Friedman Industries (FRD) 10-Q 14 Aug 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 14, 2019
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	0000039092
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)		6,999,444
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
CURRENT ASSETS:
Cash	$ 10,804,449	$ 11,667,161
Accounts receivable, net of allowances for bad debts and cash discounts of $29,178 at June 30 and March 31, 2019	15,868,865	13,183,411
Inventories	43,757,046	49,062,086
Other	499,700	543,549
TOTAL CURRENT ASSETS	70,930,060	74,456,207
PROPERTY, PLANT AND EQUIPMENT:
Land	1,452,799	1,452,799
Buildings and yard improvements	8,825,853	8,821,253
Machinery and equipment	38,844,307	38,176,497
Less accumulated depreciation	(36,845,372)	(36,540,591)
Property, plant, and equipment, net	12,277,587	11,909,958
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	296,358	235,817
TOTAL ASSETS	83,504,005	86,601,982
CURRENT LIABILITIES:
Accounts payable and accrued expenses	8,361,775	11,577,664
Income taxes payable	224,851	159,694
Dividends payable	279,978	279,978
Contribution to retirement plan	100,500	50,250
Employee compensation and related expenses	288,667	297,316
TOTAL CURRENT LIABILITIES	9,255,771	12,364,902
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	212,995	210,257
DEFERRED INCOME TAX LIABILITY	1,529,207	1,545,246
OTHER NON-CURRENT LIABILITIES	26,425
TOTAL LIABILITIES	11,024,398	14,120,405
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,225,160 shares and 8,205,160 shares at June 30 and March 31, 2019, respectively	8,225,160	8,205,160
Additional paid-in capital	29,385,708	29,322,472
Treasury stock at cost (1,225,716 shares at June 30 and March 31, 2019)	(5,525,964)	(5,525,964)
Retained earnings	40,394,703	40,479,909
TOTAL STOCKHOLDERS’ EQUITY	72,479,607	72,481,577
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 83,504,005	$ 86,601,982

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Allowances for bad debts and cash discounts	$ 29,178	$ 29,178
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	8,225,160	8,205,160
Treasury stock, shares (in shares)	1,225,716	1,225,716

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net Sales	$ 40,975,320	$ 48,193,318
Costs and expenses
Costs of goods sold	39,503,996	42,000,840
General, selling and administrative costs	1,208,388	1,492,740
Costs and expenses, total	40,712,384	43,493,580
EARNINGS FROM OPERATIONS	262,936	4,699,738
Interest and other income	(6,335)	(62,775)
EARNINGS BEFORE INCOME TAXES	269,271	4,762,513
Income tax provision (benefit):
Current	90,538	1,066,456
Deferred	(16,039)	96,164
Income tax	74,499	1,162,620
NET EARNINGS	$ 194,772	$ 3,599,893
Average number of common shares outstanding:
Basic (in shares)	6,999,444	7,009,444
Diluted (in shares)	6,999,444	7,009,444
Net earnings per share:
Basic (in dollars per share)	$ 0.03	$ 0.51
Diluted (in dollars per share)	0.03	0.51
Cash dividends declared per common share (in dollars per share)	$ 0.04	$ 0.03

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES
Net earnings	$ 194,772	$ 3,599,893
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation	304,781	357,596
Deferred taxes	(16,039)	96,164
Compensation expense for restricted stock	83,236	72,240
Change in postretirement benefits	2,738	7,430
Decrease (increase) in operating assets:
Accounts receivable	(2,685,454)	(789,499)
Inventories	5,305,040	(14,269,173)
Other assets, current and non-current	(12,322)	(106,821)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(3,215,889)	9,391,535
Income taxes payable	65,157	862,259
Contribution to retirement plan	50,250	45,000
Employee compensation and related expenses	(8,649)	313,262
Other non-current liabilities	26,425
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	94,046	(420,114)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(672,410)	(187,223)
Increase in cash surrender value of officers’ life insurance	(4,370)	(6,275)
NET CASH USED IN INVESTING ACTIVITIES	(676,780)	(193,498)
FINANCING ACTIVITIES
Cash dividends paid	(279,978)	(140,189)
NET CASH USED IN FINANCING ACTIVITIES	(279,978)	(140,189)
INCREASE (DECREASE) IN CASH	(862,712)	(753,801)
CASH AT BEGINNING OF PERIOD	11,667,161	4,052,582
CASH AT END OF PERIOD	$ 10,804,449	$ 3,298,781

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 30, 2019
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, 2019.

Note B - New Accounting Standar

Note B - New Accounting Standards	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B — NEW ACCOUNTING STANDARDS In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, 842 April 1, 2019 842. In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, December 15, 2019.

Note C - Inventories

Note C - Inventories	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C — 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. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. A summary of inventory values by product group follows: June 30, 201 9 Ma rch 31, 2019 Prime Coil Inventory $ 20,253,958 $ 26,240,439 Non-Standard Coil Inventory 2,431,599 2,078,008 Tubular Raw Material 5,359,827 4,418,750 Tubular Finished Goods 15,711,662 16,324,889 $ 43,757,046 $ 49,062,086 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.

Note D - Debt

Note D - Debt	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE D - DEBT On December 12, 2018, $5,000,000 January 14, 2019 ( December 12, 2019 0.55% 4.95% June 30, 2019. may 80% 40% not $3,000,000. June 30, 2019, $4,900,000 not 1 $50.0 2 50% 3 2.00 1.00. twelve June 30, 2019, no

Note E - Leases

Note E - Leases	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE E — LEASES In February 2016, 2016 02, 2016 02” 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, The Company adopted ASC 842 April 1, 2019 April 1, 2019 not 842 $63,000 April 1, 2019. 1 not 2 not not The Company’s lease of its office space in Longview, Texas is the only operating lease included in the ROU asset and lease liability. The lease calls for monthly rent payments of $2,728 April 30, 2021. not The components of lease expense were as follows for the three June 30, 2019: Three Months Ended June 30, 2019 Operating lease expense $ 8,184 Rental expense for operating leases classified under the previous accounting standard, Accounting Standards Codification Topic 840, three June 30, 2018 $8,184. For the three June 30, 2019, $8,184. The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2019: June 30, 2019 Balance Sheet Classification Assets Operating lease right-of-use asset $ 56,171 Other assets Total operating lease right-of-use asset $ 56,171 Liabilities Operating lease liability, current $ 29,746 Accrued expenses Operating lease liability, non-current 26,425 Other non-current liabilities Total operating lease liability $ 56,171 Other supplemental operating lease information consists of the following: Weighted average remaining lease life (in years) 1.8 Weighted average discount rate 7 % Maturities of operating lease liabilities as of June 30, 2019 Fiscal 2020 (remainder of fiscal year) $ 24,552 Fiscal 2021 32,736 Fiscal 2022 2,728 Fiscal 2023 — Fiscal 2024 — Total undiscounted lease payments $ 60,016 Less: imputed interest (3,845 ) Present value of lease liability $ 56,171

Note F - Stock-based Compensati

Note F - Stock-based Compensation	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE F — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The following table summarizes the activity related to restricted stock awards for the three June 30, 2019: Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 20,000 7.62 Vested — — Unvested at June 30, 2019 200,000 $ 7.09 Of the 200,000 June 30, 2019, 160,000 five January 4, 2022, 20,000 two March 13, 2021 20,000 five April 1, 2024. $83,236 $72,240 June 30, 2019 2018,

Note G - Segment Information

Note G - Segment Information	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE G — SEGMENT INFORMATION (in thousands) THREE MONTHS ENDED 201 9 201 8 Net sales Coil $ 28,181 $ 31,129 Tubular 12,794 17,064 Total net sales $ 40,975 $ 48,193 Operating profit Coil $ 345 $ 3,179 Tubular 545 2,321 Total operating profit 890 5,500 Corporate expenses 627 800 Interest and other income (6 ) (63 ) Earnings before income taxes $ 269 $ 4,763 June 30, 201 9 March 31, 201 9 Segment assets Coil $ 39,583 $ 43,104 Tubular 32,730 31,520 72,313 74,624 Corporate assets 11,191 11,978 $ 83,504 $ 86,602 Corporate expenses reflect general and administrative expenses not

Note H - Revenue

Note H - Revenue	3 Months Ended
	Jun. 30, 2019
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 June 30, 2019 2018, Three Months Ended June 30, 2019 2018 Coil Segment: Prime Coil 24,228,453 24,776,031 Non-standard Coil 3,772,515 6,110,458 Customer Owned Coil 180,500 242,711 28,181,468 31,129,200 Tubular Segment: Manufactured Pipe 10,732,487 10,955,387 Mill Reject Pipe 2,061,365 5,420,861 Pipe Finishing Services - 687,870 12,793,852 17,064,118

Note I - Stockholders' Equity

Note I - Stockholders' Equity	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE I — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for the three June 30, 2019 June 30, 2018: Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2018 $ 8,185,160 $ 29,154,874 $ (5,475,964 ) $ 36,711,380 Net earnings — — — 3,599,893 Paid in capital – restricted stock awards — 72,240 — — Cash dividends ($0.03 per share) — — — (210,283 ) BALANCE AT JUNE 30, 2018 $ 8,185,160 $ 29,227,114 $ (5,475,964 ) $ 40,100,990

Note J - Supplemental Cash Flow

Note J - Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE J — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of approximately $10,000 June 30, 2019. no June 30, 2018. No June 30, 2019 2018.

Note K - Income Taxes

Note K - Income Taxes	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE K — INCOME TAXES For the quarter ended June 30, 2019, $74,499, 27.7% $1,162,620, 24.4% June 30, 2018.

Note C - Inventories (Tables)

Note C - Inventories (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 201 9 Ma rch 31, 2019 Prime Coil Inventory $ 20,253,958 $ 26,240,439 Non-Standard Coil Inventory 2,431,599 2,078,008 Tubular Raw Material 5,359,827 4,418,750 Tubular Finished Goods 15,711,662 16,324,889 $ 43,757,046 $ 49,062,086

Note E - Leases (Tables)

Note E - Leases (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2019 Operating lease expense $ 8,184 Weighted average remaining lease life (in years) 1.8 Weighted average discount rate 7 %
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	June 30, 2019 Balance Sheet Classification Assets Operating lease right-of-use asset $ 56,171 Other assets Total operating lease right-of-use asset $ 56,171 Liabilities Operating lease liability, current $ 29,746 Accrued expenses Operating lease liability, non-current 26,425 Other non-current liabilities Total operating lease liability $ 56,171
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal 2020 (remainder of fiscal year) $ 24,552 Fiscal 2021 32,736 Fiscal 2022 2,728 Fiscal 2023 — Fiscal 2024 — Total undiscounted lease payments $ 60,016 Less: imputed interest (3,845 ) Present value of lease liability $ 56,171

Note F - Stock-based Compensa_2

Note F - Stock-based Compensation (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 20,000 7.62 Vested — — Unvested at June 30, 2019 200,000 $ 7.09

Note G - Segment Information (T

Note G - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	THREE MONTHS ENDED 201 9 201 8 Net sales Coil $ 28,181 $ 31,129 Tubular 12,794 17,064 Total net sales $ 40,975 $ 48,193 Operating profit Coil $ 345 $ 3,179 Tubular 545 2,321 Total operating profit 890 5,500 Corporate expenses 627 800 Interest and other income (6 ) (63 ) Earnings before income taxes $ 269 $ 4,763 June 30, 201 9 March 31, 201 9 Segment assets Coil $ 39,583 $ 43,104 Tubular 32,730 31,520 72,313 74,624 Corporate assets 11,191 11,978 $ 83,504 $ 86,602

Note H - Revenue (Tables)

Note H - Revenue (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2019 2018 Coil Segment: Prime Coil 24,228,453 24,776,031 Non-standard Coil 3,772,515 6,110,458 Customer Owned Coil 180,500 242,711 28,181,468 31,129,200 Tubular Segment: Manufactured Pipe 10,732,487 10,955,387 Mill Reject Pipe 2,061,365 5,420,861 Pipe Finishing Services - 687,870 12,793,852 17,064,118

Note I - Stockholders' Equity (

Note I - Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2018 $ 8,185,160 $ 29,154,874 $ (5,475,964 ) $ 36,711,380 Net earnings — — — 3,599,893 Paid in capital – restricted stock awards — 72,240 — — Cash dividends ($0.03 per share) — — — (210,283 ) BALANCE AT JUNE 30, 2018 $ 8,185,160 $ 29,227,114 $ (5,475,964 ) $ 40,100,990

Note C - Inventories - Summary

Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Inventories	$ 43,757,046	$ 49,062,086
Prime Coil Inventory [Member]
Raw materials	20,253,958	26,240,439
Non-standard Coil Inventory [Member]
Raw materials	2,431,599	2,078,008
Tubular Inventory [Member]
Raw materials	5,359,827	4,418,750
Finished goods	$ 15,711,662	$ 16,324,889

Note D - Debt (Details Textual)

Note D - Debt (Details Textual) - VeraBank [Member] - Revolving Credit Facility [Member]	Dec. 12, 2018USD ($)	Jun. 30, 2019USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000	$ 4,900,000
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
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.55%)

Note E - Leases (Details Textua

Note E - Leases (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Apr. 01, 2019
Operating Lease, Right-of-Use Asset	$ 56,171		$ 63,000
Operating Lease, Monthly Payments	2,728
Operating Leases, Rent Expense, Total		$ 8,184
Operating Lease, Payments	8,184
Operating Lease, Liability, Total	$ 56,171		$ 63,000

Note E - Leases - Lease Cost (D

Note E - Leases - Lease Cost (Details)	3 Months Ended
	Jun. 30, 2019USD ($)
Operating lease expense	$ 8,184
Weighted average remaining lease life (in years) (Year)	1 year 292 days
Weighted average discount rate	7.00%

Note E - Leases - Balance Sheet

Note E - Leases - Balance Sheet Information (Details) - USD ($)	Jun. 30, 2019	Apr. 01, 2019
Operating lease right-of-use asset	$ 56,171	$ 63,000
Operating lease liability, current	29,746
Operating lease liability, non-current	26,425
Total operating lease liability	$ 56,171	$ 63,000

Note E - Leases - Maturities of

Note E - Leases - Maturities of Operating Lease (Details) - USD ($)	Jun. 30, 2019	Apr. 01, 2019
Fiscal 2020 (remainder of fiscal year)	$ 24,552
Fiscal 2021	32,736
Fiscal 2022	2,728
Fiscal 2023
Fiscal 2024
Total undiscounted lease payments	60,016
Less: imputed interest	(3,845)
Present value of lease liability	$ 56,171	$ 63,000

Note F - Stock-based Compensa_3

Note F - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Sep. 01, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	200,000		180,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	20,000
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				500,000
2016 Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	20,000
Share-based Payment Arrangement, Expense	$ 83,236	$ 72,240
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	160,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years

Note F - Stock-based Compensa_4

Note F - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2019$ / sharesshares
Unvested (in shares) | shares	180,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 7.03
Cancelled or forfeited (in shares) | shares
Cancelled or forfeited (in dollars per share) | $ / shares
Granted (in shares) | shares	20,000
Granted (in dollars per share) | $ / shares	$ 7.62
Vested (in shares) | shares
Vested (in dollars per share) | $ / shares
Unvested (in shares) | shares	200,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 7.09

Note G - Segment Information -

Note G - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Total Net Sales	$ 40,975,320	$ 48,193,318
Operating profit (loss)	262,936	4,699,738
Interest and other income	(6,335)	(62,775)
Earnings before income taxes	269,271	4,762,513
Segment assets	83,504,005		$ 86,601,982
Coil [Member]
Total Net Sales	28,181,468	31,129,200
Tubular [Member]
Total Net Sales	12,793,852	17,064,118
Operating Segments [Member]
Operating profit (loss)	890,000	5,500,000
Segment assets	72,313,000		74,624,000
Operating Segments [Member] | Coil [Member]
Total Net Sales	28,181,000	31,129,000
Operating profit (loss)	345,000	3,179,000
Segment assets	39,583,000		43,104,000
Operating Segments [Member] | Tubular [Member]
Total Net Sales	12,794,000	17,064,000
Operating profit (loss)	545,000	2,321,000
Segment assets	32,730,000		31,520,000
Corporate, Non-Segment [Member]
Corporate expenses	627,000	$ 800,000
Segment assets	$ 11,191,000		$ 11,978,000

Note H - Revenue (Details Textu

Note H - Revenue (Details Textual)	3 Months Ended
	Jun. 30, 2019
Number of Reportable Segments	2

Note H - Revenue - Disaggregati

Note H - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net Sales	$ 40,975,320	$ 48,193,318
Coil [Member]
Net Sales	28,181,468	31,129,200
Coil [Member] | Prime Coil [Member]
Net Sales	24,228,453	24,776,031
Coil [Member] | Secondary Coil [Member]
Net Sales	3,772,515	6,110,458
Coil [Member] | Customer Owned [Member]
Net Sales	180,500	242,711
Tubular [Member]
Net Sales	12,793,852	17,064,118
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	10,732,487	10,955,387
Tubular [Member] | Mill Reject Pipe [Member]
Net Sales	2,061,365	5,420,861
Tubular [Member] | Pipe Finishing Services [Member]
Net Sales		$ 687,870

Note I - Stockholders' Equity -

Note I - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Balance	$ 72,481,577
Net earnings	194,772	$ 3,599,893
Balance	72,479,607
Common Stock [Member]
Balance	8,205,160	8,185,160
Net earnings
Issuance of restricted stock	20,000
Paid in capital – restricted stock awards
Cash dividends
Balance	8,225,160	8,185,160
Additional Paid-in Capital [Member]
Balance	29,322,472	29,154,874
Net earnings
Issuance of restricted stock
Paid in capital – restricted stock awards	63,236	72,240
Cash dividends
Balance	29,385,708	29,227,114
Treasury Stock [Member]
Balance	(5,525,964)	(5,475,964)
Net earnings
Issuance of restricted stock
Paid in capital – restricted stock awards
Cash dividends
Balance	(5,525,964)	(5,475,964)
Retained Earnings [Member]
Balance	40,479,909	36,711,380
Net earnings	194,772	3,599,893
Issuance of restricted stock
Paid in capital – restricted stock awards
Cash dividends	(279,978)	(210,283)
Balance	$ 40,394,703	$ 40,100,990

Note I - Stockholders' Equity_2

Note I - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash dividends (in dollars per share)	$ 0.04	$ 0.03
Retained Earnings [Member]
Cash dividends (in dollars per share)	$ 0.04	$ 0.03

Note J - Supplemental Cash Fl_2

Note J - Supplemental Cash Flow Information (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Taxes Paid	$ 10,000	$ 0
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 0	$ 0

Note K - Income Taxes (Details

Note K - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Expense (Benefit), Total	$ 74,499	$ 1,162,620
Effective Income Tax Rate Reconciliation, Percent, Total	27.70%	24.40%