$FRD
FRIEDMAN INDUSTRIES INC

2021 Q1 Form 10-K Financial Statement

#000143774921016577 Filed on July 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q3
Revenue $49.21M $28.50M $24.86M
YoY Change 49.22% 1.25% -37.84%
Cost Of Revenue $31.47M $24.01M $23.77M
YoY Change 1.16% -14.56% -41.71%
Gross Profit $17.74M $4.496M $1.091M
YoY Change 849.39% 8393.47% -239.41%
Gross Profit Margin 36.05% 15.77% 4.39%
Selling, General & Admin $3.316M $1.725M $1.402M
YoY Change 126.85% 43.71% 11.81%
% of Gross Profit 18.69% 38.37% 128.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $282.7K $199.3K $195.5K
YoY Change -52.97% -35.63% -36.86%
% of Gross Profit 1.59% 4.43% 17.92%
Operating Expenses $3.316M $736.0K $718.0K
YoY Change 126.85% 25.38% 16.94%
Operating Profit $14.43M $2.765M -$317.0K
YoY Change 3446.1% -340.41% -84.43%
Interest Expense -$522.7K $6.000K $6.000K
YoY Change -28352.43% 143.61%
% of Operating Profit -3.62% 0.22%
Other Income/Expense, Net -$500.0K $4.000K $4.000K
YoY Change
Pretax Income $13.90M $2.769M -$313.0K
YoY Change -453.77% -341.72% -84.6%
Income Tax $3.499M $639.2K -$62.72K
% Of Pretax Income 25.17% 23.08%
Net Earnings $10.40M $2.130M -$250.0K
YoY Change -444.62% -341.74% -83.81%
Net Earnings / Revenue 21.14% 7.47% -1.01%
Basic Earnings Per Share $1.49 $0.30 -$0.04
Diluted Earnings Per Share $1.49 $0.30 -$0.04
COMMON SHARES
Basic Shares Outstanding 6.906M 7.040M 7.068M
Diluted Shares Outstanding 7.040M 7.068M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.191M $16.49M $18.78M
YoY Change -51.98% -26.18% -3.06%
Cash & Equivalents $8.191M $16.49M $18.78M
Short-Term Investments
Other Short-Term Assets $12.33M $5.488M $1.887M
YoY Change 1480.04% 249.86% 87.2%
Inventory $36.02M $30.13M $26.50M
Prepaid Expenses
Receivables $20.38M $12.13M $11.28M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.53M $64.24M $58.44M
YoY Change 18.9% -7.29% -15.74%
LONG-TERM ASSETS
Property, Plant & Equipment $15.46M $14.97M $13.87M
YoY Change 34.44% 1.62% 14.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.008M $144.8K $140.5K
YoY Change 1423.34% 13.45% 13.95%
Total Long-Term Assets $17.47M $15.13M $14.60M
YoY Change 44.03% 1.29% 16.19%
TOTAL ASSETS
Total Short-Term Assets $77.53M $64.24M $58.44M
Total Long-Term Assets $17.47M $15.13M $14.60M
Total Assets $95.01M $79.37M $73.05M
YoY Change 22.84% -5.77% -10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.18M $6.100M $4.697M
YoY Change 70.62% -49.77% -46.72%
Accrued Expenses $2.698M $801.0K $567.4K
YoY Change 431.74% 64.99% 2.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.621M $1.440M $1.089M
YoY Change 1509.35% 1336.86%
Total Short-Term Liabilities $29.07M $8.532M $6.497M
YoY Change 201.41% -33.71% -31.68%
LONG-TERM LIABILITIES
Long-Term Debt $437.5K $643.7K $1.020M
YoY Change 18.81% 63.53%
Other Long-Term Liabilities $316.0K $291.4K $317.2K
YoY Change -15.14% -27.93% 1599.81%
Total Long-Term Liabilities $316.0K $291.4K $317.2K
YoY Change -15.14% -27.93% 1599.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.07M $8.532M $6.497M
Total Long-Term Liabilities $316.0K $291.4K $317.2K
Total Liabilities $29.67M $10.02M $7.767M
YoY Change 183.13% -29.9% -29.71%
SHAREHOLDERS EQUITY
Retained Earnings $45.39M $35.13M $33.14M
YoY Change 31.46% -6.8% -14.4%
Common Stock $38.34M $38.19M $38.08M
YoY Change 1.26% 1.08% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.203M $6.619M $5.936M
YoY Change 30.35% 19.79% 7.42%
Treasury Stock Shares $1.435M $1.356M $1.293M
Shareholders Equity $65.34M $69.35M $65.28M
YoY Change
Total Liabilities & Shareholders Equity $95.01M $79.37M $73.05M
YoY Change 22.84% -5.77% -10.84%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $10.40M $2.130M -$250.0K
YoY Change -444.62% -341.74% -83.81%
Depreciation, Depletion And Amortization $282.7K $199.3K $195.5K
YoY Change -52.97% -35.63% -36.86%
Cash From Operating Activities $3.589M $1.121M $5.776M
YoY Change -205.72% -79.83% -35.64%
INVESTING ACTIVITIES
Capital Expenditures -$381.4K -$1.295M -$1.560M
YoY Change -77.71% -46.67% 1159.75%
Acquisitions
YoY Change
Other Investing Activities $32.35K -$4.320K -$4.330K
YoY Change -872.08% -1.14% -0.92%
Cash From Investing Activities -$349.1K -$1.299M -$1.564M
YoY Change -79.65% -46.59% 1120.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -748.8K -899.9K -577.0K
YoY Change 354.2% 446.25% 106.07%
NET CHANGE
Cash From Operating Activities 3.589M 1.121M 5.776M
Cash From Investing Activities -349.1K -1.299M -1.564M
Cash From Financing Activities -748.8K -899.9K -577.0K
Net Change In Cash 2.491M -1.077M 3.635M
YoY Change -147.23% -136.38% -57.57%
FREE CASH FLOW
Cash From Operating Activities $3.589M $1.121M $5.776M
Capital Expenditures -$381.4K -$1.295M -$1.560M
Free Cash Flow $3.971M $2.416M $7.336M
YoY Change -335.86% -69.75% -19.37%

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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="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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;"><div style="display: inline; font-weight: bold;">ECONOMIC RELATIONSHIP:</div>&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. In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>U.S. Steel announced the idling of their Lone Star Tubular Operations which was the sole supplier of mill reject pipe to the Company. U.S. Steel's facility was idled as announced and the Company's receipts of mill reject pipe ceased in <div style="display: inline; font-style: italic; font: inherit;"> August 2020.&nbsp;</div>At <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, we had approximately <div style="display: inline; font-style: italic; font: inherit;">22,500</div> tons of mill reject inventory which we believe to be <div style="display: inline; font-style: italic; font: inherit;">one</div> to <div style="display: inline; font-style: italic; font: inherit;">one</div> and a half years of inventory. Mill reject pipe sales contributed gross profit of approximately <div style="display: inline; font-style: italic; font: inherit;">$1,775,000</div> in fiscal <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div> and <div style="display: inline; font-style: italic; font: inherit;">$1,471,000</div> in fiscal <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div>. We expect the idling to have a negative impact on our operations as we eventually sell out of inventory.</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;">For fiscal year&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div>, <div style="display: inline; font-style: italic; font: inherit;">no</div> individual customer accounted for <div style="display: inline; font-style: italic; font: inherit;">10%</div> or more of total Company sales. Coil segment sales to Trinity Industries, Inc. accounted for approximately <div style="display: inline; font-style: italic; font: inherit;">18%</div> of total Company sales in fiscal&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div>. <div style="display: inline; font-style: italic; font: inherit;">No</div> other customers accounted for <div style="display: inline; font-style: italic; font: inherit;">10%</div> or more of total Company sales in fiscal&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div>.</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'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: inherit;">not</div> require collateral. Generally, receivables are due within <div style="display: inline; font-style: italic; font: inherit;">30</div>&nbsp;days.</div></div></div></div></div></div></div></div></div></div>
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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="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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;"><div style="display: inline; font-weight: bold;">USE OF ESTIMATES:</div>&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's assumptions include forecasts of purchases and sales in relation to hedging activities,&nbsp;the fair value of the pipe-finishing facility, determination of useful lives for fixed assets, determination of the allowance for doubtful accounts and the determination of net realizable value relative to inventory. From time to time, the Company hedges forecasted purchases of hot-rolled coil and forecasted sales of prime coil inventory and manufactured pipe inventory&nbsp;and <div style="display: inline; font-style: italic; font: inherit;"> may </div>designate&nbsp;those transactions for hedge accounting. If the actual volume of these purchases and sales differs from the forecasted volumes, it <div style="display: inline; font-style: italic; font: inherit;"> may </div>impact the application of hedge accounting related to those transactions and <div style="display: inline; font-style: italic; font: inherit;"> may </div>disallow the use of hedge accounting on a go forward basis. The pipe-finishing facility impairment analysis performed at&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020</div></div>&nbsp;required&nbsp;assumptions related to future operations of the facility and estimates related to the replacement cost and value in exchange for the assets. The determination of useful lives for depreciation of fixed assets requires the Company to make assumptions regarding the future productivity of the Company's fixed assets. The allowance for doubtful accounts requires the Company to draw conclusions on the future collectability of the Company's accounts receivable. The determination of net realizable value when reviewing inventory value requires the Company to make assumptions concerning sales trends, customer demand and steel industry market conditions. Actual results could differ from these estimates.</div></div></div></div></div></div></div></div></div></div>
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