$FRD
FRIEDMAN INDUSTRIES INC

2023 Q3 Form 10-K Financial Statement

#000143774923019969 Filed on July 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q1 2023
Revenue $130.7M $124.2M $547.5M
YoY Change -12.66% 65.38% 91.96%
Cost Of Revenue $124.9M $110.6M $504.5M
YoY Change -13.85% 42.64% 106.54%
Gross Profit $5.821M $13.60M $43.09M
YoY Change 24.43% -659.04% 5.12%
Gross Profit Margin 4.45% 10.96% 7.87%
Selling, General & Admin $4.766M $6.350M $20.81M
YoY Change 3.43% 246.41% 66.92%
% of Gross Profit 81.88% 46.67% 48.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $760.0K $646.5K $2.526M
YoY Change 18.39% 98.19% 91.3%
% of Gross Profit 13.06% 4.75% 5.86%
Operating Expenses $4.766M $6.350M $20.81M
YoY Change 3.43% 246.41% 66.92%
Operating Profit $1.055M $7.255M $22.27M
YoY Change -291.59% -270.05% -21.19%
Interest Expense -$805.0K $8.586M $7.088M
YoY Change -229.63% -264.04% 2676.12%
% of Operating Profit -76.3% 118.34% 31.82%
Other Income/Expense, Net $10.00K -$7.323M $27.00K
YoY Change -99.73% 43.59% -100.27%
Pretax Income $4.662M $8.519M $28.19M
YoY Change 45.41% -189.66% 53.78%
Income Tax $1.149M $2.206M $6.845M
% Of Pretax Income 24.65% 25.89% 24.28%
Net Earnings $3.513M $6.224M $21.02M
YoY Change 42.17% -183.42% 49.4%
Net Earnings / Revenue 2.69% 5.01% 3.84%
Basic Earnings Per Share $0.48 $2.91
Diluted Earnings Per Share $0.48 $0.86 $2.91
COMMON SHARES
Basic Shares Outstanding 7.376M 7.376M
Diluted Shares Outstanding 7.289M 7.216M

Balance Sheet

Concept 2023 Q3 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $2.992M $2.992M
YoY Change -51.78% 15.16% 15.16%
Cash & Equivalents $3.152M $2.992M
Short-Term Investments
Other Short-Term Assets $4.491M $5.051M $5.051M
YoY Change 3.58% -66.11% -73.62%
Inventory $104.5M $86.25M $86.25M
Prepaid Expenses
Receivables $52.33M $49.37M $49.37M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $165.2M $143.7M $143.7M
YoY Change 5.56% 14.59% 14.59%
LONG-TERM ASSETS
Property, Plant & Equipment $55.34M $55.20M $55.20M
YoY Change 3.4% 83.36% 83.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $453.0K $453.0K
YoY Change -28.32% -80.22% -81.15%
Total Long-Term Assets $56.97M $55.66M $55.66M
YoY Change 2.86% 64.11% 64.11%
TOTAL ASSETS
Total Short-Term Assets $165.2M $143.7M $143.7M
Total Long-Term Assets $56.97M $55.66M $55.66M
Total Assets $222.1M $199.3M $199.3M
YoY Change 4.85% 25.14% 25.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.20M $36.75M $36.75M
YoY Change -48.92% -17.89% -17.89%
Accrued Expenses $3.400M $5.101M $5.101M
YoY Change -17.17% 267.52% 281.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $107.0K $107.0K
YoY Change 89.21% 2.21% 2.21%
Total Short-Term Liabilities $35.29M $45.09M $45.09M
YoY Change -47.22% -25.86% -25.86%
LONG-TERM LIABILITIES
Long-Term Debt $54.40M $33.17M $33.17M
YoY Change 50382.55% 20519.76%
Other Long-Term Liabilities $1.139M $1.264M $1.264M
YoY Change -14.16% 469.97% -93.27%
Total Long-Term Liabilities $1.139M $34.44M $34.44M
YoY Change -14.16% 15427.56% 83.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.29M $45.09M $45.09M
Total Long-Term Liabilities $1.139M $34.44M $34.44M
Total Liabilities $95.32M $83.88M $83.88M
YoY Change -9.36% 5.39% 5.39%
SHAREHOLDERS EQUITY
Retained Earnings $90.56M $79.65M
YoY Change 25.33% 35.21%
Common Stock $44.03M $43.87M
YoY Change 0.72% 13.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.8M $115.4M $115.4M
YoY Change
Total Liabilities & Shareholders Equity $222.1M $199.3M $199.3M
YoY Change 4.85% 25.14% 25.14%

Cashflow Statement

Concept 2023 Q3 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $3.513M $6.224M $21.02M
YoY Change 42.17% -183.42% 49.4%
Depreciation, Depletion And Amortization $760.0K $646.5K $2.526M
YoY Change 18.39% 98.19% 91.3%
Cash From Operating Activities -$15.66M $19.80M $63.89M
YoY Change -120.61% 107.51% -576.9%
INVESTING ACTIVITIES
Capital Expenditures $2.430M $8.175M $16.45M
YoY Change -155.46% -1244.14% 104.03%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$2.400K -$71.73M
YoY Change 189.02% -53.58% -49001.08%
Cash From Investing Activities -$2.440M -$8.178M -$88.19M
YoY Change -44.36% 1036.27% 1013.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$37.00K
YoY Change -106.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.88M -11.63M 13.56M
YoY Change -122.38% -538.96% -21.38%
NET CHANGE
Cash From Operating Activities -15.66M 19.80M 63.89M
Cash From Investing Activities -2.440M -8.178M -88.19M
Cash From Financing Activities 14.88M -11.63M 13.56M
Net Change In Cash -3.220M -13.97K -10.74M
YoY Change -162.71% -100.12% 163.72%
FREE CASH FLOW
Cash From Operating Activities -$15.66M $19.80M $63.89M
Capital Expenditures $2.430M $8.175M $16.45M
Free Cash Flow -$18.09M $11.62M $47.44M
YoY Change -122.51% 13.32% -321.04%

Facts In Submission

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4784000 usd
CY2023 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
37000 usd
CY2023 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
600000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
115432000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
21344000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
14066000 usd
CY2023 us-gaap Depreciation
Depreciation
2526000 usd
CY2022 us-gaap Depreciation
Depreciation
1320000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3326000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-561000 usd
CY2023 us-gaap Restricted Stock Expense
RestrictedStockExpense
303000 usd
CY2022 us-gaap Restricted Stock Expense
RestrictedStockExpense
449000 usd
CY2023 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
8000 usd
CY2022 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
11000 usd
CY2023 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-459000 usd
CY2022 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-1217000 usd
CY2023 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-4773000 usd
CY2022 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1343000 usd
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-0 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1707000 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13696000 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
15293000 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-59247000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
31930000 usd
CY2023 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-1404000 usd
CY2022 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
1404000 usd
CY2023 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1363000 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
123000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-18875000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
22028000 usd
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
774000 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1455000 usd
CY2023 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
3564000 usd
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-1558000 usd
CY2023 frd Increase Decrease In Deferred Compensation Cash Based Arrangementsliability
IncreaseDecreaseInDeferredCompensationCashBasedArrangementsliability
100000 usd
CY2022 frd Increase Decrease In Deferred Compensation Cash Based Arrangementsliability
IncreaseDecreaseInDeferredCompensationCashBasedArrangementsliability
200000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63894000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13397000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16454000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8065000 usd
CY2023 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 usd
CY2022 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
161000 usd
CY2023 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
13000 usd
CY2022 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
14000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-88187000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7918000 usd
CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
393000 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
-0 usd
CY2023 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
589000 usd
CY2022 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
551000 usd
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
105000 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
103000 usd
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
37000 usd
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
538000 usd
CY2023 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
14681000 usd
CY2022 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
18437000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13557000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17245000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10736000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4070000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16122000 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20192000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5386000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16122000 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<b>RECLASSIFICATIONS:</b>   The consolidated financial statements for the previous fiscal year <em style="font: inherit;"> may </em>include certain reclassifications to conform to the current presentation. To conform with the current year presentation, “<i>Interest expense</i>” on the consolidated statements of operations was moved below the calculation of "<i>Earnings From Operations</i>". To conform with the current year presentation, a loss of approximately $11.6 million reported in the prior year as a component of "<i>Other income (loss)</i>" on the consolidated statement of operations was moved to the line item "<i>Gain (loss) on economic hedges of risk</i>". These reclassifications had <em style="font: inherit;">no</em> impact on previously reported net earnings or stockholder's equity.
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
86246000 usd
CY2022Q1 us-gaap Inventory Net
InventoryNet
67946000 usd
CY2023 us-gaap Interest Paid
InterestPaid
2000000.0 usd
CY2022 us-gaap Interest Paid
InterestPaid
200000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
400000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8300000 usd
CY2022 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
400000 usd
CY2022Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
15900000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8100000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;"><b>USE OF ESTIMATES:</b>    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. The more significant estimates and judgements for the Company include determining the fair value of assets acquired and liabilities assumed in the business combination discussed in Note <em style="font: inherit;">2.</em> The determination of fair value requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. Actual results could differ from these estimates.</p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;"><b>ECONOMIC RELATIONSHIP:</b>    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.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">Coil segment sales to O'Neal Steel accounted for approximately 15% and 11% of total Company sales in fiscal <em style="font: inherit;">2023</em> and fiscal <em style="font: inherit;">2022,</em> respectively. <em style="font: inherit;">No</em> other customers accounted for <em style="font: inherit;">10%</em> or more of total Company sales for either fiscal year.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p> <p 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 <em style="font: inherit;">not</em> require collateral. Generally, receivables are due within <em style="font: inherit;">30</em> days.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p>
CY2023 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
566942000 usd
CY2022 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
535895000 usd
CY2023 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
20793000 usd
CY2022 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
17862000 usd
CY2020Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1062067
CY2023 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
4162
CY2022 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
52235
CY2022Q2 frd Line Of Credit Facility Maximum Borrowing Capacity Maximum Conditional Increase
LineOfCreditFacilityMaximumBorrowingCapacityMaximumConditionalIncrease
25000000 usd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
105000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
103000 usd
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
127000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
58000 usd
CY2023 us-gaap Lease Cost
LeaseCost
236000 usd
CY2022 us-gaap Lease Cost
LeaseCost
167000 usd
CY2023Q1 frd Operating And Finance Lease Rightofuse Asset
OperatingAndFinanceLeaseRightofuseAsset
1700000 usd
CY2022Q1 frd Operating And Finance Lease Rightofuse Asset
OperatingAndFinanceLeaseRightofuseAsset
569000 usd
CY2023Q1 frd Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
1430000 usd
CY2022Q1 frd Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
379000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P19Y3M18D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.027 pure
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.019 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
134000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
109000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
80000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
54000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
75000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
75000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q1 frd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1237000 usd
CY2023Q1 frd Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1601000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
163000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
332000 usd
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
161000 usd
CY2023 us-gaap Depreciation
Depreciation
2500000 usd
CY2022 us-gaap Depreciation
Depreciation
1300000 usd
CY2021Q4 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-9900000 usd
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
1600000 usd
CY2022Q1 us-gaap Derivative Assets
DerivativeAssets
900000 usd
CY2023 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
9005000 usd
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-19908000 usd
CY2023 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
400000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3881000 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3425000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-478000 usd
CY2023 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
5560000 usd
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
3403000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1384000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
945000 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-99000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-83000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
21344000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
14066000 usd
CY2023 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-329000 usd
CY2022 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-543000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21015000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13523000 usd
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7216142
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6623769
CY2023 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1285000 usd
CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
862000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6845000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4265000 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2135000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.035 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.037 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.014 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233 pure
CY2023Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
5786000 usd
CY2022Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1788000 usd
CY2023Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5786000 usd
CY2022Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1788000 usd
CY2023Q1 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
106000 usd
CY2022Q1 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
3271000 usd
CY2023Q1 frd Deferred Tax Assets Inventory Costs Capitalized
DeferredTaxAssetsInventoryCostsCapitalized
548000 usd
CY2022Q1 frd Deferred Tax Assets Inventory Costs Capitalized
DeferredTaxAssetsInventoryCostsCapitalized
98000 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
25000 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
29000 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
91000 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
69000 usd
CY2023Q1 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
DeferredTaxAssetsUnrealizedLossesOnAvailableforSaleSecuritiesGross
526000 usd
CY2022Q1 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
DeferredTaxAssetsUnrealizedLossesOnAvailableforSaleSecuritiesGross
388000 usd
CY2023Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
133000 usd
CY2022Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
66000 usd
CY2023Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1429000 usd
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3921000 usd
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
4357000 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
2133000 usd
CY2023 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
13121000 usd
CY2023 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent
3169000 usd
CY2023 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
9952000 usd
CY2023 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
13121000 usd
CY2023 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
3169000 usd
CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
9952000 usd
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
1212000 usd
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent
292000 usd
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
920000 usd
CY2022 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
1212000 usd
CY2022 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
292000 usd
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
920000 usd
CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
547542000 usd
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
285235000 usd
CY2023 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
9306000 usd
CY2022 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-11636000 usd
CY2023 us-gaap Interest Expense
InterestExpense
2218000 usd
CY2022 us-gaap Interest Expense
InterestExpense
255000 usd
CY2023 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
27000 usd
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1702000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
28189000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18331000 usd
CY2023Q1 us-gaap Assets
Assets
199312000 usd
CY2022Q1 us-gaap Assets
Assets
159275000 usd
CY2023 us-gaap Depreciation
Depreciation
2526000 usd
CY2022 us-gaap Depreciation
Depreciation
1320000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16454000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8065000 usd
CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
85000 usd
CY2023 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
98000 usd
CY2023 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
0 usd
CY2023Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
183000 usd
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
18000 usd
CY2022 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
67000 usd
CY2022 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
0 usd
CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
85000 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
98000 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
67000 usd
CY2023 dei Auditor Name
AuditorName
Moss Adams LLP
CY2023 dei Auditor Location
AuditorLocation
Houston, Texas

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