Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 14, 2024 | |
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
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, $1 Par Value | |
Trading Symbol | FRD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,976,311 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
CURRENT ASSETS: | ||
Cash | $ 4,009 | $ 2,992 |
Accounts receivable, net of allowances for bad debts of $138 and $183 at December 31, and March 31, 2023, respectively | 44,422 | 49,367 |
Inventories | 113,901 | 86,246 |
Current portion of derivative assets | 26 | 536 |
Other current assets | 8,539 | 4,515 |
TOTAL CURRENT ASSETS | 170,897 | 143,656 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,670 | 1,670 |
Buildings and yard improvements | 29,266 | 28,550 |
Machinery and equipment | 52,021 | 51,001 |
Construction in process | 4,174 | 1,167 |
Less accumulated depreciation | (30,643) | (28,455) |
Property, plant, and equipment, net | 56,488 | 53,933 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 377 | 453 |
Operating lease right-of-use asset | 1,193 | 1,270 |
TOTAL ASSETS | 228,955 | 199,312 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 47,870 | 36,847 |
Income taxes payable | 2,174 | 774 |
Dividends payable | 139 | 148 |
Contribution to retirement plan | 0 | 350 |
Employee compensation and related expenses | 3,529 | 4,650 |
Current portion of financing lease | 81 | 107 |
Current portion of derivative liability | 808 | 2,212 |
TOTAL CURRENT LIABILITIES | 54,601 | 45,088 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 103 | 96 |
DEFERRED INCOME TAX LIABILITY | 4,418 | 4,357 |
OTHER NON-CURRENT LIABILITIES | 1,127 | 1,222 |
ASSET BASED LENDING FACILITY | 45,963 | 33,117 |
TOTAL LIABILITIES | 106,212 | 83,880 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,868,716 shares at December 31, and March 31, 2023 | 8,869 | 8,869 |
Additional paid-in capital | 35,198 | 35,005 |
Accumulated other comprehensive loss | 0 | (317) |
Treasury stock at cost (1,896,892 shares and 1,493,128 shares at December 31, and March 31, 2023, respectively) | (12,929) | (7,778) |
Retained earnings | 91,605 | 79,653 |
TOTAL STOCKHOLDERS’ EQUITY | 122,743 | 115,432 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 228,955 | $ 199,312 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Allowances for bad debts and cash discounts | $ 138 | $ 183 |
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) | 8,868,716 | 8,868,716 |
Treasury stock, shares (in shares) | 1,896,892 | 1,493,128 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net Sales | $ 115,973 | $ 111,860 | $ 384,019 | $ 423,356 |
Costs and expenses: | ||||
Costs of products sold | 105,531 | 105,730 | 351,427 | 393,876 |
Selling, general and administrative | 4,269 | 4,701 | 15,007 | 15,662 |
Costs and Expenses | 109,800 | 110,431 | 366,434 | 409,538 |
EARNINGS FROM OPERATIONS | 6,173 | 1,429 | 17,585 | 13,818 |
Gain (loss) on economic hedges of risk | (4,126) | 822 | 706 | 7,326 |
Interest expense | (790) | (448) | (2,135) | (1,498) |
Other income | 1 | 4 | 17 | 24 |
EARNINGS BEFORE INCOME TAXES | 1,258 | 1,807 | 16,173 | 19,670 |
Provision for (benefit from) income taxes: | ||||
Current | 82 | 448 | 3,827 | 4,686 |
Deferred | (8) | (17) | (41) | (47) |
Income tax | 74 | 431 | 3,786 | 4,639 |
NET EARNINGS | $ 1,184 | $ 1,376 | $ 12,387 | $ 15,031 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.19 | $ 1.69 | $ 2.06 |
Diluted (in dollars per share) | 0.16 | 0.19 | 1.69 | 2.06 |
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 (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net earnings | $ 1,184 | $ 1,376 | $ 12,387 | $ 15,031 |
Other comprehensive income: | ||||
Cash flow hedges, net of tax | 0 | 669 | 317 | 9,422 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 669 | 317 | 9,422 |
Comprehensive income | $ 1,184 | $ 2,045 | $ 12,704 | $ 24,453 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 12,387 | $ 15,031 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ||
Depreciation and amortization | 2,293 | 1,879 |
Deferred taxes | (41) | (47) |
Compensation expense for restricted stock | 193 | 224 |
Change in postretirement benefits | 6 | 8 |
Gain recognized on open derivatives not designated for hedge accounting | (894) | (1,353) |
Deferred realized gain on derivatives | 418 | 3,156 |
Decrease (increase) in operating assets, net of amounts acquired in business combination: | ||
Accounts receivable | 4,945 | (7,402) |
Inventories | (27,656) | 47,659 |
Federal income taxes recoverable | 0 | 1,403 |
Other current assets | (1,621) | 428 |
Accounts payable and accrued expenses | 11,058 | (20,791) |
Income taxes payable | 1,400 | 2,631 |
Contribution to retirement plan | (350) | 100 |
Employee compensation and related expenses | (1,121) | 1,173 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,017 | 44,099 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (4,774) | (8,279) |
Increase in cash surrender value of officers’ life insurance | (10) | (10) |
NET CASH USED IN INVESTING ACTIVITIES | (4,784) | (80,009) |
FINANCING ACTIVITIES | ||
Debt issuance cost | 0 | (329) |
Cash dividends paid | (443) | (442) |
Cash paid for principal portion of finance lease | (80) | (79) |
Cash paid for share repurchases | (5,151) | (37) |
Asset based lending facility proceeds | 12,847 | 26,075 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,173 | 25,188 |
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | 3,406 | (10,722) |
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,386 | 16,122 |
CASH AND RESTRICTED CASH AT END OF PERIOD | 8,792 | 5,400 |
Plateplus Inc. [Member] | ||
INVESTING ACTIVITIES | ||
Plateplus business combination | $ 0 | $ (71,720) |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 Business Combinations The results of a business acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition. The Company allocates the purchase price to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. Acquisition-related transaction costs are expensed in the period in which the costs are incurred. Reclassifications The unaudited condensed consolidated financial statements for the previous year may Interest expense Earnings From Operations three nine December 31, 2022 Other income (loss), net Gain (loss) on economic hedges of risk no |
Note B - Business Combinations
Note B - Business Combinations | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE B — BUSINESS COMBINATIONS On April 30, 2022, ( The Transaction resulted in the Company acquiring the assets noted above, for a total consideration of $76.5 million, of which $71.7 million was cash consideration and $4.8 million related to 516,041 shares of the Company's common stock issued to the Seller. The fair value of the 516,041 shares issued was determined based on the closing market price of the Company’s common stock on April 29, 2022, The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right of use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503 The Company recorded one nine December 31, 2022, |
Note C - Inventories
Note C - Inventories | 9 Months Ended |
Dec. 31, 2023 | |
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 (in thousands): December 31, 2023 March 31, 2023 Prime Coil Inventory $ 97,646 $ 75,917 Non-Standard Coil Inventory 739 278 Tubular Raw Material 8,187 5,193 Tubular Finished Goods 7,329 4,858 $ 113,901 $ 86,246 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. |
Note D - Debt
Note D - Debt | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE D – DEBT The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one third May 19, 2026 1.00 twelve may December 31, 2023 $46.0 million December 31, 2023 The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility. |
Note E - Leases
Note E - Leases | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES The Company was assigned an operating lease associated with the real property and leasehold improvements for the Granite City, IL facility acquired from Plateplus pursuant to the transaction disclosed in Note B. The lease called for quarterly rental payments of approximately $19,000. The Company recognized an initial right-of-use (“ROU”) asset and lease liability of approximately $1.2 million during the June 30, 2022 January 2024 August 31, 2028, four five March 31, 2024. April 30, 2024. In October 2019, The components of expense related to leases for the three nine December 31, 2023 2022 Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Finance lease – amortization of ROU asset $ 26 $ 26 $ 78 $ 78 Finance lease – interest on lease liability 1 1 3 3 Operating lease expense 34 34 102 94 $ 61 $ 61 $ 183 $ 175 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2023 March 31, 2023 December 31, 2023 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,193 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 411 430 Property, plant & equipment Total right-of-use assets $ 1,604 $ 1,700 Liabilities Operating lease liability, current $ 66 $ 101 Accrued expenses Finance lease liability, current 81 107 Current portion of finance lease Operating lease liability, non-current 1,127 1,168 Other non-current liabilities Finance lease liability, non-current — 54 Other non-current liabilities Total lease liabilities $ 1,274 $ 1,430 As of December 31, 2023 19.4 years for operating leases and 0.8 years for finance leases. The weighted average discount rate was 2.6% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of December 31, 2023 Operating Leases Finance Leases Fiscal 2024 (remainder of fiscal year) 34 27 Fiscal 2025 80 55 Fiscal 2026 75 — Fiscal 2027 75 — Fiscal 2028 and beyond 1,237 — Total undiscounted lease payments $ 1,501 $ 82 Less: imputed interest (308 ) (1 ) Present value of lease liability $ 1,193 $ 81 |
Note F - Property, Plant and Eq
Note F - Property, Plant and Equipment | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE F — PROPERTY, PLANT AND EQUIPMENT In October 2022, 1” 96” 100,000 At December 31, 2023 March 31, 2024 June 30, 2024 |
Note G - Stock Based Compensati
Note G - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2023 | |
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 units (“RSUs”) for the nine December 31, 2023 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2023 100,366 $ 6.08 Granted — — Vested (40,366 ) 6.27 Unvested at December 31, 2023 60,000 $ 5.95 The Company measures compensation expense for RSUs at the market price of the common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expen se of approximately $0.2 million and $0.2 million in nine December 31, 2023 2022 December 31, 2023 oximately $0.1 million which is expected to be recognized over a weighted average period of approximately 1.0 ye December 31, 2023 |
Note H - Derivative Financial I
Note H - Derivative Financial Instruments | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we expect to use derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 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, 2023 not March 31, 2023 During the nine December 31, 2023 2022 the Company 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, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 26 Current portion of derivative liability $ 808 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, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212 All derivatives are presented on a gross basis on the Consolidated Balance Sheets. At December 31, 2023 ” March 31, 2023 ” The following table summarizes the pre-tax gain recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented (in thousands): Pre-Tax Gain Recognized in OCI Location of Loss Reclassified from AOCI into Net Earnings Pre- Tax Loss Reclassified from AOCI into Net Earnings For the three months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ — Total $ — $ — For the three months ended December 31, 2022: Hot-rolled coil steel contracts $ 22 Sales $ (861 ) Total $ 22 $ (861 ) For the nine months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the nine months ended December 31, 2022: Hot-rolled coil steel contracts $ 9,446 Sales $ (2,977 ) Total $ 9,446 $ (2,977 ) The following table summarizes the recognized in earnings for derivative instruments not three nine December 31, 2023 (in thousands): Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ (4,126 ) Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 706 The following table summarizes the gains recognized in earnings for derivative instruments not three nine December 31, 2022 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2022 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 822 Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2022 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 7,326 The notional amount (quantity) of our derivative instruments not December 31, 2023 January 2024 June 2024. The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the periods presented (in thousands): Gain (Loss) on Derivatives Balance at March 31, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at December 31, 2023 $ — ( 1 AOCI is presented net of tax s of approximately $0.1 million the nine December 31, 2023 . Gain (Loss) on Derivatives Balance at March 31, 2022 $ (10,269 ) Other comprehensive income, net of loss, before reclassification 7,164 Total loss reclassified from AOCI (1) 2,258 Net current period other comprehensive income 9,422 Balance at December 31, 2022 $ (847 ) ( 1 nine December 31, 2022 . At December 31, 2023 and March 31, 2023 , cash of approximately $4.8 million and $2.4 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash December 31, 2023 and March 31, 2023 |
Note I - Fair Value Measurement
Note I - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 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 $ (782 ) $ — $ — $ (782 ) Total $ (782 ) $ — $ — $ (782 ) At March 31, 2023 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 $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 ) At December 31, 2023 and March 31, 2023 , the Company did not |
Note J - Segment Information
Note J - Segment Information | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE J — SEGMENT INFORMATION (in thousands) The Flat-roll segment was previously referred to as the Coil segment. The Company is now using Flat-roll to describe the segment due to it being a more common term used in the Company's industry. Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Net sales Flat-roll $ 106,424 $ 100,231 $ 352,148 $ 372,830 Tubular 9,549 11,629 31,871 50,526 Total net sales $ 115,973 $ 111,860 $ 384,019 $ 423,356 Operating profit (loss) Flat-roll $ 8,694 $ 3,259 $ 23,650 $ 15,684 Tubular (116 ) 692 2,164 6,136 Total operating profit 8,578 3,951 25,814 21,820 General corporate expenses (2,405 ) (2,522 ) (8,229 ) (8,002 ) Gain (loss) on economic hedges of risk (4,126 ) 822 706 7,326 Interest expense (790 ) (448 ) (2,135 ) (1,498 ) Other income 1 4 17 24 Total earnings before income taxes $ 1,258 $ 1,807 $ 16,173 $ 19,670 December 31, 2023 March 31, 2023 Segment assets Flat-roll $ 202,900 $ 179,780 Tubular 20,419 15,858 223,319 195,638 Corporate assets 5,636 3,674 $ 228,955 $ 199,312 Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain (loss) on economic hedges of risk, interest expense and other income. General corporate expenses reflect general and administrative expenses not December 31, 2023 March 31, 2023 no |
Note K - Revenue
Note K - Revenue | 9 Months Ended |
Dec. 31, 2023 | |
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 or storage 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 nine December 31, 2023 2022 Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Flat-roll Segment: Prime Coil $ 103,748 $ 99,100 $ 346,405 $ 368,583 Non-standard Coil 1,629 796 2,140 3,219 Processing or Storage of Customer Owned Coil 1,047 335 3,603 1,028 $ 106,424 $ 100,231 $ 352,148 $ 372,830 Tubular Segment: Manufactured Pipe $ 9,549 $ 11,629 $ 31,871 $ 50,526 $ 9,549 $ 11,629 $ 31,871 $ 50,526 |
Note L - Stockholders' Equity
Note L - Stockholders' Equity | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE L — STOCKHOLDERS’ EQUITY During the three December 31, 2023, December 13, 2023 may December 13, 2026, not December 31, 2023. The following tables reflect the changes in stockholders’ equity for each of the nine December 31, 2023 December 31, 2022 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2023 $ 8,869 (317 ) $ 35,005 $ (7,778 ) $ 79,653 $ 115,432 Net earnings — — — — 7,690 7,690 Other comprehensive income — 317 — — — 317 Paid in capital – restricted stock units — — 78 — — 78 Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT JUNE 30, 2023 $ 8,869 $ — $ 35,083 $ (7,778 ) $ 87,195 $ 123,369 Net earnings — — — — 3,513 3,513 Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (3 ) — (3 ) Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT SEPTEMBER 30, 2023 $ 8,869 $ — $ 35,161 $ (7,781 ) $ 90,560 $ 126,809 Net earnings — — — — 1,184 1,184 Paid in capital – restricted stock units — — 37 — — 37 Repurchase of shares — — — (5,148 ) — (5,148 ) Cash dividends ($0.02 per share) — — — — (139 ) (139 ) BALANCE AT DECEMBER 31, 2023 $ 8,869 $ — $ 35,198 $ (12,929 ) $ 91,605 $ 122,743 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,345 (10,268 ) $ 30,442 $ (7,741 ) $ 58,909 $ 79,687 Net earnings — — — — 11,184 11,184 Other comprehensive income — 7,174 — — — 7,174 Paid in capital – restricted stock units — — 73 — — 73 Shares issued - Plateplus business combination 516 — 4,268 — — 4,784 Repurchase of shares — — — (29 ) — (29 ) Cash dividends ($0.02 per share) — — — — (158 ) (158 ) BALANCE AT JUNE 30, 2022 $ 8,861 $ (3,094 ) $ 34,783 $ (7,770 ) $ 69,935 $ 102,715 Net earnings — — — — 2,471 2,471 Other comprehensive income — 1,578 — — — 1,578 Paid in capital – restricted stock units — — 73 — — 73 Cash dividends ($0.02 per share) — — — — (147 ) (147 ) BALANCE AT SEPTEMBER 30, 2022 $ 8,861 $ (1,516 ) $ 34,856 $ (7,770 ) $ 72,259 $ 106,690 Net earnings — — — — 1,376 1,376 Other comprehensive income — 669 — — — 669 Issuance of restricted stock 8 — (8 ) — — — Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (7 ) — (7 ) Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT DECEMBER 31, 2022 $ 8,869 $ (847 ) $ 34,926 $ (7,777 ) $ 73,487 $ 108,658 |
Note M - Other Comprehensive In
Note M - Other Comprehensive Income | 9 Months Ended |
Dec. 31, 2023 | |
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 for the periods presented (in thousands): Three Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ — $ — $ — Other comprehensive income $ — $ — $ — Three Months Ended December 31, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 883 $ (213 ) $ 670 Other comprehensive income $ 883 $ (213 ) $ 670 Nine Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Nine Months Ended December 31, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 12,423 $ (3,001 ) $ 9,422 Other comprehensive income $ 12,423 $ (3,001 ) $ 9,422 |
Note N - Earnings Per Share
Note N - Earnings Per Share | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE N — EARNINGS PER SHARE Basic and dilutive net earnings per share is computed based on the following information (in thousands, except for share data): Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Numerator (basic and diluted) Net earnings $ 1,184 $ 1,376 $ 12,387 $ 15,031 Less: Allocation to unvested restricted stock units 10 19 131 240 Net earnings attributable to common shareholders $ 1,174 $ 1,357 $ 12,256 $ 14,791 Denominator (basic and diluted) Weighted average common shares outstanding 7,245,183 7,275,212 7,274,332 7,196,452 For the nine December 31, 2023 2022 As the restricted stock qualifies as participating securities, the following restricted stock units were not two Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Restricted Stock Units 48,840 56,621 42,709 48,510 |
Note O - Supplemental Cash Flow
Note O - Supplemental Cash Flow Information | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest o f approximately $2.1 million and $1.3 million during the nine December 31, 2023 and 2022, Company paid income taxes of approximately $2.8 million and $0.4 million during the nine December 31, 2023 and 2022, nine December 31, 2022 |
Note P - Income Taxes
Note P - Income Taxes | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE P — INCOME TAXES For the nine December 31, 2023 and 2022 , the Company recorded an income tax provision of approximately $3.8 million and $4.6 million, respectively. For the nine December 31, 2023 and 2022 , the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision. |
Note B - Business Combinations
Note B - Business Combinations (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right of use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503 |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 March 31, 2023 Prime Coil Inventory $ 97,646 $ 75,917 Non-Standard Coil Inventory 739 278 Tubular Raw Material 8,187 5,193 Tubular Finished Goods 7,329 4,858 $ 113,901 $ 86,246 |
Note E - Leases (Tables)
Note E - Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Finance lease – amortization of ROU asset $ 26 $ 26 $ 78 $ 78 Finance lease – interest on lease liability 1 1 3 3 Operating lease expense 34 34 102 94 $ 61 $ 61 $ 183 $ 175 |
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block] | December 31, 2023 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,193 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 411 430 Property, plant & equipment Total right-of-use assets $ 1,604 $ 1,700 Liabilities Operating lease liability, current $ 66 $ 101 Accrued expenses Finance lease liability, current 81 107 Current portion of finance lease Operating lease liability, non-current 1,127 1,168 Other non-current liabilities Finance lease liability, non-current — 54 Other non-current liabilities Total lease liabilities $ 1,274 $ 1,430 |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Fiscal 2024 (remainder of fiscal year) 34 27 Fiscal 2025 80 55 Fiscal 2026 75 — Fiscal 2027 75 — Fiscal 2028 and beyond 1,237 — Total undiscounted lease payments $ 1,501 $ 82 Less: imputed interest (308 ) (1 ) Present value of lease liability $ 1,193 $ 81 |
Note G - Stock Based Compensa_2
Note G - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 100,366 $ 6.08 Granted — — Vested (40,366 ) 6.27 Unvested at December 31, 2023 60,000 $ 5.95 |
Note H - Derivative Financial_2
Note H - Derivative Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 26 Current portion of derivative liability $ 808 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pre-Tax Gain Recognized in OCI Location of Loss Reclassified from AOCI into Net Earnings Pre- Tax Loss Reclassified from AOCI into Net Earnings For the three months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ — Total $ — $ — For the three months ended December 31, 2022: Hot-rolled coil steel contracts $ 22 Sales $ (861 ) Total $ 22 $ (861 ) For the nine months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the nine months ended December 31, 2022: Hot-rolled coil steel contracts $ 9,446 Sales $ (2,977 ) Total $ 9,446 $ (2,977 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ (4,126 ) Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 706 Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2022 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 822 Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2022 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 7,326 |
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, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at December 31, 2023 $ — Gain (Loss) on Derivatives Balance at March 31, 2022 $ (10,269 ) Other comprehensive income, net of loss, before reclassification 7,164 Total loss reclassified from AOCI (1) 2,258 Net current period other comprehensive income 9,422 Balance at December 31, 2022 $ (847 ) |
Note I - Fair Value Measureme_2
Note I - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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 $ (782 ) $ — $ — $ (782 ) Total $ (782 ) $ — $ — $ (782 ) 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 $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 ) |
Note J - Segment Information (T
Note J - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Net sales Flat-roll $ 106,424 $ 100,231 $ 352,148 $ 372,830 Tubular 9,549 11,629 31,871 50,526 Total net sales $ 115,973 $ 111,860 $ 384,019 $ 423,356 Operating profit (loss) Flat-roll $ 8,694 $ 3,259 $ 23,650 $ 15,684 Tubular (116 ) 692 2,164 6,136 Total operating profit 8,578 3,951 25,814 21,820 General corporate expenses (2,405 ) (2,522 ) (8,229 ) (8,002 ) Gain (loss) on economic hedges of risk (4,126 ) 822 706 7,326 Interest expense (790 ) (448 ) (2,135 ) (1,498 ) Other income 1 4 17 24 Total earnings before income taxes $ 1,258 $ 1,807 $ 16,173 $ 19,670 December 31, 2023 March 31, 2023 Segment assets Flat-roll $ 202,900 $ 179,780 Tubular 20,419 15,858 223,319 195,638 Corporate assets 5,636 3,674 $ 228,955 $ 199,312 |
Note K - Revenue (Tables)
Note K - Revenue (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Flat-roll Segment: Prime Coil $ 103,748 $ 99,100 $ 346,405 $ 368,583 Non-standard Coil 1,629 796 2,140 3,219 Processing or Storage of Customer Owned Coil 1,047 335 3,603 1,028 $ 106,424 $ 100,231 $ 352,148 $ 372,830 Tubular Segment: Manufactured Pipe $ 9,549 $ 11,629 $ 31,871 $ 50,526 $ 9,549 $ 11,629 $ 31,871 $ 50,526 |
Note L - Stockholders' Equity (
Note L - Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2023 $ 8,869 (317 ) $ 35,005 $ (7,778 ) $ 79,653 $ 115,432 Net earnings — — — — 7,690 7,690 Other comprehensive income — 317 — — — 317 Paid in capital – restricted stock units — — 78 — — 78 Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT JUNE 30, 2023 $ 8,869 $ — $ 35,083 $ (7,778 ) $ 87,195 $ 123,369 Net earnings — — — — 3,513 3,513 Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (3 ) — (3 ) Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT SEPTEMBER 30, 2023 $ 8,869 $ — $ 35,161 $ (7,781 ) $ 90,560 $ 126,809 Net earnings — — — — 1,184 1,184 Paid in capital – restricted stock units — — 37 — — 37 Repurchase of shares — — — (5,148 ) — (5,148 ) Cash dividends ($0.02 per share) — — — — (139 ) (139 ) BALANCE AT DECEMBER 31, 2023 $ 8,869 $ — $ 35,198 $ (12,929 ) $ 91,605 $ 122,743 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,345 (10,268 ) $ 30,442 $ (7,741 ) $ 58,909 $ 79,687 Net earnings — — — — 11,184 11,184 Other comprehensive income — 7,174 — — — 7,174 Paid in capital – restricted stock units — — 73 — — 73 Shares issued - Plateplus business combination 516 — 4,268 — — 4,784 Repurchase of shares — — — (29 ) — (29 ) Cash dividends ($0.02 per share) — — — — (158 ) (158 ) BALANCE AT JUNE 30, 2022 $ 8,861 $ (3,094 ) $ 34,783 $ (7,770 ) $ 69,935 $ 102,715 Net earnings — — — — 2,471 2,471 Other comprehensive income — 1,578 — — — 1,578 Paid in capital – restricted stock units — — 73 — — 73 Cash dividends ($0.02 per share) — — — — (147 ) (147 ) BALANCE AT SEPTEMBER 30, 2022 $ 8,861 $ (1,516 ) $ 34,856 $ (7,770 ) $ 72,259 $ 106,690 Net earnings — — — — 1,376 1,376 Other comprehensive income — 669 — — — 669 Issuance of restricted stock 8 — (8 ) — — — Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (7 ) — (7 ) Cash dividends ($0.02 per share) — — — — (148 ) (148 ) BALANCE AT DECEMBER 31, 2022 $ 8,869 $ (847 ) $ 34,926 $ (7,777 ) $ 73,487 $ 108,658 |
Note M - Other Comprehensive _2
Note M - Other Comprehensive Income (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ — $ — $ — Other comprehensive income $ — $ — $ — Three Months Ended December 31, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 883 $ (213 ) $ 670 Other comprehensive income $ 883 $ (213 ) $ 670 Nine Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Nine Months Ended December 31, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 12,423 $ (3,001 ) $ 9,422 Other comprehensive income $ 12,423 $ (3,001 ) $ 9,422 |
Note N - Earnings Per Share (Ta
Note N - Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Numerator (basic and diluted) Net earnings $ 1,184 $ 1,376 $ 12,387 $ 15,031 Less: Allocation to unvested restricted stock units 10 19 131 240 Net earnings attributable to common shareholders $ 1,174 $ 1,357 $ 12,256 $ 14,791 Denominator (basic and diluted) Weighted average common shares outstanding 7,245,183 7,275,212 7,274,332 7,196,452 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Restricted Stock Units 48,840 56,621 42,709 48,510 |
Note A - Basis of Presentation
Note A - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative, Gain (Loss) on Derivative, Net | $ (4,126) | $ 822 | $ 706 | $ 7,326 |
Reclassified from Other income (loss) to Gain (loss) on Economic Hedges of Risk [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 800 | $ 7,300 |
Note B - Business Combination_2
Note B - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combination, Consideration Transferred, Total | $ 76,500 | |||
Payments to Acquire Businesses, Gross | $ 71,700 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 4,784 | $ 4,800 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 516,041 | 516,041 | ||
Goodwill, Ending Balance | $ 0 | |||
Selling, General and Administrative Expenses [Member] | ||||
Business Combination, Acquisition Related Costs | $ 1,200 | |||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 71,900 |
Note B - Business Combination_3
Note B - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Plateplus Inc. [Member] $ in Thousands | Apr. 30, 2022 USD ($) |
Inventory | $ 77,546 |
Property, plant and equipment | 18,022 |
Business combination, operating lease right-of-use asset | 1,237 |
Accounts payable | (19,065) |
Operating lease liability | (1,237) |
Total | $ 76,503 |
Note C - Inventories - Schedule
Note C - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Inventory, Net | $ 113,901 | $ 86,246 |
Prime Coil Inventory [Member] | ||
Prime Coil Inventory | 97,646 | 75,917 |
Non-standard Coil Inventory [Member] | ||
Prime Coil Inventory | 739 | 278 |
Tubular Inventory [Member] | ||
Prime Coil Inventory | 8,187 | 5,193 |
Tubular Finished Goods | $ 7,329 | $ 4,858 |
Note D - Debt (Details Textual)
Note D - Debt (Details Textual) $ in Millions | 10 Months Ended | |||
Apr. 29, 2022 USD ($) | Mar. 11, 2022 USD ($) | Mar. 11, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase | $ 25 | |||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150 | $ 106.1 | ||
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable | 90% | 85% | 85% | |
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage | 15% | |||
Debt Instrument, Covenant, Availability Remaining Before Testing, Value | $ 22.5 | |||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.1 | |||
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments | $ 5 | $ 5 | ||
Long-Term Line of Credit | $ 46 | |||
Line of Credit Facility, Interest Rate at Period End | 7.50% | |||
Debt Issuance Costs, Gross | $ 0.4 | |||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Oct. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2023 | |
Finance Lease, Liability, to be Paid | $ 82,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 19 years 4 months 24 days | ||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 9 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.60% | ||
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, to be Paid | $ 500,000 | ||
Finance Lease, Monthly Payment | $ 9,000 | ||
Granite City, IL Facility [Member] | |||
Operating Lease, Quarterly Payments | $ 19,000 | ||
Granite City, IL Facility [Member] | Plateplus Inc. [Member] | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,200,000 | ||
Office Space in Longview, Texas [Member] | |||
Operating Lease, Monthly Payments | $ 5,000 |
Note E - Leases - Lease Cost (D
Note E - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finance lease – amortization of ROU asset | $ 26 | $ 26 | $ 78 | $ 78 |
Finance lease – interest on lease liability | 1 | 1 | 3 | 3 |
Operating lease expense | 34 | 34 | 102 | 94 |
Lease, Cost | $ 61 | $ 61 | $ 183 | $ 175 |
Note E - Leases - Balance Sheet
Note E - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Operating lease right-of-use asset | $ 1,193 | $ 1,270 |
Total right-of-use assets | 1,604 | 1,700 |
Finance lease liability, current | 81 | 107 |
Total lease liabilities | 1,274 | 1,430 |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | 1,193 | 1,270 |
Property, Plant and Equipment, Net [Member] | ||
Finance lease right-of-use asset | 411 | 430 |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating lease liability, current | 66 | 101 |
Current Portion of Financing Lease [Member] | ||
Finance lease liability, current | 81 | 107 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability, non-current | 1,127 | 1,168 |
Finance lease liability, non-current | $ 0 | $ 54 |
Note E - Leases - Maturities of
Note E - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating lease, Fiscal 2024 (remainder of fiscal year) | $ 34 |
Finance lease, Fiscal 2024 (remainder of fiscal year) | 27 |
Operating lease, Fiscal 2025 | 80 |
Finance lease, Fiscal 2025 | 55 |
Operating lease, Fiscal 2026 | 75 |
Finance lease, Fiscal 2026 | 0 |
Operating lease, Fiscal 2027 | 75 |
Finance lease, Fiscal 2027 | 0 |
Operating lease, Fiscal 2028 and beyond | 1,237 |
Finance lease, Fiscal 2028 and beyond | 0 |
Operating lease, Total undiscounted lease payments | 1,501 |
Finance lease, Total undiscounted lease payments | 82 |
Operating lease, Less: imputed interest | (308) |
Finance lease, Less: imputed interest | (1) |
Present value of lease liability, finance lease | 81 |
Accrued Expense and Other Noncurrent Liabilities [Member] | |
Present value of lease liability, operating lease | $ 1,193 |
Note F - Property, Plant and _2
Note F - Property, Plant and Equipment (Details Textual) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | May 25, 2021 USD ($) ft² a |
Buildings and Improvements, Gross | $ 29,266,000 | $ 28,550,000 | ||
Construction in Progress, Gross | 4,174,000 | $ 1,167,000 | ||
Capital Expenditures, Expected Cost | 3,800,000 | |||
Facility in Sinton, Texas [Member] | ||||
Area of Land (Acre) | a | 26.5 | |||
Lessee, Operating Lease, Term of Contract (Year) | 99 years | |||
Annual Rental Payment | $ 1 | |||
Capitalized Property Plant and Equipment [Member] | ||||
Buildings and Improvements, Gross | $ 22,200,000 | |||
Facility in Sinton, Texas [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 70,000 | |||
Building Expansion Project [Member] | ||||
Construction in Progress, Gross | 4,200,000 | |||
Upgrade of Decatur, AL Processing Line [Member] | ||||
Construction in Progress, Gross | 1,500,000 | |||
Repair and Expansion of Storage Yard at Decatur Facility [Member] | ||||
Construction in Progress, Gross | $ 1,800,000 |
Note G - Stock Based Compensa_3
Note G - Stock Based Compensation (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2016 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0.1 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 0.2 | $ 0.2 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||
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 Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 122,485 |
Note G - Stock Based Compensa_4
Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended | |
Dec. 31, 2023 $ / shares shares | ||
Unvested, shares (in shares) | shares | 100,366 | |
Unvested, weighted average grand date fair value (in dollars per share) | $ / shares | $ 6.08 | |
Granted, shares (in shares) | shares | 0 | [1] |
Granted, weighted average grand date fair value (in dollars per share) | $ / shares | $ 0 | |
Vested, shares (in shares) | shares | (40,366) | |
Vested, weighted average grand date fair value (in dollars per share) | $ / shares | $ 6.27 | |
Unvested, shares (in shares) | shares | 60,000 | |
Unvested, weighted average grand date fair value (in dollars per share) | $ / shares | $ 5.95 | |
[1]50,000 shares were issued out of treasury stock |
Note H - Derivative Financial_3
Note H - Derivative Financial Instruments (Details Textual) $ in Millions | 9 Months Ended | ||
Dec. 31, 2023 USD ($) T | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Derivative Asset | $ 3 | $ 1.6 | |
Other Current Assets [Member] | |||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 4.8 | $ 2.4 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Reclassification from AOCI, Current Period, Tax | $ 0.1 | $ 0.7 | |
Not Designated as Hedging Instrument [Member] | Short [Member] | |||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 21,140 |
Note H - Derivative Financial_4
Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative assets | $ 3,000 | $ 1,600 |
Current Portion of Derivative Assets [Member] | Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member] | ||
Derivative assets | 26 | 536 |
Current Portion of Derivative Liability [Member] | Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member] | ||
Derivative liabilities | $ 808 | $ 2,212 |
Note H - Derivative Financial_5
Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pre-tax gain (loss) recognized in OCI | $ 0 | $ 22 | $ 0 | $ 9,446 | ||||
Revenue | 115,973 | 111,860 | 384,019 | 423,356 | ||||
Total | 1,184 | $ 3,513 | $ 7,690 | 1,376 | $ 2,471 | $ 11,184 | 12,387 | 15,031 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Total | 0 | (861) | (418) | (2,977) | ||||
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Revenue | 0 | (861) | (418) | (2,977) | ||||
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||||
Pre-tax gain (loss) recognized in OCI | $ 0 | $ 22 | $ 0 | $ 9,446 |
Note H - Derivative Financial_6
Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Hot-rolled coil steel contracts | $ 894 | $ 1,353 | ||
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member] | ||||
Hot-rolled coil steel contracts | $ (4,126) | $ 822 | $ 706 | $ 7,326 |
Note H - Derivative Financial_7
Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Balance | $ 126,809 | $ 106,690 | $ 115,432 | $ 79,687 | ||
Net current period other comprehensive income | 0 | 669 | 317 | 9,422 | ||
Balance | 122,743 | 108,658 | 122,743 | 108,658 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | (317) | (10,269) | ||||
Other comprehensive income, net of loss, before reclassification | 0 | 7,164 | ||||
Total loss reclassified from AOCI (1) | 317 | [1] | 2,258 | [2] | ||
Net current period other comprehensive income | 317 | 9,422 | ||||
Balance | $ 0 | $ (847) | $ 0 | $ (847) | ||
[1]The loss reclassified from AOCI is presented net of tax benefits of approximately $0.1 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the six months ended September 30, 2023.[2]The loss reclassified from AOCI is presented net of tax benefits of approximately $0.5 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the six months ended September 30, 2022. |
Note I - Fair Value Measureme_3
Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2022 |
Commodity futures – financial liabilities, net | $ (782) | $ (1,676) |
Total | (782) | |
Total | (1,676) | |
Fair Value, Inputs, Level 1 [Member] | ||
Commodity futures – financial liabilities, net | (782) | (1,676) |
Total | (782) | |
Total | (1,676) | |
Fair Value, Inputs, Level 2 [Member] | ||
Commodity futures – financial liabilities, net | 0 | 0 |
Total | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Commodity futures – financial liabilities, net | 0 | 0 |
Total | $ 0 | |
Total | $ 0 |
Note J - Segment Information -
Note J - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Net Sales | $ 115,973 | $ 111,860 | $ 384,019 | $ 423,356 | |
Operating profit (loss) | 6,173 | 1,429 | 17,585 | 13,818 | |
Gain (loss) on economic hedges of risk | (4,126) | 822 | 706 | 7,326 | |
Interest expense | (790) | (448) | (2,135) | (1,498) | |
Other income | 1 | 4 | 17 | 24 | |
EARNINGS BEFORE INCOME TAXES | 1,258 | 1,807 | 16,173 | 19,670 | |
Assets | 228,955 | 228,955 | $ 199,312 | ||
Operating Segments [Member] | |||||
Operating profit (loss) | 8,578 | 3,951 | 25,814 | 21,820 | |
Assets | 223,319 | 223,319 | 195,638 | ||
Corporate, Non-Segment [Member] | |||||
General corporate expenses | (2,405) | (2,522) | (8,229) | (8,002) | |
Assets | 5,636 | 5,636 | 3,674 | ||
Coil [Member] | |||||
Net Sales | 106,424 | 100,231 | 352,148 | 372,830 | |
Coil [Member] | Operating Segments [Member] | |||||
Net Sales | 106,424 | 100,231 | 352,148 | 372,830 | |
Operating profit (loss) | 8,694 | 3,259 | 23,650 | 15,684 | |
Assets | 202,900 | 202,900 | 179,780 | ||
Tubular [Member] | |||||
Net Sales | 9,549 | 11,629 | 31,871 | 50,526 | |
Tubular [Member] | Operating Segments [Member] | |||||
Net Sales | 9,549 | 11,629 | 31,871 | 50,526 | |
Operating profit (loss) | (116) | $ 692 | 2,164 | $ 6,136 | |
Assets | $ 20,419 | $ 20,419 | $ 15,858 |
Note K - Revenue (Details Textu
Note K - Revenue (Details Textual) | 9 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Note K - Revenue - Disaggregati
Note K - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net Sales | $ 115,973 | $ 111,860 | $ 384,019 | $ 423,356 |
Coil [Member] | ||||
Net Sales | 106,424 | 100,231 | 352,148 | 372,830 |
Coil [Member] | Prime Coil [Member] | ||||
Net Sales | 103,748 | 99,100 | 346,405 | 368,583 |
Coil [Member] | Secondary Coil [Member] | ||||
Net Sales | 1,629 | 796 | 2,140 | 3,219 |
Coil [Member] | Customer Owned [Member] | ||||
Net Sales | 1,047 | 335 | 3,603 | 1,028 |
Tubular [Member] | ||||
Net Sales | 9,549 | 11,629 | 31,871 | 50,526 |
Tubular [Member] | Manufactured Pipe [Member] | ||||
Net Sales | $ 9,549 | $ 11,629 | $ 31,871 | $ 50,526 |
Note L - Stockholders' Equity_2
Note L - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Treasury Stock, Value, Acquired, Cost Method | $ 5,148 | $ 3 | $ 7 | $ 29 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,045,774 | |||
Common Stock [Member] | ||||
Stock Repurchase Program, Percentage of Shares Authorized to be Repurchased | 15% | |||
Metal One Corporation [Member] | Common Stock [Member] | ||||
Treasury Stock, Shares, Acquired (in shares) | 400,041 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 5,100 |
Note L - Stockholders' Equity -
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 126,809 | $ 123,369 | $ 115,432 | $ 106,690 | $ 102,715 | $ 79,687 | $ 115,432 | $ 79,687 |
Net earnings | 1,184 | 3,513 | 7,690 | 1,376 | 2,471 | 11,184 | 12,387 | 15,031 |
Other comprehensive income (loss) | 317 | 669 | 1,578 | 7,174 | ||||
Paid in capital – restricted stock units | 37 | 78 | 78 | 78 | 73 | 73 | ||
Cash dividends | (139) | (148) | (148) | (148) | (147) | (158) | ||
Repurchase of shares | (5,148) | (3) | (7) | (29) | ||||
Net earnings | 1,184 | 3,513 | 7,690 | 1,376 | 2,471 | 11,184 | 12,387 | 15,031 |
Balance | 122,743 | 126,809 | 123,369 | 108,658 | 106,690 | 102,715 | 122,743 | 108,658 |
Other comprehensive income (loss) | 317 | 669 | 1,578 | 7,174 | ||||
Issuance of restricted stock | 0 | |||||||
Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | 4,784 | 4,800 | ||||||
Common Stock [Member] | ||||||||
Balance | 8,869 | 8,869 | 8,869 | 8,861 | 8,861 | 8,345 | 8,869 | 8,345 |
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Paid in capital – restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | ||
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of shares | 0 | 0 | 0 | 0 | ||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 8,869 | 8,869 | 8,869 | 8,869 | 8,861 | 8,861 | 8,869 | 8,869 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Issuance of restricted stock | 8 | |||||||
Common Stock [Member] | Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | 516 | |||||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | 0 | 0 | (317) | (1,516) | (3,094) | (10,268) | (317) | (10,268) |
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 317 | 669 | 1,578 | 7,174 | ||||
Paid in capital – restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | ||
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of shares | 0 | 0 | 0 | 0 | ||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 0 | 0 | 0 | (847) | (1,516) | (3,094) | 0 | (847) |
Other comprehensive income (loss) | 317 | 669 | 1,578 | 7,174 | ||||
Issuance of restricted stock | 0 | |||||||
AOCI Attributable to Parent [Member] | Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | 0 | |||||||
Additional Paid-in Capital [Member] | ||||||||
Balance | 35,161 | 35,083 | 35,005 | 34,856 | 34,783 | 30,442 | 35,005 | 30,442 |
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Paid in capital – restricted stock units | 37 | 78 | 78 | 78 | 73 | 73 | ||
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of shares | 0 | 0 | 0 | 0 | ||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 35,198 | 35,161 | 35,083 | 34,926 | 34,856 | 34,783 | 35,198 | 34,926 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Issuance of restricted stock | (8) | |||||||
Additional Paid-in Capital [Member] | Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | 4,268 | |||||||
Treasury Stock, Common [Member] | ||||||||
Balance | (7,781) | (7,778) | (7,778) | (7,770) | (7,770) | (7,741) | (7,778) | (7,741) |
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Paid in capital – restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | ||
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of shares | (5,148) | (3) | (7) | (29) | ||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | (12,929) | (7,781) | (7,778) | (7,777) | (7,770) | (7,770) | (12,929) | (7,777) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Issuance of restricted stock | 0 | |||||||
Treasury Stock, Common [Member] | Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | 0 | |||||||
Retained Earnings [Member] | ||||||||
Balance | 90,560 | 87,195 | 79,653 | 72,259 | 69,935 | 58,909 | 79,653 | 58,909 |
Net earnings | 1,184 | 3,513 | 7,690 | 1,376 | 2,471 | 11,184 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Paid in capital – restricted stock units | 0 | 0 | 0 | 0 | 0 | 0 | ||
Cash dividends | (139) | (148) | (148) | (148) | (147) | (158) | ||
Repurchase of shares | 0 | 0 | 0 | 0 | ||||
Net earnings | 1,184 | 3,513 | 7,690 | 1,376 | 2,471 | 11,184 | ||
Balance | $ 91,605 | $ 90,560 | 87,195 | 73,487 | 72,259 | 69,935 | $ 91,605 | $ 73,487 |
Other comprehensive income (loss) | $ 0 | 0 | $ 0 | 0 | ||||
Issuance of restricted stock | $ 0 | |||||||
Retained Earnings [Member] | Plateplus Inc. [Member] | ||||||||
Shares issued - Plateplus business combination | $ 0 |
Note L - Stockholders' Equity_3
Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash dividends, per share (in dollars per share) | $ 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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flow hedges, before tax | $ 0 | $ 883 | $ 418 | $ 12,423 |
Cash flow hedges, tax | 0 | (213) | (101) | (3,001) |
Cash flow hedges | 0 | 669 | 317 | 9,422 |
Other comprehensive income (loss), before tax | 0 | 883 | 418 | 12,423 |
Other comprehensive income (loss), tax | 0 | (213) | (101) | (3,001) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 0 | $ 669 | $ 317 | $ 9,422 |
Note N - Earnings Per Share - C
Note N - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net earnings | $ 1,184 | $ 3,513 | $ 7,690 | $ 1,376 | $ 2,471 | $ 11,184 | $ 12,387 | $ 15,031 |
Less: Allocation to unvested restricted stock units | 10 | 19 | 131 | 240 | ||||
Net earnings attributable to common shareholders | $ 1,174 | $ 1,357 | $ 12,256 | $ 14,791 | ||||
Weighted average common shares outstanding (in shares) | 7,245,183 | 7,275,212 | 7,274,332 | 7,196,452 |
Note N - Earnings Per Share - R
Note N - Earnings Per Share - Restricted Stock Units (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||||
Restricted Stock Units (in shares) | 48,840 | 56,621 | 42,709 | 48,510 |
Note O - Supplemental Cash Fl_2
Note O - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 2,100 | $ 1,300 | ||
Income Taxes Paid, Net | $ 2,800 | $ 400 | ||
Plateplus Inc. [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 516,041 | 516,041 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 4,784 | $ 4,800 |
Note P - Income Taxes (Details
Note P - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 74 | $ 431 | $ 3,786 | $ 4,639 |