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 · CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
** **(In thousands)
| Year Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES | ||
| Net earnings | $6,085 | $17,345 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 3,291 | 3,070 |
| Deferred taxes | 221 | 794 |
| Compensation expense for restricted stock | 151 | 246 |
| Change in post-retirement benefits | 10 | 9 |
| Gain recognized on open derivatives not designated for hedge accounting | (1,961) | (64) |
| Deferred realized loss on derivatives | — | 418 |
| Gain on disposal of property, plant and equipment | (258) | — |
| Right-of-use asset | 30 | 41 |
| Decrease (increase) in operating assets: | ||
| Accounts receivable | (147) | 2,038 |
| Inventories | 2,115 | (29,558) |
| Other current assets | 442 | 1,173 |
| Increase (decrease) in operating liabilities: | ||
| Accounts payable and accrued expenses | (8,641) | 7,039 |
| Income taxes payable | (1,566) | 1,439 |
| Employee compensation and related expenses | (4,182) | 1,339 |
| Contribution to retirement plan | — | (350) |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (4,410) | 4,979 |
| INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment | (4,002) | (5,792) |
| Proceeds from sale of assets | 1,575 | — |
| Deposit on steel processing equipment | (1,000) | — |
| Increase in cash surrender value of officers’ life insurance | (7) | (13) |
| NET CASH USED IN INVESTING ACTIVITIES | (3,434) | (5,805) |
| FINANCING ACTIVITIES | ||
| Cash dividends paid | (1,115) | (581) |
| Cash paid for principal portion of finance lease | (54) | (107) |
| Cash paid for share repurchases | (171) | (5,151) |
| Borrowings on asset based lending facility | 649,494 | 831,436 |
| Repayments on asset based lending facility | (642,059) | (824,260) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,095 | 1,337 |
| INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | (1,749) | 511 |
| CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,897 | 5,386 |
| CASH AND RESTRICTED CASH AT END OF PERIOD | $4,148 | $5,897 |
Cash and restricted cash at March 31, 2025 and 2024 included approximately $0.5 million and $3.0 million, respectively, of cash required to collateralize open derivative positions. These amounts are reported in "Other current assets" on the Company's consolidated balance sheets at March 31, 2025 and 2024.
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