LONGVIEW, Texas, Dec. 18, 2023 (GLOBE NEWSWIRE) -- On December 13, 2023, Friedman Industries, Incorporated (the "Company") repurchased 400,041 shares of the Company's common stock from Metal One Corporation for an aggregate repurchase price of approximately $5.1 million. After the repurchase, the Company had 6,971,824 shares of common stock outstanding.
In addition, the Board of Directors authorized a share repurchase program on December 13, 2023 under which the Company may repurchase up to 1,045,774 shares of the Company's outstanding common stock through December 13, 2026, which equates to 15% of the Company's outstanding shares of common stock after the repurchase of shares from Metal One.
Repurchases under the program may be made from time to time at the Company's discretion and may be made in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company's management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. The timing and actual number of shares repurchased pursuant to the program will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended or discontinued at any time.
Michael Taylor, Chairman of the Board and President and CEO of the Company, remarked, "The Board's approval of this program and the repurchase of Metal One's shares reflects our confidence in the Company's future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value. We are optimistic about the future value creation potential of our business. We have achieved significant growth over the last two years. We have completed a series of strategic investments that have transformed our business by expanding our steel processing capabilities, broadening our geographical reach and improving our earnings. Building on this positive momentum, we are looking to deliver our most profitable year for a third year in a row and have our sights set on capturing even greater earnings potential on our existing fixed assets as we execute our strategy."
ABOUT FRIEDMAN INDUSTRIES
Friedman Industries, Incorporated ("Company"), headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois; Sinton, Texas and Lone Star, Texas. The Company has two reportable segments: flat-roll products and tubular products. The flat-roll product segment consists of the operations in Hickman, Decatur, East Chicago, Granite City and Sinton where the Company processes hot-rolled steel coils. The Hickman, East Chicago and Granite City facilities operate temper mills and corrective leveling cut-to length lines. The Sinton and Decatur facilities operate stretcher leveler cut-to-length lines. The Sinton facility is a newly constructed facility with operations commencing in October 2022. The East Chicago and Granite City facilities were acquired from Plateplus, Inc. on April 30, 2022. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division.
For further information, you may contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.
德克萨斯州朗维尤,2023年12月18日(GLOBE NEWSWIRE)——2023年12月13日,弗里德曼工业公司(以下简称 “公司”)从美达王公司回购了400,041股公司普通股,总回购价约为510万美元。回购后,该公司有6,971,824股已发行普通股。
此外,董事会于2023年12月13日批准了一项股票回购计划,根据该计划,公司可以在2026年12月13日之前回购多达1,045,774股公司已发行普通股,相当于从美达王回购股票后公司已发行普通股的15%。
该计划下的回购可以由公司自行决定不时进行,可以通过公开市场交易、大宗交易、私下谈判交易以及公司管理层根据经修订的1934年《证券交易法》第10b5-1条或其他规定可能通过的任何交易计划进行。根据该计划回购股票的时间和实际数量将取决于多种因素,包括价格、公司和监管要求、市场状况以及其他企业流动性要求和优先事项。回购计划不要求公司收购特定金额或数量的股票,可以随时修改、暂停或终止。
公司董事会主席兼总裁兼首席执行官迈克尔·泰勒表示:“董事会批准该计划并回购美达王的股票反映了我们对公司未来的信心。回购股票是强调我们对提高股东价值的承诺的一种手段。我们对我们业务未来的价值创造潜力持乐观态度。在过去的两年中,我们取得了显著的增长。我们已经完成了一系列战略投资,通过扩大我们的钢铁加工能力、扩大我们的地域覆盖面和提高我们的收益,改变了我们的业务。在这一积极势头的基础上,我们希望连续第三年实现利润最高的一年,并着眼于在执行战略时从现有固定资产中挖掘更大的盈利潜力。”
关于弗里德曼工业公司
弗里德曼工业公司(“公司”)总部位于德克萨斯州朗维尤,是一家钢铁产品制造商和加工商,在阿肯色州希克曼、阿拉巴马州迪凯特、印第安纳州东芝加哥、伊利诺伊州花岗岩城、德克萨斯州辛顿和德克萨斯州孤星设有运营工厂。该公司有两个应报告的细分市场:平卷产品和管状产品。平轧产品板块包括在希克曼、迪凯特、东芝加哥、花岗岩城和辛顿的业务,该公司在那里加工热轧钢卷。希克曼、东芝加哥和花岗岩城的工厂运营着回火磨机和校正平整的定长切割生产线。辛顿和迪凯特工厂运营担架平整机定长切割生产线。辛顿设施是一座新建的设施,将于2022年10月开始运营。东芝加哥和花岗岩城的设施于2022年4月30日从Plateplus, Inc.手中收购。管状产品部门包括在Lone Star的业务,该公司在那里生产电阻焊管,并通过其德克萨斯管材产品部门分销管道。
欲了解更多信息,您可以致电 (903) 758-3431 联系首席财务官兼秘书兼财务主管亚历克斯·拉鲁。