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Table of Contents

 

 

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 SEPTEMBER 30, 2012

OR

 

    ¨     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)

19747 HWY 59 N, SUITE 200, HUMBLE, TEXAS 77338

(Address of principal executive offices) (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   ¨  (Do not check if a smaller reporting company)    Smaller reporting company   x

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 September 30, 2012, the number of shares outstanding of the issuer’s only class of stock was 6,799,444 shares of Common Stock.

 

 

 


Table of Contents

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

    6   

Item 3. Quantitative and Qualitative Disclosures About Market Risk

    8   

Item 4. Controls and Procedures

    8   
Part II — OTHER INFORMATION     9   

Item 6. Exhibits

    9   
SIGNATURES     10   
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  


Table of Contents

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

 

     September 30, 2012     March 31, 2012  
ASSETS     

CURRENT ASSETS:

    

Cash

   $ 20,683,557      $ 11,881,548   

Accounts receivable, net of allowances for bad debts and cash discounts of $37,276 at September 30 and March 31, 2012

     8,301,540        16,284,377   

Inventories

     34,212,932        36,753,680   

Other

     298,178        88,286   
  

 

 

   

 

 

 

TOTAL CURRENT ASSETS

     63,496,207        65,007,891   

PROPERTY, PLANT AND EQUIPMENT:

    

Land

     1,082,331        1,082,331   

Buildings and yard improvements

     7,014,180        7,014,180   

Machinery and equipment

     29,929,301        29,839,104   

Less accumulated depreciation

     (26,222,088     (25,324,113
  

 

 

   

 

 

 
     11,803,724        12,611,502   

OTHER ASSETS:

    

Cash value of officers’ life insurance and other assets

     982,000        951,000   
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 76,281,931      $ 78,570,393   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

CURRENT LIABILITIES:

    

Accounts payable and accrued expenses

   $ 7,866,559      $ 12,091,154   

Income taxes payable

     —          98,464   

Dividends payable

     883,928        883,928   

Contribution to profit sharing plan

     157,500        52,500   

Employee compensation and related expenses

     692,489        727,342   
  

 

 

   

 

 

 

TOTAL CURRENT LIABILITIES

     9,600,476        13,853,388   

DEFERRED INCOME TAXES

     397,416        445,999   

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

     898,444        853,738   

STOCKHOLDERS’ EQUITY:

    

Common stock, par value $1:

    

Authorized shares — 10,000,000

    

Issued shares — 7,975,160 at September 30 and March 31, 2012

     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 September 30 and March 31, 2012)

     (5,475,964     (5,475,964

Retained earnings

     33,882,725        31,914,398   
  

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     65,385,595        63,417,268   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 76,281,931      $ 78,570,393   
  

 

 

   

 

 

 

 

2


Table of Contents

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

 

     Three months ended
September 30,
    Six months ended
September 30,
 
     2012     2011     2012     2011  

Net sales

   $ 33,334,070      $ 42,039,282      $ 72,768,840      $ 80,974,738   

Costs and expenses

        

Costs of goods sold

     29,557,272        37,152,879        64,344,285        71,931,510   

General, selling and administrative costs

     1,322,549        1,426,427        2,882,384        2,846,246   
  

 

 

   

 

 

   

 

 

   

 

 

 
     30,879,821        38,579,306        67,226,669        74,777,756   

Interest and other income

     (15,527     (15,250     (27,734     (33,122
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before income taxes

     2,469,776        3,475,226        5,569,905        6,230,104   

Provision for (benefit from) income taxes:

        

Current

     846,377        1,182,993        1,882,305        2,129,135   

Deferred

     (20,930     (22,675     (48,583     (45,350
  

 

 

   

 

 

   

 

 

   

 

 

 
     825,447        1,160,318        1,833,722        2,083,785   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 1,644,329      $ 2,314,908      $ 3,736,183      $ 4,146,319   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

   $ 0.24      $ 0.34      $ 0.55      $ 0.61   

Diluted

   $ 0.24      $ 0.34      $ 0.55      $ 0.61   

Cash dividends declared per common share

   $ 0.13      $ 0.13      $ 0.26      $ 0.26   

 

3


Table of Contents

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

 

     Six Months Ended
September 30,
 
     2012     2011  

OPERATING ACTIVITIES

    

Net earnings

   $ 3,736,183      $ 4,146,319   

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

    

Depreciation

     900,598        916,200   

Provision for deferred taxes

     (48,583     (45,350

Provision for postretirement benefits

     44,706        38,098   

Decrease (increase) in operating assets:

    

Accounts receivable, net

     7,982,837        321,522   

Inventories

     2,540,748        8,419,817   

Other

     (209,892     (155,823

Increase (decrease) in operating liabilities:

    

Accounts payable and accrued expenses

     (4,224,595     930,223   

Contribution to profit-sharing plan

     105,000        100,200   

Employee compensation and related expenses

     (34,853     (154,343

Income taxes payable

     (98,464     (291,811
  

 

 

   

 

 

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

     10,693,685        14,225,052   

INVESTING ACTIVITIES

    

Purchase of property, plant and equipment

     (135,196     (208,488

Proceeds from sales of assets

     42,375        —     

Increase in cash surrender value of officers’ life insurance

     (31,000     (30,500
  

 

 

   

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

     (123,821     (238,988

FINANCING ACTIVITIES

    

Cash dividends paid

     (1,767,855     (1,631,867
  

 

 

   

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

     (1,767,855     (1,631,867
  

 

 

   

 

 

 

INCREASE IN CASH

     8,802,009        12,354,197   

Cash at beginning of period

     11,881,548        7,210,290   
  

 

 

   

 

 

 

CASH AT END OF PERIOD

   $ 20,683,557      $ 19,564,487   
  

 

 

   

 

 

 

 

4


Table of Contents

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 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, 2012.

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 quarter and the six month period ended September 30, 2012, LIFO inventories were reduced. LIFO inventories are expected to be replaced by March 31, 2013. A deferred debit of $40,360 was recorded at September 30, 2012 to reflect the difference in replacement cost and LIFO cost.

A summary of inventory values by product group follows:

 

     September 30,
2012
     March 31,
2012
 

Prime Coil Inventory

   $ 7,845,194       $ 8,562,607   

Non-Standard Coil Inventory

     1,386,865         1,853,445   

Tubular Raw Material

     4,386,163         6,859,871   

Tubular Finished Goods

     20,594,710         19,477,757   
  

 

 

    

 

 

 
   $ 34,212,932       $ 36,753,680   
  

 

 

    

 

 

 

NOTE C — SEGMENT INFORMATION (in thousands)

 

     Three Months Ended
September 30,
    Six Months Ended
September 30,
 
     2012     2011     2012     2011  

Net sales

        

Coil

   $ 16,722      $ 15,710      $ 33,552      $ 31,140   

Tubular

     16,612        26,330        39,217        49,835   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net sales

   $ 33,334      $ 42,040      $ 72,769      $ 80,975   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

        

Coil

   $ 274      $ 329      $ 628      $ —     

Tubular

     2,736        3,867        6,422        7,783   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating profit

     3,010        4,196        7,050        7,783   

Corporate expenses

     556        736        1,508        1,586   

Interest & other income

     (16     (15     (28     (33
  

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings before taxes

   $ 2,470      $ 3,475      $ 5,570      $ 6,230   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     September 30,
2012
     March 31,
2012
 

Segment assets

     

Coil

   $ 22,611       $ 26,260   

Tubular

     31,977         39,446   
  

 

 

    

 

 

 
     54,588         65,706   

Corporate assets

     21,694         12,864   
  

 

 

    

 

 

 
   $ 76,282       $ 78,570   
  

 

 

    

 

 

 

 

5


Table of Contents

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 the cash value of officers’ life insurance.

NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid income taxes of approximately $2,286,000 and $2,380,000 in the six months ended September 30, 2012 and 2011, respectively. The Company paid no interest in the six months ended September 30, 2012 or 2011, respectively. Non-cash financing activities consisted of accrued dividends of $1,767,855 in each of the six month periods ended September 30, 2012 and 2011.

NOTE E — SUBSEQUENT EVENTS

The Company evaluated subsequent events through the filing date of its Form 10-Q for the quarter ended September 30, 2012. The Company is not aware of any subsequent events that would require recognition or disclosure in the consolidated condensed financial statements.

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

Results of Operations

Six Months Ended September 30, 2012 Compared to Six Months Ended September 30, 2011

During the six months ended September 30, 2012, sales, costs of goods sold and gross profit decreased $8,205,898, $7,587,225 and $618,673, respectively, from the comparable amounts recorded during the six months ended September 30, 2011. The decrease in sales was related primarily to a decline in the average per ton selling price from approximately $847 per ton in the 2011 period to $756 per ton in the 2012 period. In both the 2012 and 2011 periods, the Company sold approximately 96,000 tons. The decrease in costs of goods sold was related primarily to a decline in the average per ton cost from approximately $752 per ton in the 2011 period to $668 in the 2012 period. The decrease in gross profit was related primarily to the decline in sales. Overall, gross profit as a percentage of sales increased from approximately 11.2% in the 2011 period to approximately 11.6% in the 2012 period.

Coil product segment sales increased approximately $2,412,000 during the 2012 period. This increase resulted from an increase in tons sold offset by a decrease in the average selling price. Coil tons shipped increased from approximately 37,000 tons in the 2011 period to approximately 45,000 tons in the 2012 period. The average per ton selling price decreased from approximately $852 per ton in the 2011 period to $753 per ton in the 2012 period. The coil product segment recorded operational income of approximately $628,000 in the 2012 period. In the 2011 period, the coil product segment operated on a break-even basis. Coil products are related primarily to durable goods. Management believes that operations of this segment have been adversely impacted in both the 2012 and 2011 periods by soft demand. 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.

The Company is primarily dependent on Nucor Steel Company (“NSC”) for its supply of coil inventory. In the 2012 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 decreased approximately $10,618,000 during the 2012 period. This decrease resulted from both a decline in tons sold and a decrease in the average per ton selling price. Tons sold declined from approximately 59,000 tons in the 2011 period to approximately 52,000 tons sold in the 2012 period. The average per ton selling price of tubular products decreased from approximately $844 per ton in the 2011 period to $758 per ton in the 2012 period. The tubular product segment recorded a decrease in operational income of approximately $1,361,000 during the 2012 period. This decrease was related primarily to the decrease in sales, which management believes is related to softer demand for tubular products associated with energy production. Tubular product segment operating profits as a percentage of segment sales were approximately 16.4% and 15.6% in the 2012 and 2011 periods, respectively.

 

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Table of Contents

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.

Income taxes in the 2012 period decreased $250,063 from the amount recorded in the 2011 period. This decrease was related primarily to the decrease in earnings before taxes in the 2012 period. Effective tax rates were 32.9% and 33.4% in the periods ended 2012 and 2011, respectively.

Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011

During the three months ended September 30, 2012, sales, costs of goods sold and gross profit decreased $8,705,212, $7,595,607 and $1,109,605, respectively, from the comparable amounts recorded during the three months ended September 30, 2011. The decrease in sales was related to both a decline in tons sold and a decrease in the average per ton selling price. Tons sold declined from approximately 50,000 tons in the 2011 quarter to approximately 46,000 tons in the 2012 quarter. The average per ton selling price decreased from approximately $841 per ton in the 2011 quarter to $720 per ton in the 2012 quarter. The decrease in costs of goods sold was related to the decrease in tons sold and a decline in the average per ton cost, which decreased from approximately $743 per ton in the 2011 quarter to $638 in the 2012 quarter. The decline in gross profit was related primarily to the sales decrease. Gross profit as a percentage of sales declined from approximately 11.6% in the 2011 quarter to approximately 11.3% in the 2012 quarter.

Coil product segment sales increased approximately $1,012,000 during the 2012 quarter. This increase was related primarily to an increase in tons sold offset by a decrease in the average selling price per ton. Coil tons shipped increased from approximately 19,000 tons in the 2011 quarter to 23,000 tons in the 2012 quarter. The average selling price per ton decreased from approximately $812 in the 2011 quarter to $735 in the 2012 quarter. Coil segment operations reflected an operational income of approximately $274,000 and $329,000 in the 2012 and 2011 quarters, respectively. Coil products are related primarily to durable goods. Management believes that operations of this segment have been adversely impacted in both the 2012 and 2011 quarters by soft demand. 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.

The Company is primarily dependent on NSC for its supply of coil inventory. In the 2012 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 decreased approximately $9,718,000 during the 2012 quarter. This decrease resulted from both a decline in tons sold and a decrease in the average per ton selling price. Tons sold decreased from approximately 31,000 tons in the 2011 quarter to 24,000 tons in the 2012 quarter. The average per ton selling price of tubular products decreased from approximately $859 per ton in the 2011 quarter to $705 in the 2012 quarter. The tubular product segment recorded a decrease in operational income of approximately $1,131,000 during the 2012 quarter. This decrease was related primarily to the decrease in sales, which management believes is related to softer demand for tubular products associated with energy production. Tubular product segment operating profits as a percentage of segment sales were approximately 16.5% and 14.7% in the 2012 and 2011 quarters, respectively.

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.

 

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Income taxes in the 2012 quarter decreased $334,871 from the amount recorded in the 2011 quarter. This decrease was related primarily to the decrease in earnings before taxes in the 2012 quarter. The effective tax rate was approximately 33.4% in both the 2012 and 2011 quarters.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

The Company remained in a strong, liquid position at September 30, 2012. The current ratios were 6.6 and 4.7 at September 30, 2012 and March 31, 2012, respectively. Working capital was $53,895,731 at September 30, 2012 and $51,154,503 at March 31, 2012.

At September 30, 2012, the Company maintained assets and liabilities at levels it believed were commensurate with operations. Changes in balance sheet amounts occurred in the ordinary course of business. Cash was primarily generated from a reduction in accounts receivable and 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 that requires significant estimates and judgments is the valuation of LIFO inventories in the Company’s quarterly reporting. The quarterly valuation of inventories requires estimates of the year-end quantities, which is inherently difficult. Historically, these estimates have been materially correct. In the period ended September 30, 2012, LIFO inventories were reduced and are expected to be replaced by March 31, 2013. A deferred debit of $40,360 was recorded at September 30, 2012 to reflect the difference between replacement cost and 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 changes in the Company’s financial condition or 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 U.S. Securities and Exchange Commission (the “SEC”) 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 September 30, 2012. Based on this evaluation, the Company’s management has concluded that the Company’s disclosure controls and procedures were effective as of the end of the fiscal quarter ended September 30, 2012 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 September 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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FRIEDMAN INDUSTRIES, INCORPORATED

Three Months Ended September 30, 2012

Part II — OTHER INFORMATION

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
101.INS       XBRL Instance Document
101.SCH       XBRL Taxonomy Schema Document
101.CAL       XBRL Calculation Linkbase Document
101.LAB       XBRL Label Linkbase Document
101.PRE       XBRL Presentation Linkbase Document

 

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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: November 13, 2012      
    By  

/s/ BEN HARPER

      Ben Harper, Senior Vice President-Finance
      (Principal Financial and Accounting Officer)

 

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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.INS      XBRL Instance Document
101.SCH      XBRL Taxonomy Schema Document
101.CAL      XBRL Calculation Linkbase Document
101.LAB      XBRL Label Linkbase Document
101.PRE      XBRL Presentation Linkbase Document