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false 0000039092 0000039092 2023-12-13 2023-12-13
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): December 13, 2023
 
FRIEDMAN INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
 
Texas
1-07521
74-1504405
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
1121 Judson Road Suite 124, Longview, Texas 75601
(Address of principal executive offices, including zip code)
 
(903) 758-3431
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1 Par Value
FRD
NYSE American
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company       ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 






 
Item 1.01 Entry into a Material Definitive Agreement
 
On December 13, 2023, Friedman Industries, Incorporated (the “Company”) repurchased 400,041 shares of the Company’s common stock, par value $1.00 per share, from Metal One Corporation for a per share purchase price of $12.76, totaling an aggregate repurchase price of approximately $5.1 million.
 
Item 8.01 Other Events
 
On December 13, 2023, the Board of Directors of the Company authorized a share repurchase program 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.
 
A copy of the press release describing the share repurchase from Metal One and announcing the program is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits.
 
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 
 






 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date:   December 18, 2023
 
  FRIEDMAN INDUSTRIES, INCORPORATED
   
   
  By: /s/ Alex LaRue
   
Alex LaRue
Chief Financial Officer - Secretary and Treasurer
 
 
EX-99.1 2 ex_607849.htm EXHIBIT 99.1 ex_607849.htm

Exhibit 99.1

 

December 18, 2023

 

Dateline: Longview, Texas

 

Friedman Industries, Incorporated (NYSE – American; trading symbol: FRD)

 

FOR IMMEDIATE RELEASE

 

 

FRIEDMAN INDUSTRIES, INCORPORATED ANNOUNCES SHARE REPURCHASE AND AUTHORIZATION OF ADDITIONAL SHARE REPURCHASE PROGRAM

 

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.