Shares of Friedman Industries, Incorporated (FRD) have gained 14.8% since the company reported its earnings for the quarter ended June 30, 2025, significantly outpacing the S&P 500 Index’s 0.5% growth over the same period. Over the past month, the stock rose 7.7%, again beating the S&P 500’s 2.1% increase, reflecting strong investor enthusiasm following the quarterly release.FRD’s Earnings SnapshotFriedman Industries reported net earnings of $5 million, or $0.71 per diluted share, for the first quarter of f ...

[Friedman Industries, Inc. Q1 FY2026 Earnings Release](index=1&type=section&id=Friedman%20Industries%2C%20Incorporated%20Announces%20First%20Quarter%20Results) [Financial Highlights and Performance Summary](index=1&type=section&id=June%2030%2C%202025%20Quarter%20Highlights) The company reported strong Q1 FY2026 results with significantly improved net earnings and sales, alongside robust operating cash flow Quarterly Performance Comparison | Metric | Q1 FY2026 (ended Jun 30, 2025) | Q1 FY2025 (ended Jun 30, 2024) | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $134.8 million | $114.6 million | +17.6% | | **Net Earnings** | $5.0 million | $2.6 million | +93.8% | | **Diluted EPS** | $0.71 | $0.37 | +91.9% | | **Earnings from Operations** | $7.0 million | -$1.4 million | N/A | - The increase in sales was driven by stronger customer demand and successful commercial efforts to increase capacity utilization[3](index=3&type=chunk) Sales Volume Breakdown | Sales Volume | Q1 FY2026 | Q1 FY2025 | | :--- | :--- | :--- | | **Inventory Sold** | 141,500 tons | 119,000 tons | | **Toll Processing** | 19,000 tons | 24,000 tons | - The company generated **$15.5 million in operating cash flow**, reduced debt by **$14.7 million**, and maintained a working capital balance of $117.5 million[5](index=5&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) The statements show a significant turnaround in operational profitability and a strengthened balance sheet with reduced total liabilities [Summary of Operations (Income Statement)](index=1&type=section&id=SUMMARY%20OF%20OPERATIONS%20(unaudited)) Summary of Operations | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Sales** | $134,777 | $114,551 | | **Costs of materials sold** | $105,704 | $96,414 | | **Earnings (loss) from operations** | $7,043 | $(1,398) | | **Gain on economic hedges of risk** | $276 | $5,375 | | **Net earnings** | $5,028 | $2,567 | [Summarized Balance Sheets](index=2&type=section&id=SUMMARIZED%20BALANCE%20SHEETS%20(unaudited)) Summarized Balance Sheets | (In thousands) | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | $219,078 | $226,822 | | **Total Liabilities** | $81,798 | $94,397 | | **Total Stockholders' Equity** | $137,280 | $132,425 | [Segment Performance](index=2&type=section&id=Segment%20Performance) The Flat-Roll segment showed strong growth while the Tubular segment saw declining sales but improved profitability [Flat-Roll Segment Operations](index=2&type=section&id=FLAT-ROLL%20SEGMENT%20OPERATIONS) Flat-Roll Segment Performance | Flat-Roll Segment | Q1 FY2026 | Q1 FY2025 | | :--- | :--- | :--- | | **Sales** | $124.1 million | $103.4 million | | **Sales Volume (Inventory)** | 132,500 tons | 109,000 tons | | **Avg. Selling Price** | ~$926 / ton | ~$932 / ton | | **Earnings from Operations** | $8.8 million | $2.7 million | [Tubular Segment Operations](index=3&type=section&id=TUBULAR%20SEGMENT%20OPERATIONS) Tubular Segment Performance | Tubular Segment | Q1 FY2026 | Q1 FY2025 | | :--- | :--- | :--- | | **Sales** | $10.7 million | $11.2 million | | **Sales Volume** | 9,000 tons | 10,000 tons | | **Avg. Selling Price** | ~$1,206 / ton | ~$1,140 / ton | | **Earnings (Loss) from Operations** | $1.3 million | $(1.2) million | [Hedging Activities](index=3&type=section&id=HEDGING%20ACTIVITIES) The company uses HRC futures to manage price risk, resulting in a recognized gain of approximately $0.3 million for the quarter - The company uses mark-to-market (MTM) accounting for its hedging activities, which can cause gains or losses to be recognized in different periods than the corresponding changes in physical margins[9](index=9&type=chunk) - A gain of approximately **$0.3 million** was recognized on hedging activities for the quarter ended June 30, 2025[9](index=9&type=chunk) [Business Outlook](index=3&type=section&id=OUTLOOK) The company expects slightly higher sales volume but lower margins in Q2 FY2026 due to softening hot-rolled coil prices - Sales volume for Q2 FY2026 is expected to be **slightly higher** than Q1 as the company works to increase capacity utilization[10](index=10&type=chunk) - Margins are expected to be **lower in Q2 FY2026** compared to Q1 due to softening HRC prices[10](index=10&type=chunk) - Management maintains a **positive long-term outlook**, citing a strong financial position and favorable long-term industry demand[11](index=11&type=chunk) [About the Company and Forward-Looking Statements](index=3&type=section&id=About%20the%20Company%20and%20Forward-Looking%20Statements) The company manufactures steel products and advises that forward-looking statements are subject to risks and uncertainties - The company operates plants in Arkansas, Alabama, Indiana, Illinois, and Texas[11](index=11&type=chunk) - The report's forward-looking statements, particularly under the "Outlook" section, are not guarantees of future performance and are subject to business risks and uncertainties[13](index=13&type=chunk)[14](index=14&type=chunk)

Part I — FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For the quarter ended June 30, 2025, Friedman Industries reported significant year-over-year growth, with net sales increasing to $134.8 million from $114.6 million and net earnings rising to $5.0 million from $2.6 million. This performance translated to a diluted EPS of $0.71, up from $0.37 in the prior-year quarter. The balance sheet shows total assets of $219.1 million and total stockholders' equity of $137.3 million as of June 30, 2025. Cash flow from operations was a positive $15.5 million, a substantial improvement from a $6.1 million use of cash in the same period last year, primarily driven by a decrease in inventories [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Current Assets** | $157,929 | $166,467 | | Inventories | $103,458 | $113,689 | | **Total Assets** | **$219,078** | **$226,822** | | **Total Current Liabilities** | $40,476 | $38,324 | | Asset Based Lending Facility | $33,039 | $47,728 | | **Total Liabilities** | **$81,798** | **$94,397** | | **Total Stockholders' Equity** | **$137,280** | **$132,425** | - Total assets decreased from **$226.8 million** at March 31, 2025, to **$219.1 million** at June 30, 2025, primarily due to a reduction in inventories and cash[10](index=10&type=chunk) - Total liabilities decreased significantly from **$94.4 million** to **$81.8 million**, largely driven by a **$14.7 million** reduction in the asset-based lending facility balance[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Quarterly Statement of Operations (in thousands, except per share data) | Metric | Q1 FY2026 (Ended June 30, 2025) | Q1 FY2025 (Ended June 30, 2024) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Sales | $134,777 | $114,551 | +17.7% | | Earnings (Loss) from Operations | $7,043 | $(1,398) | Significant Turnaround | | Net Earnings | $5,028 | $2,567 | +95.9% | | Diluted EPS | $0.71 | $0.37 | +91.9% | - The company experienced a significant turnaround in operating performance, moving from an operating loss of **$1.4 million** in Q1 2024 to an operating profit of **$7.0 million** in Q1 2025[11](index=11&type=chunk) - Gain on economic hedges of risk was substantially lower at **$0.28 million** compared to **$5.38 million** in the prior-year quarter, indicating that the improved operating performance was driven by core operations rather than hedging gains[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Quarterly Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $15,489 | $(6,059) | | Net Cash used in Investing Activities | $(1,784) | $(1,057) | | Net Cash from (used in) Financing Activities | $(14,981) | $5,365 | | **Decrease in Cash** | **$(1,276)** | **$(1,751)** | - Cash from operations improved significantly to a **$15.5 million** inflow, compared to a **$6.1 million** outflow in the prior year, mainly due to a **$10.2 million** decrease in inventories[13](index=13&type=chunk) - Financing activities used **$15.0 million** in cash, primarily due to net repayments of **$14.7 million** on the asset-based lending facility[13](index=13&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide further breakdown of financial statement items. Key details include a decrease in inventory to $103.5 million, an outstanding balance of $33.0 million on the $150 million ABL facility, and segment performance showing the Flat-Roll division as the primary driver of revenue and operating income. The company also reported a $0.28 million gain on economic hedges and disaggregated its revenue, with Company Owned Flat-Roll Products contributing $122.8 million in the quarter Inventory Breakdown (in thousands) | Inventory Type | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Flat-Roll raw material | $71,441 | $85,865 | | Flat-Roll finished goods | $16,439 | $15,737 | | Tubular raw material | $9,619 | $7,055 | | Tubular finished goods | $5,959 | $5,032 | | **Total** | **$103,458** | **$113,689** | - The company has a **$150 million** asset-based lending facility, which was amended to extend the maturity date to August 19, 2026. As of June 30, 2025, the outstanding balance was approximately **$33.0 million** with an interest rate of 6.2%[21](index=21&type=chunk)[22](index=22&type=chunk) Segment Performance - Q1 FY2026 (in thousands) | Segment | Net Sales | Earnings from Operations | | :--- | :--- | :--- | | Flat-Roll | $124,067 | $8,786 | | Tubular | $10,710 | $1,329 | | Other | — | $(3,072) | | **Total** | **$134,777** | **$7,043** | - The company utilizes hot-rolled coil futures for economic hedges, recognizing a gain of **$0.28 million** for the quarter ended June 30, 2025, compared to a much larger gain of **$5.38 million** in the prior-year period[31](index=31&type=chunk)[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong quarterly performance to increased sales volume and improved margins. Sales volume rose to 141,500 tons from inventory (plus 19,000 tons toll processing) from 119,000 tons (plus 24,000 tons toll processing) year-over-year, driven by stronger demand and successful commercial efforts. Adjusted gross profit increased to $29.1 million from $18.1 million. The company's liquidity remains strong, with $103.7 million available under its ABL facility. Looking ahead, the company expects slightly higher sales volume in Q2 fiscal 2026 but anticipates lower margins due to softening hot-rolled coil prices [Results of Operations](index=20&type=section&id=Results%20of%20Operations) - Compared to the prior-year quarter, sales increased by **$20.2 million**, primarily due to higher sales volume. Adjusted gross profit (a non-GAAP measure) rose by **$10.9 million** to **$29.1 million**[55](index=55&type=chunk) - The market price of hot-rolled steel coil (HRC) was relatively stable at the top of a price cycle during the quarter, leading to increased margins. This contrasts with the declining price trend in the prior-year quarter which compressed margins[56](index=56&type=chunk) - The Flat-roll segment's operating earnings increased to **$8.8 million** from **$2.7 million** YoY, driven by higher sales volume despite a slight decrease in average per-ton selling price[57](index=57&type=chunk) - The Tubular segment's operating results improved from a loss of **$1.2 million** to earnings of **$1.3 million** YoY, despite a decrease in tons sold, due to a higher average selling price per ton[60](index=60&type=chunk) [Financial Position, Liquidity and Capital Resources](index=22&type=section&id=FINANCIAL%20POSITION,%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - The company's working capital was **$117.5 million** at June 30, 2025, down from **$128.1 million** at March 31, 2025. The current ratio stood at 3.9[66](index=66&type=chunk) - As of June 30, 2025, the company had an outstanding balance of **$33.0 million** on its **$150 million** ABL facility and had access to approximately **$103.7 million** under the borrowing base calculation[68](index=68&type=chunk) - Management believes its current cash position, cash flows from operations, and borrowing capability are adequate to fund expected cash requirements for the next 12 months and is in the process of renewing its credit arrangement[69](index=69&type=chunk) [Outlook](index=23&type=section&id=OUTLOOK) - The company expects sales volume for the second quarter of fiscal 2026 to be slightly higher than the first quarter[72](index=72&type=chunk) - Due to softening hot-rolled coil prices at the end of Q1 and start of Q2, the company anticipates lower margins for the second quarter compared to the first quarter[72](index=72&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this disclosure is not required for this filing - Disclosure for this item is not required[76](index=76&type=chunk) [Item 4. Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025. There were no material changes to the company's internal control over financial reporting during the quarter - Based on an evaluation as of the end of the quarter, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[77](index=77&type=chunk) - No changes occurred during the fiscal quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[78](index=78&type=chunk) Part II — OTHER INFORMATION [Item 5. Other Information](index=25&type=section&id=Item%205.%20Other%20Information) The company reported that none of its officers or directors adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - During the three months ended June 30, 2025, no officers or directors adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement for the purchase or sale of company securities[80](index=80&type=chunk) [Item 6. Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and Inline XBRL documents - The exhibits filed with this report include certifications from the Principal Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act[81](index=81&type=chunk) - Interactive data files (Inline XBRL documents) are also included as exhibits[81](index=81&type=chunk)

Company Overview - Friedman Industries, Incorporated is a manufacturer and processor of steel products with operating plants in multiple locations including Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois; Sinton, Texas; and Lone Star, Texas [4] - The company has two reportable segments: flat-roll products and tubular products, with the flat-roll segment processing hot-rolled steel coils and the tubular segment manufacturing electric resistance welded pipe [4] Leadership Appointment - Gaurav Chhibbar has been appointed as the new Chief Operating Officer (COO) effective July 10, 2025, bringing a distinguished career in operations excellence, strategy, corporate finance, and M&A due diligence [1][2] - Michael Taylor, President and CEO, expressed confidence in Gaurav's leadership and strategic vision, which aligns with the company's future goals [3] Professional Background - Gaurav Chhibbar has extensive experience from roles at Boston Consulting Group, Metal Edge Partners, and Cargill, where he supported various sectors including financial sponsors and Fortune 100 firms [2] - He holds an MBA from The University of Chicago Booth School of Business and additional degrees in International Business and Engineering [3]

Group 1 - Friedman Industries has been added to the Russell 3000 Index, effective June 30, 2025, enhancing its market visibility and attracting investor capital [1][7] - The company aims to increase institutional ownership and improve capital inflows following its recent listing on Nasdaq in April 2025 [1][7] - Membership in the Russell 3000 Index also includes automatic inclusion in the small-cap Russell 2000 Index and relevant growth and value style indexes, which are widely utilized by investment managers [1][7] Group 2 - Friedman Industries is headquartered in Longview, Texas, and operates manufacturing plants in multiple states, including Arkansas, Alabama, Indiana, Illinois, and Texas [2] - The company has two reportable segments: flat-roll products and tubular products, with specific operations detailed for each segment [2]

Group 1 - The core investment strategy of Quipus Capital focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective rather than market-driven dynamics [1] - Quipus Capital emphasizes understanding the long-term earnings potential of companies and the competitive dynamics within their industries [1] - The majority of recommendations from Quipus Capital will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles produced by Quipus Capital aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1]

Core Viewpoint - Friedman Industries' stock has underperformed following its earnings release, with a 3.2% decline compared to a 0.7% dip in the S&P 500 Index, although it showed a slight gain of 0.5% over the past month [1] Earnings and Revenue Summary - For Q4 fiscal 2025, Friedman Industries reported net earnings of $5.3 million ($0.76 per diluted share), a 7.8% increase from $4.9 million ($0.71 per share) in the previous year [2] - Quarterly sales decreased by 2.3% to $129.2 million from $132.2 million, despite achieving record sales volume of 166,500 tons, a 4.7% year-over-year rise and a 28% sequential increase [2] - Full-year net earnings fell 64.9% to $6.1 million ($0.87 per diluted share) from $17.3 million ($2.39 per share) in fiscal 2024, with annual sales dropping 13.9% to $444.6 million from $516.3 million [2] Segment Performance - The flat-roll segment generated $117.7 million in sales, down 2.4% from $120.6 million year-over-year, with tons sold from inventory rising 15.8% to 139,000 [3] - The tubular segment's sales were nearly flat at $11.5 million, with volume increasing 15.8% to 11,000 tons, while the average selling price declined 14.1% to $1,044 per ton [4] Hedging and Financial Metrics - The company recorded a $1.8 million gain from hot-rolled coil futures in Q4 and $7.6 million for the full fiscal year, aiding in offsetting price volatility in the steel market [5] - Management noted that hedging capabilities were crucial in stabilizing margins during a challenging pricing environment [6] Cost Control and Expense Management - SG&A expenses decreased by 37.5% to $3.8 million in Q4 from $6.1 million a year earlier, and full-year SG&A expenses fell 23.1% to $16.2 million from $21 million [7] Management Commentary and Strategy - CEO Michael J. Taylor highlighted the disciplined execution of the growth strategy, noting a 28% sequential increase in quarterly sales volume and a 4.7% year-over-year rise [8] - The new facility in Sinton, TX, achieved the highest profit margin among all locations, reaching full production capacity during the year [8][9] Forward Guidance - The company expects slightly lower sales volume in Q1 fiscal 2026 due to planned equipment downtime but anticipates improved margins from pricing actions and operational streamlining [10] - Management expressed confidence in capitalizing on growth opportunities, citing favorable industry demand and a strong balance sheet [10] Other Developments - No acquisitions, divestitures, or restructuring initiatives were reported in Q4 fiscal 2025, but management reaffirmed its commitment to disciplined capital allocation and a continued quarterly dividend policy since 1972 [11]

Financial Performance - For the quarter ended March 31, 2025, the company recorded net earnings of approximately $5.3 million ($0.76 diluted earnings per share) on sales of approximately $129.2 million, compared to net earnings of approximately $5.0 million ($0.71 diluted earnings per share) on net sales of approximately $132.2 million for the same quarter in 2024[3] - For fiscal year 2025, the company recorded net earnings of approximately $6.1 million ($0.87 diluted earnings per share) on sales of approximately $444.6 million, a decrease from net earnings of approximately $17.3 million ($2.39 diluted earnings per share) on sales of approximately $516.3 million in fiscal 2024[4] Sales Volume and Segments - The company achieved a 28% increase in sales volume over the preceding third quarter and a 5% increase over the prior year fourth quarter, with sales volume reaching approximately 166,500 tons for the 2025 quarter[2][5] - The flat-roll segment sales for the 2025 quarter totaled approximately $117.7 million, with a sales volume of approximately 139,000 tons from inventory and 16,500 tons of toll processing[8] - The tubular segment sales for the 2025 quarter totaled approximately $11.5 million, with tons sold increasing from approximately 9,500 tons in the 2024 quarter to approximately 11,000 tons in the 2025 quarter[9] Hedging and Financial Position - The company recognized a total hedging gain of approximately $7.6 million for fiscal 2025, with a gain on hedging activities of approximately $1.8 million for the 2025 quarter[10] - The working capital balance at year-end was $128.1 million, reflecting a strong financial position[5] - The company maintains a strong financial position and is poised to capitalize on both short-term and long-term opportunities in the industry[12] Future Outlook - The company expects sales volume for the first quarter of fiscal 2026 to be slightly lower than the fourth quarter of fiscal 2025 due to equipment downtime, but anticipates improved margins[11] - The newest facility in Sinton, Texas, reached full capacity levels during the year and contributed the highest profit margin among all facilities[2]

Core Insights - Friedman Industries reported improved margins and a record sales volume for the fourth quarter of fiscal 2025, with a 28% increase in sales volume compared to the previous quarter and a 5% increase year-over-year [3][4] - The company achieved net earnings of approximately $6.1 million for fiscal 2025, despite challenging steel price trends and economic factors [3][5] - The company's sales volume remained stable at approximately 500,000 tons for the year, reflecting resilience amid various challenges [3][5] Quarterly Performance - For the quarter ended March 31, 2025, net earnings were approximately $5.3 million ($0.76 diluted earnings per share) on sales of approximately $129.2 million, compared to net earnings of approximately $5.0 million ($0.71 diluted earnings per share) on sales of approximately $132.2 million for the same quarter in 2024 [4][7] - Sales volume increased from approximately 159,000 tons in the 2024 quarter to approximately 166,500 tons in the 2025 quarter [4][7] Annual Performance - For the fiscal year ended March 31, 2025, net earnings were approximately $6.1 million ($0.87 diluted earnings per share) on sales of approximately $444.6 million, down from net earnings of approximately $17.3 million ($2.39 diluted earnings per share) on sales of approximately $516.3 million for fiscal 2024 [5][7] - The working capital balance at year-end was $128.1 million [7] Segment Operations - Flat-roll segment sales for the 2025 quarter totaled approximately $117.7 million, with a sales volume of approximately 139,000 tons from inventory and 16,500 tons of toll processing [10] - Tubular segment sales for the 2025 quarter totaled approximately $11.5 million, with tons sold increasing from approximately 9,500 tons in the 2024 quarter to approximately 11,000 tons in the 2025 quarter [11] Hedging Activities - The company recognized a gain on hedging activities of approximately $1.8 million for the 2025 quarter and a total hedging gain of approximately $7.6 million for fiscal 2025 [12] Outlook - For the first quarter of fiscal 2026, the company expects sales volume to be slightly lower than the fourth quarter of fiscal 2025 due to equipment downtime, but anticipates improved margins [13]

Sales and Product Segmentation - Flat-roll products accounted for 91% of total sales in fiscal 2025, while tubular products contributed 9%[17] - Sales to O'Neal Steel represented approximately 16% of total sales for both fiscal years 2025 and 2024[17] - The company operates five flat-roll processing facilities and two tubular pipe mills, with a combined capacity to produce various steel products[12][15] - The company’s flat-roll segment primarily generates revenue from sales of company-owned inventory, with additional income from processing or storage services[12] - The company’s tubular segment generates all revenue from sales of company-owned inventory[15] - The company’s sales force for flat-roll products consisted of 29 personnel as of March 31, 2025[18] - The company’s flat-roll products are sold on a wholesale, rapid-delivery basis, competing with other processors of hot-rolled steel coils[13] Employee and Operational Information - The company had 271 full-time employees as of March 31, 2025[21] - The company’s Texas Tubular Products division operates two electric resistance welded pipe mills with an outside diameter size range of 2 3/8" to 8 5/8"[15] Governance and Compliance - The company’s cybersecurity program is aligned with the NIST Cybersecurity Framework 2.0 to ensure comprehensive controls and oversight[28] - The Company has adopted a Code of Conduct and Ethics applicable to all employees, directors, and officers[54] - The Company has a Clawback Policy in place as part of its governance practices[65] Financial Reporting and Statements - The Company's Annual Report to Shareholders for the fiscal year ended March 31, 2025, includes consolidated financial statements and notes[63] - The financial statements include Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows for the years ended March 31, 2025, and 2024[63] - The Company is required to disclose security ownership information of certain beneficial owners and management in its proxy statement[58] - Definitive copies of the proxy statement for the 2025 Annual Meeting of Shareholders are expected to be filed with the SEC within 120 days after the end of the fiscal year[55] - The Company is expected to file definitive copies of its equity compensation plan information with the SEC within 120 days after the end of the fiscal year[57] Accounting and Financial Amendments - The independent public accounting firm for the Company is Moss Adams LLP, Houston, Texas[61] - The Company has undergone amendments to its Amended and Restated Credit Agreement, with the latest amendment referenced in a Form 8-K filed on May 9, 2025[64] - The Company has a 2016 Restricted Stock Plan in place for employee compensation[64]