FRD late filing this morning. Even though they have til the end of June? Weird. Q4 revenues were great, but a sizable loss. Due to the hedging losses recognized in Q4, as mentioned back in the Q3 earnings PR. Would be nice if this was the last of the idiotic hedging losses...but not holding my breath with these guys.
From today's filing-
For the prior fiscal year ended March 31, 2021 (“Fiscal 2021”), the Company reported net earnings of $11,424,475 on sales of $126,102,533. The Company experienced a historic rise in steel prices during Fiscal 2021 which positively impacted earnings due to significant margin improvement. This historic rise continued into the fiscal year ended March 31, 2022 (“Fiscal 2022”) until declining in the second half of Fiscal 2022 resulting in periods of both increasing and decreasing margins during Fiscal 2022. The Company expects to report net earnings of approximately $14,000,000 on sales of approximately $285,000,000 for Fiscal 2022. A more detailed discussion of results of operations will be included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Form 10-K to be filed.
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