Friedman Industries, FRD Incorporated Announces Third Quarter Results

Friedman Industries, Incorporated (NYSE Amex: FRD), a Texas-based company engaged in pipe manufacturing, steel coil processing and steel and pipe distribution, announced today its results of operations for the third quarter. For the quarter ended December 31, 2010, the Company recorded net earnings of $1,733,494 ($0.25 per share diluted) on sales of $31,135,887. During the quarter ended December 31, 2009, the Company recorded a net loss of $41,239 ($0.01 loss per share diluted) on sales of $13,470,721.

Disclosure I am Long FRD Shares.

SUMMARY OF OPERATIONS (unaudited)
				THREE MONTHS ENDED DEC. 31,							NINE MONTHS ENDED DEC. 31,
				2010			2009				2010			2009
Net sales				$	31,135,887		$	13,470,721			$	89,711,381		$	41,803,270
Total costs, and other income					28,510,988			13,443,389				82,271,525			42,382,602
Earnings (loss) before income taxes					2,624,899			27,332				7,439,856			(579,332	)
Income taxes					891,405			68,571				2,486,794			(169,098	)
Net earnings (loss)				$	1,733,494		$	(41,239	)		$	4,953,062		$	(410,234	)
Weighted average 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
Earnings (loss) per share:
Basic				$	0.25		$	(0.01	)		$	0.73		$	(0.06	)
Diluted				$	0.25		$	(0.01	)		$	0.73		$	(0.06	)