7K $382.3K
YoY Change 15.7% -216.25% -77.68%
Net Earnings / Revenue -3.28% -1.79% 0.35%
Basic Earnings Per Share -$0.08 -$0.07 $0.06
Diluted Earnings Per Share -$0.08 -$0.07 $0.06
COMMON SHARES
Basic Shares Outstanding 6.799M 6.799M shares 6.799M
Diluted Shares Outstanding 6.799M

Balance Sheet

Concept 2016 Q1 2015 Q1 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.800M $2.230M $2.226M
YoY Change 25.56% -85.21% -85.24%
Cash & Equivalents $2.797M $2.226M
Short-Term Investments
Other Short-Term Assets $143.4K $144.6K $144.6K
YoY Change -0.83% 11.39% 11.22%
Inventory $41.94M $40.85M $40.85M
Prepaid Expenses
Receivables $4.822M $6.896M $6.896M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $49.70M $50.12M $50.12M
YoY Change -0.83% -16.26% -16.26%
LONG-TERM ASSETS
Property, Plant & Equipment $15.97M $15.52M $15.52M
YoY Change 2.91% 36.56% 36.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.220M $1.320M $1.323M
YoY Change -7.58% 22.22% 22.53%
Total Long-Term Assets $17.19M $16.84M $16.84M
YoY Change 2.07% 35.4% 35.48%
TOTAL ASSETS
Total Short-Term Assets $49.70M $50.12M $50.12M
Total Long-Term Assets $17.19M $16.84M $16.84M
Total Assets $66.89M $66.96M $66.96M
YoY Change -0.1% -7.37% -7.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.480M $2.150M $2.149M
YoY Change 15.35% -70.18% -70.2%
Accrued Expenses $320.0K $430.0K $434.6K
YoY Change -25.58% 0.0% 1.06%
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 $2.866M $2.651M $2.651M
YoY Change 8.1% -65.88% -65.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $790.0K $1.090M $1.090M
YoY Change -27.52% 7.92% 7.91%
Total Long-Term Liabilities $790.0K $1.090M $1.090M
YoY Change -27.52% 7.92% 7.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.866M $2.651M $2.651M
Total Long-Term Liabilities $790.0K $1.090M $1.090M
Total Liabilities $3.651M $3.741M $3.741M
YoY Change -2.4% -58.29% -58.29%
SHAREHOLDERS EQUITY
Retained Earnings $31.74M $31.71M
YoY Change 0.07% -0.29%
Common Stock $36.98M $36.98M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.476M $5.476M
YoY Change 0.0% 0.0%
Treasury Stock Shares $1.176M $1.176M
Shareholders Equity $63.24M $63.22M $63.22M
YoY Change
Total Liabilities & Shareholders Equity $66.89M $66.96M $66.96M
YoY Change -0.1% -7.37% -7.36%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2015
OPERATING ACTIVITIES
Net Income -$523.8K -$452.7K $382.3K
YoY Change 15.7% -216.25% -77.68%
Depreciation, Depletion And Amortization $390.0K $350.0K $1.722M
YoY Change 11.43% -22.22% -5.56%
Cash From Operating Activities -$1.350M -$3.440M -$6.374M
YoY Change -60.76% 975.0% -320.55%
INVESTING ACTIVITIES
Capital Expenditures -$220.0K -$1.150M $5.876M
YoY Change -80.87% -25.32% 208.1%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$10.00K -$61.00K
YoY Change 0.0% 0.0% 1.67%
Cash From Investing Activities -$240.0K -$1.160M -$5.937M
YoY Change -79.31% -25.64% 201.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K -130.0K -544.0K
YoY Change -46.15% -7.14% -69.27%
NET CHANGE
Cash From Operating Activities -1.350M -3.440M -6.374M
Cash From Investing Activities -240.0K -1.160M -5.937M
Cash From Financing Activities -70.00K -130.0K -544.0K
Net Change In Cash -1.660M -4.730M -12.86M
YoY Change -64.9% 134.16% 1412.37%
FREE CASH FLOW
Cash From Operating Activities -$1.350M -$3.440M -$6.374M
Capital Expenditures -$220.0K -$1.150M $5.876M
Free Cash Flow -$1.130M -$2.290M -$12.25M
YoY Change -50.66% -287.7% -1346.49%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ECONOMIC RELATIONSHIP:&nbsp;&nbsp;&nbsp;&nbsp;Nucor Steel Company and USS 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. Historically, the Company has derived a significant amount of revenue by selling manufactured pipe to USS. In fiscal years 2016 and 2015, sales of manufactured pipe to USS declined and did not account for a significant portion of total Company sales. Total sales to USS in fiscal 2016 were less than 1% of total Company sales. Total sales to USS in fiscal 2015 were approximately 6% of total Company sales. In March 2016, USS announced it was temporarily idling its Lone Star Tubular Operations facility due to weak market conditions. The Company is unable to provide an estimate of how long USS&#x2019;s Lone Star facility will be idled. The Company expects orders from USS to remain low and supplies of steel products from USS to be significantly reduced while USS&#x2019;s Lone Star facility remains idled. Sales of coil products to Trinity Industries, Inc. accounted for approximately 35% and 21% of total Company sales in fiscal 2016 and 2015, respectively. No other customers accounted for 10% or more of total sales in the two years ended March&nbsp;31, 2016. Loss of USS or Trinity as a customer could have a material adverse effect on the Company&#x2019;s business. </div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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&nbsp;days. </div></div></div></div></div></div></div></div>
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CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2016Q1 us-gaap Liabilities Current
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CY2015Q1 us-gaap Liabilities Current
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CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016 us-gaap Net Income Loss
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CY2016Q1 us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss
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CY2014Q3 us-gaap Net Income Loss
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CY2015Q1 us-gaap Net Income Loss
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CY2016 us-gaap Operating Income Loss
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CY2015 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
0
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2728
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2016Q1 us-gaap Other Assets Current
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CY2015Q1 us-gaap Other Assets Current
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CY2016 us-gaap Other Postretirement Benefit Expense
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CY2015 us-gaap Other Postretirement Benefit Expense
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CY2016Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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CY2015Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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CY2016 us-gaap Payments Of Dividends Common Stock
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CY2015 us-gaap Payments Of Dividends Common Stock
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CY2016 us-gaap Payments To Acquire Life Insurance Policies
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CY2015 us-gaap Payments To Acquire Life Insurance Policies
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CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Property Plant And Equipment Net
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15968239
CY2015Q1 us-gaap Property Plant And Equipment Net
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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31736177
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2016 us-gaap Sales Revenue Goods Net
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CY2015 us-gaap Sales Revenue Goods Net
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CY2015Q2 us-gaap Sales Revenue Goods Net
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CY2016Q1 us-gaap Sales Revenue Goods Net
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CY2015Q1 us-gaap Sales Revenue Goods Net
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CY2016 us-gaap Selling General And Administrative Expense
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CY2015 us-gaap Selling General And Administrative Expense
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CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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50878
CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
161571
CY2016 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
0
CY2015 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
0
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q1 us-gaap Valuation Allowances And Reserves Balance
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22276
CY2014Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
27276
CY2016 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
4153
CY2015 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
4306
CY2016 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
334796
CY2015 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
484451
CY2016 us-gaap Valuation Allowances And Reserves Deductions
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343949
CY2015 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
488757
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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6799444
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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6799444
CY2016Q1 us-gaap Treasury Stock Shares
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1175716
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1175716
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
5475964
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
5475964
CY2016Q1 us-gaap Unrecognized Tax Benefits
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0
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">USE OF ESTIMATES:&nbsp;&nbsp;&nbsp;&nbsp;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. Significant estimates that are subject to the Company&#x2019;s assumptions include the fair value conclusion of the pipe-finishing facility impairment analysis, valuation of LIFO inventories in the Company&#x2019;s quarterly reporting and determination of the allowance for doubtful accounts. The pipe-finishing facility impairment analysis requires assumptions related to replacement cost of the facility and the impact of current and future market conditions. Valuation of LIFO inventories in the Company&#x2019;s quarterly reporting requires estimates of the year end quantities, which is inherently difficult. The allowance for doubtful accounts requires the Company to draw conclusions on the future collectability of the Company&#x2019;s accounts receivable. Actual results could differ from these estimates.</div></div></div></div></div></div></div></div>
CY2015Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
27276
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6799444
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6799444

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