Friedman Industries (FRD) 10-Q 14 Feb 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 14, 2019
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	39,092
Trading Symbol	frd
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,009,444
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Current Period Unaudited - USD ($)	Dec. 31, 2018	Mar. 31, 2018
CURRENT ASSETS:
Cash	$ 2,575,269	$ 4,052,582
Accounts receivable, net of allowances for bad debts and cash discounts of $21,052 December 31, 2018 and March 31, 2018	17,207,574	17,458,289
Inventories	59,415,035	45,329,434
Other	684,237	429,101
TOTAL CURRENT ASSETS	79,882,115	67,269,406
PROPERTY, PLANT AND EQUIPMENT:
Land	1,452,799	1,452,799
Buildings and yard improvements	8,816,631	8,710,958
Machinery and equipment	39,824,953	39,282,944
Less accumulated depreciation	(36,353,488)	(35,280,700)
Property, plant, and equipment, net	13,740,895	14,166,001
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	236,725	217,900
TOTAL ASSETS	93,859,735	81,653,307
CURRENT LIABILITIES:
Accounts payable and accrued expenses	16,727,511	10,233,431
Income taxes payable	175,845
Dividends payable	420,567	140,189
Contribution to retirement plan	200,000	45,000
Employee compensation and related expenses	334,082	612,015
TOTAL CURRENT LIABILITIES	17,858,005	11,030,635
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	197,347	175,056
DEFERRED INCOME TAX LIABILITY	1,798,048	1,872,166
TOTAL LIABILITIES	19,853,400	13,077,857
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,185,160 at December 31 and March 31, 2018	8,185,160	8,185,160
Additional paid-in capital	29,371,594	29,154,874
Treasury stock at cost (1,175,716 shares at December 31 and March 31, 2018)	(5,475,964)	(5,475,964)
Retained earnings	41,925,545	36,711,380
TOTAL STOCKHOLDERS’ EQUITY	74,006,335	68,575,450
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 93,859,735	$ 81,653,307

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Current Period Unaudited (Parentheticals) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Allowances for bad debts and cash discounts	$ 21,052	$ 21,052
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	8,185,160	8,185,160
Treasury stock, shares (in shares)	1,175,716	1,175,716

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - Unaudited - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 43,326,080	$ 28,033,521	$ 144,951,427	$ 77,194,500
Costs and expenses
Costs of goods sold	41,395,596	26,308,987	132,883,924	72,426,245
General, selling and administrative costs	1,054,100	999,220	3,836,279	2,962,139
Interest expense	1,792	8,451	17,545	8,451
Costs and expenses, total	42,451,488	27,316,658	136,737,748	75,396,835
Interest and other income	(6,275)	(4,375)	(75,325)	(13,125)
Earnings before income taxes	880,867	721,238	8,289,004	1,810,790
Provision for (benefit from) income taxes:
Current	282,365	63,510	2,097,540	79,150
Deferred	(66,271)	496,457	(74,118)	810,705
Income tax	216,094	559,967	2,023,422	889,855
Net earnings	$ 664,773	$ 161,271	$ 6,265,582	$ 920,935
Weighted average number of common shares outstanding:
Basic (in shares)	7,009,444	7,009,444	7,009,444	7,009,444
Diluted (in shares)	7,009,444	7,009,444	7,009,444	7,009,444
Net earnings per share:
Basic (in dollars per share)	$ 0.09	$ 0.02	$ 0.89	$ 0.13
Diluted (in dollars per share)	0.09	0.02	0.89	0.13
Cash dividends declared per common share (in dollars per share)	$ 0.06	$ 0.01	$ 0.15	$ 0.03

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net earnings	$ 6,265,582	$ 920,935
Adjustments to reconcile net earnings to cash used in operating activities:
Depreciation	1,072,788	996,139
Deferred taxes	(74,118)	810,705
Compensation expense for restricted stock	216,720	216,720
Provision for postretirement benefits	22,291	5,159
Decrease (increase) in operating assets:
Accounts receivable, net	250,715	1,884,870
Inventories	(14,085,601)	(11,939,413)
Federal income taxes recoverable		46,453
Other	(255,136)	(267,036)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	6,494,080	4,571,796
Income taxes payable	175,845	32,698
Contribution to retirement plan	155,000	120,000
Employee compensation and related expenses	(277,933)	11,546
NET CASH USED IN OPERATING ACTIVITIES	(39,767)	(2,589,428)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(647,682)	(275,056)
Change in cash surrender value of officers’ life insurance	(18,825)	(13,125)
NET CASH USED IN INVESTING ACTIVITIES	(666,507)	(288,181)
FINANCING ACTIVITIES
Borrowings under revolving line of credit		3,750,000
Cash dividends paid	(771,039)	(210,283)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(771,039)	3,539,717
INCREASE (DECREASE) IN CASH	(1,477,313)	662,108
Cash at beginning of period	4,052,582	1,461,695
CASH AT END OF PERIOD	$ 2,575,269	$ 2,123,803

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A — BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 10 March 31, 2018.

Note B - Change in Accounting P

Note B - Change in Accounting Principle	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Accounting Changes [Text Block]	NOTE B — CHANGE IN ACCOUNTING PRINCIPLE Effective April 1, 2018, first 10 March 31, 2018, three nine December 31, 2017 nine December 31, 2017 April 1, 2017 $4,418,318 As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Three Months Ended December 31, 2017 Cost of goods sold 26,364,387 (55,400 ) 26,308,987 Income tax provision 542,909 17,058 559,967 Net earnings 122,929 38,342 161,271 Net earnings per share: Basic 0.02 - 0.02 Diluted 0.02 - 0.02 Consolidated Statement of Operations, Nine Months Ended December 31, 2017 Cost of goods sold 72,884,773 (458,528 ) 72,426,245 Income tax provision 748,674 141,181 889,855 Net earnings 603,588 317,347 920,935 Net earnings per share: Basic 0.09 0.04 0.13 Diluted 0.09 0.04 0.13 Consolidated Statement of Cash Flows, Nine Months Ended December 31, 2017 Net earnings 603,588 317,347 920,935 Change in inventories (11,480,885 ) (458,528 ) (11,939,413 ) Change in deferred income taxes 702,222 108,483 810,705 Change in income taxes payable - 32,698 32,698 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 The following table shows the effect of the change in accounting principle from LIFO to average cost on the three nine December 31, 2018: As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Three Months Ended December 31, 2018 Earnings before income taxes 2,233,044 880,867 (1,352,177 ) Income tax provision 545,478 216,094 (329,384 ) Net earnings 1,687,567 664,773 (1,022,794 ) Net earnings per share: Basic 0.24 0.09 (0.15 ) Diluted 0.24 0.09 (0.15 ) Consolidated Statement of Operations, Nine Months Ended December 31, 2018 Earnings before income taxes 5,782,409 8,289,004 2,506,595 Income tax provision 1,412,796 2,023,422 610,626 Net earnings 4,369,614 6,265,582 1,895,968 Net earnings per share: Basic 0.62 0.89 0.27 Diluted 0.62 0.89 0.27

Note C - New Accounting Standar

Note C - New Accounting Standards	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE C — NEW ACCOUNTING STANDARDS In May 2014, No. 2014 09, 2014 09” 2014 09 April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018 not no April 1, 2018. not In August 2016, No. 2016 15, 2016 15” 2016 15 eight April 1, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 December 15, 2018, 2016 02 not

Note D - Inventories

Note D - Inventories	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE D — 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. Effective April 1, 2018, A summary of inventory values by product group follows: December 31 , 2018 March 31, 2018 As Adjusted Prime Coil Inventory $ 32,052,655 $ 14,185,858 Non-Standard Coil Inventory 2,353,592 2,971,324 Tubular Raw Material 8,127,972 6,734,076 Tubular Finished Goods 16,880,816 21,438,176 $ 59,415,035 $ 45,329,434 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc. At December 31, 2018, March 31, 2018. twelve December 31, 2018 may

Note E - Debt

Note E - Debt	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE E — DEBT On December 11, 2018, $7,500,000 December 12, 2018, $5,000,000 January 14, 2019 ( December 12, 2019 0.55% 4.95% December 31, 2018. may 80% 40% not $3,000,000. December 31, 2018 10 $5,000,000 not 1 $50.0 2 50% 3 2.00 1.00. twelve December 31, 2018 10 no

Note F - Stock Based Compensati

Note F - Stock Based Compensation	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE F — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, As of December 31, 2018, 210,000 five January 4, 2022. No $1,444,800 60 $72,240 December 31, 2018 December 31, 2017 $216,720 nine December 31, 2018 December 31, 2017.

Note G - Segment Information

Note G - Segment Information	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE G — SEGMENT INFORMATION (in thousands) Three Months Ended Nine Months Ended 2018 2017 As Adjusted 2018 2017 As Adjusted Net sales Coil $ 28,731 $ 22,410 $ 94,688 $ 60,547 Tubular 14,595 5,624 50,263 16,648 Total net sales $ 43,326 $ 28,034 $ 144,951 $ 77,195 Operating profit (loss) Coil $ 744 $ 1,233 $ 5,847 $ 2,942 Tubular 650 (53 ) 4,348 261 Total operating profit 1,394 1,180 10,195 3,203 Corporate expenses 519 463 1,981 1,405 Interest & other income (6 ) (4 ) (75 ) (13 ) Total earnings before taxes $ 881 $ 721 $ 8,289 $ 1,811 December 31, 201 8 March 31, 201 8 As Adjusted Segment assets Coil $ 50,293 $ 34,359 Tubular 40,708 43,010 91,001 77,369 Corporate assets 2,859 4,284 $ 93,860 $ 81,653 Corporate expenses reflect general and administrative expenses not

Note H - Revenue

Note H - Revenue	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE H — REVENUE Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two three three three nine December 31, 2018 2017, Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Coil Segment: Prime Coil 25,074,965 17,862,981 79,426,810 47,598,283 Non-standard Coil 3,350,738 4,189,947 14,355,617 12,001,311 Customer Owned Coil 305,289 356,643 906,209 947,651 28,730,992 22,409,571 94,688,636 60,547,245 Tubular Segment: Manufactured Pipe 10,767,166 4,144,506 35,936,762 10,467,228 Mill Reject Pipe 3,761,188 1,479,444 13,489,029 4,515,771 Pipe Finishing Services 66,734 - 837,000 1,664,256 14,595,088 5,623,950 50,262,791 16,647,255

Note I - Supplemental Cash Flow

Note I - Supplemental Cash Flow Information	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE I — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of approximately $1,846,000 $8,000 nine December 31, 2018 2017, $17,545 nine December 31, 2018. no nine December 31, 2017. $1,051,417 $70,094 nine December 31, 2018 2017, nine December 31, 2017, $385,000

Note J - Income Taxes

Note J - Income Taxes	9 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE J — INCOME TAXES For the nine December 31, 2018, $2,023,422, 24.4% $889,855, 49.1% nine December 31, 2017. nine December 31, 2017 On December 22, 2017, 34% 21% January 1, 2018. nine December 31, 2018, nine December 31, 2017, Also on December 22, 2017, No. 118 118” not 118 not one December 22, 2018, no

Note B - Change in Accounting_2

Note B - Change in Accounting Principle (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Three Months Ended December 31, 2017 Cost of goods sold 26,364,387 (55,400 ) 26,308,987 Income tax provision 542,909 17,058 559,967 Net earnings 122,929 38,342 161,271 Net earnings per share: Basic 0.02 - 0.02 Diluted 0.02 - 0.02 Consolidated Statement of Operations, Nine Months Ended December 31, 2017 Cost of goods sold 72,884,773 (458,528 ) 72,426,245 Income tax provision 748,674 141,181 889,855 Net earnings 603,588 317,347 920,935 Net earnings per share: Basic 0.09 0.04 0.13 Diluted 0.09 0.04 0.13 Consolidated Statement of Cash Flows, Nine Months Ended December 31, 2017 Net earnings 603,588 317,347 920,935 Change in inventories (11,480,885 ) (458,528 ) (11,939,413 ) Change in deferred income taxes 702,222 108,483 810,705 Change in income taxes payable - 32,698 32,698 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Three Months Ended December 31, 2018 Earnings before income taxes 2,233,044 880,867 (1,352,177 ) Income tax provision 545,478 216,094 (329,384 ) Net earnings 1,687,567 664,773 (1,022,794 ) Net earnings per share: Basic 0.24 0.09 (0.15 ) Diluted 0.24 0.09 (0.15 ) Consolidated Statement of Operations, Nine Months Ended December 31, 2018 Earnings before income taxes 5,782,409 8,289,004 2,506,595 Income tax provision 1,412,796 2,023,422 610,626 Net earnings 4,369,614 6,265,582 1,895,968 Net earnings per share: Basic 0.62 0.89 0.27 Diluted 0.62 0.89 0.27

Note D - Inventories (Tables)

Note D - Inventories (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31 , 2018 March 31, 2018 As Adjusted Prime Coil Inventory $ 32,052,655 $ 14,185,858 Non-Standard Coil Inventory 2,353,592 2,971,324 Tubular Raw Material 8,127,972 6,734,076 Tubular Finished Goods 16,880,816 21,438,176 $ 59,415,035 $ 45,329,434

Note G - Segment Information (T

Note G - Segment Information (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended 2018 2017 As Adjusted 2018 2017 As Adjusted Net sales Coil $ 28,731 $ 22,410 $ 94,688 $ 60,547 Tubular 14,595 5,624 50,263 16,648 Total net sales $ 43,326 $ 28,034 $ 144,951 $ 77,195 Operating profit (loss) Coil $ 744 $ 1,233 $ 5,847 $ 2,942 Tubular 650 (53 ) 4,348 261 Total operating profit 1,394 1,180 10,195 3,203 Corporate expenses 519 463 1,981 1,405 Interest & other income (6 ) (4 ) (75 ) (13 ) Total earnings before taxes $ 881 $ 721 $ 8,289 $ 1,811 December 31, 201 8 March 31, 201 8 As Adjusted Segment assets Coil $ 50,293 $ 34,359 Tubular 40,708 43,010 91,001 77,369 Corporate assets 2,859 4,284 $ 93,860 $ 81,653

Note H - Revenue (Tables)

Note H - Revenue (Tables)	9 Months Ended
	Dec. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Coil Segment: Prime Coil 25,074,965 17,862,981 79,426,810 47,598,283 Non-standard Coil 3,350,738 4,189,947 14,355,617 12,001,311 Customer Owned Coil 305,289 356,643 906,209 947,651 28,730,992 22,409,571 94,688,636 60,547,245 Tubular Segment: Manufactured Pipe 10,767,166 4,144,506 35,936,762 10,467,228 Mill Reject Pipe 3,761,188 1,479,444 13,489,029 4,515,771 Pipe Finishing Services 66,734 - 837,000 1,664,256 14,595,088 5,623,950 50,262,791 16,647,255

Note B - Change in Accounting_3

Note B - Change in Accounting Principle (Details Textual) - USD ($)	Dec. 31, 2018	Mar. 31, 2018	Apr. 01, 2017
Retained Earnings (Accumulated Deficit), Ending Balance	$ 41,925,545	$ 36,711,380
Change in Inventory Costing Method from LIFO to Average Cost [Member]
Retained Earnings (Accumulated Deficit), Ending Balance			$ 4,418,318

Note B - Change in Accounting_4

Note B - Change in Accounting Principle - Change in Accounting Principle From LIFO to Average Cost (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018	Apr. 01, 2017
Costs of goods sold	$ 41,395,596	$ 26,308,987	$ 132,883,924	$ 72,426,245
Income tax provision	216,094	559,967	2,023,422	889,855
Net earnings	$ 664,773	$ 161,271	$ 6,265,582	$ 920,935
Basic (in dollars per share)	$ 0.09	$ 0.02	$ 0.89	$ 0.13
Diluted (in dollars per share)	$ 0.09	$ 0.02	$ 0.89	$ 0.13
Change in inventories			$ (14,085,601)	$ (11,939,413)
Change in deferred income taxes				810,705
Change in income taxes payable			175,845	32,698
Inventories	$ 59,415,035		59,415,035		$ 45,329,434
Deferred income tax liability	1,798,048		1,798,048		1,872,166
Retained earnings	41,925,545		41,925,545		36,711,380
Earnings before income taxes	880,867	$ 721,238	8,289,004	1,810,790
Change in Inventory Costing Method from LIFO to Average Cost [Member]
Retained earnings						$ 4,418,318
Computed under LIFO [Member]
Income tax provision	545,478		1,412,796
Net earnings	$ 1,687,567		$ 4,369,614
Basic (in dollars per share)	$ 0.24		$ 0.62
Diluted (in dollars per share)	$ 0.24		$ 0.62
Earnings before income taxes	$ 2,233,044		$ 5,782,409
Previously Reported [Member]
Costs of goods sold		26,364,387		72,884,773
Income tax provision		542,909		748,674
Net earnings		$ 122,929		$ 603,588
Basic (in dollars per share)		$ 0.02		$ 0.09
Diluted (in dollars per share)		$ 0.02		$ 0.09
Change in inventories				$ (11,480,885)
Change in deferred income taxes				702,222
Change in income taxes payable
Inventories					38,039,332
Deferred income tax liability					103,198
Retained earnings					31,190,246
Restatement Adjustment [Member] | Change in Inventory Costing Method from LIFO to Average Cost [Member]
Costs of goods sold		$ (55,400)		(458,528)
Income tax provision		17,058		141,181
Net earnings		$ 38,342		$ 317,347
Basic (in dollars per share)				$ 0.04
Diluted (in dollars per share)				$ 0.04
Change in inventories				$ (458,528)
Change in deferred income taxes				108,483
Change in income taxes payable				$ 32,698
Inventories					7,290,102
Deferred income tax liability					1,768,968
Retained earnings					$ 5,521,134
Restatement Adjustment [Member] | Difference Between LIFO and Average Cost Method [Member]
Income tax provision	(329,384)		610,626
Net earnings	$ (1,022,794)		$ 1,895,968
Basic (in dollars per share)	$ (0.15)		$ 0.27
Diluted (in dollars per share)	$ (0.15)		$ 0.27
Earnings before income taxes	$ (1,352,177)		$ 2,506,595

Note D - Inventories - Summary

Note D - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Inventories	$ 59,415,035	$ 45,329,434
Prime Coil Inventory [Member]
Raw materials	32,052,655	14,185,858
Non-standard Coil Inventory [Member]
Raw materials	2,353,592	2,971,324
Tubular Inventory [Member]
Raw materials	8,127,972	6,734,076
Finished goods	$ 16,880,816	$ 21,438,176

Note E - Debt (Details Textual)

Note E - Debt (Details Textual) - Revolving Credit Facility [Member]	Dec. 11, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 11, 2017USD ($)
Citizens National Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 7,500,000
VeraBank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Interest Rate at Period End		4.95%
Debt Instrument, Borrowing Base, Percent of Accounts Receivable	80.00%
Debt Instrument, Borrowing Base, Percent of Inventory	40.00%
Debt Instrument, Borrowing Base, Maximum Threshold of Inventory	$ 3,000,000
Debt Instrument, Minimum Threshold of Shareholders' Equity	$ 50,000,000
Debt Instrument, Debt to Shareholders' Equity Maximum Threshold, Percent	50.00%
Debt Instrument, Debt Service Coverage Ratio, Minimum Threshold	2
Long-term Line of Credit, Total		$ 0
VeraBank [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.55%)

Note F - Stock Based Compensa_2

Note F - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	500,000		500,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			210,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 1,444,800		$ 1,444,800
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			5 years
Allocated Share-based Compensation Expense, Total	$ 72,240	$ 72,240	$ 216,720	$ 216,720

Note G - Segment Information -

Note G - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Net sales	$ 43,326,080	$ 28,033,521	$ 144,951,427	$ 77,194,500
Interest & other income	(6,275)	(4,375)	(75,325)	(13,125)
Total earnings before taxes	880,867	721,238	8,289,004	1,810,790
Assets	93,859,735		93,859,735		$ 81,653,307
Coil [Member]
Net sales	28,730,992	22,409,571	94,688,636	60,547,245
Tubular [Member]
Net sales	14,595,088	5,623,950	50,262,791	16,647,255
Operating Segments [Member]
Operating profit (loss)	1,394,000	1,180,000	10,195,000	3,203,000
Assets	91,001,000		91,001,000		77,369,000
Operating Segments [Member] | Coil [Member]
Net sales	28,731,000	22,410,000	94,688,000	60,547,000
Operating profit (loss)	744,000	1,233,000	5,847,000	2,942,000
Assets	50,293,000		50,293,000		34,359,000
Operating Segments [Member] | Tubular [Member]
Net sales	14,595,000	5,624,000	50,263,000	16,648,000
Operating profit (loss)	650,000	(53,000)	4,348,000	261,000
Assets	40,708,000		40,708,000		43,010,000
Corporate, Non-Segment [Member]
Corporate expenses	519,000	$ 463,000	1,981,000	$ 1,405,000
Assets	$ 2,859,000		$ 2,859,000		$ 4,284,000

Note H - Revenue (Details Textu

Note H - Revenue (Details Textual)	9 Months Ended
	Dec. 31, 2018
Number of Reportable Segments	2

Note H - Revenue - Disaggregati

Note H - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 43,326,080	$ 28,033,521	$ 144,951,427	$ 77,194,500
Coil [Member]
Net sales	28,730,992	22,409,571	94,688,636	60,547,245
Coil [Member] | Prime Coil [Member]
Net sales	25,074,965	17,862,981	79,426,810	47,598,283
Coil [Member] | Secondary Coil [Member]
Net sales	3,350,738	4,189,947	14,355,617	12,001,311
Coil [Member] | Customer Owned [Member]
Net sales	305,289	356,643	906,209	947,651
Tubular [Member]
Net sales	14,595,088	5,623,950	50,262,791	16,647,255
Tubular [Member] | Manufactured Pipe [Member]
Net sales	10,767,166	4,144,506	35,936,762	10,467,228
Tubular [Member] | Mill Reject Pipe [Member]
Net sales	3,761,188	1,479,444	13,489,029	4,515,771
Tubular [Member] | Pipe Finishing Services [Member]
Net sales	$ 66,734		$ 837,000	$ 1,664,256

Note I - Supplemental Cash Fl_2

Note I - Supplemental Cash Flow Information (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Taxes Paid	$ 1,846,000	$ 8,000
Interest Paid, Excluding Capitalized Interest, Operating Activities	17,545	0
Dividends Payable	$ 1,051,417	70,094
Other Significant Noncash Transaction, Value of Consideration Given		$ 385,000

Note J - Income Taxes (Details

Note J - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ 216,094	$ 559,967	$ 2,023,422	$ 889,855
Effective Income Tax Rate Reconciliation, Percent, Total			24.40%	49.10%