$FRD
FRIEDMAN INDUSTRIES INC

2023 Q2 Form 10-Q Financial Statement

#000143774923023695 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $137.3M
YoY Change -15.14%
Cost Of Revenue $121.0M
YoY Change -15.48%
Gross Profit $16.33M
YoY Change -12.55%
Gross Profit Margin 11.89%
Selling, General & Admin $5.972M
YoY Change -5.99%
% of Gross Profit 36.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $771.0K
YoY Change 45.17%
% of Gross Profit 4.72%
Operating Expenses $5.972M
YoY Change -5.99%
Operating Profit $10.36M
YoY Change -12.89%
Interest Expense $540.0K
YoY Change 25.87%
% of Operating Profit 5.21%
Other Income/Expense, Net $6.000K
YoY Change -99.78%
Pretax Income $10.25M
YoY Change -30.05%
Income Tax $2.600M
% Of Pretax Income 25.36%
Net Earnings $7.690M
YoY Change -31.24%
Net Earnings / Revenue 5.6%
Basic Earnings Per Share $1.04
Diluted Earnings Per Share $1.04
COMMON SHARES
Basic Shares Outstanding 7.289M
Diluted Shares Outstanding 7.289M

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.823M
YoY Change 100.23%
Cash & Equivalents $4.823M
Short-Term Investments
Other Short-Term Assets $3.104M
YoY Change 14.02%
Inventory $101.1M
Prepaid Expenses
Receivables $46.78M
Other Receivables $0.00
Total Short-Term Assets $156.1M
YoY Change -25.31%
LONG-TERM ASSETS
Property, Plant & Equipment $53.64M
YoY Change 4.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $432.0K
YoY Change 4.59%
Total Long-Term Assets $55.31M
YoY Change 4.19%
TOTAL ASSETS
Total Short-Term Assets $156.1M
Total Long-Term Assets $55.31M
Total Assets $211.4M
YoY Change -19.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.89M
YoY Change -24.38%
Accrued Expenses $3.074M
YoY Change -8.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $107.0K
YoY Change 1.71%
Total Short-Term Liabilities $43.02M
YoY Change -22.27%
LONG-TERM LIABILITIES
Long-Term Debt $39.33M
YoY Change -61.63%
Other Long-Term Liabilities $1.178M
YoY Change -14.56%
Total Long-Term Liabilities $1.178M
YoY Change -14.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.02M
Total Long-Term Liabilities $1.178M
Total Liabilities $88.03M
YoY Change -44.75%
SHAREHOLDERS EQUITY
Retained Earnings $87.20M
YoY Change 24.68%
Common Stock $43.95M
YoY Change 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.4M
YoY Change
Total Liabilities & Shareholders Equity $211.4M
YoY Change -19.33%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income $7.690M
YoY Change -31.24%
Depreciation, Depletion And Amortization $771.0K
YoY Change 45.17%
Cash From Operating Activities -$4.583M
YoY Change -78.53%
INVESTING ACTIVITIES
Capital Expenditures $450.0K
YoY Change -84.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000K
YoY Change -100.0%
Cash From Investing Activities -$452.0K
YoY Change -99.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.007M
YoY Change -92.8%
NET CHANGE
Cash From Operating Activities -$4.583M
Cash From Investing Activities -$452.0K
Cash From Financing Activities $6.007M
Net Change In Cash $972.0K
YoY Change -107.84%
FREE CASH FLOW
Cash From Operating Activities -$4.583M
Capital Expenditures $450.0K
Free Cash Flow -$5.033M
YoY Change -79.16%

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CY2023Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
-0 usd
CY2022Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
29000 usd
CY2023Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
6181000 usd
CY2022Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
83930000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6007000 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
83488000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
972000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12392000 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6358000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3730000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
101146000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
86246000 usd
CY2022Q2 frd Line Of Credit Facility Maximum Borrowing Capacity Maximum Conditional Increase
LineOfCreditFacilityMaximumBorrowingCapacityMaximumConditionalIncrease
25000000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
34000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
27000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
61000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
54000 usd
CY2023Q2 frd Operating And Finance Lease Rightofuse Asset
OperatingAndFinanceLeaseRightofuseAsset
1668000 usd
CY2023Q1 frd Operating And Finance Lease Rightofuse Asset
OperatingAndFinanceLeaseRightofuseAsset
1700000 usd
CY2023Q2 frd Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
1379000 usd
CY2023Q1 frd Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
1430000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P19Y4M24D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.026 pure
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.019 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
100000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
82000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
80000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
54000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
75000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
75000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1237000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1567000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
136000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
322000 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
134000 usd
CY2023Q2 us-gaap Derivative Assets
DerivativeAssets
400000 usd
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
1600000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
0 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
8833000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
137298000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
161803000 usd
CY2023Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
430000 usd
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2754000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
540000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
429000 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6000 usd
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
13000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10253000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14657000 usd
CY2023Q2 us-gaap Assets
Assets
211402000 usd
CY2023Q1 us-gaap Assets
Assets
199312000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
115432000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
7690000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
317000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
78000 usd
CY2023Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
148000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
123369000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
79686000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
11184000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
7174000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
73000 usd
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
29000 usd
CY2022Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
157000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
102715000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
418000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent
101000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
317000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
418000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
101000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
317000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
9460000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent
2286000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
7174000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
9460000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
2286000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
7174000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
7690000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
11184000 usd
CY2023Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-90000 usd
CY2022Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-196000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7600000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10988000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7288906
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7071066
CY2023Q2 us-gaap Interest Paid
InterestPaid
500000 usd
CY2022Q2 us-gaap Interest Paid
InterestPaid
400000 usd
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
47000 usd
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
40000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3500000 usd

Files In Submission

Name View Source Status
frd-20230630_lab.xml Edgar Link unprocessable
frd-20230630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
frd-20230630_pre.xml Edgar Link unprocessable
0001437749-23-023695-index-headers.html Edgar Link pending
0001437749-23-023695-index.html Edgar Link pending
0001437749-23-023695.txt Edgar Link pending
0001437749-23-023695-xbrl.zip Edgar Link pending
ex_537661.htm Edgar Link pending
ex_537662.htm Edgar Link pending
ex_537663.htm Edgar Link pending
ex_537664.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
frd-20230630.xsd Edgar Link pending
frd20230630_10q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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frd-20230630_def.xml Edgar Link unprocessable
frd20230630_10q_htm.xml Edgar Link completed
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