FRIEDMAN INDUSTRIES INC
For the period ended Mar 31, 2026. Filed Jun 11, 2026.
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FY2026 · Filed Jun 11, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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EX-13.1 · (In thousands)
** **(In thousands)
| Year Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| OPERATING ACTIVITIES | ||
| Net earnings | $19,533 | $6,085 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 3,824 | 3,291 |
| Deferred taxes | 1,283 | 221 |
| Compensation expense for restricted stock | 683 | 151 |
| Change in post-retirement benefits | (19) | 10 |
| Change in cash surrender value of officers’ life insurance | 15 | (7) |
| Loss (gain) recognized on open derivatives not designated for hedge accounting | 622 | (1,961) |
| Gain on disposal of property, plant and equipment | — | (258) |
| Amortization of right-of-use asset | 80 | 30 |
| Gain on fair value adjustment to contingent consideration | (1,420) | — |
| Decrease (increase) in operating assets, net of amounts acquired in business combination: | ||
| Accounts receivable | (19,326) | (147) |
| Inventories | (23,912) | 2,115 |
| Other current assets | (826) | 442 |
| Increase (decrease) in operating liabilities, net of amounts assumed in business combination: | ||
| Accounts payable and accrued expenses | 22,187 | (8,641) |
| Income taxes payable | (647) | (1,566) |
| Employee compensation and related expenses | 6,463 | (4,182) |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 8,540 | (4,417) |
| INVESTING ACTIVITIES | ||
| Cash paid for Century business combination | (45,597) | — |
| Purchase of property, plant and equipment | (7,161) | (4,002) |
| Proceeds from sale of assets | — | 1,575 |
| Deposit on steel processing equipment | — | (1,000) |
| NET CASH USED IN INVESTING ACTIVITIES | (52,758) | (3,427) |
| FINANCING ACTIVITIES | ||
| Debt issuance cost | (395) | — |
| Cash dividends paid | (1,132) | (1,115) |
| Cash paid for principal portion of finance lease | — | (54) |
| Cash paid for share repurchases | (10) | (171) |
| Borrowings on asset based lending facility | 779,678 | 649,494 |
| Repayments on asset based lending facility | (734,841) | (642,059) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 43,300 | 6,095 |
| DECREASE IN CASH AND RESTRICTED CASH | (918) | (1,749) |
| CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 4,148 | 5,897 |
| CASH AND RESTRICTED CASH AT END OF PERIOD | $3,230 | $4,148 |
Cash and restricted cash at March 31, 2026 and 2025 included approximately $0.8 million and $0.5 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, 2026 and 2025.
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