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FRIEDMAN INDUSTRIES INC - Quarter Report: 2012 December (Form 10-Q)

FORM 10-Q
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 DECEMBER 31, 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 December 31, 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

     7   

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     9   

Item 4. Controls and Procedures

     9   

Part II — 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 DEFINITION 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

 

     December 31, 2012     March 31, 2012  

ASSETS

    

CURRENT ASSETS:

    

Cash

   $ 16,602,575      $ 11,881,548   

Accounts receivable, net of allowances for bad debts and cash discounts of $27,276 and $37,276 at December 31 and March 31, 2012, respectively

     6,687,453        16,284,377   

Inventories

     32,906,704        36,753,680   

Other

     836,314        88,286   
  

 

 

   

 

 

 

TOTAL CURRENT ASSETS

     57,033,046        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

     30,260,323        29,839,104   

Less accumulated depreciation

     (26,662,188     (25,324,113
  

 

 

   

 

 

 
     11,694,646        12,611,502   

OTHER ASSETS:

    

Cash value of officers’ life insurance and other assets

     997,500        951,000   
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 69,725,192      $ 78,570,393   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Accounts payable and accrued expenses

   $ 4,626,855      $ 12,091,154   

Income taxes payable

            98,464   

Dividends payable

     883,928        883,928   

Contribution to profit-sharing plan

     210,000        52,500   

Employee compensation and related expenses

     455,124        727,342   
  

 

 

   

 

 

 

TOTAL CURRENT LIABILITIES

     6,175,907        13,853,388   

DEFERRED INCOME TAXES

     376,486        445,999   

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

     920,797        853,738   

STOCKHOLDERS’ EQUITY:

    

Common stock, par value $1:

    

Authorized shares — 10,000,000

    

Issued shares — 7,975,160 at December 31 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 December 31 and March 31, 2012)

     (5,475,964     (5,475,964

Retained earnings

     30,749,132        31,914,398   
  

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     62,252,002        63,417,268   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 69,725,192      $ 78,570,393   
  

 

 

   

 

 

 

 

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Table of Contents

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

 

     Three months ended
December 31,
    Nine months ended
December 31,
 
     2012     2011     2012     2011  

Net sales

   $ 31,719,922      $ 36,987,260      $ 104,488,762      $ 117,961,998   

Costs and expenses

        

Costs of goods sold

     28,835,644        33,054,379        93,179,930        104,985,889   

General, selling and administrative costs

     1,183,507        1,244,548        4,065,890        4,090,794   
  

 

 

   

 

 

   

 

 

   

 

 

 
     30,019,151        34,298,927        97,245,820        109,076,683   

Interest and other income

     (15,530     (15,250     (43,264     (48,372
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before income taxes

     1,716,301        2,703,583        7,286,206        8,933,687   

Provision for (benefit from) income taxes:

        

Current

     587,173        927,008        2,469,478        3,056,143   

Deferred

     (20,930     (22,675     (69,513     (68,025
  

 

 

   

 

 

   

 

 

   

 

 

 
     566,243        904,333        2,399,965        2,988,118   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 1,150,058      $ 1,799,250      $ 4,886,241      $ 5,945,569   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

   $ 0.17      $ 0.26      $ 0.72      $ 0.87   

Diluted

   $ 0.17      $ 0.26      $ 0.72      $ 0.87   

Cash dividends declared per common share

   $ 0.63      $ 0.13      $ 0.89      $ 0.39   

 

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Table of Contents

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

 

     Nine Months Ended
December 31
 
     2012     2011  

OPERATING ACTIVITIES

    

Net earnings

   $ 4,886,241      $ 5,945,569   

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

    

Depreciation

     1,340,697        1,377,598   

Provision for deferred taxes

     (69,513     (68,025

Provision for postretirement benefits

     67,059        57,147   

Decrease (increase) in operating assets:

    

Accounts receivable, net

     9,596,924        341,565   

Inventories

     3,846,976        5,857,007   

Other

     (748,028     (91,880

Increase (decrease) in operating liabilities:

    

Accounts payable and accrued expenses

     (7,464,299     1,939,048   

Contribution to profit-sharing plan

     157,500        150,300   

Employee compensation and related expenses

     (272,218     (362,418

Income taxes payable

     (98,464     (350,961

Deferred credit for LIFO inventory replacement

            363,623   
  

 

 

   

 

 

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

     11,242,875        15,158,573   

INVESTING ACTIVITIES

    

Purchase of property, plant and equipment

     (466,218     (309,270

Proceeds from sales of assets

     42,375          

Increase in cash surrender value of officers’ life insurance

     (46,500     (45,750
  

 

 

   

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

     (470,343     (355,020

FINANCING ACTIVITIES

    

Cash dividends paid

     (6,051,505     (2,515,794
  

 

 

   

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

     (6,051,505     (2,515,794
  

 

 

   

 

 

 

INCREASE IN CASH

     4,721,027        12,287,759   

Cash at beginning of period

     11,881,548        7,210,290   
  

 

 

   

 

 

 

CASH AT END OF PERIOD

   $ 16,602,575      $ 19,498,049   
  

 

 

   

 

 

 

 

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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 of Friedman Industries, Incorporated (the “Company”) included in its 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.

A summary of inventory values by product group follows:

 

     December 31,      March 31,  
     2012      2012  

Prime Coil Inventory

   $ 8,540,343       $ 8,562,607   

Non-Standard Coil Inventory

     2,919,449         1,853,445   

Tubular Raw Material

     2,283,486         6,859,871   

Tubular Finished Goods

     19,163,426         19,477,757   
  

 

 

    

 

 

 
   $ 32,906,704       $ 36,753,680   
  

 

 

    

 

 

 

NOTE C — SEGMENT INFORMATION (in thousands)

 

     Three Months Ended
December 31,
    Nine Months Ended
December 31,
 
     2012     2011     2012     2011  

Net sales

        

Coil

   $ 15,636      $ 18,851      $ 49,188      $ 49,991   

Tubular

     16,084        18,136        55,301        67,971   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net sales

   $ 31,720      $ 36,987      $ 104,489      $ 117,962   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

        

Coil

   $ 104      $ 446      $ 732      $ 446   

Tubular

     2,015        2,669        8,437        10,452   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating profit

     2,119        3,115        9,169        10,898   

Corporate expenses

     418        426        1,926        2,012   

Interest & other income

     (15     (15     (43     (48
  

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings before taxes

   $ 1,716      $ 2,704      $ 7,286      $ 8,934   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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     December 31,
2012
     March 31,
2012
 

Segment assets

     

Coil

   $ 24,575       $ 26,260   

Tubular

     26,887         39,446   
  

 

 

    

 

 

 
     51,462         65,706   

Corporate assets

     18,263         12,864   
  

 

 

    

 

 

 
   $ 69,725       $ 78,570   
  

 

 

    

 

 

 

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 $3,306,000 and $3,765,000 in the nine months ended December 31, 2012 and 2011, respectively. The Company paid no interest in the nine months ended December 31, 2012 or 2011. Non-cash financing activities consisted of accrued dividends of $883,928 in each of the nine month periods ended December 31, 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 December 31, 2012. The Company is not aware of any subsequent events that would require recognition or disclosure in the consolidated condensed financial statements.

 

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

Results of Operations

Nine Months Ended December 31, 2012 Compared to Nine Months Ended December 31, 2011

During the nine months ended December 31, 2012, sales, costs of goods sold and gross profit decreased $13,473,236, $11,805,959 and $1,667,277, respectively, from the comparable amounts recorded during the nine months ended December 31, 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 decreased from approximately 143,000 tons in the 2011 period to approximately 139,000 tons in the 2012 period. The average per ton selling price decreased from approximately $824 per ton in the 2011 period to $750 per ton in the 2012 period. The decrease in costs of goods sold was related primarily to the decline in tons sold and a decrease in the average per ton cost, which decreased from approximately $733 per ton in the 2011 period to $669 per ton 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 decreased from approximately 11.0% in the 2011 period to approximately 10.8% in the 2012 period.

Coil product segment sales decreased approximately $803,000 during the 2012 period. This decrease resulted from a decline in the average per ton selling price offset by an increase in tons sold. The average per ton selling price decreased from approximately $819 per ton in the 2011 period to $739 per ton in the 2012 period. Coil tons shipped increased from approximately 61,000 tons in the 2011 period to approximately 66,500 tons in the 2012 period. Coil segment operations recorded an operational income of approximately $732,000 and $446,000 in the 2012 and 2011 periods, respectively. Management believes that the operations of this segment have been adversely impacted in both the 2012 and 2011 periods by soft demand related primarily to a weak U.S. economy and that market conditions will remain soft until the U.S. economy experiences sustained, significant improvement.

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 $12,670,000 during the 2012 period. This decrease resulted from both a decline in tons sold and a decrease in the average per ton selling price. Tubular tons shipped decreased from approximately 82,000 tons in the 2011 period to approximately 73,000 tons in the 2012 period. The average per ton selling price of tubular products decreased from approximately $828 per ton in the 2011 period to $759 per ton in the 2012 period. The tubular product segment recorded a decrease in operational income of approximately $2,015,000 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 15.3% and 15.4% in the 2012 and 2011 periods, respectively.

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 the Company’s 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 $588,153 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 2012 and 2011 periods, respectively.

Three Months Ended December 31, 2012 Compared to Three Months Ended December 31, 2011

During the three months ended December 31, 2012, sales, costs of goods sold and gross profit decreased $5,267,338, $4,218,735 and $1,048,603, respectively, from the comparable amounts recorded during the three months ended December 31, 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 decreased from approximately 48,000 tons in the 2011 period to approximately 43,000 tons in the 2012 period. The average per ton selling price decreased from approximately $778 per ton in the 2011 period to $737 per ton in the 2012 period. The decrease in costs of goods sold was related to the decrease in tons sold and to a decrease in the average per ton cost, which decreased from approximately $695 per ton in the 2011 quarter to $670 per ton in the 2012 quarter. The decrease in gross profit was related primarily to the decline in sales. Gross profit as a percentage of sales declined from approximately 10.6% in the 2011 quarter to approximately 9.1% in the 2012 quarter.

Coil product segment sales decreased approximately $3,215,000 during the 2012 quarter. This decrease resulted from both a decline in tons sold and a decrease in the average per ton selling price. Coil tons shipped decreased from approximately 24,500 tons in the 2011 quarter to approximately 22,000 tons in the 2012 quarter. The average selling price decreased from approximately $768 per ton in

 

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the 2011 quarter to $712 per ton in the 2012 quarter. Coil segment operations recorded an operating profit of approximately $104,000 and $446,000 in the 2012 and 2011 quarters, respectively. Management believes that the operations of this segment have been adversely impacted in both the 2012 and 2011 quarters by soft demand related primarily to a weak U.S. economy and that market conditions will remain soft until the U.S. economy experiences sustained, significant improvement.

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 $2,052,000 during the 2012 quarter. This decrease resulted from both a decline in tons sold and a decrease in the average per ton selling price. Tubular tons shipped decreased from approximately 23,000 tons in the 2011 quarter to approximately 21,000 tons in the 2012 quarter. The average per ton selling price of tubular products decreased from approximately $787 per ton in the 2011 quarter to $763 per ton in the 2012 quarter. The tubular product segment recorded a decrease in operational income of approximately $654,000 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 profit as a percentage of segment sales were approximately 12.5% and 14.7% in the 2012 and 2011 periods, respectively.

USS is the Company’s primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of the Company’s 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 quarter decreased $338,090 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 rates were approximately 33.0% and 33.4% in the 2012 and 2011 quarters, respectively.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

The Company remained in a strong, liquid position at December 31, 2012. The current ratios were 9.2 and 4.7 at December 31, 2012 and March 31, 2012, respectively. Working capital was $50,857,139 at December 31, 2012 and $51,154,503 at March 31, 2012.

At December 31, 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 reductions 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.

In the nine months ended December 31, 2012 and 2011, the Company’s investing activities consisted primarily of purchasing property, plant and equipment. The Company’s financing activities consisted of cash dividends paid of $6,051,505 and $2,515,794 in the nine months ended December 31, 2012 and 2011, respectively. In the quarter ended December 31, 2012, the Company declared and paid a special cash dividend of $0.50 per common share.

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 inventory requires estimates of the year-end quantities, which is inherently difficult. Historically, these estimates have been materially correct. Changes in the valuation of LIFO inventories at December 31, 2012 were not significant. During the period ended December 31, 2011, LIFO inventories were reduced but were 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.

 

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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 December 31, 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 December 31, 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 December 31, 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 December 31, 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.DEF      XBRL Definition Linkbase Document
101.LAB      XBRL Label Linkbase Document
101.PRE      XBRL Presentation Linkbase Document

 

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Table of Contents

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 12, 2013      
    By  

/s/ BEN HARPER

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

 

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Table of Contents

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.DEF   

—     XBRL Definition Linkbase Document

101.LAB   

—     XBRL Label Linkbase Document

101.PRE   

—     XBRL Presentation Linkbase Document