Form 10-Q

0001193125-12-051632.txt : 20120210 0001193125-12-051632.hdr.sgml : 20120210 20120210123846 ACCESSION NUMBER: 0001193125-12-051632 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120210 DATE AS OF CHANGE: 20120210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRIEDMAN INDUSTRIES INC CENTRAL INDEX KEY: 0000039092 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310] IRS NUMBER: 741504405 STATE OF INCORPORATION: TX FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07521 FILM NUMBER: 12590832 BUSINESS ADDRESS: STREET 1: 4001 HOMESTEAD RD CITY: HOUSTON STATE: TX ZIP: 77028 BUSINESS PHONE: 7136729433 MAIL ADDRESS: STREET 2: PO BOX 21147 CITY: HOUSTON STATE: TX ZIP: 77226 10-Q 1 d290931d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FROM THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 1-7521

FRIEDMAN INDUSTRIES, INCORPORATED

(Exact name of registrant as specified in its charter)

TEXAS

74-1504405

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

P.O. BOX 62388, HOUSTON, TEXAS 77205-2388

(Address of principal executive office) (zip code)

(713) 672-9433

Registrant’s telephone number, including area code

Former name, former address and former fiscal year, if changed since last report

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer ¨	Smaller reporting company x
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

At December 31, 2011, the number of shares outstanding of the issuer’s only class of stock was 6,799,444 shares of Common Stock.

TABLE OF CONTENTS


Part I — FINANCIAL INFORMATION			2
Item 1. Financial Statements			2
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			7
Item 3. Quantitative and Qualitative Disclosures About Market Risk			9
Item 4. Controls and Procedures			9
Part II — OTHER INFORMATION			10
Item 1. Legal Proceedings			10
Item 1A. Risk Factors			10
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			10
Item 3. Defaults Upon Senior Securities			10
Item 4. [Removed and Reserved]			10
Item 5. Other Information			10
Item 6. Exhibits			10
SIGNATURES			11
EXHIBIT INDEX
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED


	December 31, 2011			March 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	19,498,049		$	7,210,290
Accounts receivable, net of allowances for bad debts and cash discounts of $37,276 at December 31 and March 31, 2011		12,253,389			12,594,954
Inventories		28,822,263			34,679,270
Other		169,710			77,830

TOTAL CURRENT ASSETS		60,743,411			54,562,344
PROPERTY, PLANT AND EQUIPMENT:
Land		1,082,331			1,082,331
Buildings and yard improvements		7,014,180			7,014,180
Machinery and equipment		30,186,038			29,876,767
Less accumulated depreciation		(25,219,091	)		(23,841,491	)

		13,063,458			14,131,787

OTHER ASSETS:
Cash value of officers’ life insurance and other assets		935,750			890,000


TOTAL ASSETS	$	74,742,619		$	69,584,131

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	9,277,810		$	7,338,762
Income taxes payable		—			350,961
Deferred credit for LIFO inventory replacement		363,623			—
Dividends payable		883,928			747,939
Contribution to profit-sharing plan		200,300			50,000
Employee compensation and related expenses		617,295			979,713


TOTAL CURRENT LIABILITIES		11,342,956			9,467,375
DEFERRED INCOME TAXES		468,673			536,699
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS		834,690			777,543
STOCKHOLDERS’ EQUITY:
Common stock, par value $1:
Authorized shares — 10,000,000
Issued shares — 7,975,160 at December 31 and March 31, 2011		7,975,160			7,975,160
Additional paid-in capital		29,003,674			29,003,674
Treasury stock at cost (1,175,716 shares at December 31 and March 31, 2011)		(5,475,964	)		(5,475,964	)
Retained earnings		30,593,430			27,299,644


TOTAL STOCKHOLDERS’ EQUITY		62,096,300			58,802,514


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	74,742,619		$	69,584,131

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED


	Three months ended December 31,						Nine months ended December 31,
	2011			2010			2011			2010
Net sales	$	36,987,260		$	31,135,887		$	117,961,998		$	89,711,381
Costs and expenses
Costs of goods sold		33,054,379			27,365,134			104,985,889			78,614,977
General, selling and administrative costs		1,244,548			1,160,888			4,090,794			3,699,609

		34,298,927			28,526,022			109,076,683			82,314,586
Interest and other income		(15,250	)		(15,034	)		(48,372	)		(43,061	)

Earnings before income taxes		2,703,583			2,624,899			8,933,687			7,439,856
Provision for (benefit from) income taxes:
Current		927,008			905,005			3,056,143			2,527,594
Deferred		(22,675	)		(13,600	)		(68,025	)		(40,800	)

		904,333			891,405			2,988,118			2,486,794

Net earnings	$	1,799,250		$	1,733,494		$	5,945,569		$	4,953,062


Weighted average number of common shares outstanding:
Basic		6,799,444			6,799,444			6,799,444			6,799,444
Diluted		6,799,444			6,799,444			6,799,444			6,799,444
Net earnings per share:
Basic	$	0.26		$	0.25		$	0.87		$	0.73
Diluted	$	0.26		$	0.25		$	0.87		$	0.73
Cash dividends declared per common share	$	0.13		$	0.61		$	0.39		$	0.73

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED


	Nine Months Ended December 31
	2011			2010
OPERATING ACTIVITIES
Net earnings	$	5,945,569		$	4,953,062
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation		1,377,598			1,406,700
Provision for deferred taxes		(68,025	)		(40,800	)
Provision for postretirement benefits		57,147			71,185
Decrease (increase) in operating assets:
Accounts receivable, net		341,565			1,515,637
Inventories		5,857,007			(7,123,023	)
Other		(91,880	)		(64,847	)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		1,939,048			418,539
Contribution to profit-sharing plan		150,300			156,000
Employee compensation and related expenses		(362,418	)		130,943
Income taxes payable		(350,961	)		31,088
Deferred credit for LIFO inventory replacement		363,623			—

NET CASH PROVIDED BY OPERATING ACTIVITIES		15,158,573			1,454,484
INVESTING ACTIVITIES
Purchase of property, plant and equipment		(309,270	)		(481,342	)
Increase in cash surrender value of officers’ life insurance		(45,750	)		(42,000	)

NET CASH USED IN INVESTING ACTIVITIES		(355,020	)		(523,342	)
FINANCING ACTIVITIES
Cash dividends paid		(2,515,794	)		(4,283,650	)
Principal payments on notes payable		—			(13,507	)

NET CASH USED IN FINANCING ACTIVITIES		(2,515,794	)		(4,297,157	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		12,287,759			(3,366,015	)
Cash and cash equivalents at beginning of period		7,210,290			19,812,881

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	19,498,049		$	16,446,866

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED NOTES TO QUARTERLY REPORT — UNAUDITED

NOTE A — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes included in the Company’s annual report on Form 10-K for the year ended March 31, 2011.

NOTE B — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of finished goods and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method.

During the nine months ended December 31, 2011, LIFO inventories were reduced but are expected to be replaced by March 31, 2012. A deferred credit of $363,623 was recorded at December 31, 2011 to reflect replacement cost in excess of LIFO cost.

A summary of inventory values by product group follows:


	December 31,		March 31,
	2011		2011
Prime Coil Inventory	$	4,671,707	$	7,239,465
Non-Standard Coil Inventory		2,384,379		1,722,224
Tubular Raw Material		5,907,317		6,086,291
Tubular Finished Goods		15,858,860		19,631,290

	$	28,822,263	$	34,679,270

NOTE C — SEGMENT INFORMATION (in thousands)


	Three Months Ended December 31,						Nine Months Ended December 31,
	2011			2010			2011			2010
Net sales
Coil	$	18,851		$	15,623		$	49,991		$	40,956
Tubular		18,136			15,513			67,971			48,755

Total net sales	$	36,987		$	31,136		$	117,962		$	89,711

Operating profit
Coil	$	446		$	384		$	446		$	278
Tubular		2,669			2,688			10,452			8,992

Total operating profit		3,115			3,072			10,898			9,270
Corporate expenses		426			462			2,012			1,873
Interest & other income		(15	)		(15	)		(48	)		(43	)

Total earnings before taxes	$	2,704		$	2,625		$	8,934		$	7,440


	December 31, 2011		March 31, 2011
Segment assets
Coil	$	22,627	$	25,150
Tubular		31,648		36,334

		54,275		61,484
Corporate assets		20,468		8,100

	$	74,743	$	69,584

Corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate executive and accounting salaries, professional fees and services, bad debts, accrued profit sharing expense, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and cash equivalents and the cash value of officers’ life insurance.

NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid income taxes of approximately $3,765,000 and $2,603,000 in the nine months ended December 31, 2011 and 2010, respectively. The Company paid no interest in the nine months ended December 31, 2011 and 2010, respectively. For the nine months ended December 31, 2011 and 2010, noncash financing activity consisted of accrued dividends of $2,651,784 and $4,963,595, respectively.

NOTE E — SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date of this filing.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Nine Months Ended December 31, 2011 Compared to Nine Months Ended December 31, 2010

During the nine months ended December 31, 2011, sales, costs of goods sold and gross profit increased $28,250,617, $26,370,912 and $1,879,705, respectively, from the comparable amounts recorded during the nine months ended December 31, 2010. The increase in sales was related primarily to a substantial increase in tons sold which increased from approximately 122,000 tons in the 2010 period to approximately 143,000 tons in the 2011 period. Also, the average per ton selling price increased from approximately $734 per ton in the 2010 period to $824 per ton in the 2011 period. The increase in costs of goods sold was related primarily to the increase in tons sold and an increase in the average per ton cost which increased from approximately $643 per ton in the 2010 period to $733 in the 2011 period. The increase in gross profit was related primarily to the tubular product segment which experienced a 28.4% increase in tons sold. Overall, gross profit as a percentage of sales decreased from approximately 12.4% in the 2010 period to approximately 11.0% in the 2011 period. In the 2011 period, the Company incurred increases in material costs but was unable to pass all of these increases on to its customers.

Coil product segment sales increased approximately $9,035,000 during the 2011 period. This increase resulted from an increase in tons sold and an increase in the average selling price. Coil tons shipped increased from approximately 58,000 tons in the 2010 period to approximately 61,000 tons in the 2011 period. The average per ton selling price increased from approximately $703 per ton in the 2010 period to $819 per ton in the 2011 period. Coil segment operations reflected an operational income of approximately $446,000 and $278,000 in the 2011 and 2010 periods, respectively. Coil products are related primarily to durable goods. Management believes that the operations of this segment have been adversely impacted in both the 2011 and 2010 periods by soft demand for durable goods. In addition, management believes that market conditions for coil products will not improve until the U.S. economy improves and generates significant improvement in demand for durable goods.

In August 2008, the Company began operating its coil facility in Decatur, Alabama. This operation produced an operating loss of approximately $859,000 and $754,000 in the 2011 and 2010 periods, respectively. The Company expects that this facility will continue to produce losses until demand for coil products improves.

The Company is primarily dependent on Nucor Steel Company (“NSC”) for its supply of coil inventory. In the 2011 period, NSC continued to supply the Company with steel coils in amounts that were adequate for the Company’s purposes. The Company does not currently anticipate any significant change in such supply from NSC. Loss of NSC as a supplier could have a material adverse effect on the Company’s business.

Tubular product segment sales increased approximately $19,216,000 during the 2011 period. This increase primarily resulted from an increase in tons sold which increased from approximately 64,000 tons in the 2010 period to approximately 82,000 tons sold in the 2011 period. The average per ton selling price of tubular products increased from approximately $762 per ton in the 2010 period to $828 per ton in the 2011 period. Tubular product segment operating profit as a percentage of segment sales were approximately 15.4% and 18.4% in the 2011 and 2010 periods, respectively. In the 2011 period, the Company incurred increases in material costs and was unable to pass all of these increases on to its customers.

U. S. Steel Tubular Products, Inc. (“USS”) is the Company’s primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of finished tubular products. Certain finished tubular products used in the energy business are manufactured by the Company and sold to USS. Loss of USS as a supplier or customer could have a material adverse effect on the Company’s business. The Company can make no assurances as to orders from USS or the amounts of pipe and coil material that will be available from USS in the future.

During the 2011 period, general, selling and administrative costs increased $391,185 from the amount recorded during the 2010 period. This increase was related primarily to increases in bonuses and commissions associated with increased earnings and volume and to a contribution to a charitable organization.

Income taxes increased $501,324 from the amount recorded in the 2010 period. This increase was related primarily to the increase in earnings before taxes in the 2011 period. Effective tax rates were 33.4% in both periods.

Three Months Ended December 31, 2011 Compared to Three Months Ended December 31, 2010

During the three months ended December 31, 2011, sales, costs of goods sold and gross profit increased $5,851,373, $5,689,245 and $162,128, respectively, from the comparable amounts recorded during the three months ended December 31, 2010. The increase in sales was related primarily to an increase in tons sold which increased from approximately 43,000 tons in the 2010 quarter to approximately 48,000 tons in the 2011 quarter. Also, the average per ton selling price increased from approximately $723 per ton in the 2010 quarter to $778 per ton in the 2011 quarter. The increase in costs of goods sold was related to the increase in tons sold and to an increase in the average per ton cost which increased from approximately $636 per ton in the 2010 quarter to $695 in the 2011 quarter. Gross profit benefited from the sales increase. Gross profit as a percentage of sales declined from approximately 12.1% in the 2010 quarter to approximately 10.6% in the 2011 quarter. In the 2011 quarter, the Company incurred increases in material costs but was unable to pass all of these increases on to its customers.

Coil product segment sales increased approximately $3,228,000 during the 2011 quarter. This increase was related primarily to an increase in the average selling price which increased from approximately $673 in the 2010 quarter to $768 in the 2011 quarter. Coil tons shipped increased from approximately 23,200 tons in the 2010 quarter to approximately 24,500 tons in the 2011 quarter. Coil segment operations reflected an operating profit of approximately $446,000 and $384,000 in the 2011 and 2010 quarters, respectively. Coil products are related primarily to durable goods. Management believes that the operations of this segment have been adversely impacted in both the 2011 and 2010 quarters by soft demand for durable goods. In addition, management believes that market conditions for coil products will not improve until the U.S. economy improves and generates significant improvement in the demand for durable goods.

In August 2008, the Company began operating its coil facility in Decatur, Alabama. This operation produced an operating loss of approximately $292,000 and $229,000 in the 2011 and 2010 quarters, respectively. The Company expects that this facility will continue to produce a loss until demand for coil products improves.

The Company is primarily dependent on NSC for its supply of coil inventory. In the 2011 quarter, NSC continued to supply the Company with steel coils in amounts that were adequate for the Company’s purposes. The Company does not currently anticipate any significant change in such supply from NSC. Loss of NSC as a supplier could have a material adverse effect on the Company’s business.

Tubular product segment sales increased approximately $2,623,000 during the 2011 quarter. This increase resulted primarily from an increase in tons sold which increased from approximately 20,000 tons in the 2010 quarter to approximately 23,000 tons in the 2011 quarter. The average per ton selling price of tubular products increased from approximately $782 per ton in the 2010 quarter to $787 in the 2011 quarter as the average per ton cost of goods sold increased from $634 per ton in the 2010 quarter to $657 per ton in the 2011 quarter. As a result, tubular product segment operating profits as a percentage of segment sales decreased from 17.3% in the 2010 quarter to 14.7% in the 2011 quarter. In the 2011 quarter, the Company incurred increases in material costs and was unable to pass all of these increases on to its customers.

USS is the Company’s primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of finished tubular products. Certain finished tubular products used in the energy business are manufactured by the Company and sold to USS. Loss of USS as a supplier or customer could have a material adverse effect on the Company’s business. The Company can make no assurances as to orders from USS or the amounts of pipe and coil material that will be available from USS in the future.

Income taxes in the 2011 quarter increased $12,928 from the amount recorded in the 2010 quarter. This increase was related primarily to the increase in earnings before taxes in the 2011 quarter. The effective tax rates were approximately 33.4% and 34.0% in the 2011 and 2010 quarters, respectively.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

The Company remained in a strong, liquid position at December 31, 2011. The current ratios were 5.4 and 5.8 at December 31, 2011 and March 31, 2011, respectively. Working capital was $49,400,455 at December 31, 2011 and $45,094,969 at March 31, 2011.

At December 31, 2011, the Company maintained assets and liabilities at levels it believed were commensurate with operations. Changes in balance sheet amounts primarily occurred in the ordinary course of business. Cash was primarily generated from net earnings and a reduction in inventories. The Company expects to continue to monitor, evaluate and manage balance sheet components depending on changes in market conditions and the Company’s operations.

The Company has in the past and may in the future borrow funds on a term basis to build or improve facilities. The Company currently has no plans to borrow any significant amount of funds on a term basis.

Notwithstanding the current market conditions, the Company believes its cash flows from operations and borrowing capability due to its strong balance sheet are adequate to fund its expected cash requirements for the next 24 months.

CRITICAL ACCOUNTING POLICIES

The preparation of consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. One such accounting policy which requires significant estimates and judgments is the valuation of LIFO inventories in the Company’s quarterly reporting. The quarterly valuation of inventory requires estimates of the year end quantities which is inherently difficult. Historically, these estimates have been materially correct. In the period ended December 31, 2011, LIFO inventories were reduced but are expected to be replaced by March 31, 2012. A deferred credit of $363,623 was recorded at December 31, 2011 to reflect replacement cost in excess of LIFO cost.

FORWARD-LOOKING STATEMENTS

From time to time, the Company may make certain statements that contain forward-looking information (as defined in the Private Securities Litigation Reform Act of 1996, as amended) and that involve risk and uncertainty. These forward-looking statements may include, but are not limited to, future results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the Securities and Exchange Commission under the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, including any proposed expansion plans.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required

Item 4. Controls and Procedures

The Company’s management, with the participation of the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”), evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act), as of the end of the fiscal quarter ended December 31, 2011. Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were effective as of the end of the fiscal quarter ended December 31, 2011 to ensure that information that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

FRIEDMAN INDUSTRIES, INCORPORATED

Three Months Ended December 31, 2011

Part II — OTHER INFORMATION

Item 1. Legal Proceedings

Not applicable

Item 1A. Risk Factors

Not required

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a). Not applicable

b). Not applicable

c). Not applicable

Item 3. Defaults Upon Senior Securities

a). Not applicable

b). Not applicable

Item 4. [Removed and Reserved]

Item 5. Other Information

Not applicable

Item 6. Exhibits

Exhibits



31.1 —		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow

31.2 —		Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper

32.1 —		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow

32.2 —		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	FRIEDMAN INDUSTRIES, INCORPORATED
Date: February 10, 2011

	By	/S/ BEN HARPER
		Ben Harper, Senior Vice President-Finance
		(Principal Financial and Accounting Officer)

EXHIBIT INDEX


Exhibit No.		Description

Exhibit 31.1		— Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow

Exhibit 31.2		— Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper

Exhibit 32.1		— Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by William E. Crow

Exhibit 32.2		— Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by Ben Harper

*101		Interactive Data Files.

Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

EX-31.1 2 d290931dex311.htm CERTIFICATION - SECTION 302, SIGNED BY WILLIAM E. CROW Certification - Section 302, signed by William E. Crow

EXHIBIT 31.1

I, William E. Crow, certify that:

1. I have reviewed this report on Form 10-Q of Friedman Industries, Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 10, 2011

/S/ WILLIAM E. CROW

Chief Executive Officer and President

EX-31.2 3 d290931dex312.htm CERTIFICATION - SECTION 302, SIGNED BY BEN HARPER Certification - Section 302, signed by Ben Harper

EXHIBIT 31.2

I, Ben Harper, certify that:

1. I have reviewed this report on Form 10-Q of Friedman Industries, Incorporated;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 10, 2011

/S/ BEN HARPER

Senior Vice President — Finance and Secretary/Treasurer

EX-32.1 4 d290931dex321.htm CERTIFICATION - SECTION 906, SIGNED BY WILLIAM E. CROW Certification - Section 906, signed by William E. Crow

EXHIBIT 32.1

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to Section 906

of The Sarbanes-Oxley Act of 2002

Not Filed Pursuant to the Securities Exchange Act of 1934

In connection with the Quarterly Report of Friedman Industries, Incorporated (the “Company”) on Form 10-Q for the period ended December 31, 2011, as filed with the Securities Exchange Commission on the date hereof (the “Report”), I, William E. Crow, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 10, 2011



By		/s/ William E. Crow
		Name: William E. Crow
		Title: Chief Executive Officer and President

EX-32.2 5 d290931dex322.htm CERTIFICATION - SECTION 906, SIGNED BY BEN HARPER Certification - Section 906, signed by Ben Harper

EXHIBIT 32.2

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to Section 906

of The Sarbanes-Oxley Act of 2002

Not Filed Pursuant to the Securities Exchange Act of 1934

In connection with the Quarterly Report of Friedman Industries, Incorporated (the “Company”) on Form 10-Q for the period ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ben Harper, Senior Vice President-Finance and Secretary/Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 10, 2011



By		/S/ BEN HARPER
		Name: Ben Harper
		Title: Senior Vice President-Finance and Secretary/Treasurer

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NOTE A — BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes included in the Company’s annual report on Form 10-K for the year ended March 31, 2011.

NOTE B — INVENTORIES Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of finished goods and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. During the nine months ended December 31, 2011, LIFO inventories were reduced but are expected to be replaced by March 31, 2012. A deferred credit of $363,623 was recorded at December 31, 2011 to reflect replacement cost in excess of LIFO cost. A summary of inventory values by product group follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="72%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">December 31,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center">March 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Prime Coil Inventory </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,671,707</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,239,465</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Non-Standard Coil Inventory </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,384,379</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,722,224</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Tubular Raw Material </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,907,317</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,086,291</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Tubular Finished Goods </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,858,860</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,631,290</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28,822,263</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,679,270</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

NOTE C — SEGMENT INFORMATION (in thousands)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="67%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Three Months Ended December 31,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Nine Months Ended December 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2010</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net sales </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Coil </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,851</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,623</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,991</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,956</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Tubular </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,136</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,513</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">67,971</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,755</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total net sales </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,136</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">117,962</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">89,711</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Operating profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Coil </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">446</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">384</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">446</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">278</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Tubular </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,669</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,688</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,452</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,992</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total operating profit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,115</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,072</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,898</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,270</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Corporate expenses </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">426</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">462</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,012</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,873</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Interest & other income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(48</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(43</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Total earnings before taxes </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,704</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,625</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,934</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,440</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="76%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">March 31, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Segment assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Coil </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,627</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,150</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Tubular </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,648</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">36,334</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,275</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,484</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Corporate assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,468</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,100</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,743</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69,584</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> Corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate executive and accounting salaries, professional fees and services, bad debts, accrued profit sharing expense, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and cash equivalents and the cash value of officers’ life insurance.

NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of approximately $3,765,000 and $2,603,000 in the nine months ended December 31, 2011 and 2010, respectively. The Company paid no interest in the nine months ended December 31, 2011 and 2010, respectively. For the nine months ended December 31, 2011 and 2010, noncash financing activity consisted of accrued dividends of $2,651,784 and $4,963,595, respectively.

NOTE E — SUBSEQUENT EVENTS The Company evaluated subsequent events through the date of this filing.

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Supplemental Cash Flow Information	9 Months Ended
Dec. 31, 2011
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of approximately $3,765,000 and $2,603,000 in the nine months ended December 31, 2011 and 2010, respectively. The Company paid no interest in the nine months ended December 31, 2011 and 2010, respectively. For the nine months ended December 31, 2011 and 2010, noncash financing activity consisted of accrued dividends of $2,651,784 and $4,963,595, respectively.

Supplemental Cash Flow Information

9 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION

- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References+ Details

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Segment Information
9 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

SEGMENT INFORMATION
NOTE C — SEGMENT INFORMATION (in thousands)

Three Months Ended
December 31, Nine Months Ended
December 31,

2011 2010 2011 2010

Net sales

Coil
$ 18,851 $ 15,623 $ 49,991 $ 40,956

Tubular
18,136 15,513 67,971 48,755

Total net sales
$ 36,987 $ 31,136 $ 117,962 $ 89,711

Operating profit

Coil
$ 446 $ 384 $ 446 $ 278

Tubular
2,669 2,688 10,452 8,992

Total operating profit
3,115 3,072 10,898 9,270

Corporate expenses
426 462 2,012 1,873

Interest & other income
(15 ) (15 ) (48 ) (43 )

Total earnings before taxes
$ 2,704 $ 2,625 $ 8,934 $ 7,440

December 31,
2011 March 31,
2011

Segment assets

Coil
$ 22,627 $ 25,150

Tubular
31,648 36,334

54,275 61,484

Corporate assets
20,468 8,100

$ 74,743 $ 69,584

Corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate executive and accounting salaries, professional fees and services, bad debts, accrued profit sharing expense, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and cash equivalents and the cash value of officers’ life insurance.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)

Dec. 31, 2011

Mar. 31, 2011

CURRENT ASSETS:

Cash and cash equivalents $ 19,498,049 $ 7,210,290

Accounts receivable, net of allowances for bad debts and cash discounts of $37,276 at December 31 and March 31, 2011 12,253,389 12,594,954

Inventories 28,822,263 34,679,270

Other 169,710 77,830

TOTAL CURRENT ASSETS 60,743,411 54,562,344

PROPERTY, PLANT AND EQUIPMENT:

Land 1,082,331 1,082,331

Buildings and yard improvements 7,014,180 7,014,180

Machinery and equipment 30,186,038 29,876,767

Less accumulated depreciation (25,219,091) (23,841,491)

Total property, plant and equipment 13,063,458 14,131,787

OTHER ASSETS:

Cash value of officers' life insurance and other assets 935,750 890,000

TOTAL ASSETS 74,742,619 69,584,131

CURRENT LIABILITIES:

Accounts payable and accrued expenses 9,277,810 7,338,762

Income taxes payable 0 350,961

Deferred credit for LIFO inventory replacement 363,623 0

Dividends payable 883,928 747,939

Contribution to profit-sharing plan 200,300 50,000

Employee compensation and related expenses 617,295 979,713

TOTAL CURRENT LIABILITIES 11,342,956 9,467,375

DEFERRED INCOME TAXES 468,673 536,699

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS 834,690 777,543

STOCKHOLDERS' EQUITY:

Common stock, par value $1: Authorized shares - 10,000,000 Issued shares - 7,975,160 at December 31 and March 31, 2011 7,975,160 7,975,160

Additional paid-in capital 29,003,674 29,003,674

Treasury stock at cost (1,175,716 shares at December 31 and March 31, 2011) (5,475,964) (5,475,964)

Retained earnings 30,593,430 27,299,644

TOTAL STOCKHOLDERS' EQUITY 62,096,300 58,802,514

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 74,742,619 $ 69,584,131

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Basis of Presentation
9 Months Ended

Dec. 31, 2011

Basis of Presentation [Abstract]

BASIS OF PRESENTATION
NOTE A — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes included in the Company’s annual report on Form 10-K for the year ended March 31, 2011.

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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Inventories
9 Months Ended

Dec. 31, 2011

Inventories [Abstract]

INVENTORIES
NOTE B — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of finished goods and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method.

During the nine months ended December 31, 2011, LIFO inventories were reduced but are expected to be replaced by March 31, 2012. A deferred credit of $363,623 was recorded at December 31, 2011 to reflect replacement cost in excess of LIFO cost.

A summary of inventory values by product group follows:

December 31, March 31,

2011 2011

Prime Coil Inventory
$ 4,671,707 $ 7,239,465

Non-Standard Coil Inventory
2,384,379 1,722,224

Tubular Raw Material
5,907,317 6,086,291

Tubular Finished Goods
15,858,860 19,631,290

$ 28,822,263 $ 34,679,270

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended

Dec. 31, 2011

Dec. 31, 2010

OPERATING ACTIVITIES

Net earnings $ 5,945,569 $ 4,953,062

Adjustments to reconcile net earnings to cash provided by operating activities:

Depreciation 1,377,598 1,406,700

Provision for deferred taxes (68,025) (40,800)

Provision for postretirement benefits 57,147 71,185

Decrease (increase) in operating assets:

Accounts receivable, net 341,565 1,515,637

Inventories 5,857,007 (7,123,023)

Other (91,880) (64,847)

Increase (decrease) in operating liabilities:

Accounts payable and accrued expenses 1,939,048 418,539

Contribution to profit-sharing plan 150,300 156,000

Employee compensation and related expenses (362,418) 130,943

Income taxes payable (350,961) 31,088

Deferred credit for LIFO inventory replacement 363,623

NET CASH PROVIDED BY OPERATING ACTIVITIES 15,158,573 1,454,484

INVESTING ACTIVITIES

Purchase of property, plant and equipment (309,270) (481,342)

Increase in cash surrender value of officers' life insurance (45,750) (42,000)

NET CASH USED IN INVESTING ACTIVITIES (355,020) (523,342)

FINANCING ACTIVITIES

Cash dividends paid (2,515,794) (4,283,650)

Principal payments on notes payable (13,507)

NET CASH USED IN FINANCING ACTIVITIES (2,515,794) (4,297,157)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12,287,759 (3,366,015)

Cash and cash equivalents at beginning of period 7,210,290 19,812,881

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 19,498,049 $ 16,446,866

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Subsequent Events
9 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
NOTE E — SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date of this filing.

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XML 25 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 8 80 1 false 0 0 false 3 false false R1.htm 00 - Document - Document and Entity Information Sheet http://friedmanindustries.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 01 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://friedmanindustries.com/role/BalanceSheets Condensed Consolidated Balance Sheets (Unaudited) false false R3.htm 011 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://friedmanindustries.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) false false R4.htm 02 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://friedmanindustries.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) false false R5.htm 03 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://friedmanindustries.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) false false R6.htm 06001 - Disclosure - Basis of Presentation Sheet http://friedmanindustries.com/role/BasisOfPresentation Basis of Presentation false false R7.htm 06002 - Disclosure - Inventories Sheet http://friedmanindustries.com/role/Inventories Inventories false false R8.htm 06003 - Disclosure - Segment Information Sheet http://friedmanindustries.com/role/SegmentInformation Segment Information false false R9.htm 06004 - Disclosure - Supplemental Cash Flow Information Sheet http://friedmanindustries.com/role/SupplementalCashFlowInformation Supplemental Cash Flow Information false false R10.htm 06005 - Disclosure - Subsequent Events Sheet http://friedmanindustries.com/role/SubsequentEvents Subsequent Events false false All Reports Book All Reports Process Flow-Through: 01 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: Removing column 'Mar. 31, 2010' Process Flow-Through: 011 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Process Flow-Through: 02 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Process Flow-Through: 03 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) frd-20111231.xml frd-20111231.xsd frd-20111231_cal.xml frd-20111231_lab.xml frd-20111231_pre.xml true true

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 31, 2011	Mar. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 19,498,049	$ 7,210,290
Accounts receivable, net of allowances for bad debts and cash discounts of $37,276 at December 31 and March 31, 2011	12,253,389	12,594,954
Inventories	28,822,263	34,679,270
Other	169,710	77,830
TOTAL CURRENT ASSETS	60,743,411	54,562,344
PROPERTY, PLANT AND EQUIPMENT:
Land	1,082,331	1,082,331
Buildings and yard improvements	7,014,180	7,014,180
Machinery and equipment	30,186,038	29,876,767
Less accumulated depreciation	(25,219,091)	(23,841,491)
Total property, plant and equipment	13,063,458	14,131,787
OTHER ASSETS:
Cash value of officers' life insurance and other assets	935,750	890,000
TOTAL ASSETS	74,742,619	69,584,131
CURRENT LIABILITIES:
Accounts payable and accrued expenses	9,277,810	7,338,762
Income taxes payable	0	350,961
Deferred credit for LIFO inventory replacement	363,623	0
Dividends payable	883,928	747,939
Contribution to profit-sharing plan	200,300	50,000
Employee compensation and related expenses	617,295	979,713
TOTAL CURRENT LIABILITIES	11,342,956	9,467,375
DEFERRED INCOME TAXES	468,673	536,699
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	834,690	777,543
STOCKHOLDERS' EQUITY:
Common stock, par value $1: Authorized shares - 10,000,000 Issued shares - 7,975,160 at December 31 and March 31, 2011	7,975,160	7,975,160
Additional paid-in capital	29,003,674	29,003,674
Treasury stock at cost (1,175,716 shares at December 31 and March 31, 2011)	(5,475,964)	(5,475,964)
Retained earnings	30,593,430	27,299,644
TOTAL STOCKHOLDERS' EQUITY	62,096,300	58,802,514
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 74,742,619	$ 69,584,131

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Dec. 31, 2011	Mar. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Allowances for doubtful accounts and cash discounts	$ 37,276	$ 37,276
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	7,975,160	7,975,160
Treasury stock, shares	1,175,716	1,175,716

Document and Entity Information	9 Months Ended
Document and Entity Information	Dec. 31, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	0000039092
Document Type	10-Q
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	6,799,444

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 36,987,260	$ 31,135,887	$ 117,961,998	$ 89,711,381
Costs and expenses
Costs of goods sold	33,054,379	27,365,134	104,985,889	78,614,977
General, selling and administrative costs	1,244,548	1,160,888	4,090,794	3,699,609
Total costs and expenses	34,298,927	28,526,022	109,076,683	82,314,586
Interest and other income	(15,250)	(15,034)	(48,372)	(43,061)
Earnings before income taxes	2,703,583	2,624,899	8,933,687	7,439,856
Provision for (benefit from) income taxes:
Current	927,008	905,005	3,056,143	2,527,594
Deferred	(22,675)	(13,600)	(68,025)	(40,800)
Total provision for (benefit from) income taxes	904,333	891,405	2,988,118	2,486,794
Net earnings	$ 1,799,250	$ 1,733,494	$ 5,945,569	$ 4,953,062
Weighted average number of common shares outstanding:
Basic	6,799,444	6,799,444	6,799,444	6,799,444
Diluted	6,799,444	6,799,444	6,799,444	6,799,444
Net earnings per share:
Basic	$ 0.26	$ 0.25	$ 0.87	$ 0.73
Diluted	$ 0.26	$ 0.25	$ 0.87	$ 0.73
Cash dividends declared per common share	$ 0.13	$ 0.61	$ 0.39	$ 0.73

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
OPERATING ACTIVITIES
Net earnings	$ 5,945,569	$ 4,953,062
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation	1,377,598	1,406,700
Provision for deferred taxes	(68,025)	(40,800)
Provision for postretirement benefits	57,147	71,185
Decrease (increase) in operating assets:
Accounts receivable, net	341,565	1,515,637
Inventories	5,857,007	(7,123,023)
Other	(91,880)	(64,847)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	1,939,048	418,539
Contribution to profit-sharing plan	150,300	156,000
Employee compensation and related expenses	(362,418)	130,943
Income taxes payable	(350,961)	31,088
Deferred credit for LIFO inventory replacement	363,623
NET CASH PROVIDED BY OPERATING ACTIVITIES	15,158,573	1,454,484
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(309,270)	(481,342)
Increase in cash surrender value of officers' life insurance	(45,750)	(42,000)
NET CASH USED IN INVESTING ACTIVITIES	(355,020)	(523,342)
FINANCING ACTIVITIES
Cash dividends paid	(2,515,794)	(4,283,650)
Principal payments on notes payable		(13,507)
NET CASH USED IN FINANCING ACTIVITIES	(2,515,794)	(4,297,157)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12,287,759	(3,366,015)
Cash and cash equivalents at beginning of period	7,210,290	19,812,881
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 19,498,049	$ 16,446,866