Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Jul. 07, 2021 | Sep. 30, 2020 | |
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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,899,537 | ||
Entity Public Float | $ 42,802 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $1 Par Value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 8,191,001 | $ 17,057,751 |
Accounts receivable, net of allowances for bad debts and cash discounts of $32,834 and $82,417 at March 31, 2021 and 2020, respectively | 20,377,967 | 11,705,344 |
Inventories | 36,016,093 | 35,668,243 |
Other current assets | 12,949,574 | 780,179 |
TOTAL CURRENT ASSETS | 77,534,635 | 65,211,517 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,179,831 | 1,179,831 |
Buildings and yard improvements | 9,199,704 | 9,008,869 |
Machinery and equipment | 35,253,000 | 29,339,893 |
Construction in process | 9,614 | 3,797,364 |
Less accumulated depreciation | (30,180,893) | (31,825,401) |
Property, Plant and Equipment, Net, Ending Balance | 15,461,256 | 11,500,556 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 148,494 | 183,350 |
Deferred income tax asset | 1,864,424 | |
Income taxes recoverable | 448,665 | |
TOTAL ASSETS | 95,008,809 | 77,344,088 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 15,185,038 | 8,944,614 |
Income taxes payable | 1,455,099 | |
Dividends payable | 138,117 | 139,989 |
Contribution to retirement plan | 50,000 | 50,250 |
Employee compensation and related expenses | 2,643,538 | 409,778 |
Current portion of financing lease | 102,689 | 100,728 |
Current portion of derivative liability | 7,979,380 | |
Current portion of Paycheck Protection Program loan | 1,518,410 | |
TOTAL CURRENT LIABILITIES | 29,072,271 | 9,645,359 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 108,609 | 99,864 |
DEFERRED INCOME TAX LIABILITY | 361,146 | |
OTHER NON-CURRENT LIABILITIES | 315,978 | 372,352 |
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN | 171,975 | |
TOTAL LIABILITIES | 29,668,833 | 10,478,721 |
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 11) | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,334,785 shares and 8,295,160 shares at March 31, 2021 and 2020, respectively | 8,334,785 | |
Additional paid-in capital | 30,003,462 | 29,565,416 |
Accumulated other comprehensive loss | (11,187,841) | |
Treasury stock at cost (1,435,248 shares and 1,225,716 shares at March 31, 2021 and 2020, respectively) | (7,203,342) | (5,525,964) |
Retained earnings | 45,392,912 | 34,530,755 |
TOTAL STOCKHOLDERS’ EQUITY | 65,339,976 | 66,865,367 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 95,008,809 | $ 77,344,088 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Allowances for bad debts and cash discounts | $ 32,834 | $ 82,417 |
Treasury stock, shares (in shares) | 1,435,248 | 1,225,716 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 126,102,533 | $ 142,102,324 |
Costs and expenses: | ||
Cost of products sold | 102,517,335 | 139,491,989 |
Selling, general and administrative | 7,835,184 | 5,124,572 |
Impairment loss for long-lived assets | 4,338,419 | |
Interest expense | 24,619 | 4,806 |
Costs and expenses, total | 110,377,138 | 148,959,786 |
EARNINGS (LOSS) FROM OPERATIONS | 15,725,395 | (6,857,462) |
Other income (loss) | (503,422) | 19,260 |
EARNINGS (LOSS) BEFORE INCOME TAXES | 15,221,973 | (6,838,202) |
Provision for (benefit from) income taxes: | ||
Current | 2,459,009 | (404,892) |
Deferred | 1,338,489 | (1,184,100) |
Income tax | 3,797,498 | (1,588,992) |
NET EARNINGS (LOSS) | $ 11,424,475 | $ (5,249,210) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 7,027,707 | 7,000,403 |
Diluted (in shares) | 7,027,707 | 7,000,403 |
Net earnings (loss) per share: | ||
Basic (in dollars per share) | $ 1.63 | $ (0.75) |
Diluted (in dollars per share) | $ 1.63 | $ (0.75) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net earnings (loss) | $ 11,424,475 | $ (5,249,210) | |
Other comprehensive loss: | |||
Cash flow hedges, net of tax | (11,187,841) | [1] | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (11,187,841) | ||
Comprehensive income (loss) | $ 236,634 | $ (5,249,210) | |
[1] | Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance at March 31, 2020 at Mar. 31, 2019 | $ 8,205,160 | $ 29,322,472 | $ (5,525,964) | $ 40,479,909 | $ 72,481,577 | |
Net earnings (loss) | (5,249,210) | (5,249,210) | ||||
Issuance of restricted stock | 90,000 | 90,000 | ||||
Paid in capital – restricted stock awards | 242,944 | 242,944 | ||||
Cash dividends | (699,944) | (699,944) | ||||
Other comprehensive loss | ||||||
Balance at March 31, 2021 at Mar. 31, 2020 | 8,295,160 | 29,565,416 | (5,525,964) | 34,530,755 | 66,865,367 | |
Net earnings (loss) | 11,424,475 | 11,424,475 | ||||
Issuance of restricted stock | 39,625 | 50,000 | 89,625 | |||
Paid in capital – restricted stock awards | 438,046 | 438,046 | ||||
Cash dividends | (562,318) | (562,318) | ||||
Other comprehensive loss | (11,187,841) | (11,187,841) | ||||
Repurchase of shares | (1,727,378) | (1,727,378) | ||||
Balance at March 31, 2021 at Mar. 31, 2021 | $ 8,334,785 | $ (11,187,841) | $ 30,003,462 | $ (7,203,342) | $ 45,392,912 | $ 65,339,976 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retained Earnings [Member] | ||
Cash dividends, per share (in dollars per share) | $ 0.08 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 11,424,475 | $ (5,249,210) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation | 1,012,917 | 1,524,961 |
Impairment loss for long-lived assets | 4,338,419 | |
Deferred taxes | 1,338,489 | (1,184,100) |
Compensation expense for restricted stock | 527,671 | 332,944 |
Change in post-retirement benefits other than pensions | 8,745 | 10,903 |
Lower of cost or net realizable value inventory adjustment | 274,093 | 955,605 |
Deferred realized loss on derivatives | (6,843,140) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,672,623) | 1,478,067 |
Inventories | (621,943) | 12,438,238 |
Federal income taxes recoverable | 448,665 | (448,665) |
Other current assets | 454,489 | (236,630) |
Accounts payable and accrued expenses | 5,386,439 | (2,680,481) |
Income taxes payable | 1,455,099 | (159,694) |
Employee compensation and related expenses | 2,233,760 | 112,462 |
Contribution to retirement plan | (250) | |
Net cash provided by operating activities | 8,426,886 | 11,232,819 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (4,609,617) | (4,935,361) |
Proceeds from sale of assets | 30,957 | |
Increase in cash value of officers’ life insurance | (11,580) | (17,295) |
Net cash used in investing activities | (4,590,240) | (4,952,656) |
FINANCING ACTIVITIES | ||
Paycheck Protection Program loan proceeds | 1,690,385 | |
Cash dividends paid | (564,190) | (839,933) |
Cash paid for principal portion of finance lease | (100,728) | (49,640) |
Cash paid for share repurchases | (1,727,378) | |
Net cash used in financing activities | (701,911) | (889,573) |
Increase in cash and restricted cash | 3,134,735 | 5,390,590 |
Cash at beginning of year | 17,057,751 | 11,667,161 |
Cash and restricted cash at end of year | $ 20,192,486 | $ 17,057,751 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) | Mar. 31, 2021USD ($) |
Cash required to collateralize open derivative positions | $ 12,001,485 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF CONSOLIDATION: REVENUE RECOGNITION: Note 14 TRADE RECEIVABLES: third 30 $17,834 $67,417 March 31, 2021 March 31, 2020 INVENTORIES: first 2021 $274,093 second 2020 $955,605 not no The following is a summary of inventory by product group: March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc. DERIVATIVE INSTRUMENTS: may changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 6 PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2021 March 31, 2020 $4,338,419 March 31, 2020 See Note 5 When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred. PAYCHECK PROTECTION PROGRAM LOAN: 2021, 470 March 31, 2021. 3 POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $108,609 $99,864 March 31, 2021 March 31, 2020 SHIPPING COSTS: SUPPLEMENTAL CASH FLOW INFORMATION: $8,000 $5,000 2021 2020 $10,000 $261,000 2021 2020 March 31, 2021 $394,955 2020 $121,000 2020 $518,616. 2020 no $4,721,500. INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not no USE OF ESTIMATES: may may may March 31, 2020 FINANCIAL INSTRUMENTS: EARNINGS PER SHARE: two no ECONOMIC RELATIONSHIP: March 2020, August 2020. March 31, 2021 22,500 one one $1,775,000 2021 $1,471,000 2020 For fiscal year 2021 no 10% 18% 2020 No 10% 2020 The Company's sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30 RISKS AND UNCERTAINTIES: COVID- 19 March 2020, 19” may April 2020 2021 not 19 no 19 may not NEW ACCOUNTING PRONOUNCEMENTS: August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first 6 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 2 - Equity Compensation Pl
Note 2 - Equity Compensation Plans and Capital Stock | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 2 . EQUITY COMPENSATION PLANS AND CAPITAL STOCK The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The following table summarizes the activity related to restricted stock awards for the two March 31, 2021 : Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 90,000 5.05 Vested — — Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 89,625 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07 Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $527,671 $332,944 l 2021 and fiscal 2020 , lan. As of March 31, 2021 , unrecognized compensation expense related to stock awards was approximately $866,000, 2.7 March 31, 2021 , a total of 140,375 The Company has 1,000,000 $1 may one no March 31, 2021 or March 31, 2020 . |
Note 3 - Debt
Note 3 - Debt | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . DEBT In April 2020, $1,690,385 2020 two 0.98%. six April 21, 2021 June 22, 2021 SBA On March 8, 2021, $10 July 15, 2021 March 31, 2021, not April 14 2021, first $10 $20 May 19, 2021, $40 May 19, 2026 in its entirety 1.7% 85% 85% 85% $5 1.10 1.00 twelve may $10 $5 |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. 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 d expired April 30, 2021. April 2021, three April 30, 2024. In October 2019, 5 $518,616 $9,074. The components of expense related to leases were as follows for the twelve d March 31, 2021 and March 31, 2020 , Twelve Months Twelve Months Ended March 31, Ended March 31, 2021 2020 Finance lease – amortization of ROU asset $ 100,728 $ 49,640 Finance lease – interest on lease liability 8,164 4,806 Operating lease expense 56,286 36,936 $ 165,178 $ 91,382 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as o f March 31, 2021 and March 31, 2020 : March 31, 2021 March 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 4,850 $ 51,535 Other assets Finance lease right-of-use asset 481,880 507,812 Property, plant & equipment Total right-of-use assets $ 486,730 $ 559,347 Liabilities Operating lease liability, current $ 4,850 $ 47,431 Accrued expenses Finance lease liability, current 102,689 100,728 Current portion of financing lease Operating lease liability, non-current — 4,104 Other non-current liabilities Finance lease liability, non-current 265,557 368,248 Other non-current liabilities Total lease liabilities $ 373,096 $ 520,511 As of March 31, 2021 , t 0.1 3.5 7% 1.9% Maturities of lease liabilities as of March 31, 2021 Operating Finance Leases Leases Fiscal 2022 4,878 108,892 Fiscal 2023 — 108,892 Fiscal 2024 — 108,892 Fiscal 2025 — 54,445 Fiscal 2026 — — Total undiscounted lease payments $ 4,878 $ 381,121 Less: imputed interest (28 ) (12,875 ) Present value of lease liability $ 4,850 $ 368,246 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. The Company completed two 2021 The first May 2020. 22,000 $1,083,000 $1,100,000. second December 2020 March 2021. $7,200,000 $6,733,000 March 31, 2021. On May 25, 2021, 70,000 26.5 99 $1. 1” 96” 100,000 April 2022 $21 At March 31, 2020, not $4,338,419 $1,771,450 March 31, 2020. The fair value of the threading facility was determined using Level 3 820 three 1 2 3 |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. In June 2020, first 815 815” attempts to minimize From time to time, derivatives designated for hedge accounting may From time to time, we may not The Company has a forward physical purchase supply agreement in place with one not 815. During fiscal 2021, 2021, 2021, 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 March 31, 2021: 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 $ 530,640 Hot-rolled coil steel contracts hedging sales Other current assets $ 91,760 Current portion of derivative liability $ 7,890,700 Hot-rolled coil steel contracts hedging sales Other non-current liabilities $ 50,420 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative liability $ 88,680 All derivatives are presented on a gross basis on the Consolidated Balance Sheet. At March 31, 2021, $501,360 March 2021 The notional amounts (quantities) of our cash flow hedges outstanding at March 31, 2021 4,000 May 2021 June 2021 43,740 July 2021 November 2022. The following table summarizes the loss 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 the twelve March 31, 2021: Pre-Tax Loss Location of Gain Reclassified from Gain Reclassified from Recognized in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ (14,751,900) Costs of goods sold $ 6,414,500 The estimated amount of losses recognized in OCI at March 31, 2021 twelve $14,169,820. $6,839,740 $7,330,080 March 31, 2021 The following table summarizes the loss recognized in earnings for derivative instruments not 2021: Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2021 Hot-rolled coil steel contracts Other income (loss) $ 515,160 The notional amount (quantity) of our derivative instruments not March 31, 2021 1,860 April 2021. The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the fiscal year ended March 31, 2021: Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084) Gain reclassified from AOCI (1) (4,864,757) Net current period other comprehensive loss (11,187,841) Balance at March 31, 2021 $ (11,187,841) ( 1 $1,549,743 March 31, 2021. At March 31, 2021, $12,001,485 March 31, 2021. The Company did not March 31, 2020. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. 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 March 31, 2021, 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 liabilities, net $ (7,407,400 ) $ — $ — $ (7,407,400 ) Total $ (7,407,400 ) $ — $ — $ (7,407,400 ) 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 March 31, 2021, not |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 . EARNINGS PER SHARE Basic and dilutive net earnings (loss) per share is computed based on the following information: Year Ended March 31, 2021 2020 Basic Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares 7,027,707 7,000,403 Dilutive Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares and common share equivalents 7,027,707 7,000,403 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31, 2021 2020 Federal Current $ 1,904,797 $ (408,360 ) Deferred 1,100,368 (971,540 ) 3,005,165 (1,379,900 ) State Current 554,212 3,468 Deferred 238,121 (212,560 ) 792,333 (209,092 ) Total $ 3,797,498 $ (1,588,992 ) The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31, 2021 2020 Income tax expense (benefit) at U.S. federal statutory rate 21.0 % (21.0 )% Current year state and local income taxes net of federal income tax benefit 4.1 (2.4 ) Other (0.1 ) 0.2 Provision for (benefit from) income taxes 25.0 % (23.2 )% The Company's tax returns may March 31, 2018 March 31, 2020. may March 31, 2017 March 31, 2020. Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's consolidated deferred tax assets (liabilities) are as follows: March 31, 2021 2020 Deferred tax liabilities: Depreciation $ (1,945,788 ) $ (128,868 ) LIFO to average cost Section 481(a) adjustment (301,110 ) (602,220 ) Total deferred tax liabilities (2,246,898 ) (731,088 ) Deferred tax assets: Unrealized derivative loss - OCI 3,564,059 — Inventory capitalization 63,468 85,137 Postretirement benefits other than pensions 26,240 24,127 Net operating loss carryforward - State — 15,012 Restricted stock award compensation 328,434 200,949 Other 129,121 44,717 Total deferred tax assets 4,111,322 369,942 Net deferred tax asset (liability) $ 1,864,424 $ (361,146 ) |
Note 10 - Other Comprehensive L
Note 10 - Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The following table summarizes the tax effects on each c omponent of Other Comprehensive Loss for the periods presented: Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges (1) $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) Other comprehensive loss $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) ( 1 $14,751,900 $7,908,760 $6,843,140 For the fiscal year ended March 31, 2020, not |
Note 11 - Retirement Plan
Note 11 - Retirement Plan | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11 . RETIREMENT PLAN The Company maintains the Friedman Industries, Inc. Employees' Retirement and 401 six The retirement portion of the Plan covers substantially all employees, including officers. The Company's contribution expenses, which are determined at the discretion of the Board of Directors in an amount not 15% $200,000 March 31, 2021 $200,000 March 31, 2020 Employees may 401 six may 401 $49,500 $50,000 March 31, 2021 2020 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. 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. For the fiscal year ended March 31, 2021, $144,000 may ninety no March 31, 2020. |
Note 13 - Industry Segment Data
Note 13 - Industry Segment Data | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13 . INDUSTRY SEGMENT DATA The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Year Ended March 31, 2021 2020 NET SALES: Coil $ 95,264,555 $ 99,762,892 Tubular 30,837,978 42,339,432 TOTAL NET SALES $ 126,102,533 $ 142,102,324 OPERATING PROFIT (LOSS): Coil $ 16,466,713 $ 1,252,669 Tubular 2,923,399 (5,564,882 ) TOTAL OPERATING PROFIT (LOSS) 19,390,112 (4,312,213 ) General corporate expenses (3,640,098 ) (2,540,443 ) Interest expense (24,619 ) (4,806 ) Other income (loss) (503,422 ) 19,260 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 15,221,973 $ (6,838,202 ) IDENTIFIABLE ASSETS: Coil $ 56,670,109 $ 35,894,510 Tubular 17,883,612 23,659,457 74,553,721 59,553,967 General corporate assets 20,455,088 17,790,121 TOTAL ASSETS $ 95,008,809 $ 77,344,088 DEPRECIATION: Coil $ 653,708 $ 836,730 Tubular 346,135 675,048 Corporate and other 13,074 13,183 $ 1,012,917 $ 1,524,961 CAPITAL EXPENDITURES: Coil $ 4,505,589 $ 4,060,911 Tubular 78,061 841,817 Corporate and other 25,967 32,633 $ 4,609,617 $ 4,935,361 Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not 2021 $515,160 not March 31, 2021 March 31, 2020 no |
Note 14 - Revenue
Note 14 - Revenue | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. 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 n ot March 31, 2021 March 31, 2020. March 31, 2021 2020 Fiscal Year Ended March 31, 2021 2020 Coil Segment: Prime Coil $ 85,933,199 $ 87,222,853 Non-standard Coil 8,414,060 11,792,212 Customer Owned Coil 917,296 747,827 $ 95,264,555 $ 99,762,892 Tubular Segment: Manufactured Pipe $ 25,554,333 $ 34,974,506 Mill Reject Pipe 5,283,645 7,364,926 $ 30,837,978 $ 42,339,432 |
Note 15 - Summary of Quarterly
Note 15 - Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2021 2020 Quarter Ended June 30, September 30, December 31, March 31, 2020 2020 2020 2021 Net sales $ 23,524,600 $ 24,861,680 $ 28,502,049 $ 49,214,204 Gross profit 256,754 1,091,097 4,495,849 17,741,498 Net earnings (loss) (858,862 ) (250,005 ) 2,129,745 10,403,597 Basic (0.12 ) (0.04 ) 0.30 1.49 Diluted (0.12 ) (0.04 ) 0.30 1.49 Quarter Ended June 30, September 30, December 31, March 31, 2019 2019 2019 2020 Net sales $ 40,975,320 $ 39,995,580 $ 28,150,817 $ 32,980,607 Gross profit (loss) 1,471,324 (782,650 ) 52,933 1,868,728 Net earnings (loss) 194,772 (1,544,137 ) (881,003 ) (3,018,842 ) Basic 0.03 (0.22 ) (0.13 ) (0.43 ) Diluted 0.03 (0.22 ) (0.13 ) (0.43 ) |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16 . SUBSEQUENT EVENTS See Note 3 10 $11,448,646 3 5 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS FRIEDMAN INDUSTRIES, INCORPORATED Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Beginning Costs and Other Accounts— Deductions— Balance at of Period Expenses Describe(A) Describe(B) End of Period Year ended March 31, 2021 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 82,417 $ — $ 351,270 $ 400,853 $ 32,834 Year ended March 31, 2020 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 29,178 $ — $ 677,652 $ 624,413 $ 82,417 (A) Allowance for doubtful accounts charged to bad debt expense of $0 $53,239 2021 2020 $351,270 $624,413 2021 2020 (B) Accounts receivable written off of $49,583 $0 2021 2020 $351,270 $624,413 2021 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | BASIS OF CONSOLIDATION: |
Revenue [Policy Text Block] | REVENUE RECOGNITION: Note 14 |
Accounts Receivable [Policy Text Block] | TRADE RECEIVABLES: third 30 $17,834 $67,417 March 31, 2021 March 31, 2020 |
Inventory, Policy [Policy Text Block] | INVENTORIES: first 2021 $274,093 second 2020 $955,605 not no The following is a summary of inventory by product group: March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc. |
Derivatives, Policy [Policy Text Block] | DERIVATIVE INSTRUMENTS: may changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 6 |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2021 March 31, 2020 $4,338,419 March 31, 2020 See Note 5 When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred. |
Debt, Policy [Policy Text Block] | PAYCHECK PROTECTION PROGRAM LOAN: 2021, 470 March 31, 2021. 3 |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $108,609 $99,864 March 31, 2021 March 31, 2020 |
Shipping Costs [Policy Text Block] | SHIPPING COSTS: |
Supplemental Cash Flow Information [Policy Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION: $8,000 $5,000 2021 2020 $10,000 $261,000 2021 2020 March 31, 2021 $394,955 2020 $121,000 2020 $518,616. 2020 no $4,721,500. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not no |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES: may may may March 31, 2020 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FINANCIAL INSTRUMENTS: |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE: two no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ECONOMIC RELATIONSHIP: March 2020, August 2020. March 31, 2021 22,500 one one $1,775,000 2021 $1,471,000 2020 For fiscal year 2021 no 10% 18% 2020 No 10% 2020 The Company's sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30 |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | RISKS AND UNCERTAINTIES: COVID- 19 March 2020, 19” may April 2020 2021 not 19 no 19 may not |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING PRONOUNCEMENTS: August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first 6 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 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 35,668,243 |
Property, Plant and Equipment [Table Text Block] | Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15 |
Note 2 - Equity Compensation _2
Note 2 - Equity Compensation Plans and Capital Stock (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 90,000 5.05 Vested — — Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 89,625 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Twelve Months Twelve Months Ended March 31, Ended March 31, 2021 2020 Finance lease – amortization of ROU asset $ 100,728 $ 49,640 Finance lease – interest on lease liability 8,164 4,806 Operating lease expense 56,286 36,936 $ 165,178 $ 91,382 |
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block] | March 31, 2021 March 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 4,850 $ 51,535 Other assets Finance lease right-of-use asset 481,880 507,812 Property, plant & equipment Total right-of-use assets $ 486,730 $ 559,347 Liabilities Operating lease liability, current $ 4,850 $ 47,431 Accrued expenses Finance lease liability, current 102,689 100,728 Current portion of financing lease Operating lease liability, non-current — 4,104 Other non-current liabilities Finance lease liability, non-current 265,557 368,248 Other non-current liabilities Total lease liabilities $ 373,096 $ 520,511 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Fiscal 2022 4,878 108,892 Fiscal 2023 — 108,892 Fiscal 2024 — 108,892 Fiscal 2025 — 54,445 Fiscal 2026 — — Total undiscounted lease payments $ 4,878 $ 381,121 Less: imputed interest (28 ) (12,875 ) Present value of lease liability $ 4,850 $ 368,246 |
Note 6 - Derivative Financial_2
Note 6 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
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 $ 530,640 Hot-rolled coil steel contracts hedging sales Other current assets $ 91,760 Current portion of derivative liability $ 7,890,700 Hot-rolled coil steel contracts hedging sales Other non-current liabilities $ 50,420 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative liability $ 88,680 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pre-Tax Loss Location of Gain Reclassified from Gain Reclassified from Recognized in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ (14,751,900) Costs of goods sold $ 6,414,500 |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2021 Hot-rolled coil steel contracts Other income (loss) $ 515,160 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084) Gain reclassified from AOCI (1) (4,864,757) Net current period other comprehensive loss (11,187,841) Balance at March 31, 2021 $ (11,187,841) |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring 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 liabilities, net $ (7,407,400 ) $ — $ — $ (7,407,400 ) Total $ (7,407,400 ) $ — $ — $ (7,407,400 ) |
Fair Value Measurements, Nonrecurring [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 Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2021 2020 Basic Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares 7,027,707 7,000,403 Dilutive Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares and common share equivalents 7,027,707 7,000,403 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2021 2020 Federal Current $ 1,904,797 $ (408,360 ) Deferred 1,100,368 (971,540 ) 3,005,165 (1,379,900 ) State Current 554,212 3,468 Deferred 238,121 (212,560 ) 792,333 (209,092 ) Total $ 3,797,498 $ (1,588,992 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2021 2020 Income tax expense (benefit) at U.S. federal statutory rate 21.0 % (21.0 )% Current year state and local income taxes net of federal income tax benefit 4.1 (2.4 ) Other (0.1 ) 0.2 Provision for (benefit from) income taxes 25.0 % (23.2 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2021 2020 Deferred tax liabilities: Depreciation $ (1,945,788 ) $ (128,868 ) LIFO to average cost Section 481(a) adjustment (301,110 ) (602,220 ) Total deferred tax liabilities (2,246,898 ) (731,088 ) Deferred tax assets: Unrealized derivative loss - OCI 3,564,059 — Inventory capitalization 63,468 85,137 Postretirement benefits other than pensions 26,240 24,127 Net operating loss carryforward - State — 15,012 Restricted stock award compensation 328,434 200,949 Other 129,121 44,717 Total deferred tax assets 4,111,322 369,942 Net deferred tax asset (liability) $ 1,864,424 $ (361,146 ) |
Note 10 - Other Comprehensive_2
Note 10 - Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges (1) $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) Other comprehensive loss $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) |
Note 13 - Industry Segment Da_2
Note 13 - Industry Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2021 2020 NET SALES: Coil $ 95,264,555 $ 99,762,892 Tubular 30,837,978 42,339,432 TOTAL NET SALES $ 126,102,533 $ 142,102,324 OPERATING PROFIT (LOSS): Coil $ 16,466,713 $ 1,252,669 Tubular 2,923,399 (5,564,882 ) TOTAL OPERATING PROFIT (LOSS) 19,390,112 (4,312,213 ) General corporate expenses (3,640,098 ) (2,540,443 ) Interest expense (24,619 ) (4,806 ) Other income (loss) (503,422 ) 19,260 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 15,221,973 $ (6,838,202 ) IDENTIFIABLE ASSETS: Coil $ 56,670,109 $ 35,894,510 Tubular 17,883,612 23,659,457 74,553,721 59,553,967 General corporate assets 20,455,088 17,790,121 TOTAL ASSETS $ 95,008,809 $ 77,344,088 DEPRECIATION: Coil $ 653,708 $ 836,730 Tubular 346,135 675,048 Corporate and other 13,074 13,183 $ 1,012,917 $ 1,524,961 CAPITAL EXPENDITURES: Coil $ 4,505,589 $ 4,060,911 Tubular 78,061 841,817 Corporate and other 25,967 32,633 $ 4,609,617 $ 4,935,361 |
Note 14 - Revenue (Tables)
Note 14 - Revenue (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Year Ended March 31, 2021 2020 Coil Segment: Prime Coil $ 85,933,199 $ 87,222,853 Non-standard Coil 8,414,060 11,792,212 Customer Owned Coil 917,296 747,827 $ 95,264,555 $ 99,762,892 Tubular Segment: Manufactured Pipe $ 25,554,333 $ 34,974,506 Mill Reject Pipe 5,283,645 7,364,926 $ 30,837,978 $ 42,339,432 |
Note 15 - Summary of Quarterl_2
Note 15 - Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended June 30, September 30, December 31, March 31, 2020 2020 2020 2021 Net sales $ 23,524,600 $ 24,861,680 $ 28,502,049 $ 49,214,204 Gross profit 256,754 1,091,097 4,495,849 17,741,498 Net earnings (loss) (858,862 ) (250,005 ) 2,129,745 10,403,597 Basic (0.12 ) (0.04 ) 0.30 1.49 Diluted (0.12 ) (0.04 ) 0.30 1.49 Quarter Ended June 30, September 30, December 31, March 31, 2019 2019 2019 2020 Net sales $ 40,975,320 $ 39,995,580 $ 28,150,817 $ 32,980,607 Gross profit (loss) 1,471,324 (782,650 ) 52,933 1,868,728 Net earnings (loss) 194,772 (1,544,137 ) (881,003 ) (3,018,842 ) Basic 0.03 (0.22 ) (0.13 ) (0.43 ) Diluted 0.03 (0.22 ) (0.13 ) (0.43 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Beginning Costs and Other Accounts— Deductions— Balance at of Period Expenses Describe(A) Describe(B) End of Period Year ended March 31, 2021 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 82,417 $ — $ 351,270 $ 400,853 $ 32,834 Year ended March 31, 2020 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 29,178 $ — $ 677,652 $ 624,413 $ 82,417 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021USD ($)T | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2021USD ($)T | Mar. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 17,834 | $ 67,417 | $ 17,834 | $ 67,417 | ||||||
Inventory Write-down | $ 274,093 | $ 955,605 | 274,093 | 955,605 | ||||||
Impairment of Long-Lived Assets Held-for-use | 4,338,419 | |||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 8,000 | 5,000 | ||||||||
Income Taxes Paid, Net, Total | 10,000 | 261,000 | ||||||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 518,616 | |||||||||
Scrapping of Old Assets No Longer Used in Operations | 4,721,500 | |||||||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | $ 0 | 0 | ||||||
Inventory, Material Weight (US Ton) | T | 22,500 | 22,500 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 49,214,204 | $ 28,502,049 | $ 24,861,680 | $ 23,524,600 | 32,980,607 | $ 28,150,817 | $ 39,995,580 | $ 40,975,320 | $ 126,102,533 | $ 142,102,324 |
Trinity Industries, Inc. [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||||||||||
Concentration Risk, Percentage | 18.00% | |||||||||
Mill Reject Pipe [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,775,000 | $ 1,471,000 | ||||||||
Transfer of Ownership of Life Insurance Policy to Retired Officer [Member] | ||||||||||
Other Significant Noncash Transaction, Value of Consideration Given | 121,000 | |||||||||
Decatur Facility Equipment Project [Member] | ||||||||||
Capital Expenditures Incurred but Not yet Paid | 394,955 | |||||||||
Life Insurance Policies Transfer [Member] | ||||||||||
Liability, Other Retirement Benefits | $ 108,609 | $ 99,864 | $ 108,609 | $ 99,864 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory, Net, Total | $ 36,016,093 | $ 35,668,243 |
Prime Coil Inventory [Member] | ||
Raw materials | 23,079,012 | 17,190,435 |
Non-standard Coil Inventory [Member] | ||
Raw materials | 1,419,055 | 1,550,734 |
Tubular Inventory [Member] | ||
Raw materials | 2,607,197 | 4,888,542 |
Finished goods | $ 8,910,829 | $ 12,038,532 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Building [Member] | |
Buildings (in years) (Year) | 20 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Buildings (in years) (Year) | 10 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Buildings (in years) (Year) | 15 years |
Yard Improvements [Member] | Minimum [Member] | |
Buildings (in years) (Year) | 5 years |
Yard Improvements [Member] | Maximum [Member] | |
Buildings (in years) (Year) | 15 years |
Loaders and Other Rolling Stock [Member] | Minimum [Member] | |
Buildings (in years) (Year) | 5 years |
Loaders and Other Rolling Stock [Member] | Maximum [Member] | |
Buildings (in years) (Year) | 15 years |
Note 2 - Equity Compensation _3
Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 01, 2016 | |
Cumulative Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | ||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | |
2016 Restricted Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 527,671 | $ 332,944 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 866,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 255 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 140,375 |
Note 2 - Equity Compensation _4
Note 2 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unvested (in shares) | 270,000 | 180,000 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ 6.37 | $ 7.03 |
Cancelled or forfeited (in shares) | ||
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share) | ||
Granted (in shares) | 89,625 | 90,000 |
Granted, weighted average grant date fair value per share (in dollars per share) | $ 5.64 | $ 5.05 |
Vested (in shares) | (20,000) | |
Vested, weighted average grant date fair value per share (in dollars per share) | $ 8.23 | |
Unvested (in shares) | 339,625 | 270,000 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ 6.07 | $ 6.37 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) | May 19, 2021USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jul. 07, 2021USD ($) | Jun. 29, 2021USD ($) | Apr. 12, 2021USD ($) | Mar. 08, 2021USD ($) |
Proceeds from Issuance of Unsecured Debt | $ 1,690,385 | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||||||
Long-term Line of Credit, Total | $ 0 | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |||||||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||
Long-term Line of Credit, Total | $ 11,448,646 | $ 0 | ||||||
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable | 85.00% | |||||||
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage | 85.00% | |||||||
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Equipment, Percentage | 85.00% | |||||||
Debt Instrument, Covenant, Borrowing Limit, Machinery and Equipment Component Limit | $ 5,000,000 | |||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.1 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase | $ 10,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments | $ 5,000,000 | |||||||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 1,690,385 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Mar. 31, 2021 | Apr. 30, 2021 | Apr. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 63,000 | |||
Operating Lease, Monthly Payments | $ 4,878 | |||
Finance Lease, Liability, Payment, Due, Total | $ 381,121 | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 36 days | |||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 182 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 7.00% | |||
Finance Lease, Weighted Average Discount Rate, Percent | 1.90% | |||
Accrued Expense and Other Noncurrent Liabilities [Member] | ||||
Operating Lease, Liability, Total | $ 4,850 | $ 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 | |||
Subsequent Event [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 3 years |
Note 4 - Leases - Lease Cost (D
Note 4 - Leases - Lease Cost (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance lease – amortization of ROU asset | $ 100,728 | $ 49,640 |
Finance lease – interest on lease liability | 8,164 | 4,806 |
Operating lease expense | 56,286 | 36,936 |
Lease, Cost, Total | $ 165,178 | $ 91,382 |
Note 4 - Leases - Balance Sheet
Note 4 - Leases - Balance Sheet Information (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2019 |
Operating lease right-of-use asset | $ 63,000 | ||
Total right-of-use assets | $ 486,730 | $ 559,347 | |
Finance lease liability, current | 102,689 | 100,728 | |
Total lease liabilities | 373,096 | 520,511 | |
Other Noncurrent Assets [Member] | |||
Operating lease right-of-use asset | 4,850 | 51,535 | |
Property, Plant and Equipment, Net [Member] | |||
Finance lease right-of-use asset | 481,880 | 507,812 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Operating lease liability, current | 4,850 | 47,431 | |
Current Portion of Financing Lease [Member] | |||
Finance lease liability, current | 102,689 | 100,728 | |
Other Noncurrent Liabilities [Member] | |||
Operating lease liability, non-current | 4,104 | ||
Finance lease liability, non-current | $ 265,557 | $ 368,248 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Operating and Finance Lease (Details) - USD ($) | Mar. 31, 2021 | Apr. 01, 2019 |
Operating lease, Fiscal 2022 | $ 4,878 | |
Finance lease, Fiscal 2022 | 108,892 | |
Operating lease, Fiscal 2023 | ||
Finance lease, Fiscal 2023 | 108,892 | |
Operating lease, Fiscal 2024 | ||
Finance lease, Fiscal 2024 | 108,892 | |
Operating lease, Fiscal 2025 | ||
Finance lease, Fiscal 2025 | 54,445 | |
Operating lease, Fiscal 2026 | ||
Finance lease, Fiscal 2026 | ||
Operating lease, Total undiscounted lease payments | 4,878 | |
Finance lease, Total undiscounted lease payments | 381,121 | |
Operating lease, Less: imputed interest | (28) | |
Finance lease, Less: imputed interest | (12,875) | |
Present value of lease liability, finance lease | 368,246 | |
Accrued Expense and Other Noncurrent Liabilities [Member] | ||
Present value of lease liability, operating lease | $ 4,850 | $ 63,000 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Details Textual) | 12 Months Ended | ||
Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | May 25, 2021USD ($)ft²a | |
Number of Capital Expenditure Projects | 2 | ||
Impairment of Long-Lived Assets Held-for-use | $ 4,338,419 | ||
Property, Plant and Equipment, Net, Ending Balance | $ 15,461,256 | 11,500,556 | |
Subsequent Event [Member] | Facility in Sinton, Texas [Member] | |||
Area of Land (Acre) | a | 26.5 | ||
Lessee, Operating Lease, Term of Contract (Year) | 99 years | ||
Building [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 22,000 | ||
Payments to Acquire Productive Assets, Total | $ 1,083,000 | ||
Capital Expenditures Incurred but Not yet Paid | 1,100,000 | ||
Equipment [Member] | |||
Payments to Acquire Productive Assets, Total | 6,733,000 | ||
Capital Expenditures Incurred but Not yet Paid | 7,200,000 | ||
Facility in Sinton, Texas [Member] | Subsequent Event [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 70,000 | ||
Capital Expenditures, Expected Cost | $ 21,000,000 | ||
Pipe Finishing Facility [Member] | Tubular [Member] | |||
Impairment of Long-Lived Assets Held-for-use | 4,338,419 | ||
Property, Plant and Equipment, Net, Ending Balance | $ 1,771,450 | $ 1,771,450 |
Note 6 - Derivative Financial_3
Note 6 - Derivative Financial Instruments (Details Textual) xbrli-pure in Thousands | 12 Months Ended | |
Mar. 31, 2021USD ($)gT | Mar. 31, 2020USD ($) | |
Derivative, Number of Instruments Held, Total | 0 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 14,169,820 | |
Derivative, Collateral, Right to Reclaim Cash | 12,001,485 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Reclassification from AOCI, Current Period, Tax, Total | 1,549,743 | |
Closed Hedges with Hedged Transaction Still Expected to Occur [Member] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 6,839,740 | |
Open Hedges Subject To Fair Value Changes [Member] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 7,330,080 | |
Accounts Payable and Accrued Liabilities [Member] | Commodity Contract [Member] | ||
Hedging Liabilities, Current | $ 501,360 | |
Other Current Assets [Member] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 12,001,485 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | |
Not Designated as Hedging Instrument [Member] | Short [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 1,860 | |
Designated as Hedging Instrument [Member] | Long [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 4,000 | |
Designated as Hedging Instrument [Member] | Short [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | g | 43,740 |
Note 6 - Derivative Financial_4
Note 6 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - Hot-rolled Coil Future Contracts [Member] | Mar. 31, 2021USD ($) |
Designated as Hedging Instrument [Member] | Long [Member] | Other Current Assets [Member] | |
Derivative asset | $ 530,640 |
Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member] | |
Derivative liabilities | 7,890,700 |
Designated as Hedging Instrument [Member] | Short [Member] | Other Noncurrent Liabilities [Member] | |
Derivative liabilities | 50,420 |
Not Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member] | |
Derivative liabilities | $ 88,680 |
Note 6 - Derivative Financial_5
Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - Hot-rolled Coil Future Contracts [Member] - Designated as Hedging Instrument [Member] | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Gain recognized in OCI | $ 14,751,900 |
Cost of Sales [Member] | |
Gain reclassified from AOCI into net earnings | $ 6,414,500 |
Note 6 - Derivative Financial_6
Note 6 - Derivative Financial Instruments - Loss Recognized in Earnings for Derivative Instruments (Details) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member] | |
Hot-rolled coil steel contracts | $ 515,160 |
Note 6 - Derivative Financial_7
Note 6 - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Balance at March 31, 2020 | $ 66,865,367 | $ 72,481,577 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (11,187,841) | ||
Balance at March 31, 2021 | 65,339,976 | 66,865,367 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance at March 31, 2020 | |||
Other comprehensive loss, net of income, before reclassification | (6,323,084) | ||
Gain reclassified from AOCI (1) | [1] | (4,864,757) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (11,187,841) | ||
Balance at March 31, 2021 | $ (11,187,841) | ||
[1] | The gain reclassified from AOCI is presented net of taxes of $1,549,743 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2021. |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment, Net, Ending Balance | $ 15,461,256 | $ 11,500,556 |
Pipe Finishing Facility [Member] | Tubular [Member] | ||
Property, Plant and Equipment, Net, Ending Balance | $ 1,771,450 | $ 1,771,450 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] | Mar. 31, 2021USD ($) |
Commodity futures – financial liabilities, net | $ (7,407,400) |
Total | (7,407,400) |
Fair Value, Inputs, Level 1 [Member] | |
Total | (7,407,400) |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | |
Commodity futures – financial liabilities, net | (7,407,400) |
Fair Value, Inputs, Level 2 [Member] | |
Total | |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |
Commodity futures – financial liabilities, net | |
Fair Value, Inputs, Level 3 [Member] | |
Total | |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | |
Commodity futures – financial liabilities, net |
Note 7 - Fair Value Measureme_5
Note 7 - Fair Value Measurements - Non-Recurring Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] | Mar. 31, 2020USD ($) | |
Long-lived assets held and used (1) | $ 1,771,450 | [1] |
Total | 1,771,450 | |
Fair Value, Inputs, Level 1 [Member] | ||
Long-lived assets held and used (1) | [1] | |
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Long-lived assets held and used (1) | [1] | |
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Long-lived assets held and used (1) | 1,771,450 | [1] |
Total | $ 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 $1,771,450. |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net earnings (loss) | $ 10,403,597 | $ 2,129,745 | $ (250,005) | $ (858,862) | $ (3,018,842) | $ (881,003) | $ (1,544,137) | $ 194,772 | $ 11,424,475 | $ (5,249,210) |
Weighted average common shares (in shares) | 7,027,707 | 7,000,403 | ||||||||
Net earnings (loss) | $ 10,403,597 | $ 2,129,745 | $ (250,005) | $ (858,862) | $ (3,018,842) | $ (881,003) | $ (1,544,137) | $ 194,772 | $ 11,424,475 | $ (5,249,210) |
Weighted average common shares and common share equivalents (in shares) | 7,027,707 | 7,000,403 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 12 Months Ended |
Mar. 31, 2021 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open Tax Year | 2018 2019 2020 |
State and Local Jurisdiction [Member] | |
Open Tax Year | 2017 2018 2019 2020 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Current | $ 1,904,797 | $ (408,360) |
Deferred | 1,100,368 | (971,540) |
Federal Income Tax Expense (Benefit), Continuing Operations, Total | 3,005,165 | (1,379,900) |
Current | 554,212 | 3,468 |
Deferred | 238,121 | (212,560) |
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | 792,333 | (209,092) |
Income tax | $ 3,797,498 | $ (1,588,992) |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income tax expense (benefit) at U.S. federal statutory rate | 21.00% | (21.00%) |
Current year state and local income taxes net of federal income tax benefit | 4.10% | (2.40%) |
Other | (0.10%) | 0.20% |
Provision for (benefit from) income taxes | 25.00% | (23.20%) |
Note 9 - Income Taxes - Signifi
Note 9 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Depreciation | $ (1,945,788) | $ (128,868) |
LIFO to average cost Section 481(a) adjustment | (301,110) | (602,220) |
Total deferred tax liabilities | (2,246,898) | (731,088) |
Unrealized derivative loss - OCI | 3,564,059 | |
Inventory capitalization | 63,468 | 85,137 |
Postretirement benefits other than pensions | 26,240 | 24,127 |
Net operating loss carryforward - State | 15,012 | |
Restricted stock award compensation | 328,434 | 200,949 |
Other | 129,121 | 44,717 |
Total deferred tax assets | 4,111,322 | 369,942 |
Net deferred tax asset (liability) | $ 1,864,424 | |
Net deferred tax asset (liability) | $ (361,146) |
Note 10 - Other Comprehensive_3
Note 10 - Other Comprehensive Loss (Details Textual) | 12 Months Ended | |
Mar. 31, 2021USD ($) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total | $ (14,751,900) | [1] |
Open Hedges Subject To Fair Value Changes [Member] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total | (7,908,760) | |
Closed Hedges with Hedged Transaction Still Expected to Occur [Member] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total | $ (6,843,140) | |
[1] | Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur. |
Note 10 - Other Comprehensive_4
Note 10 - Other Comprehensive Loss - Summary of Other Comprehensive Loss (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Cash flow hedges (1) | [1] | $ (14,751,900) | ||
Cash flow hedges (1) | [1] | 3,564,059 | ||
Cash flow hedges (1) | (11,187,841) | [1] | ||
Other comprehensive loss | (14,751,900) | |||
Other comprehensive loss | 3,564,059 | |||
Other comprehensive loss | $ (11,187,841) | |||
[1] | Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur. |
Note 11 - Retirement Plan (Deta
Note 11 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Vesting Period (Year) | 6 years | |
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation | 15.00% | |
Defined Contribution Plan, Cost | $ 200,000 | $ 200,000 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 49,500 | $ 50,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction, Amounts of Transaction | $ 0 | |
Services [Member] | Metal Edge [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 144,000 |
Note 13 - Industry Segment Da_3
Note 13 - Industry Segment Data (Details Textual) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member] | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ 515,160 |
Note 13 - Industry Segment Da_4
Note 13 - Industry Segment Data - Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 49,214,204 | $ 28,502,049 | $ 24,861,680 | $ 23,524,600 | $ 32,980,607 | $ 28,150,817 | $ 39,995,580 | $ 40,975,320 | $ 126,102,533 | $ 142,102,324 |
Operating profit (loss) | 15,725,395 | (6,857,462) | ||||||||
Interest expense | (24,619) | (4,806) | ||||||||
Other income (loss) | (503,422) | 19,260 | ||||||||
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES | 15,221,973 | (6,838,202) | ||||||||
Identifiable assets | 95,008,809 | 77,344,088 | 95,008,809 | 77,344,088 | ||||||
Depreciation | 1,012,917 | 1,524,961 | ||||||||
Capital expenditures | 4,609,617 | 4,935,361 | ||||||||
Coil [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 95,264,555 | 99,762,892 | ||||||||
Tubular [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 30,837,978 | 42,339,432 | ||||||||
Operating Segments [Member] | ||||||||||
Operating profit (loss) | 19,390,112 | (4,312,213) | ||||||||
Identifiable assets | 74,553,721 | 59,553,967 | 74,553,721 | 59,553,967 | ||||||
Operating Segments [Member] | Coil [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 95,264,555 | 99,762,892 | ||||||||
Operating profit (loss) | 16,466,713 | 1,252,669 | ||||||||
Identifiable assets | 56,670,109 | 35,894,510 | 56,670,109 | 35,894,510 | ||||||
Depreciation | 653,708 | 836,730 | ||||||||
Capital expenditures | 4,505,589 | 4,060,911 | ||||||||
Operating Segments [Member] | Tubular [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 30,837,978 | 42,339,432 | ||||||||
Operating profit (loss) | 2,923,399 | (5,564,882) | ||||||||
Identifiable assets | 17,883,612 | 23,659,457 | 17,883,612 | 23,659,457 | ||||||
Depreciation | 346,135 | 675,048 | ||||||||
Capital expenditures | 78,061 | 841,817 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
General corporate expenses | (3,640,098) | (2,540,443) | ||||||||
Identifiable assets | $ 20,455,088 | $ 17,790,121 | 20,455,088 | 17,790,121 | ||||||
Depreciation | 13,074 | 13,183 | ||||||||
Capital expenditures | $ 25,967 | $ 32,633 |
Note 14 - Revenue (Details Text
Note 14 - Revenue (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Number of Reportable Segments | 2 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 49,214,204 | $ 28,502,049 | $ 24,861,680 | $ 23,524,600 | $ 32,980,607 | $ 28,150,817 | $ 39,995,580 | $ 40,975,320 | $ 126,102,533 | $ 142,102,324 |
Pipe Finishing Services [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 14 - Revenue - Disaggregat
Note 14 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 49,214,204 | $ 28,502,049 | $ 24,861,680 | $ 23,524,600 | $ 32,980,607 | $ 28,150,817 | $ 39,995,580 | $ 40,975,320 | $ 126,102,533 | $ 142,102,324 |
Mill Reject Pipe [Member] | ||||||||||
Net sales | 1,775,000 | 1,471,000 | ||||||||
Coil [Member] | ||||||||||
Net sales | 95,264,555 | 99,762,892 | ||||||||
Coil [Member] | Prime Coil [Member] | ||||||||||
Net sales | 85,933,199 | 87,222,853 | ||||||||
Coil [Member] | Secondary Coil [Member] | ||||||||||
Net sales | 8,414,060 | 11,792,212 | ||||||||
Coil [Member] | Customer Owned [Member] | ||||||||||
Net sales | 917,296 | 747,827 | ||||||||
Tubular [Member] | ||||||||||
Net sales | 30,837,978 | 42,339,432 | ||||||||
Tubular [Member] | Manufactured Pipe [Member] | ||||||||||
Net sales | 25,554,333 | 34,974,506 | ||||||||
Tubular [Member] | Mill Reject Pipe [Member] | ||||||||||
Net sales | $ 5,283,645 | $ 7,364,926 |
Note 15 - Summary of Quarterl_3
Note 15 - Summary of Quarterly Results of Operations (Unaudited) - Quarterly Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 49,214,204 | $ 28,502,049 | $ 24,861,680 | $ 23,524,600 | $ 32,980,607 | $ 28,150,817 | $ 39,995,580 | $ 40,975,320 | $ 126,102,533 | $ 142,102,324 | ||||
Gross profit | 17,741,498 | 4,495,849 | 1,091,097 | 256,754 | 1,868,728 | 52,933 | (782,650) | 1,471,324 | ||||||
Net earnings (loss) | $ 10,403,597 | $ 2,129,745 | $ (250,005) | $ (858,862) | $ (3,018,842) | $ (881,003) | $ (1,544,137) | $ 194,772 | $ 11,424,475 | $ (5,249,210) | ||||
Basic (in dollars per share) | $ 1.49 | $ 0.30 | $ (0.04) | $ (0.12) | $ (0.43) | [1] | $ (0.13) | [1] | $ (0.22) | [1] | $ 0.03 | [1] | $ 1.63 | $ (0.75) |
Diluted (in dollars per share) | $ 1.49 | $ 0.30 | $ (0.04) | $ (0.12) | $ (0.43) | [1] | $ (0.13) | [1] | $ (0.22) | [1] | $ 0.03 | [1] | $ 1.63 | $ (0.75) |
[1] | The sum of the quarterly earnings per share may not equal the annual amount reported due to per share amounts being calculated independently for each quarter. |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Jul. 07, 2021 | Jun. 29, 2021 |
ABL Facility [Member] | Subsequent Event [Member] | JPMorgan Chase Bank N.A. [Member] | ||
Long-term Line of Credit, Total | $ 11,448,646 | $ 0 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 53,239 |
Cash Discounts Allowed on Sales and Charged Against Revenue | 351,270 | 624,413 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 49,583 | 0 |
Cash Discount on Sales | $ 351,270 | $ 624,413 |
Schedule II - Valuation and Q_4
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Beginning of Period | $ 82,417 | $ 29,178 | |
Additions Charged to Costs and Expenses | |||
Additions Charged to Other Accounts | [1] | 351,270 | 677,652 |
Deductions | [2] | 400,853 | 624,413 |
End of Period | $ 32,834 | $ 82,417 | |
[1] | Allowance for doubtful accounts charged to bad debt expense of $0 and $53,239 during fiscal years 2021 and 2020 ,respectively. Cash discounts allowed on sales and charged against revenue of $351,270 and $624,413 during fiscal years 2021 and 2020 , respectively. | ||
[2] | Accounts receivable written off of $49,583 and $0 during fiscal years 2021 and 2020 , respectively. Cash discounts taken onsales of $351,270 and $624,413 during fiscal years 2021 and 2020 , respectively. |