Distributor Friedman logs $206,247 net loss in fiscal 2d qtr. as sales slide
Nov 16, 2009 | 08:31 AM
| Corinna Petry
Citing falling sales volumes and lower selling prices, Friedman Industries Inc. recorded a net loss of $206,247 during its fiscal second quarter ended Sept. 30, in contrast to net income of $5.4 million in the same year-ago period, as sales fell 77.4 percent to $16.1 million from $71.1 million.
"The decrease in sales was related primarily to a substantial decrease in tons sold," the Houston-based pipe manufacturer, coil processor and steel distributor said in its quarterly earnings filing with the U.S. Securities and Exchange Commission. "Tons sold declined from 67,000 tons in the 2008 quarter to 28,000 tons in the 2009 quarter (while) the average per-ton selling price decreased from $1,055 per ton in the 2008 quarter to $577....
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