FRIEDMAN INDUSTRIES INC
For the period ended Mar 31, 2025. Filed Jun 12, 2025.
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FY2025 · Filed Jun 12, 2025
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EX-13.1 · 9. INCOME TAXES
9. INCOME TAXES
Components of tax expense are as follows (in thousands):
| Year Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Federal | ||
| Current | $1,234 | $4,248 |
| Deferred | 112 | 473 |
| 1,346 | 4,721 | |
| State | ||
| Current | 153 | 927 |
| Deferred | 109 | 321 |
| 262 | 1,248 | |
| Total | $1,608 | $5,969 |
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:
| Year Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Income tax expense at U.S. federal statutory rate | 21.0% | 21.0% |
| Current year state and local income taxes net of federal income tax benefit | 2.7 | 4.3 |
| Other | (2.8) | 0.3 |
| Provision for income taxes | 20.9% | 25.6% |
The Company’s tax returns* maybe subject to examination by the Internal Revenue Service for the fiscal years ended March31,* 2022 through* March31,* 2024. State and local returns* maybe subject to examination for fiscal years ended March31,* 2021 through* March31,* 2024.
Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows (in thousands):
| March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Deferred tax liabilities: | ||
| Depreciation | $(6,199) | $(6,451) |
| Unrealized gain - mark to market derivatives | (87) | — |
| Total deferred tax liabilities | (6,286) | (6,451) |
| Deferred tax assets: | ||
| Inventory capitalization | 537 | 552 |
| Interest expense limitation | 140 | — |
| Postretirement benefits other than pensions | 29 | 26 |
| Restricted stock compensation | 23 | 77 |
| Unrealized Loss - mark to market derivatives | — | 403 |
| Other | 79 | 136 |
| Total deferred tax assets | 808 | 1,194 |
| Net deferred tax liability | $(5,478) | $(5,257) |
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