Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 16, 2021 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,905,849 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $1 Par Value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 16,485,797 | $ 17,057,751 |
Accounts receivable, net of allowances for bad debts and cash discounts of $82,417 at December 31, and March 31, 2020 | 12,133,375 | 11,705,344 |
Inventories | 30,130,320 | 35,668,243 |
Other current assets | 5,488,176 | 780,179 |
TOTAL CURRENT ASSETS | 64,237,668 | 65,211,517 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,179,831 | 1,179,831 |
Buildings and yard improvements | 9,180,304 | 9,008,869 |
Machinery and equipment | 28,027,039 | 29,339,893 |
Construction in process | 6,478,594 | 3,797,364 |
Less accumulated depreciation | (29,898,231) | (31,825,401) |
Property, plant, and equipment, net | 14,967,537 | 11,500,556 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 164,016 | 183,350 |
Income taxes recoverable | 448,665 | |
TOTAL ASSETS | 79,369,221 | 77,344,088 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 6,081,444 | 8,944,614 |
Dividends payable | 139,485 | 139,989 |
Contribution to retirement plan | 200,000 | 50,250 |
Employee compensation and related expenses | 581,796 | 409,778 |
Income taxes payable | 88,541 | |
Current portion of financing lease | 102,196 | 100,728 |
Current portion of Paycheck Protection Program loan | 1,338,114 | |
TOTAL CURRENT LIABILITIES | 8,531,576 | 9,645,359 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 108,764 | 99,864 |
DEFERRED INCOME TAX LIABILITY | 732,295 | 361,146 |
OTHER NON-CURRENT LIABILITIES | 291,417 | 372,352 |
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN | 352,271 | |
TOTAL LIABILITIES | 10,016,323 | 10,478,721 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,334,785 shares and 8,295,160 shares at December 31, and March 31, 2020, respectively | 8,334,785 | 8,295,160 |
Additional paid-in capital | 29,852,154 | 29,565,416 |
Accumulated other comprehensive income | 2,657,923 | |
Treasury stock at cost (1,355,916 shares and 1,225,716 shares at December 31, and March 31, 2020, respectively) | (6,619,320) | (5,525,964) |
Retained earnings | 35,127,356 | 34,530,755 |
TOTAL STOCKHOLDERS’ EQUITY | 69,352,898 | 66,865,367 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 79,369,221 | $ 77,344,088 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Allowances for bad debts and cash discounts | $ 82,417 | $ 82,417 |
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) | 8,334,785 | 8,295,160 |
Treasury stock, shares (in shares) | 1,355,916 | 1,225,716 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Sales | $ 28,502,049 | $ 28,150,817 | $ 76,888,329 | $ 109,121,717 |
Costs and expenses | ||||
Costs of goods sold | 24,006,200 | 28,097,884 | 71,044,629 | 108,380,110 |
General, selling and administrative costs | 1,725,143 | 1,200,393 | 4,518,785 | 3,662,630 |
Interest expense | 6,148 | 2,463 | 18,356 | 2,463 |
Costs and expenses, total | 25,737,491 | 29,300,740 | 75,581,770 | 112,045,203 |
EARNINGS (LOSS) FROM OPERATIONS | 2,764,558 | (1,149,923) | 1,306,559 | (2,923,486) |
Interest and other income | (4,339) | (4,370) | (12,987) | (15,075) |
EARNINGS (LOSS) BEFORE INCOME TAXES | 2,768,897 | (1,145,553) | 1,319,546 | (2,908,411) |
Provision for (benefit from) income taxes: | ||||
Current | 757,097 | 244,940 | 634,056 | (49,584) |
Deferred | (117,945) | (509,490) | (335,388) | (628,459) |
Income tax | 639,152 | (264,550) | 298,668 | (678,043) |
NET EARNINGS (LOSS) | $ 2,129,745 | $ (881,003) | $ 1,020,878 | $ (2,230,368) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 7,039,736 | 6,999,444 | 7,062,628 | 6,999,444 |
Diluted (in shares) | 7,039,736 | 6,999,444 | 7,062,628 | 6,999,444 |
Net earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 0.30 | $ (0.13) | $ 0.14 | $ (0.32) |
Diluted (in dollars per share) | 0.30 | (0.13) | 0.14 | (0.32) |
Cash dividends declared per common share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.08 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net earnings (loss) | $ 2,129,745 | $ (881,003) | $ 1,020,878 | $ (2,230,368) |
Other comprehensive income (loss): | ||||
Cash flow hedges, net of tax | 2,657,923 | 2,657,923 | ||
Other comprehensive income: | 2,657,923 | 2,657,923 | ||
Comprehensive income (loss) | $ 4,787,668 | $ (881,003) | $ 3,678,801 | $ (2,230,368) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 1,020,878 | $ (2,230,368) |
Adjustments to reconcile net earnings (loss) to cash provided by operating activities: | ||
Depreciation | 730,254 | 923,966 |
Deferred taxes | (335,388) | (628,459) |
Compensation expense for restricted stock | 376,363 | 249,708 |
Change in postretirement benefits | 8,900 | 8,215 |
Lower of cost or net realizable value inventory adjustment | 274,093 | 955,605 |
Deferred gain on derivatives | 696,400 | |
Decrease (increase) in operating assets: | ||
Accounts receivable | (428,031) | 3,337,785 |
Inventories | 5,263,830 | 12,562,592 |
Federal income taxes recoverable | 448,665 | (40,639) |
Other current assets | (793,679) | (1,025,125) |
Increase (decrease) in operating liabilities: | ||
Accounts payable and accrued expenses | (2,834,970) | 567,114 |
Income taxes payable | 88,541 | (159,694) |
Contribution to retirement plan | 149,750 | 149,750 |
Employee compensation and related expenses | 172,018 | (42,617) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,837,624 | 14,627,833 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (4,228,193) | (3,223,856) |
Increase in cash surrender value of officers’ life insurance | (12,970) | (13,110) |
NET CASH USED IN INVESTING ACTIVITIES | (4,241,163) | (3,236,966) |
FINANCING ACTIVITIES | ||
Paycheck Protection Program loan proceeds | 1,690,385 | |
Cash dividends paid | (424,780) | (699,945) |
Cash paid for principal portion of finance lease | (75,364) | (24,760) |
Cash paid for share repurchases | (1,143,356) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 46,885 | (724,705) |
INCREASE IN CASH AND RESTRICTED CASH | 643,346 | 10,666,162 |
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 17,057,751 | 11,667,161 |
CASH AND RESTRICTED CASH AT END OF PERIOD | $ 17,701,097 | $ 22,333,323 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | Dec. 31, 2020USD ($) |
Other Current Assets [Member] | |
Cash Margin | $ 1,215,300 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 |
Note B - New Accounting Standar
Note B - New Accounting Standards | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE B — NEW ACCOUNTING STANDARDS Recently Adopted 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, The Company adopted ASC 842 April 1, 2019 842 $63,000 1 not 2 not not In August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first Accounting Standards Not In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, 2016 13 December 15, 2019. November 2019, 2019 10, 326 815 842 2019 10” 2019 10 2016 13 not December 15, 2022, not 2016 13. In December 2019, 2019 12, 740 2019 12” 740, 740. 2019 12 December 15, 2020 |
Note C - Inventories
Note C - Inventories | 9 Months Ended |
Dec. 31, 2020 | |
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: December 31, 2020 March 31, 2020 Prime Coil Inventory $ 15,459,864 $ 17,190,435 Non-Standard Coil Inventory 2,178,029 1,550,734 Tubular Raw Material 2,671,140 4,888,542 Tubular Finished Goods 9,821,287 12,038,532 $ 30,130,320 $ 35,668,243 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 the Company has purchased from U.S. Steel Tubular Products, Inc. |
Note D - Debt
Note D - Debt | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE D – DEBT In April 2020, $1,690,385 2020 two 0.98%. six may no |
Note E - Leases
Note E - Leases | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES The Company adopted ASU 2016 02, 842” April 1, 2019 April 1, 2019 not 842 $63,000 April 1, 2019. 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 $4,878 April 30, 2021. In October 2019, 5 $518,616 $9,074. The components of expense related to leases for the three nine December 31, 2020 2019 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Finance lease – amortization of ROU asset $ 25,243 $ 8,644 $ 75,364 $ 8,644 Finance lease – interest on lease liability 1,981 2,463 6,306 2,463 Operating lease expense 14,634 8,184 41,652 24,552 $ 41,858 $ 19,291 $ 123,322 $ 35,659 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2020 December 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 19,231 Other assets Finance lease right-of-use asset 488,363 Property, plant & equipment Total right-of-use assets $ 507,594 Liabilities Operating lease liability, current $ 19,231 Accrued expenses Finance lease liability, current 102,196 Current portion of finance lease Finance lease liability, non-current 291,417 Other non-current liabilities Total lease liabilities $ 412,844 As of December 31, 2020 0.3 3.7 7% 1.9% Maturities of lease liabilities as of December 31, 2020 Operating Leases Finance Leases Fiscal 2021 (remainder of fiscal year) 14,634 27,222 Fiscal 2022 4,878 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 19,512 $ 408,330 Less: imputed interest (281 ) (14,717 ) Present value of lease liability $ 19,231 $ 393,613 |
Note F - Property, Plant and Eq
Note F - Property, Plant and Equipment | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE F — PROPERTY, PLANT AND EQUIPMENT The Company continued the previously announced capital expenditure project at our Decatur, Alabama facility during the third 2021. December 2020 March 2021. $7,200,000. December 31, 2020 $6,478,594 |
Note G - Stock Based Compensati
Note G - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE G — 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 nine December 31, 2020 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 89,625 5.64 Vested — — Unvested at December 31, 2020 359,625 $ 6.19 Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $376,363 $249,708 nine December 31, 2020 2019 December 31, 2020 $1,014,541, 2.8 |
Note H - Derivative Financial I
Note H - Derivative Financial Instruments | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS In June 2020, first 815 815” During the three December 31, 2020, December 31, 2020, $1,215,300 December 31, 2020. $1,227,940 December 31, 2020. three nine December 31, 2020, not not The following table summarizes the fair value of the Company's derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of December 31, 2020 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives designated as cash flow hedges: Location Fair Value Location Fair Value Hot-rolled coil steel contracts hedging purchases Other current assets $ 2,862,580 Hot-rolled coil steel contracts hedging sales Other current assets $ 1,422,460 The notional amounts (quantities) of our cash flow hedges outstanding at December 31, 2020 16,080 32,120 The following table summarizes the gain recognized in other comprehensive income and the gain reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for both the three nine December 31, 2020 Gain Recognized Location of Gain Reclassified from Gain Reclassified from in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 The estimated amount of gains recognized in AOCI at December 31, 2020 twelve $3,533,120. December 31, 2020, 2 17 one not The Company did not three nine December 31, 2019. |
Note I - Fair Value Measurement
Note I - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE I — FAIR VALUE MEASUREMENTS Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1 ● Level 2 1 ● Level 3 no Recurring Fair Value Measurements At December 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial assets $ 1,440,120 $ — $ — $ 1,440,120 Total $ 1,440,120 $ — $ — $ 1,440,120 At March 31, 2020 not Non-Recurring Fair Value Measurements At March 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450 ( 1 At March 31, 2020 $1,771,450. At December 31, 2020 not |
Note J - Segment Information
Note J - Segment Information | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE J — SEGMENT INFORMATION (in thousands) Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net sales Coil $ 21,672 $ 21,001 $ 55,561 $ 77,604 Tubular 6,830 7,150 21,327 31,518 Total net sales $ 28,502 $ 28,151 $ 76,888 $ 109,122 Operating profit (loss) Coil $ 3,238 $ (93 ) $ 3,529 $ 575 Tubular 269 (468 ) (16 ) (1,670 ) Total operating profit (loss) 3,507 (561 ) 3,513 (1,095 ) Corporate expenses 736 587 2,188 1,826 Interest expenses 6 2 18 2 Interest and other income (4 ) (4 ) (13 ) (15 ) Total earnings (loss) before taxes $ 2,769 $ (1,146 ) $ 1,320 $ (2,908 ) December 31, 2020 March 31, 2020 Segment assets Coil $ 43,880 $ 35,895 Tubular 17,563 23,659 61,443 59,554 Corporate assets 17,926 17,790 $ 79,369 $ 77,344 Corporate expenses reflect general and administrative expenses not |
Note K - Revenue
Note K - Revenue | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE K — 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 not three nine December 31, 2020 December 31, 2019 three nine December 31, 2020 2019 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Coil Segment: Prime Coil 19,541,188 18,662,211 49,897,886 67,827,299 Non-standard Coil 1,886,099 2,153,277 5,028,237 9,197,245 Customer Owned Coil 244,860 185,870 634,894 578,891 21,672,147 21,001,358 55,561,017 77,603,435 Tubular Segment: Manufactured Pipe 5,082,314 5,748,647 17,540,498 26,225,323 Mill Reject Pipe 1,747,588 1,400,812 3,786,814 5,292,959 6,829,902 7,149,459 21,327,312 31,518,282 |
Note L - Stockholders' Equity
Note L - Stockholders' Equity | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE L — STOCKHOLDERS' EQUITY The following tables reflect the changes in stockholders' equity for each of the quarters during the nine December 31, 2020 December 31, 2019 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings BALANCE AT MARCH 31, 2020 $ 8,295,160 — $ 29,565,416 $ (5,525,964 ) $ 34,530,755 Net loss — — — — (858,862 ) Issuance of restricted stock 11,000 — — — — Paid in capital – restricted stock awards — — 99,814 — — Cash dividends ($0.02 per share) — — — — (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ — $ 29,665,230 $ (5,525,964 ) $ 33,528,664 Net loss — — — — (250,005 ) Paid in capital – restricted stock awards — — 110,813 — — Repurchase of shares — — — (410,221 ) — Cash dividends ($0.02 per share) — — — — (143,181 ) BALANCE AT SEPTEMBER 30, 2020 $ 8,306,160 $ — $ 29,776,043 $ (5,936,185 ) $ 33,135,478 Net earnings — — — — 2,129,745 Other comprehensive income — 2,657,923 — — — Issuance of restricted stock 28,625 — — 50,000 — Paid in capital – restricted stock awards — — 76,111 — — Repurchase of shares — — — (733,135 ) — Cash dividends ($0.02 per share) — — — — (137,867 ) BALANCE AT DECEMBER 31, 2020 $ 8,334,785 $ 2,657,923 $ 29,852,154 $ (6,619,320 ) $ 35,127,356 Accumulated Other Additional Common Comprehensive Paid-In Treasury Retained Stock Income Capital Stock 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 Net loss — — — — (1,544,137 ) Paid in capital – restricted stock awards — — 83,236 — — Cash dividends ($0.02 per share) — — — — (139,990 ) BALANCE AT SEPTEMBER 30, 2019 $ 8,225,160 $ — $ 29,468,944 $ (5,525,964 ) $ 38,710,576 Net loss — — — — (881,003) Paid in capital – restricted stock awards — — 83,236 — — Cash dividends ($0.02 per share) — — — — (139,993) BALANCE AT DECEMBER 31, 2019 $ 8,225,160 $ — $ 29,552,180 $ (5,525,964 ) $ 37,689,580 On June 25, 2020, may 1,062,067 June 30, 2023, 15% June 25, 2020. may may may 10b5 1 1934, not may 180,200 $1,143,356 December 31, 2020 |
Note M - Other Comprehensive In
Note M - Other Comprehensive Income | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE M — OTHER COMPREHENSIVE INCOME The following table summarizes the tax effects on each component of OCI for the periods presented: Three Months Ended December 31, 2020 Before-Tax Tax Net-of-Tax Cash flow hedges $ 3,364,460 $ (706,537 ) $ 2,657,923 Other comprehensive income $ 3,364,460 $ (706,537 ) $ 2,657,923 Nine Months Ended December 31, 2020 Before-Tax Tax Net-of-Tax Cash flow hedges $ 3,364,460 $ (706,537 ) $ 2,657,923 Other comprehensive income $ 3,364,460 $ (706,537 ) $ 2,657,923 For the three nine December 31, 2019, not |
Note N - Supplemental Cash Flow
Note N - Supplemental Cash Flow Information | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE N — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest of approximately $6,000 nine December 31, 2020 $2,500 nine December 31, 2019 $10,000 $259,000 nine December 31, 2020 nine December 31, 2019 nine December 31, 2019 $121,000 |
Note O - Income Taxes
Note O - Income Taxes | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE O — INCOME TAXES For the nine December 31, 2020 $298,668, 22.6% $678,043, 23.3% nine December 31, 2019 nine |
Note P - Related Party Transact
Note P - Related Party Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE P – RELATED PARTY TRANSACTIONS The Company has engaged Metal Edge Partners, LLC (“Metal Edge”) to provide services that include strategic advisory services, risk management services, procurement advisory services, steel market analytics and macro-economic analytics. Tim Stevenson serves as a member of our Board of Directors and serves as Chief Executive Officer of Metal Edge. In the nine December 31, 2020 $136,000 may ninety no nine December 31, 2019. |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 March 31, 2020 Prime Coil Inventory $ 15,459,864 $ 17,190,435 Non-Standard Coil Inventory 2,178,029 1,550,734 Tubular Raw Material 2,671,140 4,888,542 Tubular Finished Goods 9,821,287 12,038,532 $ 30,130,320 $ 35,668,243 |
Note E - Leases (Tables)
Note E - Leases (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Finance lease – amortization of ROU asset $ 25,243 $ 8,644 $ 75,364 $ 8,644 Finance lease – interest on lease liability 1,981 2,463 6,306 2,463 Operating lease expense 14,634 8,184 41,652 24,552 $ 41,858 $ 19,291 $ 123,322 $ 35,659 |
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block] | December 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 19,231 Other assets Finance lease right-of-use asset 488,363 Property, plant & equipment Total right-of-use assets $ 507,594 Liabilities Operating lease liability, current $ 19,231 Accrued expenses Finance lease liability, current 102,196 Current portion of finance lease Finance lease liability, non-current 291,417 Other non-current liabilities Total lease liabilities $ 412,844 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Fiscal 2021 (remainder of fiscal year) 14,634 27,222 Fiscal 2022 4,878 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 19,512 $ 408,330 Less: imputed interest (281 ) (14,717 ) Present value of lease liability $ 19,231 $ 393,613 |
Note G - Stock Based Compensa_2
Note G - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 89,625 5.64 Vested — — Unvested at December 31, 2020 359,625 $ 6.19 |
Note H - Derivative Financial_2
Note H - Derivative Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives designated as cash flow hedges: Location Fair Value Location Fair Value Hot-rolled coil steel contracts hedging purchases Other current assets $ 2,862,580 Hot-rolled coil steel contracts hedging sales Other current assets $ 1,422,460 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Gain Recognized Location of Gain Reclassified from Gain Reclassified from in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 |
Note I - Fair Value Measureme_2
Note I - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial assets $ 1,440,120 $ — $ — $ 1,440,120 Total $ 1,440,120 $ — $ — $ 1,440,120 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450 |
Note J - Segment Information (T
Note J - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net sales Coil $ 21,672 $ 21,001 $ 55,561 $ 77,604 Tubular 6,830 7,150 21,327 31,518 Total net sales $ 28,502 $ 28,151 $ 76,888 $ 109,122 Operating profit (loss) Coil $ 3,238 $ (93 ) $ 3,529 $ 575 Tubular 269 (468 ) (16 ) (1,670 ) Total operating profit (loss) 3,507 (561 ) 3,513 (1,095 ) Corporate expenses 736 587 2,188 1,826 Interest expenses 6 2 18 2 Interest and other income (4 ) (4 ) (13 ) (15 ) Total earnings (loss) before taxes $ 2,769 $ (1,146 ) $ 1,320 $ (2,908 ) December 31, 2020 March 31, 2020 Segment assets Coil $ 43,880 $ 35,895 Tubular 17,563 23,659 61,443 59,554 Corporate assets 17,926 17,790 $ 79,369 $ 77,344 |
Note K - Revenue (Tables)
Note K - Revenue (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Coil Segment: Prime Coil 19,541,188 18,662,211 49,897,886 67,827,299 Non-standard Coil 1,886,099 2,153,277 5,028,237 9,197,245 Customer Owned Coil 244,860 185,870 634,894 578,891 21,672,147 21,001,358 55,561,017 77,603,435 Tubular Segment: Manufactured Pipe 5,082,314 5,748,647 17,540,498 26,225,323 Mill Reject Pipe 1,747,588 1,400,812 3,786,814 5,292,959 6,829,902 7,149,459 21,327,312 31,518,282 |
Note L - Stockholders' Equity (
Note L - Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings BALANCE AT MARCH 31, 2020 $ 8,295,160 — $ 29,565,416 $ (5,525,964 ) $ 34,530,755 Net loss — — — — (858,862 ) Issuance of restricted stock 11,000 — — — — Paid in capital – restricted stock awards — — 99,814 — — Cash dividends ($0.02 per share) — — — — (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ — $ 29,665,230 $ (5,525,964 ) $ 33,528,664 Net loss — — — — (250,005 ) Paid in capital – restricted stock awards — — 110,813 — — Repurchase of shares — — — (410,221 ) — Cash dividends ($0.02 per share) — — — — (143,181 ) BALANCE AT SEPTEMBER 30, 2020 $ 8,306,160 $ — $ 29,776,043 $ (5,936,185 ) $ 33,135,478 Net earnings — — — — 2,129,745 Other comprehensive income — 2,657,923 — — — Issuance of restricted stock 28,625 — — 50,000 — Paid in capital – restricted stock awards — — 76,111 — — Repurchase of shares — — — (733,135 ) — Cash dividends ($0.02 per share) — — — — (137,867 ) BALANCE AT DECEMBER 31, 2020 $ 8,334,785 $ 2,657,923 $ 29,852,154 $ (6,619,320 ) $ 35,127,356 Accumulated Other Additional Common Comprehensive Paid-In Treasury Retained Stock Income Capital Stock 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 Net loss — — — — (1,544,137 ) Paid in capital – restricted stock awards — — 83,236 — — Cash dividends ($0.02 per share) — — — — (139,990 ) BALANCE AT SEPTEMBER 30, 2019 $ 8,225,160 $ — $ 29,468,944 $ (5,525,964 ) $ 38,710,576 Net loss — — — — (881,003) Paid in capital – restricted stock awards — — 83,236 — — Cash dividends ($0.02 per share) — — — — (139,993) BALANCE AT DECEMBER 31, 2019 $ 8,225,160 $ — $ 29,552,180 $ (5,525,964 ) $ 37,689,580 |
Note M - Other Comprehensive _2
Note M - Other Comprehensive Income (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended December 31, 2020 Before-Tax Tax Net-of-Tax Cash flow hedges $ 3,364,460 $ (706,537 ) $ 2,657,923 Other comprehensive income $ 3,364,460 $ (706,537 ) $ 2,657,923 Nine Months Ended December 31, 2020 Before-Tax Tax Net-of-Tax Cash flow hedges $ 3,364,460 $ (706,537 ) $ 2,657,923 Other comprehensive income $ 3,364,460 $ (706,537 ) $ 2,657,923 |
Note B - New Accounting Stand_2
Note B - New Accounting Standards (Details Textual) | Apr. 01, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 63,000 |
Operating Lease, Liability, Total | $ 63,000 |
Note C - Inventories - Summary
Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Inventories | $ 30,130,320 | $ 35,668,243 |
Prime Coil Inventory [Member] | ||
Raw materials | 15,459,864 | 17,190,435 |
Non-standard Coil Inventory [Member] | ||
Raw materials | 2,178,029 | 1,550,734 |
Tubular Inventory [Member] | ||
Raw materials | 2,671,140 | 4,888,542 |
Finished goods | $ 9,821,287 | $ 12,038,532 |
Note D - Debt (Details Textual)
Note D - Debt (Details Textual) | Apr. 10, 2020USD ($) |
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,690,385 |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2019 | Dec. 31, 2020 | Apr. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 63,000 | ||
Operating Lease, Monthly Payments | $ 4,878 | ||
Finance Lease, Liability, Payment, Due, Total | $ 408,330 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 109 days | ||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 255 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 7.00% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 1.90% | ||
Operating Lease, Liability, Total | 63,000 | ||
Accrued Expense and Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 19,231 | $ 63,000 | |
Heavy-duty Forklift [Member] | |||
Lessee, Finance Lease, Term of Contract (Year) | 5 years | ||
Finance Lease, Liability, Payment, Due, Total | $ 518,616 | ||
Finance Lease, Monthly Payment | $ 9,074 |
Note E - Leases - Lease Cost (D
Note E - Leases - Lease Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease – amortization of ROU asset | $ 25,243 | $ 8,644 | $ 75,364 | $ 8,644 |
Finance lease – interest on lease liability | 1,981 | 2,463 | 6,306 | 2,463 |
Operating lease expense | 14,634 | 8,184 | 41,652 | 24,552 |
Lease, Cost, Total | $ 41,858 | $ 19,291 | $ 123,322 | $ 35,659 |
Note E - Leases - Balance Sheet
Note E - Leases - Balance Sheet Information (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Apr. 01, 2019 |
Operating lease right-of-use asset | $ 63,000 | ||
Total right-of-use assets | $ 507,594 | ||
Finance lease liability, current | 102,196 | $ 100,728 | |
Total lease liabilities | 412,844 | ||
Other Noncurrent Assets [Member] | |||
Operating lease right-of-use asset | 19,231 | ||
Property, Plant and Equipment, Net [Member] | |||
Finance lease right-of-use asset | 488,363 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Operating lease liability, current | 19,231 | ||
Current Portion of Financing Lease [Member] | |||
Finance lease liability, current | 102,196 | ||
Other Noncurrent Liabilities [Member] | |||
Finance lease liability, non-current | $ 291,417 |
Note E - Leases - Maturities of
Note E - Leases - Maturities of Operating and Finance Lease (Details) - USD ($) | Dec. 31, 2020 | Apr. 01, 2019 |
Operating lease, Fiscal 2021 | $ 14,634 | |
Finance lease, Fiscal 2021 | 27,222 | |
Operating lease, Fiscal 2022 | 4,878 | |
Finance lease, Fiscal 2022 | 108,888 | |
Operating lease, Fiscal 2023 | ||
Finance lease, Fiscal 2023 | 108,888 | |
Operating lease, Fiscal 2024 | ||
Finance lease, Fiscal 2024 | 108,888 | |
Operating lease, Fiscal 2025 | ||
Finance lease, Fiscal 2025 | 54,444 | |
Operating lease, Total undiscounted lease payments | 19,512 | |
Finance lease, Total undiscounted lease payments | 408,330 | |
Operating lease, Less: imputed interest | (281) | |
Finance lease, Less: imputed interest | (14,717) | |
Present value of lease liability, operating lease | $ 63,000 | |
Present value of lease liability, finance lease | 393,613 | |
Accrued Expense and Other Noncurrent Liabilities [Member] | ||
Present value of lease liability, operating lease | $ 19,231 | $ 63,000 |
Note F - Property, Plant and _2
Note F - Property, Plant and Equipment (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Construction in Progress, Gross | $ 6,478,594 | $ 3,797,364 |
Equipment [Member] | ||
Capital Expenditures Incurred but Not yet Paid | $ 7,200,000 |
Note G - Stock Based Compensa_3
Note G - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($) | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 376,363 | $ 249,708 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,014,541 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 292 days |
Note G - Stock Based Compensa_4
Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Unvested (in shares) | shares | 270,000 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 6.37 |
Cancelled or forfeited (in shares) | shares | |
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 89,625 |
Granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 5.64 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | |
Unvested (in shares) | shares | 359,625 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 6.19 |
Note H - Derivative Financial_3
Note H - Derivative Financial Instruments (Details Textual) xbrli-pure in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)T | Dec. 31, 2019 | |
Derivative, Number of Instruments Held, Total | 0 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 3,533,120 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | |
Designated as Hedging Instrument [Member] | Long [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 16,080 | |
Designated as Hedging Instrument [Member] | Long [Member] | Minimum [Member] | ||
Derivative, Term of Contract (Month) | 60 days | |
Designated as Hedging Instrument [Member] | Long [Member] | Maximum [Member] | ||
Derivative, Term of Contract (Month) | 1 year 150 days | |
Designated as Hedging Instrument [Member] | Short [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 32,120 | |
Other Current Assets [Member] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 1,215,300 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 1,227,940 |
Note H - Derivative Financial_4
Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - Designated as Hedging Instrument [Member] - Hot-rolled Coil Future Contract [Member] - Other Current Assets [Member] | Dec. 31, 2020USD ($) |
Long [Member] | |
Derivative asset | $ 2,862,580 |
Short [Member] | |
Derivative liabilities | $ 1,422,460 |
Note H - Derivative Financial_5
Note H - Derivative Financial Instruments - Gain (Loss) for Derivative Financial Instruments (Details) - Hot-rolled Coil Future Contract [Member] - Designated as Hedging Instrument [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Gain recognized in OCI | $ 3,364,460 |
Cost of Sales [Member] | |
Gain reclassified from AOCI into net earnings | $ 396,720 |
Note I - Fair Value Measureme_3
Note I - Fair Value Measurements (Details Textual) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment, Net, Ending Balance | $ 14,967,537 | $ 11,500,556 |
Pipe Finishing Facility [Member] | Tubular [Member] | ||
Property, Plant and Equipment, Net, Ending Balance | $ 1,771,450 |
Note I - Fair Value Measureme_4
Note I - Fair Value Measurements - Recurring and Non-recurring Fair Value Measurements (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Fair Value, Nonrecurring [Member] | |||
Derivative asset | $ 1,440,120 | ||
Total | 1,440,120 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivative asset | 1,440,120 | ||
Total | 1,440,120 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative asset | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative asset | |||
Total | |||
Fair Value, Recurring [Member] | |||
Total | $ 1,771,450 | ||
Long-lived assets held and used (1) | [1] | 1,771,450 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total | |||
Long-lived assets held and used (1) | [1] | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total | |||
Long-lived assets held and used (1) | [1] | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total | 1,771,450 | ||
Long-lived assets held and used (1) | [1] | $ 1,771,450 | |
[1] | At March 31, 2020, the Company performed an impairment review of the tubular segment's pipe finishing facility that resulted in the assets being written down to their estimated fair value of $1,771,450. |
Note J - Segment Information -
Note J - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 28,502,049 | $ 28,150,817 | $ 76,888,329 | $ 109,121,717 | |
Operating profit (loss) | 2,764,558 | (1,149,923) | 1,306,559 | (2,923,486) | |
Corporate expenses | 736,000 | 587,000 | 2,188,000 | 1,826,000 | |
Interest expense | 6,148 | 2,463 | 18,356 | 2,463 | |
Interest and other income | (4,339) | (4,370) | (12,987) | (15,075) | |
Total earnings (loss) before taxes | 2,768,897 | (1,145,553) | 1,319,546 | (2,908,411) | |
Segment assets | 79,369,221 | 79,369,221 | $ 77,344,088 | ||
Coil [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 21,672,147 | 21,001,358 | 55,561,017 | 77,603,435 | |
Tubular [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 6,829,902 | 7,149,459 | 21,327,312 | 31,518,282 | |
Operating Segments [Member] | |||||
Operating profit (loss) | 3,507,000 | (561,000) | 3,513,000 | (1,095,000) | |
Segment assets | 61,443,000 | 61,443,000 | 59,554,000 | ||
Operating Segments [Member] | Coil [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 21,672,000 | 21,001,000 | 55,561,000 | 77,604,000 | |
Operating profit (loss) | 3,238,000 | (93,000) | 3,529,000 | 575,000 | |
Segment assets | 43,880,000 | 43,880,000 | 35,895,000 | ||
Operating Segments [Member] | Tubular [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 6,830,000 | 7,150,000 | 21,327,000 | 31,518,000 | |
Operating profit (loss) | 269,000 | $ (468,000) | (16,000) | $ (1,670,000) | |
Segment assets | 17,563,000 | 17,563,000 | 23,659,000 | ||
Corporate, Non-Segment [Member] | |||||
Segment assets | $ 17,926,000 | $ 17,926,000 | $ 17,790,000 |
Note K - Revenue (Details Textu
Note K - Revenue (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 28,502,049 | $ 28,150,817 | $ 76,888,329 | $ 109,121,717 |
Pipe Finishing Services [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note K - Revenue - Disaggregati
Note K - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Sales | $ 28,502,049 | $ 28,150,817 | $ 76,888,329 | $ 109,121,717 |
Coil [Member] | ||||
Net Sales | 21,672,147 | 21,001,358 | 55,561,017 | 77,603,435 |
Coil [Member] | Prime Coil [Member] | ||||
Net Sales | 19,541,188 | 18,662,211 | 49,897,886 | 67,827,299 |
Coil [Member] | Secondary Coil [Member] | ||||
Net Sales | 1,886,099 | 2,153,277 | 5,028,237 | 9,197,245 |
Coil [Member] | Customer Owned [Member] | ||||
Net Sales | 244,860 | 185,870 | 634,894 | 578,891 |
Tubular [Member] | ||||
Net Sales | 6,829,902 | 7,149,459 | 21,327,312 | 31,518,282 |
Tubular [Member] | Manufactured Pipe [Member] | ||||
Net Sales | 5,082,314 | 5,748,647 | 17,540,498 | 26,225,323 |
Tubular [Member] | Mill Reject Pipe [Member] | ||||
Net Sales | $ 1,747,588 | $ 1,400,812 | $ 3,786,814 | $ 5,292,959 |
Note L - Stockholders' Equity_2
Note L - Stockholders' Equity (Details Textual) - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Jun. 25, 2020 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,062,067 | |
Stock Repurchase Program, Percentage of Total Outstanding Shares of Common Stock | 15.00% | |
Treasury Stock, Shares, Acquired (in shares) | 180,200 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,143,356 |
Note L - Stockholders' Equity -
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 66,865,367 | $ 66,865,367 | |||||||
Net earnings (loss) | $ 2,129,745 | $ (881,003) | 1,020,878 | $ (2,230,368) | |||||
Repurchase of shares | $ (1,143,356) | ||||||||
Other comprehensive income | 2,657,923 | 2,657,923 | |||||||
Balance | 69,352,898 | 69,352,898 | 69,352,898 | ||||||
Common Stock [Member] | |||||||||
Balance | 8,306,160 | $ 8,306,160 | 8,295,160 | 8,225,160 | $ 8,225,160 | $ 8,205,160 | 8,295,160 | 8,205,160 | |
Net earnings (loss) | |||||||||
Issuance of restricted stock | 28,625 | 11,000 | 20,000 | ||||||
Paid in capital – restricted stock awards | |||||||||
Cash dividends | |||||||||
Repurchase of shares | |||||||||
Other comprehensive income | |||||||||
Balance | 8,334,785 | 8,306,160 | 8,306,160 | 8,225,160 | 8,225,160 | 8,225,160 | 8,334,785 | 8,334,785 | 8,225,160 |
AOCI Attributable to Parent [Member] | |||||||||
Balance | |||||||||
Net earnings (loss) | |||||||||
Issuance of restricted stock | |||||||||
Paid in capital – restricted stock awards | |||||||||
Cash dividends | |||||||||
Repurchase of shares | |||||||||
Other comprehensive income | 2,657,923 | ||||||||
Balance | 2,657,923 | 2,657,923 | 2,657,923 | ||||||
Additional Paid-in Capital [Member] | |||||||||
Balance | 29,776,043 | 29,665,230 | 29,565,416 | 29,468,944 | 29,385,708 | 29,322,472 | 29,565,416 | 29,322,472 | |
Net earnings (loss) | |||||||||
Issuance of restricted stock | |||||||||
Paid in capital – restricted stock awards | 76,111 | 110,813 | 99,814 | 83,236 | 83,236 | 63,236 | |||
Cash dividends | |||||||||
Repurchase of shares | |||||||||
Other comprehensive income | |||||||||
Balance | 29,852,154 | 29,776,043 | 29,665,230 | 29,552,180 | 29,468,944 | 29,385,708 | 29,852,154 | 29,852,154 | 29,552,180 |
Treasury Stock [Member] | |||||||||
Balance | (5,936,185) | (5,525,964) | (5,525,964) | (5,525,964) | (5,525,964) | (5,525,964) | (5,525,964) | (5,525,964) | |
Net earnings (loss) | |||||||||
Issuance of restricted stock | 50,000 | ||||||||
Paid in capital – restricted stock awards | |||||||||
Cash dividends | |||||||||
Repurchase of shares | (733,135) | (410,221) | |||||||
Other comprehensive income | |||||||||
Balance | (6,619,320) | (5,936,185) | (5,525,964) | (5,525,964) | (5,525,964) | (5,525,964) | (6,619,320) | (6,619,320) | (5,525,964) |
Retained Earnings [Member] | |||||||||
Balance | 33,135,478 | 33,528,664 | 34,530,755 | 38,710,576 | 40,394,703 | 40,479,909 | 34,530,755 | 40,479,909 | |
Net earnings (loss) | 2,129,745 | (250,005) | (858,862) | (881,003) | (1,544,137) | 194,772 | |||
Issuance of restricted stock | |||||||||
Paid in capital – restricted stock awards | |||||||||
Cash dividends | (137,867) | (143,181) | (143,229) | (139,993) | (139,990) | (279,978) | |||
Repurchase of shares | |||||||||
Other comprehensive income | |||||||||
Balance | $ 35,127,356 | $ 33,135,478 | $ 33,528,664 | $ 37,689,580 | $ 38,710,576 | $ 40,394,703 | $ 35,127,356 | $ 35,127,356 | $ 37,689,580 |
Note L - Stockholders' Equity_3
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash dividends, per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.08 | ||||
Retained Earnings [Member] | ||||||||
Cash dividends, per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.04 |
Note M - Other Comprehensive _3
Note M - Other Comprehensive Income - Summary of Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow hedges, before tax | $ 3,364,460 | $ 3,364,460 | ||
Cash flow hedges, tax | (706,537) | (706,537) | ||
Cash flow hedges, net of tax | 2,657,923 | 2,657,923 | ||
Other comprehensive income, before tax | 3,364,460 | 3,364,460 | ||
Other comprehensive income, tax | (706,537) | (706,537) | ||
Other comprehensive income, net of tax | $ 2,657,923 | $ 2,657,923 |
Note N - Supplemental Cash Fl_2
Note N - Supplemental Cash Flow Information (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 6,000 | $ 2,500 |
Income Taxes Paid | 10,000 | $ 259,000 |
Life Insurance Transfer of Ownership | $ 121,000 |
Note O - Income Taxes (Details
Note O - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 639,152 | $ (264,550) | $ 298,668 | $ (678,043) |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.60% | 23.30% |
Note P - Related Party Transa_2
Note P - Related Party Transactions (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction, Amounts of Transaction | $ 0 | |
Metal Edge [Member] | Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 136,000 |