Friedman Industries(FRD) - 2025 Q4 - Annual Report

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]