Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 11, 2014 | Sep. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'FRD | ' | ' |
Entity Registrant Name | 'FRIEDMAN INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000039092 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,799,444 | ' |
Entity Public Float | ' | ' | $66,966,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $15,081,024 | $15,923,294 |
Accounts receivable, net of allowances for bad debts and cash discounts of $27,276 and $37,276 at March 31, 2014 and 2013, respectively | 9,347,289 | 9,037,548 |
Inventories | 35,288,559 | 39,219,168 |
Other | 129,796 | 103,547 |
TOTAL CURRENT ASSETS | 59,846,668 | 64,283,557 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Land | 1,410,689 | 1,082,331 |
Buildings and yard improvements | 7,113,482 | 7,014,180 |
Machinery and equipment | 31,773,161 | 30,293,590 |
Less accumulated depreciation | -28,934,601 | -27,111,529 |
Property, Plant and Equipment, Net, Total | 11,362,731 | 11,278,572 |
OTHER ASSETS: | ' | ' |
Cash value of officers' life insurance and other assets | 1,075,000 | 1,013,000 |
TOTAL ASSETS | 72,284,399 | 76,575,129 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable and accrued expenses | 7,206,340 | 11,181,804 |
Dividends payable | 135,989 | 543,956 |
Contribution to profit sharing plan | 52,500 | 52,500 |
Employee compensation and related expenses | 375,860 | 533,822 |
TOTAL CURRENT LIABILITIES | 7,770,689 | 12,312,082 |
DEFERRED INCOME TAXES | 189,998 | 362,279 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 1,013,056 | 943,149 |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, par value $1: Authorized shares - 10,000,000 Issued shares - 7,975,160 at March 31, 2014 and 2013, respectively | 7,975,160 | 7,975,160 |
Additional paid-in capital | 29,003,674 | 29,003,674 |
Treasury stock at cost (1,175,716 shares at March 31, 2014 and 2013, respectively) | -5,475,964 | -5,475,964 |
Retained earnings | 31,807,786 | 31,454,749 |
TOTAL STOCKHOLDERS' EQUITY | 63,310,656 | 62,957,619 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $72,284,399 | $76,575,129 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Allowances for bad debts and cash discounts | $27,276 | $37,276 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,975,160 | 7,975,160 |
Treasury stock, shares | 1,175,716 | 1,175,716 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales | $116,149,022 | $136,448,786 |
Costs and expenses: | ' | ' |
Cost of products sold | 109,086,539 | 122,047,302 |
Selling, general and administrative | 4,587,787 | 5,314,971 |
Costs and Expenses, Total | 113,674,326 | 127,362,273 |
Operating profit (loss) | 2,474,696 | 9,086,513 |
Interest and other income | 62,012 | 58,764 |
EARNINGS BEFORE INCOME TAXES | 2,536,708 | 9,145,277 |
Income taxes: | ' | ' |
Current | 996,063 | 3,093,185 |
Deferred | -172,281 | -83,720 |
Total | 823,782 | 3,009,465 |
NET EARNINGS | $1,712,926 | $6,135,812 |
Weighted average number of common shares outstanding: | ' | ' |
Basic | 6,799,444 | 6,799,444 |
Diluted | 6,799,444 | 6,799,444 |
Net earnings per share: | ' | ' |
Basic | $0.25 | $0.90 |
Diluted | $0.25 | $0.90 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings |
Beginning Balance at Mar. 31, 2012 | ' | $7,975,160 | $29,003,674 | ($5,475,964) | $31,914,398 |
Net earnings | 6,135,812 | ' | ' | ' | 6,135,812 |
Cash dividends ($0.97) and ($0.20) for 2013 and 2014 respectively | ' | ' | ' | ' | -6,595,461 |
Ending Balance at Mar. 31, 2013 | 62,957,619 | 7,975,160 | 29,003,674 | -5,475,964 | 31,454,749 |
Net earnings | 1,712,926 | ' | ' | ' | 1,712,926 |
Cash dividends ($0.97) and ($0.20) for 2013 and 2014 respectively | ' | ' | ' | ' | -1,359,889 |
Ending Balance at Mar. 31, 2014 | $63,310,656 | $7,975,160 | $29,003,674 | ($5,475,964) | $31,807,786 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (Retained Earnings, USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Retained Earnings | ' | ' |
Cash dividends per share | $0.20 | $0.97 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net earnings | $1,712,926 | $6,135,812 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation | 1,823,072 | 1,790,041 |
Deferred taxes | -172,281 | -83,720 |
Change in post-retirement benefits other than pensions | 69,907 | 89,411 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -309,741 | 7,246,829 |
Inventories | 3,930,609 | -2,465,488 |
Other | -26,249 | -15,261 |
Accounts payable and accrued expenses | -3,975,464 | -909,350 |
Employee compensation and related expenses | -157,962 | -193,520 |
Income taxes payable | ' | -98,464 |
Net cash provided by operating activities | 2,894,817 | 11,496,290 |
INVESTING ACTIVITIES | ' | ' |
Purchase of property, plant and equipment | -1,907,231 | -499,486 |
Proceeds from sales of assets | ' | 42,375 |
Increase in cash value of officers' life insurance | -62,000 | -62,000 |
Net cash used in investing activities | -1,969,231 | -519,111 |
FINANCING ACTIVITIES | ' | ' |
Cash dividends paid | -1,767,856 | -6,935,433 |
Net cash used in financing activities | -1,767,856 | -6,935,433 |
Increase (decrease) in cash | -842,270 | 4,041,746 |
Cash at beginning of year | 15,923,294 | 11,881,548 |
Cash at end of year | $15,081,024 | $15,923,294 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FRIEDMAN INDUSTRIES, INCORPORATED | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Balance at | Additions | Deductions— | Balance at | |||||||||||||||||
Beginning | Describe(B) | End of Period | |||||||||||||||||||
of Period | Charged to | Charged to | |||||||||||||||||||
Costs and | Other Accounts— | ||||||||||||||||||||
Expenses | Describe(A) | ||||||||||||||||||||
Year ended March 31, 2014 | $ | 37,276 | $ | 12,363 | $ | 541,556 | $ | 563,919 | $ | 27,276 | |||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | |||||||||||||||||||||
Year ended March 31, 2013 | $ | 37,276 | $ | — | $ | 736,502 | $ | 736,502 | $ | 37,276 | |||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | |||||||||||||||||||||
(A) | Cash discounts allowed on sales and charged against revenue. | ||||||||||||||||||||
(B) | Accounts receivable written off and cash discounts allowed on sales. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Accounting Policies | ' | ||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated. | |||||||||
REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured. | |||||||||
TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | |||||||||
INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. In fiscal 2014, LIFO inventories were partially liquidated. Since the replacement costs and liquidation costs of material associated with this liquidation were approximately equal in the year, no meaningful gain or loss resulted from this partial liquidation. At March 31, 2014 and March 31, 2013, replacement cost exceeded LIFO cost by approximately $9,024,000 and $6,504,000, respectively. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. | |||||||||
The following is a summary of inventory by product group: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Prime coil inventory | $ | 7,685,177 | $ | 10,981,835 | |||||
Non-standard coil inventory | 2,572,787 | 3,741,718 | |||||||
Tubular raw material | 463,254 | 3,308,419 | |||||||
Tubular finished goods | 24,567,341 | 21,187,196 | |||||||
$ | 35,288,559 | $ | 39,219,168 | ||||||
PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | |||||||||
Buildings | 20 years | ||||||||
Machinery and equipment | 10 years | ||||||||
Yard improvements | 5 to 10 years | ||||||||
Loaders and other rolling stock | 5 to 10 years | ||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If an asset is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s carrying amount exceeds its fair value. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. No impairments were necessary at March 31, 2014 or 2013. | |||||||||
Maintenance and repairs are expensed as incurred. | |||||||||
SHIPPING COSTS: Sales are credited for freight billed to customers and freight costs are charged to cost of products sold. | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid no interest in fiscal 2014 or 2013. The Company paid income taxes of approximately $748,000 and $3,666,000 in fiscal 2014 and 2013, respectively. In fiscal 2014 and 2013, noncash financing activity consisted of accrued dividends of $135,989 and $543,956, respectively. | |||||||||
INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. | |||||||||
The Company has also analyzed tax positions taken on tax returns filed and does not believe that any are more likely than not to be overturned by the respective tax jurisdiction. Therefore, no liability for uncertain tax positions has been recognized. | |||||||||
USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value. | |||||||||
EARNINGS PER SHARE: Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method. | |||||||||
ECONOMIC RELATIONSHIP: U.S. Steel Tubular Products, Inc. (“USS”) and Nucor Steel Company supply a significant amount of steel products to the Company. Loss of either of these mills as a source of supply could have a material adverse effect on the Company. Additionally, the Company derives revenue by selling a substantial amount of its manufactured pipe to USS. Total sales to USS were approximately 15% and 14% of total Company sales in fiscal 2014 and 2013, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 14% and 11% of total Company sales in fiscal 2014 and 2013, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2014. Loss of USS or Trinity as a customer could have a material adverse effect on the Company’s business. | |||||||||
The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30 days. | |||||||||
NEW ACCOUNTING PRONOUNCEMENTS: | |||||||||
There were no new accounting pronouncements that affected the financial statements and disclosures of the Company for the fiscal years ended March 31, 2014 or 2013. |
Stock_Options_and_Capital_Stoc
Stock Options and Capital Stock | 12 Months Ended |
Mar. 31, 2014 | |
Stock Options and Capital Stock | ' |
2. STOCK OPTIONS AND CAPITAL STOCK | |
In fiscal 2014 and 2013, the Company maintained no stock option plans. Accordingly, no options were outstanding and no options were granted in either fiscal year. | |
The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2014 or March 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies | ' | ||||
3. COMMITMENTS AND CONTINGENCIES | |||||
The Company is obligated under noncancelable operating leases for its Longview, Texas and Humble, Texas office buildings, which expire April 30, 2018 and December 31, 2016, respectively. The following is a schedule of future minimum annual rental payments for the next five years required under these operating leases as of March 31, 2014: | |||||
2015 | $ | 70,562 | |||
2016 | 70,562 | ||||
2017 | 61,106 | ||||
2018 | 32,736 | ||||
2019 | 2,728 | ||||
Total | $ | 237,694 | |||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share | ' | ||||||||
4. EARNINGS PER SHARE | |||||||||
Basic and dilutive net earnings per share is computed based on the following information: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
Basic | |||||||||
Net earnings | $ | 1,712,926 | $ | 6,135,812 | |||||
Weighted average common shares | 6,799,444 | 6,799,444 | |||||||
Dilutive | |||||||||
Net earnings | $ | 1,712,926 | $ | 6,135,812 | |||||
Weighted average common shares and common share equivalents | 6,799,444 | 6,799,444 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Taxes | ' | ||||||||
5. INCOME TAXES | |||||||||
Components of tax expense (benefit) are as follows: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
Federal | |||||||||
Current | $ | 863,049 | $ | 2,840,388 | |||||
Deferred | (172,281 | ) | (83,720 | ) | |||||
690,768 | 2,756,668 | ||||||||
State | |||||||||
Current | 133,014 | 252,797 | |||||||
133,014 | 252,797 | ||||||||
Total | $ | 823,782 | $ | 3,009,465 | |||||
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: | |||||||||
Year Ended | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Income Tax Expense at U.S. federal statutory rate | 34 | % | 34 | % | |||||
Benefit of tax deduction allowed to manufacturing companies | (3.0 | ) | (3.0 | ) | |||||
State and local income tax rates net of federal income tax benefit and true up of income taxes on prior year filing | 1.5 | 1.9 | |||||||
Provision for income taxes | 32.5 | % | 32.9 | % | |||||
The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ending March 31, 2011 through March 31, 2013. State and local returns may be subject to examination for fiscal years ended March 31, 2011 through March 31, 2013. | |||||||||
Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Deferred tax liabilities: | |||||||||
Depreciation | $ | (1,500,000 | ) | $ | (1,700,000 | ) | |||
Total deferred tax liabilities | (1,500,000 | ) | (1,700,000 | ) | |||||
Deferred tax assets: | |||||||||
Inventory capitalization | 170,000 | 170,000 | |||||||
LIFO Inventory | 700,000 | 785,000 | |||||||
Postretirement benefits other than pensions | 375,000 | 316,000 | |||||||
Other | 65,002 | 66,721 | |||||||
Total deferred tax assets | 1,310,002 | 1,337,721 | |||||||
Net deferred tax liability | $ | (189,998 | ) | $ | (362,279 | ) | |||
Profit_Sharing_Plan
Profit Sharing Plan | 12 Months Ended |
Mar. 31, 2014 | |
Profit Sharing Plan | ' |
6. PROFIT SHARING PLAN | |
Effective May 1, 2007, the Company merged its defined contribution retirement plan and its 401(k) plan into the Friedman Industries, Inc. Employees’ Retirement and 401(k) Plan (the “Plan”). In addition, the Plan year end was changed to December 31. Employees fully vest in the Plan upon six years of service. | |
The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which are determined at the discretion of the Board of Directors in an amount not to exceed 15% of the total compensation paid during the year to all eligible employees, were $206,000 for the year ended March 31, 2014, and $210,000 for the year ended March 31, 2013. Contributions, Plan earnings and forfeitures of nonvested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company. | |
Employees may participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed one year of service. Under the Plan, participating employees may defer a portion of their pretax earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the 401(k) portion of the Plan was approximately $47,500 and $59,000 for the years ended March 31, 2014 and 2013, respectively. |
Industry_Segment_Data
Industry Segment Data | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Industry Segment Data | ' | ||||||||
7. INDUSTRY SEGMENT DATA | |||||||||
The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: coil and tubular. The Company’s coil operations involve converting steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
NET SALES: | |||||||||
Coil | $ | 66,138,845 | $ | 67,045,885 | |||||
Tubular | 50,010,177 | 69,402,901 | |||||||
TOTAL NET SALES | $ | 116,149,022 | $ | 136,448,786 | |||||
OPERATING PROFIT (LOSS): | |||||||||
Coil | $ | (839,442 | ) | $ | 848,252 | ||||
Tubular | 5,288,372 | 10,696,683 | |||||||
TOTAL OPERATING PROFIT | 4,448,930 | 11,544,935 | |||||||
General corporate expenses | (1,974,234 | ) | (2,458,422 | ) | |||||
Interest and other income | 62,012 | 58,764 | |||||||
TOTAL EARNINGS BEFORE INCOME TAXES | $ | 2,536,708 | $ | 9,145,277 | |||||
IDENTIFIABLE ASSETS: | |||||||||
Coil | $ | 22,308,165 | $ | 29,779,697 | |||||
Tubular | 33,794,992 | 29,834,246 | |||||||
56,103,157 | 59,613,943 | ||||||||
General corporate assets | 16,181,242 | 16,961,186 | |||||||
TOTAL ASSETS | $ | 72,284,399 | $ | 76,575,129 | |||||
DEPRECIATION: | |||||||||
Coil | $ | 1,140,250 | $ | 1,113,053 | |||||
Tubular | 673,850 | 669,876 | |||||||
Corporate and other | 8,972 | 7,112 | |||||||
$ | 1,823,072 | $ | 1,790,041 | ||||||
CAPITAL EXPENDITURES: | |||||||||
Coil | $ | 364,443 | $ | 333,916 | |||||
Tubular | 1,533,489 | 165,570 | |||||||
Corporate and other | 9,299 | — | |||||||
$ | 1,907,231 | $ | 499,486 | ||||||
Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, accrued profit sharing expense, accrued quarterly incentive bonuses, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups. Capital expenditures were related primarily to the Company’s pipe-finishing facility to be located in Lone Star, Texas. As of March 31, 2014, capitalized expenditures related to the construction of the facility totaled approximately $1,500,000. |
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
8. SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (Unaudited) | |||||||||||||||||
The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2014 and 2013: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 29,582,144 | $ | 26,310,369 | $ | 28,274,696 | $ | 31,981,813 | |||||||||
Gross profit | 2,443,844 | 1,077,913 | 1,846,778 | 1,693,948 | |||||||||||||
Net earnings | 808,359 | 27,659 | 487,468 | 389,440 | |||||||||||||
Basic | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Diluted | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2013 | ||||||||||||||
Net sales | $ | 39,434,770 | $ | 33,334,070 | $ | 31,719,922 | $ | 31,960,024 | |||||||||
Gross profit | 4,647,758 | 3,776,798 | 2,884,278 | 3,092,650 | |||||||||||||
Net earnings | 2,091,854 | 1,644,329 | 1,150,058 | 1,249,571 | |||||||||||||
Basic | 0.31 | 0.24 | 0.17 | 0.18 | |||||||||||||
Diluted | 0.31 | 0.24 | 0.17 | 0.18 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Basis of Consolidation | ' | ||||
BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated. | |||||
Revenue Recognition | ' | ||||
REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured. | |||||
Trade Receivables | ' | ||||
TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | |||||
Inventories | ' | ||||
INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. In fiscal 2014, LIFO inventories were partially liquidated. Since the replacement costs and liquidation costs of material associated with this liquidation were approximately equal in the year, no meaningful gain or loss resulted from this partial liquidation. At March 31, 2014 and March 31, 2013, replacement cost exceeded LIFO cost by approximately $9,024,000 and $6,504,000, respectively. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. | |||||
Property, Plant and Equipment | ' | ||||
PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | |||||
Buildings | 20 years | ||||
Machinery and equipment | 10 years | ||||
Yard improvements | 5 to 10 years | ||||
Loaders and other rolling stock | 5 to 10 years | ||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If an asset is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s carrying amount exceeds its fair value. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. No impairments were necessary at March 31, 2014 or 2013. | |||||
Maintenance and repairs are expensed as incurred. | |||||
Shipping Costs | ' | ||||
SHIPPING COSTS: Sales are credited for freight billed to customers and freight costs are charged to cost of products sold. | |||||
Supplemental Cash Flow Information | ' | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid no interest in fiscal 2014 or 2013. The Company paid income taxes of approximately $748,000 and $3,666,000 in fiscal 2014 and 2013, respectively. In fiscal 2014 and 2013, noncash financing activity consisted of accrued dividends of $135,989 and $543,956, respectively. | |||||
Income Taxes | ' | ||||
INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. | |||||
The Company has also analyzed tax positions taken on tax returns filed and does not believe that any are more likely than not to be overturned by the respective tax jurisdiction. Therefore, no liability for uncertain tax positions has been recognized. | |||||
Use of Estimates | ' | ||||
USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||
Financial Instruments | ' | ||||
FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value. | |||||
Earnings Per Share | ' | ||||
EARNINGS PER SHARE: Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method. | |||||
Economic Relationship | ' | ||||
ECONOMIC RELATIONSHIP: U.S. Steel Tubular Products, Inc. (“USS”) and Nucor Steel Company supply a significant amount of steel products to the Company. Loss of either of these mills as a source of supply could have a material adverse effect on the Company. Additionally, the Company derives revenue by selling a substantial amount of its manufactured pipe to USS. Total sales to USS were approximately 15% and 14% of total Company sales in fiscal 2014 and 2013, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 14% and 11% of total Company sales in fiscal 2014 and 2013, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2014. Loss of USS or Trinity as a customer could have a material adverse effect on the Company’s business. | |||||
The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30 days. | |||||
New Accounting Pronouncements | ' | ||||
NEW ACCOUNTING PRONOUNCEMENTS: | |||||
There were no new accounting pronouncements that affected the financial statements and disclosures of the Company for the fiscal years ended March 31, 2014 or 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Inventory by Product Group | ' | ||||||||
The following is a summary of inventory by product group: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Prime coil inventory | $ | 7,685,177 | $ | 10,981,835 | |||||
Non-standard coil inventory | 2,572,787 | 3,741,718 | |||||||
Tubular raw material | 463,254 | 3,308,419 | |||||||
Tubular finished goods | 24,567,341 | 21,187,196 | |||||||
$ | 35,288,559 | $ | 39,219,168 | ||||||
Estimated Useful Lives of Various Classes of Assets | ' | ||||||||
Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | |||||||||
Buildings | 20 years | ||||||||
Machinery and equipment | 10 years | ||||||||
Yard improvements | 5 to 10 years | ||||||||
Loaders and other rolling stock | 5 to 10 years |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Schedule of Future Minimum Annual Rental Payments Under Operating Leases | ' | ||||
December 31, 2016, respectively. The following is a schedule of future minimum annual rental payments for the next five years required under these operating leases as of March 31, 2014: | |||||
2015 | $ | 70,562 | |||
2016 | 70,562 | ||||
2017 | 61,106 | ||||
2018 | 32,736 | ||||
2019 | 2,728 | ||||
Total | $ | 237,694 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
Basic and dilutive net earnings per share is computed based on the following information: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
Basic | |||||||||
Net earnings | $ | 1,712,926 | $ | 6,135,812 | |||||
Weighted average common shares | 6,799,444 | 6,799,444 | |||||||
Dilutive | |||||||||
Net earnings | $ | 1,712,926 | $ | 6,135,812 | |||||
Weighted average common shares and common share equivalents | 6,799,444 | 6,799,444 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Tax Expense (Benefit) | ' | ||||||||
Components of tax expense (benefit) are as follows: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
Federal | |||||||||
Current | $ | 863,049 | $ | 2,840,388 | |||||
Deferred | (172,281 | ) | (83,720 | ) | |||||
690,768 | 2,756,668 | ||||||||
State | |||||||||
Current | 133,014 | 252,797 | |||||||
133,014 | 252,797 | ||||||||
Total | $ | 823,782 | $ | 3,009,465 | |||||
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | ' | ||||||||
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: | |||||||||
Year Ended | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Income Tax Expense at U.S. federal statutory rate | 34 | % | 34 | % | |||||
Benefit of tax deduction allowed to manufacturing companies | (3.0 | ) | (3.0 | ) | |||||
State and local income tax rates net of federal income tax benefit and true up of income taxes on prior year filing | 1.5 | 1.9 | |||||||
Provision for income taxes | 32.5 | % | 32.9 | % | |||||
Significant Components of Consolidated Deferred Tax Assets (Liabilities) | ' | ||||||||
Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Deferred tax liabilities: | |||||||||
Depreciation | $ | (1,500,000 | ) | $ | (1,700,000 | ) | |||
Total deferred tax liabilities | (1,500,000 | ) | (1,700,000 | ) | |||||
Deferred tax assets: | |||||||||
Inventory capitalization | 170,000 | 170,000 | |||||||
LIFO Inventory | 700,000 | 785,000 | |||||||
Postretirement benefits other than pensions | 375,000 | 316,000 | |||||||
Other | 65,002 | 66,721 | |||||||
Total deferred tax assets | 1,310,002 | 1,337,721 | |||||||
Net deferred tax liability | $ | (189,998 | ) | $ | (362,279 | ) | |||
Industry_Segment_Data_Tables
Industry Segment Data (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Financial Information Relating to Product Groups | ' | ||||||||
The following is a summary of significant financial information relating to the product groups: | |||||||||
Year Ended March 31 | |||||||||
2014 | 2013 | ||||||||
NET SALES: | |||||||||
Coil | $ | 66,138,845 | $ | 67,045,885 | |||||
Tubular | 50,010,177 | 69,402,901 | |||||||
TOTAL NET SALES | $ | 116,149,022 | $ | 136,448,786 | |||||
OPERATING PROFIT (LOSS): | |||||||||
Coil | $ | (839,442 | ) | $ | 848,252 | ||||
Tubular | 5,288,372 | 10,696,683 | |||||||
TOTAL OPERATING PROFIT | 4,448,930 | 11,544,935 | |||||||
General corporate expenses | (1,974,234 | ) | (2,458,422 | ) | |||||
Interest and other income | 62,012 | 58,764 | |||||||
TOTAL EARNINGS BEFORE INCOME TAXES | $ | 2,536,708 | $ | 9,145,277 | |||||
IDENTIFIABLE ASSETS: | |||||||||
Coil | $ | 22,308,165 | $ | 29,779,697 | |||||
Tubular | 33,794,992 | 29,834,246 | |||||||
56,103,157 | 59,613,943 | ||||||||
General corporate assets | 16,181,242 | 16,961,186 | |||||||
TOTAL ASSETS | $ | 72,284,399 | $ | 76,575,129 | |||||
DEPRECIATION: | |||||||||
Coil | $ | 1,140,250 | $ | 1,113,053 | |||||
Tubular | 673,850 | 669,876 | |||||||
Corporate and other | 8,972 | 7,112 | |||||||
$ | 1,823,072 | $ | 1,790,041 | ||||||
CAPITAL EXPENDITURES: | |||||||||
Coil | $ | 364,443 | $ | 333,916 | |||||
Tubular | 1,533,489 | 165,570 | |||||||
Corporate and other | 9,299 | — | |||||||
$ | 1,907,231 | $ | 499,486 | ||||||
Summary_of_Quarterly_Results_o1
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ' | ||||||||||||||||
The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2014 and 2013: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 29,582,144 | $ | 26,310,369 | $ | 28,274,696 | $ | 31,981,813 | |||||||||
Gross profit | 2,443,844 | 1,077,913 | 1,846,778 | 1,693,948 | |||||||||||||
Net earnings | 808,359 | 27,659 | 487,468 | 389,440 | |||||||||||||
Basic | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Diluted | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2013 | ||||||||||||||
Net sales | $ | 39,434,770 | $ | 33,334,070 | $ | 31,719,922 | $ | 31,960,024 | |||||||||
Gross profit | 4,647,758 | 3,776,798 | 2,884,278 | 3,092,650 | |||||||||||||
Net earnings | 2,091,854 | 1,644,329 | 1,150,058 | 1,249,571 | |||||||||||||
Basic | 0.31 | 0.24 | 0.17 | 0.18 | |||||||||||||
Diluted | 0.31 | 0.24 | 0.17 | 0.18 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account), USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | ' | ' | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ||
Balance at Beginning of Period | $37,276 | $37,276 | ||
Additions, Charged to Costs and Expenses | 12,363 | ' | ||
Additions, Charged to Other Accounts- Describe | 541,556 | [1] | 736,502 | [1] |
Deductions- Describe | 563,919 | [2] | 736,502 | [2] |
Balance at End of Period | $27,276 | $37,276 | ||
[1] | Cash discounts allowed on sales and charged against revenue. | |||
[2] | Accounts receivable written off and cash discounts allowed on sales. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Significant Accounting Policies [Line Items] | ' | ' |
Excess of replacement cost over LIFO cost | $9,024,000 | $6,504,000 |
Income taxes paid | 748,000 | 3,666,000 |
Interest paid | 0 | 0 |
Accrued dividends | $135,989 | $543,956 |
U.S. Steel Tubular Products, Inc | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Percentage of total sales | 15.00% | 14.00% |
Trinity Industries, Inc. | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Percentage of total sales | 14.00% | 11.00% |
Summary_of_Inventory_Values_by
Summary of Inventory Values by Product Group (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Inventory [Line Items] | ' | ' |
Inventory, Net | $35,288,559 | $39,219,168 |
Prime Coil Inventory | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials | 7,685,177 | 10,981,835 |
Non-Standard Coil Inventory | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials | 2,572,787 | 3,741,718 |
Tubular | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials | 463,254 | 3,308,419 |
Finished Goods | $24,567,341 | $21,187,196 |
Estimated_Useful_Lives_of_Vari
Estimated Useful Lives of Various Classes of Assets (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Building | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
Machinery and Equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Yard improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Yard improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Loaders and other rolling stock | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Loaders and other rolling stock | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Stock_Options_and_Capital_Stoc1
Stock Options and Capital Stock - Additional Information (Detail) (Cumulative Preferred Stock, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Cumulative Preferred Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, authorized shares | 1,000,000 | ' |
Preferred stock, par value | $1 | ' |
Preferred stock, issued shares | 0 | 0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Contingencies And Commitments [Line Items] | ' | ' |
Rental expenses for leased properties | $70,500 | $67,900 |
Longview, Texas office building | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' |
Operating lease expiration, date | 30-Apr-18 | ' |
Humble, Texas office building | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' |
Operating lease expiration, date | 31-Dec-16 | ' |
Schedule_of_Future_Minimum_Ann
Schedule of Future Minimum Annual Rental Payments Under Operating Leases (Detail) (USD $) | Mar. 31, 2014 |
Operating Leased Assets [Line Items] | ' |
2015 | $70,562 |
2016 | 70,562 |
2017 | 61,106 |
2018 | 32,736 |
2019 | 2,728 |
Total | $237,694 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $389,440 | $487,468 | $27,659 | $808,359 | $1,249,571 | $1,150,058 | $1,644,329 | $2,091,854 | $1,712,926 | $6,135,812 |
Weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 6,799,444 | 6,799,444 |
Dilutive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $389,440 | $487,468 | $27,659 | $808,359 | $1,249,571 | $1,150,058 | $1,644,329 | $2,091,854 | $1,712,926 | $6,135,812 |
Weighted average common shares and common share equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 6,799,444 | 6,799,444 |
Components_of_Tax_Expense_Bene
Components of Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Federal | ' | ' |
Current | $863,049 | $2,840,388 |
Deferred | -172,281 | -83,720 |
Federal, total | 690,768 | 2,756,668 |
State | ' | ' |
Current | 133,014 | 252,797 |
State, total | 133,014 | 252,797 |
Total | $823,782 | $3,009,465 |
Reconciliation_of_Federal_Stat
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Rate Reconciliation [Line Items] | ' | ' |
Income Tax Expense at U.S. federal statutory rate | 34.00% | 34.00% |
Benefit of tax deduction allowed to manufacturing companies | -3.00% | -3.00% |
State and local income tax rates net of federal income tax benefit and true up of income taxes on prior year filing | 1.50% | 1.90% |
Provision for income taxes | 32.50% | 32.90% |
Significant_Components_of_Cons
Significant Components of Consolidated Deferred Tax Assets (Liabilities) (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred tax liabilities: | ' | ' |
Depreciation | ($1,500,000) | ($1,700,000) |
Total deferred tax liabilities | -1,500,000 | -1,700,000 |
Deferred tax assets: | ' | ' |
Inventory capitalization | 170,000 | 170,000 |
LIFO Inventory | 700,000 | 785,000 |
Postretirement benefits other than pensions | 375,000 | 316,000 |
Other | 65,002 | 66,721 |
Total deferred tax assets | 1,310,002 | 1,337,721 |
Net deferred tax liability | ($189,998) | ($362,279) |
Profit_Sharing_Plan_Additional
Profit Sharing Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service period of employees to fully vest in plan | '6 years | ' |
Defined Contribution Retirement Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Maximum annual contribution percentage to defined contribution plan for eligible employees | 15.00% | ' |
Expenses related to defined contribution plans | $206,000 | $210,000 |
Defined Contribution 401 K Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Company contributions to defined contribution plan | $47,500 | $59,000 |
Defined contribution plan service period for eligibility | '1 year | ' |
Summary_of_Significant_Financi
Summary of Significant Financial Information Relating to Product Groups (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $31,981,813 | $28,274,696 | $26,310,369 | $29,582,144 | $31,960,024 | $31,719,922 | $33,334,070 | $39,434,770 | $116,149,022 | $136,448,786 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,474,696 | 9,086,513 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 62,012 | 58,764 |
TOTAL EARNINGS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 2,536,708 | 9,145,277 |
Total assets | 72,284,399 | ' | ' | ' | 76,575,129 | ' | ' | ' | 72,284,399 | 76,575,129 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,823,072 | 1,790,041 |
Capital Expenditure | ' | ' | ' | ' | ' | ' | ' | ' | 1,907,231 | 499,486 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,448,930 | 11,544,935 |
Total assets | 56,103,157 | ' | ' | ' | 59,613,943 | ' | ' | ' | 56,103,157 | 59,613,943 |
Operating Segments | Coil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 66,138,845 | 67,045,885 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -839,442 | 848,252 |
Total assets | 22,308,165 | ' | ' | ' | 29,779,697 | ' | ' | ' | 22,308,165 | 29,779,697 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,140,250 | 1,113,053 |
Capital Expenditure | ' | ' | ' | ' | ' | ' | ' | ' | 364,443 | 333,916 |
Operating Segments | Tubular | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 50,010,177 | 69,402,901 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,288,372 | 10,696,683 |
Total assets | 33,794,992 | ' | ' | ' | 29,834,246 | ' | ' | ' | 33,794,992 | 29,834,246 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 673,850 | 669,876 |
Capital Expenditure | ' | ' | ' | ' | ' | ' | ' | ' | 1,533,489 | 165,570 |
Corporate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1,974,234 | -2,458,422 |
Total assets | 16,181,242 | ' | ' | ' | 16,961,186 | ' | ' | ' | 16,181,242 | 16,961,186 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 8,972 | 7,112 |
Capital Expenditure | ' | ' | ' | ' | ' | ' | ' | ' | $9,299 | ' |
Industry_Segment_Data_Addition
Industry Segment Data - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' |
Capitalized Expenditure | $1,907,231 | $499,486 |
Construction in Progress [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Capitalized Expenditure | $1,500,000 | ' |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $31,981,813 | $28,274,696 | $26,310,369 | $29,582,144 | $31,960,024 | $31,719,922 | $33,334,070 | $39,434,770 | $116,149,022 | $136,448,786 |
Gross profit | 1,693,948 | 1,846,778 | 1,077,913 | 2,443,844 | 3,092,650 | 2,884,278 | 3,776,798 | 4,647,758 | ' | ' |
Net earnings | $389,440 | $487,468 | $27,659 | $808,359 | $1,249,571 | $1,150,058 | $1,644,329 | $2,091,854 | $1,712,926 | $6,135,812 |
Basic | $0.06 | $0.07 | $0 | $0.12 | $0.18 | $0.17 | $0.24 | $0.31 | $0.25 | $0.90 |
Diluted | $0.06 | $0.07 | $0 | $0.12 | $0.18 | $0.17 | $0.24 | $0.31 | $0.25 | $0.90 |