Friedman Industries(FRD) - 2020 Q1 - Quarterly Report

Sales Performance - Sales for the three months ended June 30, 2019, decreased by $7,217,998 compared to the same period in 2018, with tons sold dropping from approximately 60,500 tons to 53,500 tons[41] - Coil segment sales totaled $28,181,468 in the 2019 quarter, down from $31,129,200 in the 2018 quarter, with the average selling price per ton decreasing from approximately $853 to $743[43] - Tubular segment sales for the 2019 quarter were $12,793,852, a decline from $17,064,118 in the 2018 quarter, while the average selling price per ton increased from approximately $670 to $819[46] Profitability - Gross profit as a percentage of sales fell from approximately 12.8% in the 2018 quarter to approximately 3.6% in the 2019 quarter[41] - Operating profits for the coil segment dropped from approximately $3,179,000 in the 2018 quarter to approximately $345,000 in the 2019 quarter[43] - The tubular segment's operating profits decreased from approximately $2,321,000 in the 2018 quarter to approximately $545,000 in the 2019 quarter[46] Financial Position - The current ratio improved to 7.7 at June 30, 2019, compared to 6.0 at March 31, 2019, indicating a strong liquidity position[53] - Working capital was $61,674,289 at June 30, 2019, slightly down from $62,091,305 at March 31, 2019[53] - The company maintained compliance with all financial covenants and had no borrowings outstanding under its $5,000,000 revolving line of credit facility as of June 30, 2019[55] Future Outlook - The company expects continued margin challenges into the second quarter of fiscal 2020 due to declining steel prices and softer demand[42] - No future outlook or performance guidance was included in the documents[67] Missing Information - No relevant financial data or performance summary was provided in the documents[65] - No user data or metrics were mentioned in the documents[66] - No information on new products or technology development was found in the documents[68] - No details on market expansion or acquisitions were present in the documents[69] - No new strategies or initiatives were discussed in the documents[69]