LONGVIEW, Texas, March 26, 2020 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE—American; Trading Symbol: FRD) The Board of Directors (the “Board”) of Friedman Industries, Incorporated, a Texas-based company engaged in pipe manufacturing, steel processing and steel and pipe distribution, declared on March 26, 2020, a cash dividend of $0.02 per share on the Common Stock of the Company. The Company will pay the cash dividend on May 22, 2020 to shareholders of record at the close of business on April 24, 2020. This dividend marks the Company’s 193rd consecutive quarterly cash dividend with the Company having paid a cash dividend every quarter since becoming publicly traded in 1972.
Dividends are declared at the discretion of the Board and reviewed on a quarterly basis. With the declaration of today’s dividend, the Board’s desire is to pay a dividend at a level that it feels can be held stable for the foreseeable future and which may be increased periodically as the Company’s financial position and operations become supportive of a new amount that the Board believes is sustainable. The determination to pay cash dividends takes into account various factors, including our financial condition, operating results, current and anticipated cash needs and growth plans. While we have paid a dividend every quarter since becoming a public company in 1972 and currently intend to continue that practice, there is no guarantee that payments of dividends will always continue in the future.