Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 14, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039092 | |
Entity Registrant Name | FRIEDMAN INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-7521 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1504405 | |
Entity Address, Address Line One | 1121 Judson Road, Suite 124 | |
Entity Address, City or Town | Longview | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75601 | |
City Area Code | 903 | |
Local Phone Number | 758-3431 | |
Title of 12(b) Security | Common Stock, $1 Par Value | |
Trading Symbol | FRD | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,856,009 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
CURRENT ASSETS: | ||
Cash | $ 3,066,427 | $ 8,191,001 |
Accounts receivable, net of allowances for bad debts and cash discounts of $32,834 at December 31, and March 31, 2021 | 26,243,498 | 20,377,967 |
Inventories | 84,554,493 | 36,016,093 |
Current portion of derivative assets | 5,408,380 | 622,400 |
Other current assets | 2,578,235 | 12,327,174 |
TOTAL CURRENT ASSETS | 121,851,033 | 77,534,635 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,179,831 | 1,179,831 |
Buildings and yard improvements | 8,581,676 | 9,199,704 |
Machinery and equipment | 30,416,505 | 35,253,000 |
Construction in process | 12,983,850 | 9,614 |
Less accumulated depreciation | (25,671,208) | (30,180,893) |
Property, plant, and equipment, net | 27,490,654 | 15,461,256 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 277,757 | 148,494 |
Deferred income tax asset | 820,568 | 1,864,424 |
TOTAL ASSETS | 150,440,012 | 95,008,809 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 37,963,440 | 15,185,038 |
Dividends payable | 138,023 | 138,117 |
Contribution to retirement plan | 200,000 | 50,000 |
Employee compensation and related expenses | 1,187,753 | 2,643,538 |
Income taxes payable | 1,248,257 | 1,455,099 |
Current portion of financing lease | 104,185 | 102,689 |
Current portion of derivative liability | 2,977,140 | 7,979,380 |
Current portion of Paycheck Protection Program loan | 0 | 1,518,410 |
TOTAL CURRENT LIABILITIES | 43,818,798 | 29,072,271 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 115,168 | 108,609 |
OTHER NON-CURRENT LIABILITIES | 261,541 | 315,978 |
ASSET BASED LENDING FACILITY | 15,187,824 | 0 |
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN | 0 | 171,975 |
TOTAL LIABILITIES | 59,383,331 | 29,668,833 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,344,975 shares and 8,334,785 shares at December 31, and March 31, 2021, respectively | 8,344,975 | 8,334,785 |
Additional paid-in capital | 30,369,207 | 30,003,462 |
Accumulated other comprehensive loss | (6,858,575) | (11,187,841) |
Treasury stock at cost (1,443,804 shares and 1,435,248 shares at December 31, and March 31, 2021, respectively) | (7,305,417) | (7,203,342) |
Retained earnings | 66,506,491 | 45,392,912 |
TOTAL STOCKHOLDERS’ EQUITY | 91,056,681 | 65,339,976 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 150,440,012 | $ 95,008,809 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Allowances for bad debts and cash discounts | $ 32,834 | $ 32,834 |
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) | 8,344,975 | 8,334,785 |
Treasury stock, shares (in shares) | 1,443,804 | 1,435,248 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Sales | $ 51,655,943 | $ 28,502,049 | $ 210,143,277 | $ 76,888,329 |
Costs and expenses: | ||||
Costs of products sold | 55,259,964 | 24,006,200 | 166,722,381 | 71,044,629 |
Selling, general and administrative | 1,994,242 | 1,725,143 | 10,634,407 | 4,518,785 |
Interest expense | 58,385 | 6,148 | 153,891 | 18,356 |
Costs and Expenses, Total | 57,312,591 | 25,737,491 | 177,510,679 | 75,581,770 |
EARNINGS (LOSS) FROM OPERATIONS | (5,656,648) | 2,764,558 | 32,632,598 | 1,306,559 |
Other income (loss), net | 1,727,134 | 4,339 | (4,801,121) | 12,987 |
EARNINGS (LOSS) BEFORE INCOME TAXES | (3,929,514) | 2,768,897 | 27,831,477 | 1,319,546 |
Provision for (benefit from) income taxes: | ||||
Current | (855,309) | 757,097 | 6,639,198 | 634,056 |
Deferred | (112,372) | (117,945) | (335,299) | (335,388) |
Income Tax Expense (Benefit), Total | (967,681) | 639,152 | 6,303,899 | 298,668 |
NET EARNINGS (LOSS) | $ (2,961,833) | $ 2,129,745 | $ 21,527,578 | $ 1,020,878 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 6,906,891 | 7,039,736 | 6,903,306 | 7,062,628 |
Diluted (in shares) | 6,906,891 | 7,039,736 | 6,903,306 | 7,062,628 |
Net earnings (loss) per share: | ||||
Basic (in dollars per share) | $ (0.43) | $ 0.30 | $ 3.12 | $ 0.14 |
Diluted (in dollars per share) | (0.43) | 0.30 | 3.12 | 0.14 |
Cash dividends, per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.06 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings | $ (2,961,833) | $ 2,129,745 | $ 21,527,578 | $ 1,020,878 |
Other comprehensive income (loss): | ||||
Cash flow hedges, net of tax | 13,795,418 | 2,657,923 | 4,329,266 | 2,657,923 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 13,795,418 | 2,657,923 | 4,329,266 | 2,657,923 |
Comprehensive income (loss) | $ 10,833,585 | $ 4,787,668 | $ 25,856,844 | $ 3,678,801 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 21,527,578 | $ 1,020,878 |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
Depreciation | 994,209 | 730,254 |
Deferred taxes | (335,299) | (335,388) |
Compensation expense for restricted stock | 375,935 | 376,363 |
Change in postretirement benefits | 6,559 | 8,900 |
Lower of cost or net realizable value inventory adjustment | 0 | 274,093 |
Gain recognized on open derivatives not designated for hedge accounting | (1,238,320) | 0 |
Deferred realized gain (loss) on derivatives - designated for hedge accounting | (3,393,260) | 696,400 |
Forgiveness of Paycheck Protection Program Loan | (1,706,614) | 0 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (5,865,531) | (428,031) |
Inventories | (48,538,400) | 5,263,830 |
Federal income taxes recoverable | 0 | 448,665 |
Other current assets | (667,196) | (793,679) |
Increase (decrease) in operating liabilities: | ||
Accounts payable and accrued expenses | 17,415,657 | (2,834,970) |
Income taxes payable | (206,842) | 88,541 |
Contribution to retirement plan | 150,000 | 149,750 |
Employee compensation and related expenses | (1,455,785) | 172,018 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (22,937,309) | 4,837,624 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (7,350,081) | (4,228,193) |
Proceeds from sale of assets | 160,542 | 0 |
Increase in cash surrender value of officers’ life insurance | (8,686) | (12,970) |
NET CASH USED IN INVESTING ACTIVITIES | (7,198,225) | (4,241,163) |
FINANCING ACTIVITIES | ||
Paycheck Protection Program loan proceeds | 0 | 1,690,385 |
Cash dividends paid | (414,092) | (424,780) |
Cash paid for principal portion of finance lease | (76,831) | (75,364) |
Cash paid for share repurchases | (102,075) | (1,143,356) |
Asset based lending facility proceeds | 15,187,824 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 14,594,826 | 46,885 |
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | (15,540,708) | 643,346 |
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 20,192,486 | 17,057,751 |
CASH AND RESTRICTED CASH AT END OF PERIOD | $ 4,651,778 | $ 17,701,097 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | Dec. 31, 2021USD ($) |
Cash Margin | $ 1,585,350 |
Restricted Cash | $ 1,215,300 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Dec. 31, 2021 | |
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, 2021 |
Note B - New Accounting Pronoun
Note B - New Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE B — NEW ACCOUNTING PRONOUNCEMENTS In December 2019, 2019 12, 740 2019 12” 740, 740. April 1, 2021. not |
Note C - Inventories
Note C - Inventories | 9 Months Ended |
Dec. 31, 2021 | |
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, 2021 March 31, 2021 Prime Coil Inventory $ 64,230,616 $ 23,079,012 Non-Standard Coil Inventory 424,179 1,419,055 Tubular Raw Material 13,742,141 2,607,197 Tubular Finished Goods 6,157,557 8,910,829 $ 84,554,493 $ 36,016,093 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, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE D – DEBT On June 22, 2021, nine 31, 2021. On March 8, 2021, July 15, 2021 April 14, 2021, first $10 May 19, 2021, May 19, 2026 1.00 twelve may December 31, 2021 December 31, 2021 |
Note E - Leases
Note E - Leases | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES The Company’s lease of its office space in Longview, Texas is the only operating lease included in the Company's right-of-use ("ROU") asset and lease liability. The lease calls for monthly rent payments of $4,878 and expires on April 30, 2024. In October 2019, The components of expense related to leases for the three nine December 31, 2021 2020 Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Finance lease – amortization of ROU asset $ 25,734 $ 25,243 $ 76,831 $ 75,364 Finance lease – interest on lease liability 1,489 1,981 4,838 6,306 Operating lease expense 14,634 14,634 43,902 41,652 $ 41,857 $ 41,858 $ 125,571 $ 123,322 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2021 March 31, 2021: December 31, 2021 March 31, 2021 Balance Sheet Classification Assets Operating lease right-of-use asset $ 125,676 $ 4,850 Other assets Finance lease right-of-use asset 462,431 481,880 Property, plant & equipment Total right-of-use assets $ 588,107 $ 486,730 Liabilities Operating lease liability, current $ 51,366 $ 4,850 Accrued expenses Finance lease liability, current 104,185 102,689 Current portion of finance lease Operating lease liability, non-current 74,310 — Other non-current liabilities Finance lease liability, non-current 187,231 265,557 Other non-current liabilities Total lease liabilities $ 417,092 $ 373,096 As of December 31, 2021 Maturities of lease liabilities as of December 31, 2021 Operating Leases Finance Leases Fiscal 2022 (remainder of fiscal year) 14,634 27,223 Fiscal 2023 58,536 108,892 Fiscal 2024 58,536 108,892 Fiscal 2025 4,878 54,446 Fiscal 2026 — — Total undiscounted lease payments $ 136,584 $ 299,453 Less: imputed interest (10,908 ) (8,037 ) Present value of lease liability $ 125,676 $ 291,416 |
Note F - Property, Plant and Eq
Note F - Property, Plant and Equipment | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE F — PROPERTY, PLANT AND EQUIPMENT On May 25, 2021, $1. 1” 96” 100,000 Aug ust 2022 April 2022 not July 2022. December 31, 2021 the Company's construction in process related to the Sinton project was $12,983,850 consisting of $7,383,850 in cash payments and $5,600,000 of accrued capital expenditures. During the nine December 31, 2021 , the Company wrote off fully depreciated fixed assets that were no $2,060,226. nine December 31, 2021 , the Company disposed of the temper mill that was taken out of the Decatur facility prior to the new stretcher leveler coil processing line being installed. The Company received $160,542 in proceeds from the disposal of the equipment which had an original cost of $3,604,209 and accumulated depreciation of $3,447,465. |
Note G - Stock Based Compensati
Note G - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE G — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 may, The following table summarizes the activity related to restricted stock awards for the nine December 31, 2021 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2021 339,625 $ 6.07 Cancelled or forfeited — — Granted 10,190 12.56 Vested (50,292 ) 5.11 Unvested at December 31, 2021 299,523 $ 6.45 Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense o f $375,935 and $376,363 nine December 31, 2021 2020 December 31, 2021 y $618,714 2.4 December 31, 2021 |
Note H - Derivative Financial I
Note H - Derivative Financial Instruments | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS In June 2020, first 815 815” From time to time, derivatives designated for hedge accounting may If it is determined that hedged transactions associated with cash flow hedges are no From time to time, we may not The Company has forward physical purchase supply agreements in place with some of its suppliers for a portion of its monthly physical steel needs. These supply agreements are not 815. At December 31, 2021 and March 31, 2021 , the Company held hot-rolled coil futures contracts which were designated as hedging instruments and classified as cash flow hedges, either as hedges of variable purchase prices or as hedges of variable sales prices. Accordingly, realized and unrealized gains and losses associated with the instruments are reported as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. During the three nine December 31, 2021 , some of the Company's cash flow hedges were closed prior to expiration but the hedged transactions were still expected to occur as originally forecasted resulting in the realized gain or loss being deferred in other comprehensive income until the hedged transactions occur and affect earnings. September 30, 2021, no December 31, 2021 no September 30, 2021 During the three nine December 31, 2021 , the Company also entered into hot-rolled coil futures contracts that were 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, 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 sales Current portion of derivative assets $ 3,539,300 Current portion of derivative liability $ 2,342,780 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $ 1,869,080 Current portion of derivative liability $ 634,360 All derivatives are presented on a gross basis on the Consolidated Balance Sheet. 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 Current portion of derivative assets $ 530,640 Hot-rolled coil steel contracts hedging sales Current portion of derivative 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 December 31, 2021 March 31, 2021 The notional amounts (quantities) of our cash flow hedges outstanding at December 31, 2021 January 2022 December 2022. The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the gain (loss) reclassified from accumulated other comprehensive loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented: Pre-Tax Gain (Loss) Location of Gain (Loss) Reclassified Pre- Tax Gain (Loss) Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended December 31, 2021: Hot-rolled coil steel contracts $ 3,473,300 Sales $ (14,766,060 ) Costs of goods sold 49,200 Total $ 3,473,300 $ (14,716,860 ) For the three months ended December 31, 2020: Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 Total $ 3,364,460 $ 396,720 For the nine months ended December 31, 2021: Hot-rolled coil steel contracts $ (6,609,540 ) Sales $ (22,950,860 ) Costs of goods sold 10,632,900 Total $ (6,609,540 ) $ (12,317,960 ) For the nine months ended December 31, 2020: Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 Total $ 3,364,460 $ 396,720 The estimated amount of net losses recognized in AOCI December 31, 2021 expected to be reclassified into net earnings (loss) within the succeeding twelve December 31, 2021 and is subject to change before actual reclassification from AOCI to net earnings (loss). The following table summarizes the gain (loss) recognized in earnings for derivative instruments not three nine December 31, 2021 : Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2021 Hot-rolled coil steel contracts Other income (loss), net $ 1,721,700 Loss Recognized in Earnings Location of Loss for the Nine Months Ended Recognized in Earnings December 31, 2021 Hot-rolled coil steel contracts Other income (loss), net $ (6,498,040 ) The notional amount (quantity) of our derivative instruments not December 31, 2021 January 2022 August 2022 January 2022 December 2022. The Company did not not three nine December 31, 2020. The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the period presented Gain (Loss) on Derivatives Balance at March 31, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (5,012,675 ) Total loss reclassified from AOCI (1) 9,341,941 Net current period other comprehensive income 4,329,266 Balance at December 31, 2021 $ (6,858,575 ) ( 1 AOCI is presented net of tax benefit of $2,976,019 the three nine December 31, 2021 Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive income, before reclassification 2,971,332 Total gain reclassified from AOCI (1) (313,409 ) Net current period other comprehensive income 2,657,923 Balance at December 31, 2020 $ 2,657,923 ( 1 three nine December 31, 2020 . At December 31, 2021 and March 31, 2021 , cash of $1,585,350 and $12,001,485, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash December 31, 2021 and March 31, 2021 |
Note I - Fair Value Measurement
Note I - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2021 | |
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, 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 assets, net $ 2,431,240 $ — $ — $ 2,431,240 Total $ 2,431,240 $ — $ — $ 2,431,240 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 December 31, 2021 and March 31, 2021 , the Company did not |
Note J - Segment Information
Note J - Segment Information | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE J — SEGMENT INFORMATION (in thousands) Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Net sales Coil $ 41,795 $ 21,672 $ 172,814 $ 55,561 Tubular 9,861 6,830 37,329 21,327 Total net sales $ 51,656 $ 28,502 $ 210,143 $ 76,888 Operating profit (loss) Coil $ (4,032 ) $ 3,238 $ 33,497 $ 3,529 Tubular (647 ) 269 3,951 (16 ) Total operating profit (loss) (4,679 ) 3,507 37,448 3,513 General corporate expenses 920 736 4,662 2,188 Interest expense 58 6 154 18 Other income (loss), net 1,727 4 (4,801 ) 13 Total earnings (loss) before income taxes $ (3,930 ) $ 2,769 $ 27,831 $ 1,320 December 31, 2021 March 31, 2021 Segment assets Coil $ 119,705 $ 56,670 Tubular 25,708 17,884 145,413 74,554 Corporate assets 5,027 20,455 $ 150,440 $ 95,009 Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income (loss). General corporate expenses reflect general and administrative expenses not three December 31, 2021 not for the nine December 31, 2021 not $1,706,614 no |
Note K - Revenue
Note K - Revenue | 9 Months Ended |
Dec. 31, 2021 | |
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 reportable segments: Coil and Tubular. Coil primarily generates revenue from cutting to length hot-rolled steel coils. Coil segment revenue consists of three three In March 2020, August 2020. December 31, 2021 , the Company had approximately 3,000 tons of mill reject inventory and believes the balance will be substantially sold within 6 not three nine December 31, 2021 December 31, 2020 three nine December 31, 2021 2020 Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Coil Segment: Prime Coil $ 39,588,438 $ 19,541,188 $ 164,096,180 $ 49,897,886 Non-standard Coil 1,852,272 1,886,099 7,704,262 5,028,237 Customer Owned Coil 354,876 244,860 1,013,801 634,894 $ 41,795,586 $ 21,672,147 $ 172,814,243 $ 55,561,017 Tubular Segment: Manufactured Pipe $ 6,906,450 $ 5,082,314 $ 27,889,886 $ 17,540,498 Mill Reject Pipe 2,953,907 1,747,588 9,439,148 3,786,814 $ 9,860,357 $ 6,829,902 $ 37,329,034 $ 21,327,312 |
Note L - Stockholders' Equity
Note L - Stockholders' Equity | 9 Months Ended |
Dec. 31, 2021 | |
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 nine December 31, 2021 December 31, 2020 Accumulated Other Comprehensive Additional Common Income (Loss), Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2021 $ 8,334,785 (11,187,841 ) $ 30,003,462 $ (7,203,342 ) $ 45,392,912 $ 65,339,976 Net earnings — — — — 11,311,797 11,311,797 Other comprehensive loss — (13,693,337 ) — — — (13,693,337 ) Paid in capital – restricted stock awards — — 121,704 — — 121,704 Cash dividends ($0.02 per share) — — — — (137,865 ) (137,865 ) BALANCE AT JUNE 30, 2021 $ 8,334,785 $ (24,881,178 ) $ 30,125,166 $ (7,203,342 ) $ 56,566,844 $ 62,942,275 Net earnings — — — — 13,177,614 13,177,614 Other comprehensive income — 4,227,185 — — — 4,227,185 Issuance of restricted stock 6,000 — (6,000 ) — — — Paid in capital – restricted stock awards — — 126,037 — — 126,037 Cash dividends ($0.02 per share) — — — — (138,110 ) (138,110 ) BALANCE AT SEPTEMBER 30, 2021 $ 8,340,785 $ (20,653,993 ) $ 30,245,203 $ (7,203,342 ) $ 69,606,348 $ 80,335,001 Net loss — — — — (2,961,833 ) (2,961,833 ) Other comprehensive income — 13,795,418 — — — 13,795,418 Issuance of restricted stock 4,190 — (4,190 ) — — — Paid in capital – restricted stock awards — — 128,194 — — 128,194 Repurchase of shares — — — (102,075 ) — (102,075 ) Cash dividends ($0.02 per share) — — — — (138,024 ) (138,024 ) BALANCE AT DECEMBER 31, 2021 $ 8,344,975 $ (6,858,575 ) $ 30,369,207 $ (7,305,417 ) $ 66,506,491 $ 91,056,681 Accumulated Other Comprehensive Additional Common Income (Loss), Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2020 $ 8,295,160 — $ 29,565,416 $ (5,525,964 ) $ 34,530,755 $ 66,865,367 Net loss — — — — (858,862 ) (858,862 ) Issuance of restricted stock 11,000 — (11,000 ) — — — Paid in capital – restricted stock awards — — 110,814 — — 110,814 Cash dividends ($0.02 per share) — — — — (143,229 ) (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ — $ 29,665,230 $ (5,525,964 ) $ 33,528,664 $ 65,974,090 Net loss — — — — (250,005 ) (250,005 ) Paid in capital – restricted stock awards — — 110,813 — — 110,813 Repurchase of shares — — — (410,221 ) — (410,221 ) Cash dividends ($0.02 per share) — — — — (143,181 ) (143,181 ) BALANCE AT SEPTEMBER 30, 2020 $ 8,306,160 $ — $ 29,776,043 $ (5,936,185 ) $ 33,135,478 $ 65,281,496 Net earnings — — — — 2,129,745 2,129,745 Other comprehensive income — 2,657,923 — — — 2,657,923 Issuance of restricted stock 28,625 — (28,625 ) 50,000 — 50,000 Paid in capital – restricted stock awards — — 104,736 — — 104,736 Repurchase of shares — — — (733,135 ) — (733,135 ) Cash dividends ($0.02 per share) — — — — (137,867 ) (137,867 ) BALANCE AT DECEMBER 31, 2020 $ 8,334,785 $ 2,657,923 $ 29,852,154 $ (6,619,320 ) $ 35,127,356 $ 69,352,898 |
Note M - Other Comprehensive In
Note M - Other Comprehensive Income | 9 Months Ended |
Dec. 31, 2021 | |
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 Other Comprehensive Income (Loss) for the periods presented: Three Months Ended December 31, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ 18,190,160 $ (4,394,742 ) $ 13,795,418 Other comprehensive income (loss) $ 18,190,160 $ (4,394,742 ) $ 13,795,418 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 (loss) $ 3,364,460 $ (706,537 ) $ 2,657,923 Nine Months Ended December 31, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ 5,708,420 $ (1,379,154 ) $ 4,329,266 Other comprehensive income (loss) $ 5,708,420 $ (1,379,154 ) $ 4,329,266 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 (loss) $ 3,364,460 $ (706,537 ) $ 2,657,923 |
Note N - Supplemental Cash Flow
Note N - Supplemental Cash Flow Information | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE N — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest of approximately $154,000 during the nine December 31, 2021 $6,000 during the nine December 31, 2020 . The Company paid income taxes of approximately $7,487,000, net of a tax refund of approximately $423,000, during the nine December 31, 2021 and paid income taxes of approximately $10,000 during the nine December 31, 2020 . At December 31, 2021 not |
Note O - Income Taxes
Note O - Income Taxes | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE O — INCOME TAXES For the nine December 31, 2021 , the Company recorded an income tax provision of $6,303,899, or 22.7% of earnings before income taxes, compared to an income tax provision of $298,668, or 22.6% of earnings before income taxes for the nine December 31, 2020 . Typically, the Company’s effective tax rate differs from the federal statutory rate due to the inclusion of state tax expenses or benefits in the provision. However, for the nine December 31, 2021 , the Company’s effective tax rate differed from the federal statutory rate due to a combination of the inclusion of state tax expenses in the provision and the exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision. For the nine December 31, 2020 , the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax benefits in the provision. |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 March 31, 2021 Prime Coil Inventory $ 64,230,616 $ 23,079,012 Non-Standard Coil Inventory 424,179 1,419,055 Tubular Raw Material 13,742,141 2,607,197 Tubular Finished Goods 6,157,557 8,910,829 $ 84,554,493 $ 36,016,093 |
Note E - Leases (Tables)
Note E - Leases (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Finance lease – amortization of ROU asset $ 25,734 $ 25,243 $ 76,831 $ 75,364 Finance lease – interest on lease liability 1,489 1,981 4,838 6,306 Operating lease expense 14,634 14,634 43,902 41,652 $ 41,857 $ 41,858 $ 125,571 $ 123,322 |
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block] | December 31, 2021 March 31, 2021 Balance Sheet Classification Assets Operating lease right-of-use asset $ 125,676 $ 4,850 Other assets Finance lease right-of-use asset 462,431 481,880 Property, plant & equipment Total right-of-use assets $ 588,107 $ 486,730 Liabilities Operating lease liability, current $ 51,366 $ 4,850 Accrued expenses Finance lease liability, current 104,185 102,689 Current portion of finance lease Operating lease liability, non-current 74,310 — Other non-current liabilities Finance lease liability, non-current 187,231 265,557 Other non-current liabilities Total lease liabilities $ 417,092 $ 373,096 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Fiscal 2022 (remainder of fiscal year) 14,634 27,223 Fiscal 2023 58,536 108,892 Fiscal 2024 58,536 108,892 Fiscal 2025 4,878 54,446 Fiscal 2026 — — Total undiscounted lease payments $ 136,584 $ 299,453 Less: imputed interest (10,908 ) (8,037 ) Present value of lease liability $ 125,676 $ 291,416 |
Note G - Stock Based Compensa_2
Note G - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
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, 2021 339,625 $ 6.07 Cancelled or forfeited — — Granted 10,190 12.56 Vested (50,292 ) 5.11 Unvested at December 31, 2021 299,523 $ 6.45 |
Note H - Derivative Financial_2
Note H - Derivative Financial Instruments (Tables) | 9 Months Ended |
Dec. 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 sales Current portion of derivative assets $ 3,539,300 Current portion of derivative liability $ 2,342,780 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $ 1,869,080 Current portion of derivative liability $ 634,360 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 Current portion of derivative assets $ 530,640 Hot-rolled coil steel contracts hedging sales Current portion of derivative 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 Gain (Loss) Location of Gain (Loss) Reclassified Pre- Tax Gain (Loss) Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended December 31, 2021: Hot-rolled coil steel contracts $ 3,473,300 Sales $ (14,766,060 ) Costs of goods sold 49,200 Total $ 3,473,300 $ (14,716,860 ) For the three months ended December 31, 2020: Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 Total $ 3,364,460 $ 396,720 For the nine months ended December 31, 2021: Hot-rolled coil steel contracts $ (6,609,540 ) Sales $ (22,950,860 ) Costs of goods sold 10,632,900 Total $ (6,609,540 ) $ (12,317,960 ) For the nine months ended December 31, 2020: Hot-rolled coil steel contracts $ 3,364,460 Costs of goods sold $ 396,720 Total $ 3,364,460 $ 396,720 |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2021 Hot-rolled coil steel contracts Other income (loss), net $ 1,721,700 Loss Recognized in Earnings Location of Loss for the Nine Months Ended Recognized in Earnings December 31, 2021 Hot-rolled coil steel contracts Other income (loss), net $ (6,498,040 ) |
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, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (5,012,675 ) Total loss reclassified from AOCI (1) 9,341,941 Net current period other comprehensive income 4,329,266 Balance at December 31, 2021 $ (6,858,575 ) Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive income, before reclassification 2,971,332 Total gain reclassified from AOCI (1) (313,409 ) Net current period other comprehensive income 2,657,923 Balance at December 31, 2020 $ 2,657,923 |
Note I - Fair Value Measureme_2
Note I - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 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 assets, net $ 2,431,240 $ — $ — $ 2,431,240 Total $ 2,431,240 $ — $ — $ 2,431,240 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 ) |
Note J - Segment Information (T
Note J - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Net sales Coil $ 41,795 $ 21,672 $ 172,814 $ 55,561 Tubular 9,861 6,830 37,329 21,327 Total net sales $ 51,656 $ 28,502 $ 210,143 $ 76,888 Operating profit (loss) Coil $ (4,032 ) $ 3,238 $ 33,497 $ 3,529 Tubular (647 ) 269 3,951 (16 ) Total operating profit (loss) (4,679 ) 3,507 37,448 3,513 General corporate expenses 920 736 4,662 2,188 Interest expense 58 6 154 18 Other income (loss), net 1,727 4 (4,801 ) 13 Total earnings (loss) before income taxes $ (3,930 ) $ 2,769 $ 27,831 $ 1,320 December 31, 2021 March 31, 2021 Segment assets Coil $ 119,705 $ 56,670 Tubular 25,708 17,884 145,413 74,554 Corporate assets 5,027 20,455 $ 150,440 $ 95,009 |
Note K - Revenue (Tables)
Note K - Revenue (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Coil Segment: Prime Coil $ 39,588,438 $ 19,541,188 $ 164,096,180 $ 49,897,886 Non-standard Coil 1,852,272 1,886,099 7,704,262 5,028,237 Customer Owned Coil 354,876 244,860 1,013,801 634,894 $ 41,795,586 $ 21,672,147 $ 172,814,243 $ 55,561,017 Tubular Segment: Manufactured Pipe $ 6,906,450 $ 5,082,314 $ 27,889,886 $ 17,540,498 Mill Reject Pipe 2,953,907 1,747,588 9,439,148 3,786,814 $ 9,860,357 $ 6,829,902 $ 37,329,034 $ 21,327,312 |
Note L - Stockholders' Equity (
Note L - Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Other Comprehensive Additional Common Income (Loss), Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2021 $ 8,334,785 (11,187,841 ) $ 30,003,462 $ (7,203,342 ) $ 45,392,912 $ 65,339,976 Net earnings — — — — 11,311,797 11,311,797 Other comprehensive loss — (13,693,337 ) — — — (13,693,337 ) Paid in capital – restricted stock awards — — 121,704 — — 121,704 Cash dividends ($0.02 per share) — — — — (137,865 ) (137,865 ) BALANCE AT JUNE 30, 2021 $ 8,334,785 $ (24,881,178 ) $ 30,125,166 $ (7,203,342 ) $ 56,566,844 $ 62,942,275 Net earnings — — — — 13,177,614 13,177,614 Other comprehensive income — 4,227,185 — — — 4,227,185 Issuance of restricted stock 6,000 — (6,000 ) — — — Paid in capital – restricted stock awards — — 126,037 — — 126,037 Cash dividends ($0.02 per share) — — — — (138,110 ) (138,110 ) BALANCE AT SEPTEMBER 30, 2021 $ 8,340,785 $ (20,653,993 ) $ 30,245,203 $ (7,203,342 ) $ 69,606,348 $ 80,335,001 Net loss — — — — (2,961,833 ) (2,961,833 ) Other comprehensive income — 13,795,418 — — — 13,795,418 Issuance of restricted stock 4,190 — (4,190 ) — — — Paid in capital – restricted stock awards — — 128,194 — — 128,194 Repurchase of shares — — — (102,075 ) — (102,075 ) Cash dividends ($0.02 per share) — — — — (138,024 ) (138,024 ) BALANCE AT DECEMBER 31, 2021 $ 8,344,975 $ (6,858,575 ) $ 30,369,207 $ (7,305,417 ) $ 66,506,491 $ 91,056,681 Accumulated Other Comprehensive Additional Common Income (Loss), Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2020 $ 8,295,160 — $ 29,565,416 $ (5,525,964 ) $ 34,530,755 $ 66,865,367 Net loss — — — — (858,862 ) (858,862 ) Issuance of restricted stock 11,000 — (11,000 ) — — — Paid in capital – restricted stock awards — — 110,814 — — 110,814 Cash dividends ($0.02 per share) — — — — (143,229 ) (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ — $ 29,665,230 $ (5,525,964 ) $ 33,528,664 $ 65,974,090 Net loss — — — — (250,005 ) (250,005 ) Paid in capital – restricted stock awards — — 110,813 — — 110,813 Repurchase of shares — — — (410,221 ) — (410,221 ) Cash dividends ($0.02 per share) — — — — (143,181 ) (143,181 ) BALANCE AT SEPTEMBER 30, 2020 $ 8,306,160 $ — $ 29,776,043 $ (5,936,185 ) $ 33,135,478 $ 65,281,496 Net earnings — — — — 2,129,745 2,129,745 Other comprehensive income — 2,657,923 — — — 2,657,923 Issuance of restricted stock 28,625 — (28,625 ) 50,000 — 50,000 Paid in capital – restricted stock awards — — 104,736 — — 104,736 Repurchase of shares — — — (733,135 ) — (733,135 ) Cash dividends ($0.02 per share) — — — — (137,867 ) (137,867 ) BALANCE AT DECEMBER 31, 2020 $ 8,334,785 $ 2,657,923 $ 29,852,154 $ (6,619,320 ) $ 35,127,356 $ 69,352,898 |
Note M - Other Comprehensive _2
Note M - Other Comprehensive Income (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended December 31, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ 18,190,160 $ (4,394,742 ) $ 13,795,418 Other comprehensive income (loss) $ 18,190,160 $ (4,394,742 ) $ 13,795,418 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 (loss) $ 3,364,460 $ (706,537 ) $ 2,657,923 Nine Months Ended December 31, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ 5,708,420 $ (1,379,154 ) $ 4,329,266 Other comprehensive income (loss) $ 5,708,420 $ (1,379,154 ) $ 4,329,266 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 (loss) $ 3,364,460 $ (706,537 ) $ 2,657,923 |
Note C - Inventories - Summary
Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Inventories | $ 84,554,493 | $ 36,016,093 |
Prime Coil Inventory [Member] | ||
Raw materials | 64,230,616 | 23,079,012 |
Non-standard Coil Inventory [Member] | ||
Raw materials | 424,179 | 1,419,055 |
Tubular Inventory [Member] | ||
Raw materials | 13,742,141 | 2,607,197 |
Finished Goods | $ 6,157,557 | $ 8,910,829 |
Note D - Debt (Details Textual)
Note D - Debt (Details Textual) - USD ($) | May 19, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 14, 2021 | Mar. 08, 2021 |
Gain (Loss) on Extinguishment of Debt, Total | $ 1,706,614 | $ 0 | |||
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | $ 10,000,000 | |||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||||
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 | 1.10 | ||||
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 | ||||
Long-term Line of Credit, Total | $ 15,187,824 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.80% | ||||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||||
Paycheck Protection Program CARES Act [Member] | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 1,706,614 | ||||
Nonoperating Income (Expense) [Member] | Paycheck Protection Program CARES Act [Member] | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 1,706,614 |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended |
Oct. 31, 2019 | Dec. 31, 2021 | |
Operating Lease, Monthly Payments | $ 4,878 | |
Finance Lease, Liability, Payment, Due, Total | $ 299,453 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 3 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 2 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.00% | |
Finance Lease, Weighted Average Discount Rate, Percent | 1.90% | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease – amortization of ROU asset | $ 25,734 | $ 25,243 | $ 76,831 | $ 75,364 |
Finance lease – interest on lease liability | 1,489 | 1,981 | 4,838 | 6,306 |
Operating lease expense | 14,634 | 14,634 | 43,902 | 41,652 |
Lease, Cost, Total | $ 41,857 | $ 41,858 | $ 125,571 | $ 123,322 |
Note E - Leases - Balance Sheet
Note E - Leases - Balance Sheet Information (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Total right-of-use assets | $ 588,107 | $ 486,730 |
Finance lease liability, current | 104,185 | 102,689 |
Total lease liabilities | 417,092 | 373,096 |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | 125,676 | 4,850 |
Property, Plant and Equipment, Net [Member] | ||
Finance lease right-of-use asset | 462,431 | 481,880 |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating lease liability, current | 51,366 | 4,850 |
Current Portion of Financing Lease [Member] | ||
Finance lease liability, current | 104,185 | 102,689 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability, non-current | 74,310 | 0 |
Finance lease liability, non-current | $ 187,231 | $ 265,557 |
Note E - Leases - Maturities of
Note E - Leases - Maturities of Operating and Finance Lease (Details) | Dec. 31, 2021USD ($) |
Operating lease,Fiscal 2022 (remainder of fiscal year) | $ 14,634 |
Finance lease, Fiscal 2022 (remainder of fiscal year) | 27,223 |
Operating lease, Fiscal 2023 | 58,536 |
Finance lease, Fiscal 2023 | 108,892 |
Operating lease, Fiscal 2024 | 58,536 |
Finance lease, Fiscal 2024 | 108,892 |
Operating lease, Fiscal 2025 | 4,878 |
Finance lease, Fiscal 2025 | 54,446 |
Operating lease, Fiscal 2026 | 0 |
Finance lease, Fiscal 2026 | 0 |
Operating lease, Total undiscounted lease payments | 136,584 |
Finance lease, Total undiscounted lease payments | 299,453 |
Operating lease, Less: imputed interest | (10,908) |
Finance lease, Less: imputed interest | (8,037) |
Present value of lease liability, finance lease | 291,416 |
Accrued Expense and Other Noncurrent Liabilities [Member] | |
Present value of lease liability, operating lease | $ 125,676 |
Note F - Property, Plant and _2
Note F - Property, Plant and Equipment (Details Textual) | 9 Months Ended | ||
Dec. 31, 2021USD ($) | May 25, 2021USD ($)ft²a | Mar. 31, 2021USD ($) | |
Construction in Progress, Gross | $ 12,983,850 | $ 9,614 | |
Accumulated Depreciation, Depletion and Amortization, Wrote-off | 2,060,226 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 25,671,208 | $ 30,180,893 | |
Facility in Sinton, Texas [Member] | |||
Area of Land (Acre) | a | 26.5 | ||
Lessee, Operating Lease, Term of Contract (Year) | 99 years | ||
Capital Expenditures, Expected Cost | $ 21,000,000 | ||
Construction in Progress, Gross | 12,983,850 | ||
Payments for Construction in Process | 7,383,850 | ||
Construction in Progress Expenditures Incurred but Not yet Paid | 5,600,000 | ||
Facility in Sinton, Texas [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 70,000 | ||
Decatur Facility Equipment [Member] | |||
Proceeds from Sale of Machinery and Equipment | 160,542 | ||
Property, Plant and Equipment, Gross, Ending Balance | 3,604,209 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 3,447,465 |
Note G - Stock Based Compensa_3
Note G - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($) | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | 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 | $ 375,935 | $ 376,363 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 618,714 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 130,185 |
Note G - Stock Based Compensa_4
Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Unvested (in shares) | shares | 339,625 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 6.07 |
Cancelled or forfeited (in shares) | shares | 0 |
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 10,190 |
Granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 12.56 |
Vested (in shares) | shares | (50,292) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 5.11 |
Unvested (in shares) | shares | 299,523 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 6.45 |
Note H - Derivative Financial_3
Note H - Derivative Financial Instruments (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)gT | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 9,220,880 | ||||
Derivative, Collateral, Right to Reclaim Cash | $ 1,585,350 | $ 12,001,485 | 1,585,350 | $ 12,001,485 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Reclassification from AOCI, Current Period, Tax, Total | 2,976,019 | $ 83,311 | 2,976,019 | $ 83,311 | |
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 | 9,952,400 | ||||
Open Hedges Subject To Fair Value Changes [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 731,520 | ||||
Designated as Hedging Instrument [Member] | Short [Member] | |||||
Derivative, Nonmonetary Notional Amount, Mass (Gram) | g | 34,020 | ||||
Not Designated as Hedging Instrument [Member] | Short [Member] | |||||
Derivative, Nonmonetary Notional Amount, Mass (Gram) | g | 21,380 | ||||
Not Designated as Hedging Instrument [Member] | Long [Member] | |||||
Derivative, Nonmonetary Notional Amount, Mass (Gram) | T | 16,860 | ||||
Other Current Assets [Member] | |||||
Derivative, Collateral, Right to Reclaim Cash | 1,585,350 | $ 1,585,350 | $ 12,001,485 | ||
Commodity Contract [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||
Hedging Liabilities, Current | $ 280,220 | 280,220 | $ 501,360 | ||
Nonoperating Income (Expense) [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ (9,930,720) |
Note H - Derivative Financial_4
Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - Hot-rolled Coil Future Contracts [Member] - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Designated as Hedging Instrument [Member] | Short [Member] | Other Current Assets [Member] | ||
Hot-rolled coil steel contracts hedging sales | $ 3,539,300 | $ 91,760 |
Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative liabilities | 2,342,780 | 7,890,700 |
Designated as Hedging Instrument [Member] | Short [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative liabilities | 50,420 | |
Designated as Hedging Instrument [Member] | Long [Member] | Other Current Assets [Member] | ||
Hot-rolled coil steel contracts hedging sales | 530,640 | |
Not Designated as Hedging Instrument [Member] | Short [Member] | Other Current Assets [Member] | ||
Hot-rolled coil steel contracts hedging sales | 1,869,080 | |
Not Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative liabilities | $ 634,360 | $ 88,680 |
Note H - Derivative Financial_5
Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Hot-rolled Coil Future Contracts [Member] | ||||
Gain recognized in OCI | $ 3,473,300 | |||
Hot-rolled coil steel contracts | (14,716,860) | |||
Hot-rolled coil steel contracts | 3,473,300 | |||
Hot-rolled coil steel contracts | 14,716,860 | |||
Total | (14,716,860) | |||
Hot-rolled Coil Future Contracts [Member] | Cost of Sales [Member] | ||||
Hot-rolled coil steel contracts | 49,200 | |||
Hot-rolled coil steel contracts | (49,200) | |||
Total | 49,200 | |||
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member] | ||||
Gain recognized in OCI | 3,473,300 | |||
Hot-rolled coil steel contracts | 3,473,300 | |||
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member] | Sales [Member] | ||||
Hot-rolled coil steel contracts | 14,766,060 | $ 22,950,860 | $ (396,720) | |
Hot-rolled coil steel contracts | (14,766,060) | (22,950,860) | 396,720 | |
Total | $ 14,766,060 | 22,950,860 | (396,720) | |
Hotrolled Coil Futures Contracts 2 [Member] | ||||
Gain recognized in OCI | $ 3,364,460 | (6,609,540) | 3,364,460 | |
Hot-rolled coil steel contracts | 396,720 | (12,317,960) | 396,720 | |
Hot-rolled coil steel contracts | 3,364,460 | (6,609,540) | 3,364,460 | |
Hot-rolled coil steel contracts | (396,720) | 12,317,960 | (396,720) | |
Total | 396,720 | (12,317,960) | 396,720 | |
Hotrolled Coil Futures Contracts 2 [Member] | Cost of Sales [Member] | ||||
Hot-rolled coil steel contracts | 10,632,900 | |||
Hot-rolled coil steel contracts | (10,632,900) | |||
Total | 10,632,900 | |||
Hotrolled Coil Futures Contracts 2 [Member] | Designated as Hedging Instrument [Member] | ||||
Gain recognized in OCI | 3,364,460 | (6,609,540) | 3,364,460 | |
Hot-rolled coil steel contracts | 3,364,460 | $ (6,609,540) | $ 3,364,460 | |
Hotrolled Coil Futures Contracts 2 [Member] | Designated as Hedging Instrument [Member] | Sales [Member] | ||||
Hot-rolled coil steel contracts | (396,720) | |||
Hot-rolled coil steel contracts | 396,720 | |||
Total | $ (396,720) |
Note H - Derivative Financial_6
Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Hot-rolled coil steel contracts | $ 1,238,320 | $ 0 | |
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member] | |||
Hot-rolled coil steel contracts | $ 1,721,700 | ||
Hot-rolled coil steel contracts | $ (6,498,040) |
Note H - Derivative Financial_7
Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 80,335,001 | $ 65,281,496 | $ 65,339,976 | $ 66,865,367 | |
Other comprehensive loss, net of income, before reclassification | 2,971,332 | ||||
Total loss reclassified from AOCI (1) | [1] | (313,409) | |||
Net current period other comprehensive income | 13,795,418 | 2,657,923 | 4,329,266 | 2,657,923 | |
Balance | 91,056,681 | 69,352,898 | 91,056,681 | 69,352,898 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Balance | (11,187,841) | 0 | |||
Other comprehensive loss, net of income, before reclassification | (5,012,675) | ||||
Total loss reclassified from AOCI (1) | [2] | 9,341,941 | |||
Net current period other comprehensive income | 4,329,266 | ||||
Balance | $ (6,858,575) | $ 2,657,923 | $ (6,858,575) | $ 2,657,923 | |
[1] | The gain reclassified from AOCI is presented net of taxes of $83,311 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2020. | ||||
[2] | The loss reclassified from AOCI is presented net of tax benefit of $2,976,019 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2021. |
Note I - Fair Value Measureme_3
Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Commodity futures – financial assets, net | $ 2,431,240 | $ (7,407,400) |
Total | 2,431,240 | (7,407,400) |
Fair Value, Inputs, Level 1 [Member] | ||
Commodity futures – financial assets, net | 2,431,240 | (7,407,400) |
Total | $ 2,431,240 | $ (7,407,400) |
Note J - Segment Information (D
Note J - Segment Information (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 1,238,320 | $ 0 | |
Gain (Loss) on Extinguishment of Debt, Total | 1,706,614 | $ 0 | |
Paycheck Protection Program CARES Act [Member] | |||
Gain (Loss) on Extinguishment of Debt, Total | 1,706,614 | ||
Nonoperating Income (Expense) [Member] | Paycheck Protection Program CARES Act [Member] | |||
Gain (Loss) on Extinguishment of Debt, Total | 1,706,614 | ||
Hot-rolled Coil Steel Contracts [Member] | Nonoperating Income (Expense) [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 1,721,700 | ||
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ 6,498,040 |
Note J - Segment Information -
Note J - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 51,655,943 | $ 28,502,049 | $ 210,143,277 | $ 76,888,329 | |
Operating profit (loss) | (5,656,648) | 2,764,558 | 32,632,598 | 1,306,559 | |
Corporate expenses | 920,000 | 736,000 | 4,662,000 | 2,188,000 | |
Interest expense | 58,385 | 6,148 | 153,891 | 18,356 | |
Other income (loss), net | 1,727,134 | 4,339 | (4,801,121) | 12,987 | |
Total earnings (loss) before income taxes | (3,929,514) | 2,768,897 | 27,831,477 | 1,319,546 | |
Segment assets | 150,440,012 | 150,440,012 | $ 95,008,809 | ||
Coil [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 41,795,586 | 21,672,147 | 172,814,243 | 55,561,017 | |
Tubular [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 9,860,357 | 6,829,902 | 37,329,034 | 21,327,312 | |
Operating Segments [Member] | |||||
Operating profit (loss) | (4,679,000) | 3,507,000 | 37,448,000 | 3,513,000 | |
Segment assets | 145,413,000 | 145,413,000 | 74,554,000 | ||
Operating Segments [Member] | Coil [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 41,795,000 | 21,672,000 | 172,814,000 | 55,561,000 | |
Operating profit (loss) | (4,032,000) | 3,238,000 | 33,497,000 | 3,529,000 | |
Segment assets | 119,705,000 | 119,705,000 | 56,670,000 | ||
Operating Segments [Member] | Tubular [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 9,861,000 | 6,830,000 | 37,329,000 | 21,327,000 | |
Operating profit (loss) | (647,000) | $ 269,000 | 3,951,000 | $ (16,000) | |
Segment assets | 25,708,000 | 25,708,000 | 17,884,000 | ||
Corporate, Non-Segment [Member] | |||||
Segment assets | $ 5,027,000 | $ 5,027,000 | $ 20,455,000 |
Note K - Revenue (Details Textu
Note K - Revenue (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021USD ($)T | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)T | Dec. 31, 2020USD ($) | |
Number of Reportable Segments | 2 | |||
Inventory, Material Weight (US Ton) | T | 3,000 | 3,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 51,655,943 | $ 28,502,049 | $ 210,143,277 | $ 76,888,329 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Sales | $ 51,655,943 | $ 28,502,049 | $ 210,143,277 | $ 76,888,329 |
Coil [Member] | ||||
Net Sales | 41,795,586 | 21,672,147 | 172,814,243 | 55,561,017 |
Coil [Member] | Prime Coil [Member] | ||||
Net Sales | 39,588,438 | 19,541,188 | 164,096,180 | 49,897,886 |
Coil [Member] | Secondary Coil [Member] | ||||
Net Sales | 1,852,272 | 1,886,099 | 7,704,262 | 5,028,237 |
Coil [Member] | Customer Owned [Member] | ||||
Net Sales | 354,876 | 244,860 | 1,013,801 | 634,894 |
Tubular [Member] | ||||
Net Sales | 9,860,357 | 6,829,902 | 37,329,034 | 21,327,312 |
Tubular [Member] | Manufactured Pipe [Member] | ||||
Net Sales | 6,906,450 | 5,082,314 | 27,889,886 | 17,540,498 |
Tubular [Member] | Mill Reject Pipe [Member] | ||||
Net Sales | $ 2,953,907 | $ 1,747,588 | $ 9,439,148 | $ 3,786,814 |
Note L - Stockholders' Equity -
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 80,335,001 | $ 62,942,275 | $ 65,339,976 | $ 65,281,496 | $ 65,974,090 | $ 66,865,367 | $ 65,339,976 | $ 66,865,367 |
Net earnings | (2,961,833) | 13,177,614 | 11,311,797 | 2,129,745 | (250,005) | (858,862) | 21,527,578 | 1,020,878 |
Other comprehensive loss | 13,795,418 | 4,227,185 | (13,693,337) | 2,657,923 | ||||
Paid in capital – restricted stock awards | 128,194 | 126,037 | 121,704 | 104,736 | 110,813 | 110,814 | ||
Cash dividends | (138,024) | (138,110) | (137,865) | (137,867) | (143,181) | (143,229) | ||
Net earnings | (2,961,833) | 13,177,614 | 11,311,797 | 2,129,745 | (250,005) | (858,862) | 21,527,578 | 1,020,878 |
Issuance of restricted stock | 0 | 0 | 50,000 | 0 | ||||
Balance | 91,056,681 | 80,335,001 | 62,942,275 | 69,352,898 | 65,281,496 | 65,974,090 | 91,056,681 | 69,352,898 |
Repurchase of shares | (102,075) | (733,135) | (410,221) | |||||
Common Stock [Member] | ||||||||
Balance | 8,340,785 | 8,334,785 | 8,334,785 | 8,306,160 | 8,306,160 | 8,295,160 | 8,334,785 | 8,295,160 |
Net earnings | 0 | 0 | ||||||
Other comprehensive loss | 0 | 0 | ||||||
Paid in capital – restricted stock awards | 0 | 0 | ||||||
Cash dividends | 0 | 0 | ||||||
Net earnings | 0 | 0 | ||||||
Issuance of restricted stock | 4,190 | 6,000 | 28,625 | 11,000 | ||||
Balance | 8,344,975 | 8,340,785 | 8,334,785 | 8,334,785 | 8,306,160 | 8,306,160 | 8,344,975 | 8,334,785 |
Repurchase of shares | 0 | 0 | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (20,653,993) | (24,881,178) | (11,187,841) | (11,187,841) | ||||
Net earnings | 0 | 0 | ||||||
Other comprehensive loss | 13,795,418 | 4,227,185 | (13,693,337) | 2,657,923 | ||||
Paid in capital – restricted stock awards | 0 | 0 | ||||||
Cash dividends | 0 | 0 | ||||||
Net earnings | 0 | 0 | ||||||
Issuance of restricted stock | 0 | 0 | ||||||
Balance | (6,858,575) | (20,653,993) | (24,881,178) | 2,657,923 | (6,858,575) | 2,657,923 | ||
Repurchase of shares | 0 | 0 | ||||||
Additional Paid-in Capital [Member] | ||||||||
Balance | 30,245,203 | 30,125,166 | 30,003,462 | 29,776,043 | 29,665,230 | 29,565,416 | 30,003,462 | 29,565,416 |
Net earnings | 0 | 0 | ||||||
Other comprehensive loss | 0 | 0 | ||||||
Paid in capital – restricted stock awards | 128,194 | 126,037 | 121,704 | 104,736 | 110,813 | 110,814 | ||
Cash dividends | 0 | 0 | ||||||
Net earnings | 0 | 0 | ||||||
Issuance of restricted stock | (4,190) | (28,625) | ||||||
Balance | 30,369,207 | 30,245,203 | 30,125,166 | 29,852,154 | 29,776,043 | 29,665,230 | 30,369,207 | 29,852,154 |
Repurchase of shares | 0 | 0 | ||||||
Treasury Stock [Member] | ||||||||
Balance | (7,203,342) | (7,203,342) | (7,203,342) | (5,936,185) | (5,525,964) | (5,525,964) | (7,203,342) | (5,525,964) |
Net earnings | 0 | 0 | ||||||
Other comprehensive loss | 0 | 0 | ||||||
Paid in capital – restricted stock awards | 0 | 0 | ||||||
Cash dividends | 0 | 0 | 0 | |||||
Net earnings | 0 | 0 | ||||||
Issuance of restricted stock | 0 | 50,000 | ||||||
Balance | (7,305,417) | (7,203,342) | (7,203,342) | (6,619,320) | (5,936,185) | (5,525,964) | (7,305,417) | (6,619,320) |
Repurchase of shares | (102,075) | (733,135) | (410,221) | |||||
Retained Earnings [Member] | ||||||||
Balance | 69,606,348 | 56,566,844 | 45,392,912 | 33,135,478 | 33,528,664 | 34,530,755 | 45,392,912 | 34,530,755 |
Net earnings | (2,961,833) | 13,177,614 | 11,311,797 | 2,129,745 | (250,005) | (858,862) | ||
Other comprehensive loss | 0 | 0 | ||||||
Paid in capital – restricted stock awards | 0 | 0 | ||||||
Cash dividends | (138,024) | (138,110) | (137,865) | (137,867) | (143,181) | (143,229) | ||
Net earnings | (2,961,833) | 13,177,614 | 11,311,797 | 2,129,745 | (250,005) | (858,862) | ||
Issuance of restricted stock | 0 | 0 | ||||||
Balance | 66,506,491 | $ 69,606,348 | $ 56,566,844 | 35,127,356 | $ 33,135,478 | $ 33,528,664 | $ 66,506,491 | $ 35,127,356 |
Repurchase of shares | $ 0 | $ 0 |
Note L - Stockholders' Equity_2
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends, per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.06 |
Note M - Other Comprehensive _3
Note M - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flow hedges, before tax | $ 18,190,160 | $ 3,364,460 | $ 5,708,420 | $ 3,364,460 |
Cash flow hedges, tax benefit | (4,394,742) | (706,537) | (1,379,154) | (706,537) |
Cash flow hedges, net of tax | 13,795,418 | 2,657,923 | 4,329,266 | 2,657,923 |
Other comprehensive income (loss) | 18,190,160 | 3,364,460 | 5,708,420 | 3,364,460 |
Other comprehensive income (loss) | (4,394,742) | (706,537) | (1,379,154) | (706,537) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | $ 13,795,418 | $ 2,657,923 | $ 4,329,266 | $ 2,657,923 |
Note N - Supplemental Cash Fl_2
Note N - Supplemental Cash Flow Information (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 154,000 | $ 6,000 | |
Income Taxes Paid, Net, Total | 7,487,000 | $ 10,000 | |
Proceeds from Income Tax Refunds | 423,000 | ||
Construction in Progress, Gross | 12,983,850 | $ 9,614 | |
Capital Expenditures Incurred but Not yet Paid | $ 5,600,000 |
Note O - Income Taxes (Details
Note O - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ (967,681) | $ 639,152 | $ 6,303,899 | $ 298,668 |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.70% | 22.60% |