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 · Non-GAAP Information
Non-GAAP Information
The non-GAAP measure adjusted gross profit is used in this Management's Discussion and Analysis. Adjusted gross profit is calculated as sales minus cost of materials sold. Cost of materials sold is a discrete line on our statements of operations and represents the cost associated with purchased steel, inbound freight, transfer freight and certain external processing costs. To provide financial statement users with a better understanding of the Company's expenses, cost of sales is disaggregated on our statements of operations into the line items cost of materials sold, processing and warehousing expense, delivery expense and depreciation and amortization. The Company believes adjusted gross profit is a meaningful measure because our cost structure and operating results are significantly impacted by the fluctuating costs associated with purchased steel.
The following table reconciles the GAAP measure for gross profit to the non-GAAP measure adjusted gross profit (in thousands):
| Year Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Gross profit (GAAP measure) | 18,956 | 45,557 |
| Processing and warehousing expense | 33,477 | 31,438 |
| Delivery expense | 23,228 | 23,791 |
| Depreciation and amortization | 3,291 | 3,070 |
| Adjusted gross profit (non-GAAP measure presented) | $78,952 | $103,856 |
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