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
(Registrants 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 issuers only class of stock was 6,799,444 shares of Common Stock.
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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EX-31.1 |
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EX-31.2 |
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EX-32.1 |
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EX-32.2 |
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EX-101 INSTANCE DOCUMENT |
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EX-101 SCHEMA DOCUMENT |
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EX-101 CALCULATION LINKBASE DOCUMENT |
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EX-101 DEFINITION LINKBASE DOCUMENT |
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EX-101 LABELS LINKBASE DOCUMENT |
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EX-101 PRESENTATION LINKBASE DOCUMENT |
Part I FINANCIAL INFORMATION
FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED
December 31, 2012 | March 31, 2012 | |||||||
ASSETS |
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CURRENT ASSETS: |
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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 | ||||||
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TOTAL CURRENT ASSETS |
57,033,046 | 65,007,891 | ||||||
PROPERTY, PLANT AND EQUIPMENT: |
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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 | ) | ||||
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11,694,646 | 12,611,502 | |||||||
OTHER ASSETS: |
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Cash value of officers life insurance and other assets |
997,500 | 951,000 | ||||||
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TOTAL ASSETS |
$ | 69,725,192 | $ | 78,570,393 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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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 | ||||||
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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: |
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Common stock, par value $1: |
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Authorized shares 10,000,000 |
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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 | ||||||
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TOTAL STOCKHOLDERS EQUITY |
62,252,002 | 63,417,268 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 69,725,192 | $ | 78,570,393 | ||||
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2
FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED
Three months ended December 31, |
Nine months ended December 31, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Net sales |
$ | 31,719,922 | $ | 36,987,260 | $ | 104,488,762 | $ | 117,961,998 | ||||||||
Costs and expenses |
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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 | ||||||||||||
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30,019,151 | 34,298,927 | 97,245,820 | 109,076,683 | |||||||||||||
Interest and other income |
(15,530 | ) | (15,250 | ) | (43,264 | ) | (48,372 | ) | ||||||||
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Earnings before income taxes |
1,716,301 | 2,703,583 | 7,286,206 | 8,933,687 | ||||||||||||
Provision for (benefit from) income taxes: |
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Current |
587,173 | 927,008 | 2,469,478 | 3,056,143 | ||||||||||||
Deferred |
(20,930 | ) | (22,675 | ) | (69,513 | ) | (68,025 | ) | ||||||||
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566,243 | 904,333 | 2,399,965 | 2,988,118 | |||||||||||||
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Net earnings |
$ | 1,150,058 | $ | 1,799,250 | $ | 4,886,241 | $ | 5,945,569 | ||||||||
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Weighted average number of common shares outstanding: |
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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: |
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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 |
3
FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED
Nine Months Ended December 31 |
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2012 | 2011 | |||||||
OPERATING ACTIVITIES |
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Net earnings |
$ | 4,886,241 | $ | 5,945,569 | ||||
Adjustments to reconcile net earnings to cash provided by operating activities: |
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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: |
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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: |
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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 | ||||||
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
11,242,875 | 15,158,573 | ||||||
INVESTING ACTIVITIES |
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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 | ) | ||||
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NET CASH USED IN INVESTING ACTIVITIES |
(470,343 | ) | (355,020 | ) | ||||
FINANCING ACTIVITIES |
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Cash dividends paid |
(6,051,505 | ) | (2,515,794 | ) | ||||
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NET CASH USED IN FINANCING ACTIVITIES |
(6,051,505 | ) | (2,515,794 | ) | ||||
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INCREASE IN CASH |
4,721,027 | 12,287,759 | ||||||
Cash at beginning of period |
11,881,548 | 7,210,290 | ||||||
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CASH AT END OF PERIOD |
$ | 16,602,575 | $ | 19,498,049 | ||||
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4
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 | ||||||
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$ | 32,906,704 | $ | 36,753,680 | |||||
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NOTE C SEGMENT INFORMATION (in thousands)
Three Months Ended December 31, |
Nine Months Ended December 31, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Net sales |
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Coil |
$ | 15,636 | $ | 18,851 | $ | 49,188 | $ | 49,991 | ||||||||
Tubular |
16,084 | 18,136 | 55,301 | 67,971 | ||||||||||||
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Total net sales |
$ | 31,720 | $ | 36,987 | $ | 104,489 | $ | 117,962 | ||||||||
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Operating profit |
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Coil |
$ | 104 | $ | 446 | $ | 732 | $ | 446 | ||||||||
Tubular |
2,015 | 2,669 | 8,437 | 10,452 | ||||||||||||
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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 | ) | ||||||||
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Total earnings before taxes |
$ | 1,716 | $ | 2,704 | $ | 7,286 | $ | 8,934 | ||||||||
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5
December 31, 2012 |
March 31, 2012 |
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Segment assets |
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Coil |
$ | 24,575 | $ | 26,260 | ||||
Tubular |
26,887 | 39,446 | ||||||
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51,462 | 65,706 | |||||||
Corporate assets |
18,263 | 12,864 | ||||||
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$ | 69,725 | $ | 78,570 | |||||
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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.
6
Item 2. Managements 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 Companys 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 Companys 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 Companys primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of the Companys 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 Companys 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
7
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 Companys 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 Companys 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 Companys primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of the Companys 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 Companys 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 Companys operations.
In the nine months ended December 31, 2012 and 2011, the Companys investing activities consisted primarily of purchasing property, plant and equipment. The Companys 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 Companys 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.
8
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 Companys 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 Managements Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Companys 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 Companys products, changes in the demand for steel and steel products in general and the Companys 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 Companys management, with the participation of the Companys principal executive officer (CEO) and principal financial officer (CFO), evaluated the effectiveness of the Companys 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 Companys management has concluded that the Companys 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 SECs rules and forms and (ii) accumulated and communicated to the Companys management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in the Companys 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 Companys internal control over financial reporting.
9
FRIEDMAN INDUSTRIES, INCORPORATED
Three Months Ended December 31, 2012
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 |
10
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 PresidentFinance | ||||||
(Principal Financial and Accounting Officer) |
11
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 |