Friedman Industries, Inc. reported a large increase in revenues and net income in the quarter ending September 30, 2010. The company attributed the strong results to higher volume and selling prices relative to the same quarter last year.

Friedman Industries, Inc. reported net income of $1.78 million, or $0.26 per diluted share, in the second quarter of fiscal 2011. The company reported a loss of $0.21 million, or ($0.03) per diluted share, in the corresponding quarter in fiscal 2010.

Friedman Industries, Inc. reported revenues of $29.3 million in the second quarter of fiscal 2011, up markedly from the $16.1 million in revenues reported in the second quarter of fiscal 2010. Additionally, Friedman Industries, Inc. declared a quarterly cash dividend of $0.08 per share.

Friedman Industries, Inc. also has a strong balance sheet with cash and cash equivalents of $19.8 million and no debt as of September 30, 2010. Friedman Industries, Inc. is a manufacturer of steel pipe for use in industrial applications. The company also buys hot-rolled steel coils and turns out steel sheet and plate products.

For more information on the company, go to www.friedmanindustries.com

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