Friedman Industries Inc (FRD, Financial) filed Quarterly Report for the period ended 2009-12-31.
Friedman Industries Inc has a market cap of $39.4 million; its shares were traded at around $5.79 with a P/E ratio of 10 and P/S ratio of 0.2. The dividend yield of Friedman Industries Inc stocks is 0.7%. Friedman Industries Inc had an annual average earning growth of 7.2% over the past 10 years.FRD is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
Coil product segment sales decreased approximately $37,826,000 during the 2009 period. This decrease resulted from a decrease in tons sold and in average selling prices. Tons sold declined from approximately 66,000 tons in the 2008 period to approximately 45,000 tons in the 2009 period. The average per ton selling price declined from approximately $950 per ton in the 2008 period to $555 in the 2009 period. The Company experienced coil operating losses in both the 2008 and 2009 periods. Coil operating losses as a percentage of coil segment sales were approximately 1.0% in the 2008 period and 3.7% in the 2009 period. Market conditions for coil products and services are related generally to durable goods. The Company believes that market conditions for coil products will remain soft until the U.S. economy improves and generates improved demand for durable goods.
Tubular product segment sales decreased approximately $107,227,000 during the 2009 period. This decrease primarily resulted from a decrease in tons sold which declined from approximately 131,000 tons in the 2008 period to approximately 27,000 tons sold in the 2009 period. The average per ton selling price of tubular products decreased from approximately $950 per ton in the 2008 period to $623 per ton in the 2009 period. Tubular product segment operating profits as a percentage of segment sales were approximately 20.1% and 9.0% in the 2008 and 2009 periods, respectively. During the 2008 period, market conditions for tubular products were strong and the Company recorded one of the most profitable periods in Company history. In contrast, extremely soft market conditions were experienced in the 2009 period. The Company believes that market conditions will remain soft until the U.S. economy recovers and generates improved demand for tubular products.
During the three months ended December 31, 2009, sales, costs of goods sold and gross profit decreased $42,711,944, $35,170,623 and $7,541,321, respectively, from the comparable amounts recorded during the three months ended December 31, 2008. The decrease in sales was related to substantial decreases in tons sold and average per ton selling prices. Tons sold declined from approximately 53,000 tons in the 2008 quarter to approximately 22,000 tons in the 2009 quarter. The average per ton selling price declined from approximately $1,061 per ton in the 2008 quarter to $601 per ton in the 2009 quarter. The decrease in costs of goods sold was related primarily to the decline in tons sold and a decrease in average per ton cost which declined from approximately $902 per ton in the 2008 quarter to $562 in the 2009 quarter. Gross profit was adversely affected by the decrease in tons sold and a substantial reduction in margins. Gross profit as a percentage of sales decreased from approximately 15.0% in the 2008 quarter to approximately 6.4% in the 2009 quarter. During the 2008 quarter, the Company experienced strong market conditions for its tubular products and recorded one of the most profitable quarters in Company history. During the 2009 quarter, the Companys operations continued to be adversely affected by extremely soft market conditions for durable goods and energy-related products resulting from the significant downturn in the U.S. economy.
Coil product segment sales decreased approximately $6,355,000 during the 2009 quarter. This decrease resulted primarily from decreases in tons sold and average selling prices. Tons of coil products shipped declined from approximately 15,000 tons in the 2008 quarter to approximately 13,000 tons in the 2009 quarter. The average per ton selling price declined from approximately $954 per ton in the 2008 quarter to $589 in the 2009 quarter. The Company produced an operating profit from coil operations in the 2008 quarter compared to an operating loss in the 2009 quarter. In the 2008 quarter, coil operations benefited from a rapid and significant reduction in the cost of coil material which had the effect of reducing the current cost applied to revenue. Even though the Company benefited from this reduction in cost in the 2008 quarter, market conditions in both the 2008 and 2009 quarters remained soft. Market conditions for these products are related generally to durable goods. The Company believes that market conditions for coil products will remain soft until the U.S. economy improves and generates improved demand.
Tubular product segment sales decreased approximately $36,357,000 during the 2009 quarter. This decrease primarily resulted from a decrease in tons sold which declined from approximately 38,000 tons in the 2008 quarter to approximately 9,000 tons sold in the 2009 quarter. The average per ton selling price of tubular products decreased from $1,102 per ton in the 2008 quarter to $617 per ton in the 2009 quarter. Tubular product segment operating profits as a percentage of segment sales were approximately 15.0% and 16.0% in the 2008 and 2009 quarters, respectively. During the 2008 quarter, market conditions for tubular products were strong and the Company recorded one of its most profitable quarters in Company history. In contrast, extremely soft market conditions were experienced in the 2009 quarter. The Company believes that market conditions will remain soft until the U.S. economy recovers and generates improved demand for tubular products.
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Friedman Industries Inc has a market cap of $39.4 million; its shares were traded at around $5.79 with a P/E ratio of 10 and P/S ratio of 0.2. The dividend yield of Friedman Industries Inc stocks is 0.7%. Friedman Industries Inc had an annual average earning growth of 7.2% over the past 10 years.FRD is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
During the nine months ended December 31, 2009, sales, costs of goods sold and gross profit decreased $145,052,231, $120,513,358 and $24,538,873, respectively, from the comparable amounts recorded during the nine months ended December 31, 2008. The decrease in sales was related to substantial decreases in tons sold and average selling prices. Tons sold declined from approximately 197,000 tons in the 2008 period to approximately 72,000 tons in the 2009 period. The average per ton selling price decreased from approximately $950 per ton in the 2008 period to $580 per ton in the 2009 period. The decrease in costs of goods sold was related primarily to the decline in tons sold and in average per ton cost which declined from approximately $815 per ton in the 2008 period to $552 in the 2009 period. Gross profit was adversely affected by the decrease in tons sold and a substantial reduction in margins. Gross profit as a percentage of sales decreased from approximately 14.2% in the 2008 period to approximately 5.0% in the 2009 period. During the 2008 period, the Company experienced strong market conditions for its tubular products and recorded one of the most profitable periods in Company history. During the 2009 period, the Companys operations continued to be adversely affected by extremely soft market conditions for durable goods and energy-related products resulting from the significant downturn in the U.S. economy.Coil product segment sales decreased approximately $37,826,000 during the 2009 period. This decrease resulted from a decrease in tons sold and in average selling prices. Tons sold declined from approximately 66,000 tons in the 2008 period to approximately 45,000 tons in the 2009 period. The average per ton selling price declined from approximately $950 per ton in the 2008 period to $555 in the 2009 period. The Company experienced coil operating losses in both the 2008 and 2009 periods. Coil operating losses as a percentage of coil segment sales were approximately 1.0% in the 2008 period and 3.7% in the 2009 period. Market conditions for coil products and services are related generally to durable goods. The Company believes that market conditions for coil products will remain soft until the U.S. economy improves and generates improved demand for durable goods.
Tubular product segment sales decreased approximately $107,227,000 during the 2009 period. This decrease primarily resulted from a decrease in tons sold which declined from approximately 131,000 tons in the 2008 period to approximately 27,000 tons sold in the 2009 period. The average per ton selling price of tubular products decreased from approximately $950 per ton in the 2008 period to $623 per ton in the 2009 period. Tubular product segment operating profits as a percentage of segment sales were approximately 20.1% and 9.0% in the 2008 and 2009 periods, respectively. During the 2008 period, market conditions for tubular products were strong and the Company recorded one of the most profitable periods in Company history. In contrast, extremely soft market conditions were experienced in the 2009 period. The Company believes that market conditions will remain soft until the U.S. economy recovers and generates improved demand for tubular products.
During the three months ended December 31, 2009, sales, costs of goods sold and gross profit decreased $42,711,944, $35,170,623 and $7,541,321, respectively, from the comparable amounts recorded during the three months ended December 31, 2008. The decrease in sales was related to substantial decreases in tons sold and average per ton selling prices. Tons sold declined from approximately 53,000 tons in the 2008 quarter to approximately 22,000 tons in the 2009 quarter. The average per ton selling price declined from approximately $1,061 per ton in the 2008 quarter to $601 per ton in the 2009 quarter. The decrease in costs of goods sold was related primarily to the decline in tons sold and a decrease in average per ton cost which declined from approximately $902 per ton in the 2008 quarter to $562 in the 2009 quarter. Gross profit was adversely affected by the decrease in tons sold and a substantial reduction in margins. Gross profit as a percentage of sales decreased from approximately 15.0% in the 2008 quarter to approximately 6.4% in the 2009 quarter. During the 2008 quarter, the Company experienced strong market conditions for its tubular products and recorded one of the most profitable quarters in Company history. During the 2009 quarter, the Companys operations continued to be adversely affected by extremely soft market conditions for durable goods and energy-related products resulting from the significant downturn in the U.S. economy.
Coil product segment sales decreased approximately $6,355,000 during the 2009 quarter. This decrease resulted primarily from decreases in tons sold and average selling prices. Tons of coil products shipped declined from approximately 15,000 tons in the 2008 quarter to approximately 13,000 tons in the 2009 quarter. The average per ton selling price declined from approximately $954 per ton in the 2008 quarter to $589 in the 2009 quarter. The Company produced an operating profit from coil operations in the 2008 quarter compared to an operating loss in the 2009 quarter. In the 2008 quarter, coil operations benefited from a rapid and significant reduction in the cost of coil material which had the effect of reducing the current cost applied to revenue. Even though the Company benefited from this reduction in cost in the 2008 quarter, market conditions in both the 2008 and 2009 quarters remained soft. Market conditions for these products are related generally to durable goods. The Company believes that market conditions for coil products will remain soft until the U.S. economy improves and generates improved demand.
Tubular product segment sales decreased approximately $36,357,000 during the 2009 quarter. This decrease primarily resulted from a decrease in tons sold which declined from approximately 38,000 tons in the 2008 quarter to approximately 9,000 tons sold in the 2009 quarter. The average per ton selling price of tubular products decreased from $1,102 per ton in the 2008 quarter to $617 per ton in the 2009 quarter. Tubular product segment operating profits as a percentage of segment sales were approximately 15.0% and 16.0% in the 2008 and 2009 quarters, respectively. During the 2008 quarter, market conditions for tubular products were strong and the Company recorded one of its most profitable quarters in Company history. In contrast, extremely soft market conditions were experienced in the 2009 quarter. The Company believes that market conditions will remain soft until the U.S. economy recovers and generates improved demand for tubular products.
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