Friedman Industries (FRD) 10-K 11 Jun 14 2014 FY Annual report Financial data

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