$FRD
FRIEDMAN INDUSTRIES INC

2018 Q1 Form 10-K Financial Statement

#000143774918012627 Filed on June 28, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2018 2017 Q4
Revenue $43.96M $121.2M $28.03M
YoY Change 108.79% 55.82% 75.33%
Cost Of Revenue $38.78M $111.2M $26.31M
YoY Change 88.99% 42.67% 70.65%
Gross Profit $5.181M $9.949M $1.725M
YoY Change 867.48% -5292.09% 201.72%
Gross Profit Margin 11.78% 8.21% 6.15%
Selling, General & Admin $1.220M $4.182M $999.2K
YoY Change 16.19% 4.07% 4.38%
% of Gross Profit 23.55% 42.03% 57.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $360.0K $1.356M $360.0K
YoY Change -7.69% -14.93% -10.0%
% of Gross Profit 6.95% 13.63% 20.88%
Operating Expenses $1.220M $4.182M $999.2K
YoY Change 16.19% 4.07% 4.38%
Operating Profit $3.961M $5.740M $725.3K
YoY Change -869.87% -236.34% -288.03%
Interest Expense -$10.00K $27.85K $8.451K
YoY Change -200.0%
% of Operating Profit -0.25% 0.49% 1.17%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income $3.950M $5.765M $721.2K
YoY Change -890.0% -238.88% -294.41%
Income Tax $940.0K $1.830M $560.0K
% Of Pretax Income 23.8% 31.75% 77.64%
Net Earnings $3.013M $3.934M $161.3K
YoY Change -899.34% -246.87% -168.15%
Net Earnings / Revenue 6.85% 3.25% 0.58%
Basic Earnings Per Share $0.43 $0.56 $0.02
Diluted Earnings Per Share $0.43 $0.56 $0.02
COMMON SHARES
Basic Shares Outstanding 7.009M 7.009M
Diluted Shares Outstanding 7.009M 7.009M

Balance Sheet

Concept 2018 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.050M $4.053M $2.120M
YoY Change 177.4% 177.25% -64.25%
Cash & Equivalents $4.053M $2.124M
Short-Term Investments
Other Short-Term Assets $543.5K $429.1K $380.6K
YoY Change 378.73% 277.93% 108.32%
Inventory $49.06M $45.33M $46.40M
Prepaid Expenses
Receivables $13.18M $17.46M $7.054M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $74.46M $67.27M $55.96M
YoY Change 63.88% 48.06% 22.71%
LONG-TERM ASSETS
Property, Plant & Equipment $11.91M $14.17M $14.45M
YoY Change -21.51% -6.64% -6.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $220.0K $217.9K $670.0K
YoY Change -87.36% -87.51% -59.39%
Total Long-Term Assets $12.15M $14.38M $15.99M
YoY Change -31.88% -19.33% -11.07%
TOTAL ASSETS
Total Short-Term Assets $74.46M $67.27M $55.96M
Total Long-Term Assets $12.15M $14.38M $15.99M
Total Assets $86.60M $81.65M $71.95M
YoY Change 36.89% 29.07% 13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.23M $10.23M $6.580M
YoY Change 411.5% 410.74% 250.0%
Accrued Expenses $660.0K $657.0K $410.0K
YoY Change 135.71% 132.29% 13.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $3.750M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.36M $11.03M $10.81M
YoY Change 424.69% 368.08% 367.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $175.1K $170.0K
YoY Change -68.19% -68.52%
Total Long-Term Liabilities $0.00 $175.1K $170.0K
YoY Change -100.0% -68.19% -68.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.36M $11.03M $10.81M
Total Long-Term Liabilities $0.00 $175.1K $170.0K
Total Liabilities $14.12M $13.08M $10.98M
YoY Change 385.76% 349.89% 285.68%
SHAREHOLDERS EQUITY
Retained Earnings $40.48M $29.17M
YoY Change 40.65% -0.19%
Common Stock $37.53M $37.27M
YoY Change 1.29% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.526M $5.476M
YoY Change 0.91% 0.0%
Treasury Stock Shares $1.226M $1.176M
Shareholders Equity $72.48M $68.58M $60.97M
YoY Change
Total Liabilities & Shareholders Equity $86.60M $81.65M $71.95M
YoY Change 36.89% 29.07% 13.16%

Cashflow Statement

Concept 2018 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $3.013M $3.934M $161.3K
YoY Change -899.34% -246.87% -168.15%
Depreciation, Depletion And Amortization $360.0K $1.356M $360.0K
YoY Change -7.69% -14.93% -10.0%
Cash From Operating Activities $5.840M $3.245M -$4.660M
YoY Change -238.06% -1701.39% 412.09%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $349.2K -$100.0K
YoY Change -50.0% -56.32% -54.55%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$24.90K $0.00
YoY Change -50.0% -57.8% -100.0%
Cash From Investing Activities -$80.00K -$374.1K -$100.0K
YoY Change -50.0% -56.42% -56.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.820M -280.4K 3.680M
YoY Change 5357.14% 2.3% -6233.33%
NET CHANGE
Cash From Operating Activities 5.840M 3.245M -4.660M
Cash From Investing Activities -80.00K -374.1K -100.0K
Cash From Financing Activities -3.820M -280.4K 3.680M
Net Change In Cash 1.940M 2.591M -1.080M
YoY Change -143.5% -294.06% -10.0%
FREE CASH FLOW
Cash From Operating Activities $5.840M $3.245M -$4.660M
Capital Expenditures -$70.00K $349.2K -$100.0K
Free Cash Flow $5.910M $2.896M -$4.560M
YoY Change -244.5% -389.04% 560.87%

Facts In Submission

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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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">ECONOMIC RELATIONSHIP:&nbsp;&nbsp;&nbsp;&nbsp;The Company purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company. Coil segment sales to Trinity Industries, Inc. accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div> of total Company sales in fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> other customers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of total sales in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Loss of Trinity as a customer could have a material adverse effect on the Company&#x2019;s business.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral. Generally, receivables are due within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div>&nbsp;days.</div></div></div>
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CY2017Q1 us-gaap Income Taxes Receivable Noncurrent
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CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2017 us-gaap Increase Decrease In Accounts Receivable
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CY2018 us-gaap Increase Decrease In Employee Related Liabilities
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371180
CY2017 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-36722
CY2018 us-gaap Increase Decrease In Income Taxes Receivable
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-913347
CY2017 us-gaap Increase Decrease In Income Taxes Receivable
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913347
CY2018 us-gaap Increase Decrease In Inventories
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3120782
CY2017 us-gaap Increase Decrease In Inventories
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-7020578
CY2017Q1 us-gaap Inventory Net
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CY2018Q1 us-gaap Land
Land
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CY2017Q1 us-gaap Land
Land
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CY2018 us-gaap Lease And Rental Expense
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CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2018Q1 us-gaap Lessee Operating Lease Renewal Term
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CY2018Q1 us-gaap Liabilities
Liabilities
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CY2017Q1 us-gaap Liabilities
Liabilities
2906872
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q1 us-gaap Liabilities Current
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CY2017Q1 us-gaap Liabilities Current
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CY2018Q1 us-gaap Machinery And Equipment Gross
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CY2017Q1 us-gaap Machinery And Equipment Gross
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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-280378
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Net Income Loss
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CY2017 us-gaap Net Income Loss
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NetIncomeLoss
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CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
100936
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
32736
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2728
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
32736
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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32736
CY2018Q1 us-gaap Other Assets Current
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429101
CY2017Q1 us-gaap Other Assets Current
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113540
CY2018Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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175056
CY2017Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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550282
CY2018 us-gaap Payments Of Dividends Common Stock
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280378
CY2017 us-gaap Payments Of Dividends Common Stock
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274078
CY2018 us-gaap Payments To Acquire Life Insurance Policies
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24900
CY2017 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
59000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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349184
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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799331
CY2018 us-gaap Pension And Other Postretirement Benefit Expense
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9774
CY2017 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
57682
CY2018Q1 us-gaap Property Plant And Equipment Net
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14166001
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15173164
CY2018Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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33660000
CY2018 us-gaap Restricted Stock Expense
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288960
CY2017 us-gaap Restricted Stock Expense
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72240
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
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31190246
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
28781315
CY2018 us-gaap Revenues
Revenues
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CY2017 us-gaap Revenues
Revenues
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CY2017Q2 us-gaap Revenues
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CY2018Q1 us-gaap Revenues
Revenues
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CY2016Q2 us-gaap Revenues
Revenues
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Revenues
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Revenues
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CY2017Q1 us-gaap Revenues
Revenues
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CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4181657
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4018199
CY2018 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
129817
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
-112583
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
63054316
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6851944
CY2016Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
22276
CY2018 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
CY2017 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
CY2018 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
425140
CY2017 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
307932
CY2018 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
431364
CY2017 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
302932
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6851944
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7009444
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1175716
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1175716
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
5475964
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
5475964
CY2018Q1 us-gaap Unrecognized Tax Benefits
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0
CY2018 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">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 valuation of LIFO inventories in the Company&#x2019;s quarterly reporting, determination of useful lives for fixed assets and determination of the allowance for doubtful accounts. Valuation of LIFO inventories in the Company&#x2019;s quarterly reporting requires estimates of the year end quantities, which is inherently difficult. The determination of useful lives for depreciation of fixed assets requires the Company to make assumptions regarding the future productivity of the Company&#x2019;s fixed assets. 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>
CY2017Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
27276
CY2018Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
21052

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