UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended March 31, |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to |
Commission File No. 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 No.) | |
1121 Judson Road Suite | 75601 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:(713) 672-9433(903) 758-3431
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Name of each exchange | |
Common Stock, $1 Par Value | NYSE |
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes No X
Yes | No X |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes No X
Yes | No X |
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 |
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 ofRegulation 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 |
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to thisForm 10-K.
X
�� X |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “smaller reporting“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ( ) | Accelerated filer ( ) | Non-accelerated filer ( ) | Smaller reporting company (X) | |||
Emerging growth company ( ) |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ( )
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes No X
Yes | No X |
The aggregate market value of the Common Stock held by non-affiliates of the registrant as of September 30, 20142017 (computed by reference to the closing price on such date) was approximately $53,123,000.$41,592,000.
The number of shares of the registrant’s Common Stock outstanding at June 11, 201528, 2018 was 6,799,4447,009,444 shares.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Annual Report to Shareholders of Friedman Industries, Incorporated for the fiscal year ended March 31, 20152018 — Part II.
Proxy Statement for the 20152018 Annual Meeting of Shareholders of Friedman Industries, Incorporated — Part III.
PART I
Item 1. Business
Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is engageda manufacturer and processor of steel products and operates in steel processing, pipe manufacturing and processing and steel and pipe distribution.
The Company has two product groups:reportable segments; coil products and tubular products. Significant financial information relating to the Company’s product groupsbusiness segments for the last two years is contained in Note 78 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015,2018, which financial statements are incorporated herein by reference in Item 8 hereof.
Coil Products
The Company purchases prime hot-rolled steel coils, processescoil product segment consists of the coils into flat, finished sheet and plate and sells these products on a wholesale, rapid-delivery basis in competition with steel mills, importers and steel service centers.
The Company owns and operatesoperation of two hot-roll coil processing facilities locatedfacilities; one in Hickman, Arkansas (“Hickman”) and the other in Decatur, Alabama (“Decatur”). Each facility operates a temper mill and a cut-to-length line. The temper mill improves the flatness and surface qualities of the coils and the cut-to-length line and a steel temper mill. The cut-to-length lines are designed to levellevels the steel and cutcuts the material tocoils into sheet and plate of prescribed lengths. The steel temper millsCombined, the facilities are designed to improve the flatness of the steel and its surface qualities. The Company’s processing machinery is heavy, mill-type equipment capable of processingcutting sheet and plate with thicknesses ranging from 14 gauge to ½” thick. The coil product segment sells its prime grade inventory under the Friedman Industries name but also maintains an inventory of non-standard coil products, consisting primarily of mill secondary and excess prime coils, weighing up to 25 tons. Coilswhich are processed tosold through the specifications required forCompany’s XSCP division. The coil product segment also processes customer-owned coils on a particular order. Shipments are made via unaffiliated truckers or by rail.fee basis.
The Hickman and Decatur facilities are functionally equivalentsubstantially similar with respect to machinery, equipment capacities and products produced. The Company makes shipments of coil products based on which facility offers the desired product or, if the product is available at both facilities, based on other factors, such as customer location, freight conditions and the ability of the facility to fulfill the order on a timely basis. Coil products are sold on a wholesale, rapid-delivery basis in competition with other processors of hot-rolled steel coils. Shipments are made via unaffiliated truckers or by rail.
The Company alsocoil segment purchases and markets non-standard hot-rolled steel coils through its XSCP Division (“XSCP”). XSCP routinely processes non-standard coils into flat, finished sheet and plate. XSCP operatesinventory from the Company’s Hickman and Decatur coil processing facilities and shares certain expenses and employees with Hickman and Decatur. In addition, Hickman and Decatur provide warehousing, processing and distribution services to XSCP.
The Company primarily purchases hot-rolled steel coils from steel mills operated by Nucor Steel Company (“NSC”) located near the Hickman and Decatur processing facilities.a limited number of suppliers. Loss of NSC as a sourceany of coil supplythese suppliers could have a material adverse effect on the Company’s business.
The Company also processes customer-owned coils on a fee basis. Revenues generated from processing customer-owned coils are not material to the Company’s results of operations and financial condition.
Tubular Products
Through its
The tubular product segment consists of the Company’s Texas Tubular Products Divisiondivision (“TTP”) located in Lone Star, Texas, the Company manufactures, purchases, processes and markets tubular products (“pipe”).
Texas. TTP operates two electric resistance welded pipe mills.mills with a combined outside diameter (“OD”) size range of 2 3/8” OD to 8 5/8” OD. Both pipe mill #1 and pipe mill #2mills are American Petroleum Institute-licensedInstitute (“API”) licensed to manufacture line pipe and oil country pipe and also manufacture pipe for structural and piling purposes that meetmeets other recognized industry standards. TTP also employs varioushas a pipe processing equipment, including beveling machines, pipe handling equipmentfinishing facility that threads and other related machinery.
2
The Company is currently constructing a pipe-finishing facility in Lone Star, Texas that it expects to be completed and operational during the second quarter of fiscal 2016. The facility will focus primarily on threading and couplingcouples oil country tubular goods.
In recent years,goods and performs other services that are customary in the Companypipe finishing process. The pipe finishing facility is API licensed and focuses on threading semi-premium connections. TTP’s inventory consists of raw materials and finished goods. Raw material inventory consists of hot-rolled steel coils that TTP will manufacture into pipe. Finished goods inventory consists of pipe TTP has purchased steel coilsmanufactured and new mill reject pipe that TTP purchases from U.S. Steel Tubular Products, Inc. (“USS”), an affiliate
TTP purchases its inventory from a limited number of United States Steel Corporation, converted these coils into line and oil country pipe, and sold this pipe to USS pursuant to orders received from USS. The Company has also purchased pipe from USS and marketed it to other customers for structural and other miscellaneous applications. In addition, the Company manufactures pipe and markets it to other customers for structural and other miscellaneous applications.
suppliers. Loss of USS as a supplier or customerany of these suppliers 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.
Marketing
The following table sets forth the approximate percentage of total sales contributed by each group of products and services during each of the Company’s last two fiscal years:
Product and Service Groups | 2015 | 2014 | 2018 | 2017 | ||||||||||
Coil Products | 67 | % | 57 | % | 74% | 83% | ||||||||
Tubular Products | 33 | % | 43 | % | 26% | 17% |
Coil Products. The Company sells coil products and processing services to approximately 150165 customers located primarily in the midwestern, southwestern and southeastern regions of the United States. The Company’s principal customers for these products and services are steel distributors and customers fabricatingmanufacturing steel products such as storage tanks, steel buildings, farm machineryrailroad cars, barges, tanks and equipment, construction equipment, transportation equipment, conveyorscontainers, trailers, component parts and other similarfabricated steel products. During the fiscal years ended March 31, 20152018 and 2014, two and five customers of coil products, respectively, accounted for approximately 25% of the Company’s total sales. Sales2017, sales of coil products to Trinity Industries, Inc. accounted for approximately 21%16% and 14%28% of the Company’s total sales, in fiscal 2015 and 2014, respectively.
The Company sells substantially all of its coil products through its own sales force. At March 31, 2015,2018, the sales force was comprised of a vice presidentthe Vice President – Coil Sales and three professional sales personnel under the direction of the Senior Vice President — Sales and Marketing.personnel. Sales personnel are paid on a salary and commission basis.
The Company makes regular commitments with many of its larger customers to supply minimum quantities of steel during agreed upon periods of time.
Tubular Products. The Company sells its tubular products nationally to approximately 140125 customers. The Company’s principal customers for these products are steel and pipe distributors, piling contractors and, historically, USS. During thedistributors. In fiscal years ended March 31, 20152018 and 2014, twenty-six and seven customers of tubular products, respectively, accounted for approximately 25% of the Company’s total sales. In fiscal 2015,2017, no individual tubular customer accounted for 10% or more of the Company’s total sales. Sales of pipe to USS accounted for approximately 15% of the Company’s total sales in fiscal 2014. The Company can make no assurances as to the amount of future sales to USS.
The Company sells substantially all of its tubular products through its own sales force. At March 31, 2018, the sales force was comprised of a sales managerthe Vice President – Tubular Sales and two professional sales personnel under the direction of the Senior Vice President —Sales and Marketing.personnel. Sales personnel are paid on a salary and commission basis.
Competition
The Company is engaged in a non-seasonal, highly-competitive business. The Company competes with other processors of hot-rolled steel mills, importers and steel service centers.coils. The steel industry, in general, is characterized by a small number of extremely large companies dominating the bulk of the market and a large number of relatively small companies, such as the Company, competing for a limited share of such market.
3
The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other steel suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
Employees
At March 31, 2015,2018, the Company had approximately 10089 full-time employees and 2 part-time employees.
Executive Officers of the Company
The following table sets forth as of March 31, 2015,2018, for each executive officer of the Company, the name, age, officer positions and arrangements with other persons regarding his selection as an officer, if any, and the period during which such officer has served in such capacity:
Name | Age | Position, Offices with the Company and Other Arrangements, if any | ||||
| 62 | President and Chief Executive Officer since | ||||
| 2016; formerly Senior Vice President — | |||||
Alex LaRue | 32 | Chief Financial Officer – Secretary and Treasurer since March 2018; formerly Vice President — Secretary and Treasurer since 2014; formerly Assistant Vice President — Secretary and Treasurer since 2013; formerly Controller — Texas Tubular Products since 2011 |
Item 1A. Risk Factors
Not required.
Item 1B. Unresolved Staff Comments
Not required.
Item 2. Properties
The principal real properties of the Company are described in the following table:
Location | ||||||||
Approximate Size |
| |||||||
|
| |||||||
Plant — Texas Tubular Products | 161,000 sq. feet | Owned(1) | ||||||
Offices — Texas Tubular Products | 12,200 sq. feet | Owned(1) | ||||||
Land — Texas Tubular Products | 122.4 acres | |||||||
| Owned(1) | |||||||
Longview, Texas Offices | 2,600 sq. feet | |||||||
| Leased(2) | |||||||
Hickman, Arkansas | ||||||||
Plant and Warehouse — Coil Products | 42,600 sq. feet | Owned(1) | ||||||
Offices — Coil Products | 2,500 sq. feet | Owned(1) | ||||||
Land — Coil Products | 26.2 acres | Owned(1) | ||||||
Decatur, Alabama | ||||||||
Plant and Warehouse — Coil Products | 48,000 sq. feet | Owned(1) | ||||||
Offices — Coil Products | 2,000 sq. feet | Owned(1) | ||||||
Land — Coil Products | 47.3 acres | Owned(1) |
_______________
(1) | All of the Company’s owned real properties, plants and offices are held in fee and are not subject to any mortgage or deed of trust. |
(2) | The office lease is with a non-affiliated |
4
Item 3. Legal Proceedings
The Company is a class member of steel antitrust class action litigation brought against certain steel manufacturers in the United States District Court for the Northern District of Illinois. The litigation was initiated by several complaints filed in September and October of 2008 alleging the defendants conspired, in violation of the U.S. antitrust laws, to restrict their output and therefore raise or fix the prices for steel products sold for delivery in the United States between April 1, 2005 and December 31, 2007. The plaintiffs sought monetary and other relief on behalf of themselves and the class. A portion of the defendants reached settlements in 2014 totaling $163,900,000 and the Company received settlement proceeds of $316,310 in fiscal 2016 related to this settlement. A settlement was reached with the remaining defendants in February 2017 totaling $30,000,000. Subsequent to March 31, 2018, the Company received settlement proceeds of $56,500. The Company does not expect to receive any additional proceeds from this legal matter.
The Company is not a party to, nor is its property the subject of, any other material pending legal proceedings.
5
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s Common Stock is traded principally on the NYSE MKT– American (Symbol: FRD).
Reference is hereby made to the sections of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015,2018, entitled “Description of Business — Range of High and Low Sales Prices of Common Stock” and “Description of Business — Cash Dividends Declared Per Share of Common Stock”, which sections are hereby incorporated herein by reference.
The approximate number of shareholders of record of Common Stock of the Company as of May 29, 201525, 2018 was 250.205. Because many of the Company’s common shares are held by brokers and other institutions on behalf of shareholders, the Company is unable to estimate the total number of individual shareholders represented by these record holders.
Item 6. Selected Financial Data
Not required.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Information with respect to Item 7 is hereby incorporated herein by reference from the section of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015,2018, entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Not required.
Item 8. Financial Statements and Supplementary Data
The following financial statements and notes thereto of the Company included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015,2018, are hereby incorporated herein by reference:
Consolidated Balance Sheets — March 31, 20152018 and 20142017
Consolidated Statements of EarningsOperations — Years ended March 31, 20152018 and 20142017
Consolidated Statements of Stockholders’ Equity — Years ended March 31, 20152018 and 20142017
Consolidated Statements of Cash Flows — Years ended March 31, 20152018 and 20142017
Notes to Consolidated Financial Statements
Report
Reports of Independent Registered Public Accounting FirmFirms
Information with respect to supplementary financial information relating to the Company appears in Note 89 — Summary of Quarterly Results of Operations (Unaudited) of the Notes to Consolidated Financial Statements incorporated herein by reference above in this Item 8 from the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015.2018.
The following supplementary schedule for the Company for the year ended March 31, 2015,2018, is included elsewhere in this report:
Schedule II — Valuation and Qualifying Accounts
All other schedules for which provision is made in the applicable accounting regulation of the U.S. Securities and Exchange Commission (the “SEC”) are not required under the related instructions or are inapplicable and, therefore, have been omitted.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
6None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s principal executive officer (“CEO”) and principal financial officer, 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, the CEO and principal financial officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective 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 principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
Management’s report on internal control over financial reporting appears on page 1420 of the Company’s Annual Report to Shareholders for the year ended March 31, 2015,2018, which is incorporated herein by reference. This Annual Report on Form 10-K does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to the rules of the SEC that permit the Company to provide only management’s report in this Annual Report.
There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended March 31, 20152018 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Item 9B. Other Information
None.
7None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Except as otherwise set forth below, information with respect to Item 10 is hereby incorporated herein by reference from the Company’s proxy statement in respect of the 20152018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 20152018 fiscal year.
Information with respect to Item 10 regarding executive officers is hereby incorporated by reference from the information set forth under the caption “Executive Officers of the Company” in Item 1 of this Annual Report on Form 10-K.
The Company has adopted the Friedman Industries, Incorporated Code of Conduct and Ethics (the “Code”), which applies to the Company’s employees, directors and officers, including its principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. A copy of the Code is filed as an exhibit hereto.
Item 11. Executive Compensation
Information with respect to Item 11 is hereby incorporated herein by reference from the Company’s proxy statement in respect of the 20152018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 20152018 fiscal year.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Equity Compensation Plan Information
The Company had nodisclosure required pursuant to Item 201(d) of Regulation S-K is hereby incorporated herein by reference from the Company’s proxy statement in respect of the 2018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 2018 fiscal year.
Additional information with respect to Item 12 regarding equity compensation plans asplan information relating to the Company is hereby incorporated herein by reference from Note 2 — Equity Compensation Plans and Capital Stock included in the Notes to Consolidated Financial Statements of the Company included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015.2018.
Security Ownership Information
The additional information with respect to Item 12 regarding the security ownership of certain beneficial owners and management, and related matters, is hereby incorporated herein by reference from the Company’s proxy statement in respect to the 20152018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 20152018 fiscal year.
Item 13. Certain Relationships, Related Transactions and Director Independence
Information with respect to Item 13 is hereby incorporated herein by reference from the Company’s proxy statement in respect of the 20152018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 20152018 fiscal year.
Item 14. Principal Accountant Fees and Services
Information with respect to Item 14 is hereby incorporated herein by reference from the Company’s proxy statement in respect of the 20152018 Annual Meeting of Shareholders, definitive copies of which are expected to be filed with the SEC on or before 120 days after the end of the Company’s 20152018 fiscal year.
8
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) Documents included in this report
1. Financial Statements
The following financial statements and notes thereto of the Company are included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2015,2018, which is incorporated herein by reference:
Consolidated Balance Sheets — March 31, 20152018 and 20142017
Consolidated Statements of EarningsOperations — Years ended March 31, 20152018 and 20142017
Consolidated Statements of Stockholders’ Equity — Years end March 31, 20152018 and 20142017
Consolidated Statements of Cash Flows — Years ended March 31, 20152018 and 20142017
Notes to Consolidated Financial Statements
Report
Reports of Independent Registered Public Accounting FirmFirms
2. Financial Statement Schedules
The following financial statement schedule of the Company is included in this report at page S-1:
Schedule II — Valuation and Qualifying Accounts
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted.
3. Exhibits
Exhibit No. | Description | ||||
|
| ||||
3.1 | — | ||||
| |||||
3.2 | — | ||||
| |||||
3.3 | — | ||||
10.1 | — | ||||
| |||||
10.2 | — | ||||
December 15, 2017). | |||||
| |||||
10.3 | — | ||||
December 15, 2017). | |||||
| |||||
**13.1 | |||||
— | |||||
The Company’s Annual Report to Shareholders for the fiscal year ended March 31, | |||||
2018. | |||||
| |||||
**14.1 | — | Friedman Industries, Incorporated Code of Conduct and Ethics. | |||
| |||||
**21.1 | — | ||||
| |||||
**23.1 | — | ||||
**23.2 | — | ||||
**31.1 | — | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by | |||
Robert Sparkman. | |||||
| |||||
**31.2 | — | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by Alex LaRue. |
9
|
| |||
**32.1 | — |
Exhibit No. | Description | |||
| ||||
**32.2 | — | |||
**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. |
_______________
** | Filed herewith. |
Copies of exhibits filed as a part of this Annual Report on Form 10-K may be obtained by shareholders of record at a charge of $.10 per page. Direct inquiries to: Alex LaRue, Vice President — Secretary and Treasurer, Friedman Industries, Incorporated, P.O. Box 62388, Houston, Texas 77205.
10SIGNATURES
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Friedman Industries, Incorporated has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRIEDMAN INDUSTRIES, INCORPORATED | |||
| |||
By: | /S/ ROBERT SPARKMAN | ||
Robert Sparkman | |||
President and Chief Executive Officer | |||
Dated: June |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Friedman Industries, Incorporated in the capacities and on the dates indicated.
Signature | Title | Date | ||
/
| President and Chief Executive Officer | June | ||
Robert Sparkman | ||||
/
|
| June | ||
Alex LaRue | ||||
/
| Director | |||
| June 28, 2018 | |||
Durga D. Agrawal | ||||
/
| Director | |||
| June 28, 2018 | |||
Charles W. Hall | ||||
/
| Director | |||
| June 28, 2018 | |||
Max Reichenthal | ||||
/S/ JOEL SPIRA | Director | June | ||
Joel Spira | ||||
/S/ MIKE TAYLOR | Director | June 28, 2018 | ||
Mike Taylor | ||||
/S/ JOE L. WILLIAMS | Director | June 28, 2018 | ||
Joe L. Williams |
11
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
FRIEDMAN INDUSTRIES, INCORPORATED
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||||||||||||||||||||||
| Additions |
|
| |||||||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Additions | Deductions— Describe(B) | Balance at End of Period | Balance at Beginning of Period | Charged to | Charged to | Deductions— Describe(B) | Balance at End of Period | |||||||||||||||||||||||||||||||
Charged to Costs and Expenses | Charged to Other Accounts— Describe(A) | |||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2015 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 27,276 | $ | 4,306 | $ | 484,451 | $ | 488,757 | $ | 27,276 | ||||||||||||||||||||||||||||||
Year ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 27,276 | $ | — | $ | 425,140 | $ | 431,364 | $ | 21,052 | ||||||||||||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||||||||||||||||
Year ended March 31, 2014 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 37,276 | $ | 12,363 | $ | 541,556 | $ | 563,919 | $ | 27,276 | ||||||||||||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||||||||||||||||
Year ended March 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 22,276 | $ | — | $ | 307,932 | $ | 302,932 | $ | 27,276 |
________________
(A) | Cash discounts allowed on sales and charged against revenue. |
(B) | Accounts receivable written off of $1,224 and $0 and cash discounts |
S-1
EXHIBIT INDEX
|
| |||||||
Copies of exhibits filed as a part of this Annual Report on Form 10-K may be obtained by shareholders of record at a charge of $.10 per page. Direct inquiries to: Alex LaRue, Vice President — Secretary and Treasurer, Friedman Industries, Incorporated, P.O. Box 62388, Houston, Texas 77205.