Friedman Industries (FRD) 10-K 11 Jun 15 2015 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Mar. 31, 2015	Jun. 11, 2015	Sep. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	FRD
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	39092
Current Fiscal Year End Date	-28
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			$53,123,000

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Mar. 31, 2014
CURRENT ASSETS:
Cash	$2,225,924	$15,081,024
Accounts receivable, net of allowances for bad debts and cash discounts of $27,276 at March 31, 2015 and 2014	6,896,186	9,347,289
Inventories	40,850,666	35,288,559
Other	144,579	129,796
TOTAL CURRENT ASSETS	50,117,355	59,846,668
PROPERTY, PLANT AND EQUIPMENT:
Land	1,082,331	1,082,331
Buildings and yard improvements	7,026,980	7,014,180
Machinery and equipment	30,690,049	30,691,636
Construction in progress	7,374,177	1,509,185
Less accumulated depreciation	-30,656,226	-28,934,601
Property, Plant and Equipment, Net, Total	15,517,311	11,362,731
OTHER ASSETS:
Deferred income tax asset	187,358
Cash value of officers' life insurance and other assets	1,136,000	1,075,000
TOTAL ASSETS	66,958,024	72,284,399
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,148,555	7,206,340
Dividends payable	67,994	135,989
Contribution to profit sharing plan	51,000	52,500
Employee compensation and related expenses	383,562	375,860
TOTAL CURRENT LIABILITIES	2,651,111	7,770,689
DEFERRED INCOME TAX LIABILITY		189,998
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	1,089,888	1,013,056
STOCKHOLDERS' EQUITY:
Common stock, par value $1: Authorized shares - 10,000,000 Issued shares - 7,975,160 at March 31, 2015 and 2014, 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, 2015 and 2014, respectively)	-5,475,964	-5,475,964
Retained earnings	31,714,155	31,807,786
TOTAL STOCKHOLDERS' EQUITY	63,217,025	63,310,656
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$66,958,024	$72,284,399

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Statement of Financial Position [Abstract]
Allowances for bad debts and cash discounts	$27,276	$27,276
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, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$108,322,780	$116,149,022
Costs and expenses:
Cost of products sold	103,244,712	109,086,539
Selling, general and administrative	4,453,292	4,587,787
Costs and Expenses, Total	107,698,004	113,674,326
Operating profit (loss)	624,776	2,474,696
Interest and other income	61,040	62,012
EARNINGS BEFORE INCOME TAXES	685,816	2,536,708
Income taxes:
Current	680,842	996,063
Deferred	-377,356	-172,281
Income Tax Expense (Benefit), Total	303,486	823,782
NET EARNINGS	$382,330	$1,712,926
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	$0.06	$0.25
Diluted	$0.06	$0.25

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, 2013		$7,975,160	$29,003,674	($5,475,964)	$31,454,749
Net earnings	1,712,926				1,712,926
Cash dividends					-1,359,889
Ending Balance at Mar. 31, 2014	63,310,656	7,975,160	29,003,674	-5,475,964	31,807,786
Net earnings	382,330				382,330
Cash dividends					-475,961
Ending Balance at Mar. 31, 2015	$63,217,025	$7,975,160	$29,003,674	($5,475,964)	$31,714,155

Consolidated_Statements_of_Sto1

Consolidated Statements of Stockholders' Equity (Parenthetical) (Retained Earnings, USD $)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Retained Earnings
Cash dividends per share	$0.07	$0.20

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net earnings	$382,330	$1,712,926
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	1,721,625	1,823,072
Deferred taxes	-377,356	-172,281
Change in post-retirement benefits other than pensions	76,832	69,907
Changes in operating assets and liabilities:
Accounts receivable, net	2,451,103	-309,741
Inventories	-5,562,107	3,930,609
Other	-14,783	-26,249
Accounts payable and accrued expenses	-5,057,785	-3,975,464
Employee compensation and related expenses	7,702	-157,962
Contribution to profit sharing plan	-1,500
Net cash provided by (used in) operating activities	-6,373,939	2,894,817
INVESTING ACTIVITIES
Purchase of property, plant and equipment	-5,876,205	-1,907,231
Increase in cash value of officers' life insurance	-61,000	-62,000
Net cash used in investing activities	-5,937,205	-1,969,231
FINANCING ACTIVITIES
Cash dividends paid	-543,956	-1,767,856
Net cash used in financing activities	-543,956	-1,767,856
Decrease in cash	-12,855,100	-842,270
Cash at beginning of year	15,081,024	15,923,294
Cash at end of year	$2,225,924	$15,081,024

Schedule_II_Valuation_and_Qual

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2015

Valuation and Qualifying Accounts [Abstract]

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

Additions

Description

Balance at

Charged to

Charged to

Deductions—

Balance at

Beginning

Costs and

Other Accounts—

Describe(B)

End of Period

of Period

Expenses

Describe(A)

Year ended March 31, 2015

Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)

$

27,276

$

4,306

$

484,451

$

488,757

$

27,276

Year ended March 31, 2014

Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)

$

37,276

$

12,363

$

541,556

$

563,919

$

27,276

(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, 2015
Accounting Policies [Abstract]
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. At March 31, 2015 and March 31, 2014, replacement cost exceeded LIFO cost by approximately $4,139,000 and $9,024,000, 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
		2015		2014
	Prime coil inventory	$	8,419,340	$	7,685,177
	Non-standard coil inventory		1,804,635		2,572,787
	Tubular raw material		1,888,849		463,254
	Tubular finished goods		28,737,842		24,567,341
		$	40,850,666	$	35,288,559
	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, 2015 or 2014.
	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 2015 or 2014. The Company paid income taxes of approximately $688,000 and $748,000 in fiscal 2015 and 2014, respectively. In fiscal 2015 and 2014, noncash financing activity consisted of accrued dividends of $67,994 and $135,989, 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 6% and 15% of total Company sales in fiscal 2015 and 2014, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 21% and 14% of total Company sales in fiscal 2015 and 2014, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2015. 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, 2015 or 2014.

Stock_Options_and_Capital_Stoc

Stock Options and Capital Stock	12 Months Ended
	Mar. 31, 2015
Text Block [Abstract]
Stock Options and Capital Stock	2.   STOCK OPTIONS AND CAPITAL STOCK
	In fiscal 2015 and 2014, 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, 2015 or March 31, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
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, 2015:
	2016	$	70,562
	2017		61,106
	2018		32,736
	2019		2,728
	2020		—
	Total	$	167,132
	Rental expenses for leased properties were approximately $70,500 during both fiscal 2015 and 2014.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
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
		2015		2014
	Basic
	Net earnings	$	382,330	$	1,712,926
	Weighted average common shares		6,799,444		6,799,444
	Dilutive
	Net earnings	$	382,330	$	1,712,926
	Weighted average common shares and common share equivalents		6,799,444		6,799,444

Income_Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5.   INCOME TAXES
	Components of tax expense (benefit) are as follows:
		Year Ended March 31
		2015			2014
	Federal
	Current	$	519,271		$	863,049
	Deferred		(377,356	)		(172,281	)
			141,915			690,768
	State
	Current		161,571			133,014
			161,571			133,014
	Total	$	303,486		$	823,782
	The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:
		Year Ended
		March 31
		2015			2014
	Income tax expense at U.S. federal statutory rate		34	%		34	%
	Benefit of tax deduction allowed to manufacturing companies		(7.0	)		(3.0	)
	Other		(1.0	)		—
	Current year state and local income taxes net of federal income tax benefit		7.3			1.5
	True up during the current year of income taxes on prior year filing		11			—
	Provision for income taxes		44.3	%		32.5	%
	The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ending March 31, 2012 through March 31, 2014. State and local returns may be subject to examination for fiscal years ended March 31, 2012 through March 31, 2014.
	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
		2015			2014
	Deferred tax liabilities:
	Depreciation	$	(1,231,047	)	$	(1,555,000	)
	Total deferred tax liabilities		(1,231,047	)		(1,555,000	)
	Deferred tax assets:
	Inventory capitalization		201,094			170,000
	LIFO Inventory		783,645			785,000
	Postretirement benefits other than pensions		370,562			344,000
	Other		63,104			66,002
	Total deferred tax assets		1,418,405			1,365,002
	Net deferred tax asset (liability)	$	187,358		$	(189,998	)

Profit_Sharing_Plan

Profit Sharing Plan	12 Months Ended
	Mar. 31, 2015
Postemployment Benefits [Abstract]
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 $190,000 for the year ended March 31, 2015, and $206,000 for the year ended March 31, 2014. 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 $44,000 and $47,500 for the years ended March 31, 2015 and 2014, respectively.

Industry_Segment_Data

Industry Segment Data	12 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
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
		2015			2014
	NET SALES:
	Coil	$	72,913,058		$	66,138,845
	Tubular		35,409,722			50,010,177
	TOTAL NET SALES	$	108,322,780		$	116,149,022
	OPERATING PROFIT (LOSS):
	Coil	$	(259,690	)	$	(839,442	)
	Tubular		2,602,210			5,288,372
	TOTAL OPERATING PROFIT		2,342,520			4,448,930
	General corporate expenses		(1,717,744	)		(1,974,234	)
	Interest and other income		61,040			62,012
	TOTAL EARNINGS BEFORE INCOME TAXES	$	685,816		$	2,536,708
	IDENTIFIABLE ASSETS:
	Coil	$	21,248,710		$	22,308,165
	Tubular		42,143,785			33,794,992
			63,392,495			56,103,157
	General corporate assets		3,565,529			16,181,242
	TOTAL ASSETS	$	66,958,024		$	72,284,399
	DEPRECIATION:
	Coil	$	1,141,567		$	1,140,250
	Tubular		571,086			673,850
	Corporate and other		8,972			8,972
		$	1,721,625		$	1,823,072
	CAPITAL EXPENDITURES:
	Coil	$	229,425		$	364,443
	Tubular		5,646,780			1,533,489
	Corporate and other		—			9,299
		$	5,876,205		$	1,907,231
	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 construction of the Company’s pipe-finishing facility located in Lone Star, Texas. As of March 31, 2015, capitalized expenditures related to the construction of the facility totaled approximately $7,131,000.

Summary_of_Quarterly_Results_o

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
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, 2015 and 2014:
			Quarter Ended
			June 30,			September 30,		December 31,		March 31,
			2014			2014		2014		2015
	Net sales		$	27,904,521		$	31,544,474	$	23,552,636	$	25,321,149
	Gross profit			1,042,061			2,420,929		1,258,797		356,281
	Net earnings (loss)			(118,250	)		765,655		187,643		(452,718	)
	Basic(1)			(.02	)		0.11		0.03		(.07	)
	Diluted(1)			(.02	)		0.11		0.03		(.07	)
			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
	-1	The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter.

Subsequent_Events

Subsequent Events	12 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	9.   SUBSEQUENT EVENTS
	On May 8, 2015, the Company entered into a credit arrangement for a $5,000,000 revolving line of credit facility (the “Credit Facility”) with JPMorgan Chase Bank N.A. (the “Bank”). The Credit Facility expires on April 30, 2016. At the Company’s election, advances under the Credit Facility bear interest at either (1) the Bank’s prime rate minus 0.50% or (2) the applicable one-, two- or three-month LIBOR rate plus 2.5%. Interest payments on amounts advanced are due monthly. Advances under the Credit Facility are unsecured, but the Company entered into a Negative Pledge Agreement in favor of the Bank to not create or permit to exist any encumbrance or security interest with respect to its accounts receivable or inventory to any party without the written consent of the Bank. The Credit Facility contains financial covenants that require the Company to not permit: tangible net worth to be less than $57,000,000, ratio of total liabilities to tangible net worth to be greater than 1.00 to 1.00 and net income for any period of four consecutive fiscal quarters to be less than $1.00.
	As of June 11, 2015, the Company has not advanced any amount under the Credit Facility.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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. At March 31, 2015 and March 31, 2014, replacement cost exceeded LIFO cost by approximately $4,139,000 and $9,024,000, 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
		2015		2014
	Prime coil inventory	$	8,419,340	$	7,685,177
	Non-standard coil inventory		1,804,635		2,572,787
	Tubular raw material		1,888,849		463,254
	Tubular finished goods		28,737,842		24,567,341
		$	40,850,666	$	35,288,559
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, 2015 or 2014.
	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 2015 or 2014. The Company paid income taxes of approximately $688,000 and $748,000 in fiscal 2015 and 2014, respectively. In fiscal 2015 and 2014, noncash financing activity consisted of accrued dividends of $67,994 and $135,989, 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 6% and 15% of total Company sales in fiscal 2015 and 2014, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 21% and 14% of total Company sales in fiscal 2015 and 2014, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2015. 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, 2015 or 2014.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Inventory by Product Group	The following is a summary of inventory by product group:
		March 31
		2015		2014
	Prime coil inventory	$	8,419,340	$	7,685,177
	Non-standard coil inventory		1,804,635		2,572,787
	Tubular raw material		1,888,849		463,254
	Tubular finished goods		28,737,842		24,567,341
		$	40,850,666	$	35,288,559
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, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Annual Rental Payments Under Operating Leases	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, 2015:
	2016	$	70,562
	2017		61,106
	2018		32,736
	2019		2,728
	2020		—
	Total	$	167,132

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
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
		2015		2014
	Basic
	Net earnings	$	382,330	$	1,712,926
	Weighted average common shares		6,799,444		6,799,444
	Dilutive
	Net earnings	$	382,330	$	1,712,926
	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, 2015
Income Tax Disclosure [Abstract]
Components of Tax Expense (Benefit)	Components of tax expense (benefit) are as follows:
		Year Ended March 31
		2015			2014
	Federal
	Current	$	519,271		$	863,049
	Deferred		(377,356	)		(172,281	)
			141,915			690,768
	State
	Current		161,571			133,014
			161,571			133,014
	Total	$	303,486		$	823,782
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
		2015			2014
	Income tax expense at U.S. federal statutory rate		34	%		34	%
	Benefit of tax deduction allowed to manufacturing companies		(7.0	)		(3.0	)
	Other		(1.0	)		—
	Current year state and local income taxes net of federal income tax benefit		7.3			1.5
	True up during the current year of income taxes on prior year filing		11			—
	Provision for income taxes		44.3	%		32.5	%
Significant Components of Consolidated Deferred Tax Assets (Liabilities)	Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows:
		March 31
		2015			2014
	Deferred tax liabilities:
	Depreciation	$	(1,231,047	)	$	(1,555,000	)
	Total deferred tax liabilities		(1,231,047	)		(1,555,000	)
	Deferred tax assets:
	Inventory capitalization		201,094			170,000
	LIFO Inventory		783,645			785,000
	Postretirement benefits other than pensions		370,562			344,000
	Other		63,104			66,002
	Total deferred tax assets		1,418,405			1,365,002
	Net deferred tax asset (liability)	$	187,358		$	(189,998	)

Industry_Segment_Data_Tables

Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
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
		2015			2014
	NET SALES:
	Coil	$	72,913,058		$	66,138,845
	Tubular		35,409,722			50,010,177
	TOTAL NET SALES	$	108,322,780		$	116,149,022
	OPERATING PROFIT (LOSS):
	Coil	$	(259,690	)	$	(839,442	)
	Tubular		2,602,210			5,288,372
	TOTAL OPERATING PROFIT		2,342,520			4,448,930
	General corporate expenses		(1,717,744	)		(1,974,234	)
	Interest and other income		61,040			62,012
	TOTAL EARNINGS BEFORE INCOME TAXES	$	685,816		$	2,536,708
	IDENTIFIABLE ASSETS:
	Coil	$	21,248,710		$	22,308,165
	Tubular		42,143,785			33,794,992
			63,392,495			56,103,157
	General corporate assets		3,565,529			16,181,242
	TOTAL ASSETS	$	66,958,024		$	72,284,399
	DEPRECIATION:
	Coil	$	1,141,567		$	1,140,250
	Tubular		571,086			673,850
	Corporate and other		8,972			8,972
		$	1,721,625		$	1,823,072
	CAPITAL EXPENDITURES:
	Coil	$	229,425		$	364,443
	Tubular		5,646,780			1,533,489
	Corporate and other		—			9,299
		$	5,876,205		$	1,907,231

Summary_of_Quarterly_Results_o1

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations	The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2015 and 2014:
			Quarter Ended
			June 30,			September 30,		December 31,		March 31,
			2014			2014		2014		2015
	Net sales		$	27,904,521		$	31,544,474	$	23,552,636	$	25,321,149
	Gross profit			1,042,061			2,420,929		1,258,797		356,281
	Net earnings (loss)			(118,250	)		765,655		187,643		(452,718	)
	Basic(1)			(.02	)		0.11		0.03		(.07	)
	Diluted(1)			(.02	)		0.11		0.03		(.07	)
			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
	-1	The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter.

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, 2015		Mar. 31, 2014
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	$27,276		$37,276
Additions, Charged to Costs and Expenses	4,306		12,363
Additions, Charged to Other Accounts- Describe	484,451	[1]	541,556	[1]
Deductions- Describe	488,757	[2]	563,919	[2]
Balance at End of Period	$27,276		$27,276
[1]	(A) Cash discounts allowed on sales and charged against revenue.
[2]	(B) 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, 2015	Mar. 31, 2014
Significant Accounting Policies [Line Items]
Excess of replacement cost over LIFO cost	$4,139,000	$9,024,000
Income taxes paid	688,000	748,000
Interest paid	0	0
Accrued dividends	$67,994	$135,989
U.S. Steel Tubular Products, Inc | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Significant Accounting Policies [Line Items]
Percentage of total sales	6.00%	15.00%
Trinity Industries, Inc. | Customer Concentration Risk [Member] | Coil | Sales Revenue, Product Line [Member]
Significant Accounting Policies [Line Items]
Percentage of total sales	21.00%	14.00%

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Summary of Inventory Values by Product Group (Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Inventory [Line Items]
Inventory, Net	$40,850,666	$35,288,559
Prime Coil Inventory
Inventory [Line Items]
Raw Materials	8,419,340	7,685,177
Non-Standard Coil Inventory
Inventory [Line Items]
Raw Materials	1,804,635	2,572,787
Tubular
Inventory [Line Items]
Raw Materials	1,888,849	463,254
Finished Goods	$28,737,842	$24,567,341

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Detail)	12 Months Ended
	Mar. 31, 2015
Buildings
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, 2015	Mar. 31, 2014
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, 2015	Mar. 31, 2014
Contingencies And Commitments [Line Items]
Rental expenses for leased properties	$70,500	$70,500
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

Commitments_and_Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Annual Rental Payments Under Operating Leases (Detail) (USD $)	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
2016	$70,562
2017	61,106
2018	32,736
2019	2,728
2020	0
Total	$167,132

Earnings_Per_Share_Computation

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2015	Mar. 31, 2014
Basic
Net earnings	($452,718)	$187,643	$765,655	($118,250)	$389,440	$487,468	$27,659	$808,359	$382,330	$1,712,926
Weighted average common shares									6,799,444	6,799,444
Dilutive
Net earnings	($452,718)	$187,643	$765,655	($118,250)	$389,440	$487,468	$27,659	$808,359	$382,330	$1,712,926
Weighted average common shares and common share equivalents									6,799,444	6,799,444

Income_Taxes_Components_of_Tax

Income Taxes - Components of Tax Expense (Benefit) (Detail) (USD $)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Federal
Current	$519,271	$863,049
Deferred	-377,356	-172,281
Federal, total	141,915	690,768
State
Current	161,571	133,014
State, total	161,571	133,014
Income Tax Expense (Benefit), Total	$303,486	$823,782

Income_Taxes_Reconciliation_of

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense at U.S. federal statutory rate	34.00%	34.00%
Benefit of tax deduction allowed to manufacturing companies	-7.00%	-3.00%
Other	-1.00%
Current year state and local income taxes net of federal income tax benefit	7.30%	1.50%
True up during the current year of income taxes on prior year filing	11.00%
Provision for income taxes	44.30%	32.50%

Income_Taxes_Significant_Compo

Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Liabilities) (Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Deferred tax liabilities:
Depreciation	($1,231,047)	($1,555,000)
Total deferred tax liabilities	-1,231,047	-1,555,000
Deferred tax assets:
Inventory capitalization	201,094	170,000
LIFO Inventory	783,645	785,000
Postretirement benefits other than pensions	370,562	344,000
Other	63,104	66,002
Total deferred tax assets	1,418,405	1,365,002
Net deferred tax asset (liability)	$187,358	($189,998)

Profit_Sharing_Plan_Additional

Profit Sharing Plan - Additional Information (Detail) (USD $)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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	$190,000	$206,000
Defined Contribution 401 K Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions to defined contribution plan	$44,000	$47,500
Defined contribution plan service period for eligibility	1 year

Industry_Segment_Data_Summary_

Industry Segment Data - Summary of Significant Financial Information Relating to Product Groups (Detail) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$25,321,149	$23,552,636	$31,544,474	$27,904,521	$31,981,813	$28,274,696	$26,310,369	$29,582,144	$108,322,780	$116,149,022
Operating profit (loss)									624,776	2,474,696
Interest and other income									61,040	62,012
EARNINGS BEFORE INCOME TAXES									685,816	2,536,708
Total assets	66,958,024				72,284,399				66,958,024	72,284,399
Depreciation									1,721,625	1,823,072
Capital Expenditure									5,876,205	1,907,231
Operating Segments
Segment Reporting Information [Line Items]
Operating profit (loss)									2,342,520	4,448,930
Total assets	63,392,495				56,103,157				63,392,495	56,103,157
Operating Segments | Coil
Segment Reporting Information [Line Items]
Net sales									72,913,058	66,138,845
Operating profit (loss)									-259,690	-839,442
Total assets	21,248,710				22,308,165				21,248,710	22,308,165
Depreciation									1,141,567	1,140,250
Capital Expenditure									229,425	364,443
Operating Segments | Tubular
Segment Reporting Information [Line Items]
Net sales									35,409,722	50,010,177
Operating profit (loss)									2,602,210	5,288,372
Total assets	42,143,785				33,794,992				42,143,785	33,794,992
Depreciation									571,086	673,850
Capital Expenditure									5,646,780	1,533,489
Corporate and other
Segment Reporting Information [Line Items]
General corporate expenses									-1,717,744	-1,974,234
Total assets	3,565,529				16,181,242				3,565,529	16,181,242
Depreciation									8,972	8,972
Capital Expenditure										$9,299

Industry_Segment_Data_Addition

Industry Segment Data - Additional Information (Detail) (USD $)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Capitalized Expenditure	$5,876,205	$1,907,231
Construction in Progress
Segment Reporting Information [Line Items]
Capitalized Expenditure	$7,131,000

Summary_of_Quarterly_Results_o2

Summary of Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Detail) (USD $)	3 Months Ended												12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2015	Mar. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$25,321,149		$23,552,636		$31,544,474		$27,904,521		$31,981,813	$28,274,696	$26,310,369	$29,582,144	$108,322,780	$116,149,022
Gross profit	356,281		1,258,797		2,420,929		1,042,061		1,693,948	1,846,778	1,077,913	2,443,844
Net earnings	($452,718)		$187,643		$765,655		($118,250)		$389,440	$487,468	$27,659	$808,359	$382,330	$1,712,926
Basic	($0.07)	[1]	$0.03	[1]	$0.11	[1]	($0.02)	[1]	$0.06	$0.07	$0	$0.12	$0.06	$0.25
Diluted	($0.07)	[1]	$0.03	[1]	$0.11	[1]	($0.02)	[1]	$0.06	$0.07	$0	$0.12	$0.06	$0.25
[1]	The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter.

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	12 Months Ended	0 Months Ended
	Mar. 31, 2015	8-May-15	Jun. 11, 2015
Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility, interest rate description	At the Company's election, advances under the Credit Facility bear interest at either (1) the Bank's prime rate minus 0.50% or (2) the applicable one-, two- or three-month LIBOR rate plus 2.5%.
J P Morgan Chase Bank | Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, initiation date	8-May-15
Line of credit facility expiry date	30-Apr-16
Subsequent Event
Subsequent Event [Line Items]
Borrowing credit facility			$0
Subsequent Event | J P Morgan Chase Bank | Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		5,000,000
Line of credit facility expiry date		30-Apr-16
Subsequent Event | Prime Rate | Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility, interest rate		0.50%
Subsequent Event | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility, interest rate		2.50%
Subsequent Event | Maximum | Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility covenant terms minimum tangible net worth		57,000,000
Financial covenant for net income for any period of four consecutive fiscal quarters		$1
Subsequent Event | Minimum | Revolving Credit Facility
Subsequent Event [Line Items]
Ratio of total liabilities to tangible net worth		1