Friedman Industries (FRD) 10-Q 8 Aug 24 2025 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 08, 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	Q1
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,969,695

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
CURRENT ASSETS:
Cash	$ 4,146	$ 2,891
Accounts receivable, net of allowances for credit losses and cash discounts of $138 and $97 at June 30, and March 31, 2024, respectively	37,755	47,329
Inventories	119,802	115,804
Current portion of derivative assets	12	74
Other current assets	701	3,966
TOTAL CURRENT ASSETS	162,416	170,064
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,670
Buildings and yard improvements	30,906	30,900
Machinery and equipment	54,280	53,607
Construction in process	2,332	1,977
Less accumulated depreciation	(32,145)	(31,396)
Property, Plant, and Equipment, net	57,043	56,758
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	333	356
Operating lease right-of-use asset	2,998	2,841
TOTAL ASSETS	222,790	230,019
Liabilities, Current [Abstract]
Accounts payable and accrued expenses	34,403	43,886
Income taxes payable	2,823	2,213
Dividends payable	279	279
Employee compensation and related expenses	1,252	5,989
Current portion of financing lease	27	54
Current portion of derivative liability	16	1,686
TOTAL CURRENT LIABILITIES	38,800	54,107
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	106	105
DEFERRED INCOME TAX LIABILITY	5,247	5,257
NON-CURRENT LEASE LIABILITIES	2,863	2,782
ASSET BASED LENDING FACILITY	46,087	40,293
TOTAL LIABILITIES	93,103	102,544
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,873,203 shares at June 30, and March 31, 2024	8,873	8,873
Additional paid-in capital	35,294	35,247
Treasury stock at cost (1,903,508 shares and 1,896,892 shares at June 30, and March 31, 2024, respectively)	(13,052)	(12,929)
Retained earnings	98,572	96,284
TOTAL STOCKHOLDERS’ EQUITY	129,687	127,475
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 222,790	$ 230,019

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Allowances for bad debts and cash discounts	$ 138	$ 97
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)	8,873,203	8,873,203
Treasury stock, common shares (in shares)	1,903,508	1,896,892

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net Sales	$ 114,551	$ 137,298
Costs and expenses:
Selling, general and administrative	4,511	5,937
Depreciation and amortization	795	749
Costs and Expenses	115,949	126,941
EARNINGS (LOSS) FROM OPERATIONS	(1,398)	10,357
Gain on economic hedges of risk	5,375	430
Interest expense	(681)	(540)
Other income	3	6
EARNINGS BEFORE INCOME TAXES	3,299	10,253
Provision for (benefit from) income taxes:
Current	742	2,580
Deferred	(10)	(17)
Income taxes	732	2,563
NET EARNINGS	$ 2,567	$ 7,690
Net earnings per share:
Basic (in dollars per share)	$ 0.37	$ 1.04
Diluted (in dollars per share)	0.37	1.04
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.02
Material Sold Expense [Member]
Costs and expenses:
Cost of materials sold	$ 96,414	$ 108,203
Processing and Warehouse Expense [Member]
Costs and expenses:
Cost of materials sold	8,178	6,606
Delivery Expense [Member]
Costs and expenses:
Cost of materials sold	$ 6,051	$ 5,446

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net earnings	$ 2,567	$ 7,690
Other comprehensive income:
Cash flow hedges, net of tax	0	317
Other Comprehensive Income (Loss)	0	317
Comprehensive income	$ 2,567	$ 8,007

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net earnings	$ 2,567	$ 7,690
Adjustments to reconcile net earnings to cash used in operating activities:
Depreciation and amortization	795	771
Deferred taxes	(10)	(17)
Compensation expense for restricted stock	47	78
Change in postretirement benefits	1	2
Gain recognized on open derivatives not designated for hedge accounting	(1,608)	(956)
Deferred realized gain on derivatives	0	418
Right-of-use asset	(27)	0
Decrease (increase) in operating assets:
Accounts receivable	9,574	2,592
Inventories	(3,998)	(14,900)
Other current assets	260	553
Decrease (increase) in operating liabilities:
Accounts payable and accrued expenses	(9,533)	(851)
Income taxes payable	610	2,057
Contribution to retirement plan	0	(350)
Employee compensation and related expenses	(4,737)	(1,670)
NET CASH USED IN OPERATING ACTIVITIES	(6,059)	(4,583)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(1,054)	(450)
Increase in cash surrender value of officers’ life insurance	(3)	(2)
NET CASH USED IN INVESTING ACTIVITIES	(1,057)	(452)
FINANCING ACTIVITIES
Cash dividends paid	(279)	(148)
Cash paid for principal portion of finance lease	(27)	(26)
Cash paid for share repurchases	(123)	0
Borrowings on asset based lending facility	198,871	204,312
Repayments on asset based lending facility	(193,077)	(198,131)
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,365	6,007
INCREASE (DECREASE) IN CASH AND RESTRICED CASH	(1,751)	972
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,897	5,386
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 4,146	$ 6,358

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 30, 2024
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, 2024 Reclassifications The consolidated financial statements for the previous year may four no

Note B - Inventories

Note B - Inventories	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE B — INVENTORIES The Company operates in two A summary of inventory values by product group follows (in thousands): June 30, 2024 March 31, 2024 Flat-Roll raw material $ 89,847 $ 85,483 Flat-Roll finished goods 17,717 17,030 Tubular raw material 5,447 4,185 Tubular finished goods 6,791 9,106 $ 119,802 $ 115,804

Note C - Debt

Note C - Debt	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE C – 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 June 30, 2024 June 30, 2024 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 D - Leases

Note D - Leases	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE D — LEASES The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 4 five June 30, 2024 September 2024 February 28, 2029 one June 30, 2024 March 2025 April 2024 April 30, 2027 In October 2019, The components of expense related to leases for the three June 30, 2024 2023 Three Months Ended June 30, 2024 2023 Finance lease – amortization of ROU asset $ 27 $ 26 Finance lease – interest on lease liability — 1 Operating lease expense 60 34 $ 87 $ 61 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2024 March 31, 2024 June 30, 2024 March 31, 2024 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,998 $ 2,841 Operating lease right-of-use asset Finance lease right-of-use asset 398 404 Property, plant & equipment Total right-of-use assets $ 3,396 $ 3,245 Liabilities Operating lease liability, current $ 149 $ 101 Accrued expenses Finance lease liability, current 27 54 Current portion of finance lease Operating lease liability, non-current 2,863 2,782 Non-current lease liabilities Total lease liabilities $ 3,039 $ 2,937 As of June 30, 2024 r finance leases. Maturities of lease liabilities as of June 30, 2024 Operating Leases Finance Leases Fiscal 2025 (remainder of fiscal year) 267 27 Fiscal 2026 363 — Fiscal 2027 371 — Fiscal 2028 324 — Fiscal 2029 and beyond 5,043 — Total undiscounted lease payments $ 6,368 $ 27 Less: imputed interest (3,356 ) — Present value of lease liability $ 3,012 $ 27

Note E - Property, Plant and Eq

Note E - Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE E — PROPERTY, PLANT AND EQUIPMENT At June 30, 2024 August 2024.

Note F - Stock Based Compensati

Note F - Stock Based Compensation	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE F — 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 three June 30, 2024 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2024 64,487 $ 6.62 Cancelled or forfeited — — Granted — — Vested (34,000 ) 6.26 Unvested at June 30, 2024 30,487 $ 7.03 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 million and $0.1 million in three June 30, 2024 2023 June 30, 2024 oximat lion which is expected to be recognized over a weighted average period of approximately June 30, 2024

Note G - Derivative Financial I

Note G - Derivative Financial Instruments	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE G — DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we expect to utilize hot-rolled coil futures or options to reduce our exposure to commodity price risk that is inherent in our business. For the three June 30, 2024, three June 30, 2023, 815– 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 June 30, 2024 March 31, 2024 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 June 30, 2024 (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 $ 12 Current portion of derivative liability $ 16 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, 2024 (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 $ 74 Current portion of derivative liability $ 1,686 All derivatives are presented on a gross basis on the Consolidated Balance Sheets. During the three June 30, 2024 2023 the Company entered into hot-rolled coil futures contracts that were not three June 30, 2024 2023, not three June 30, 2023, The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the three June 30, 2023 (in thousands): Pre-Tax Gain (Loss) 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 June 30, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) The following table summarizes the recognized in earnings for derivative instruments not three June 30, 2024 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2024 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 5,375 The following table summarizes the gain recognized in earnings for derivative instruments not three June 30, 2023 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 430 The notional amount (quantity) of our derivative instruments not June 30, 2024 July 2024 December 2024 September 2024 The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the three June 30, 2023 (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 June 30, 2023 $ — ( 1 three June 30, 2023 . The Company did not June 30, 2024 March 31, 2024 March 31, 2024

Note H - Fair Value Measurement

Note H - Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE H — 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 June 30, 2024 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 $ (4 ) $ — $ — $ (4 ) Total $ (4 ) $ — $ — $ (4 ) At March 31, 2024 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 $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 ) At June 30, 2024 and March 31, 2024 , the Company did not

Note I - Industry Segment Data

Note I - Industry Segment Data	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE I — SEGMENT INFORMATION (in thousands) The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Three Months Ended June 30, 2024 2023 NET SALES: Flat-Roll $ 103,387 $ 125,197 Tubular 11,164 12,101 TOTAL NET SALES $ 114,551 $ 137,298 OPERATING PROFIT (LOSS): Flat-Roll $ 2,666 $ 11,814 Tubular (1,185 ) 2,264 TOTAL OPERATING PROFIT 1,481 14,078 General corporate expenses (2,879 ) (3,721 ) Gain on economic hedges of risk 5,375 430 Interest expense (681 ) (540 ) Other income 3 6 TOTAL EARNINGS BEFORE INCOME TAXES $ 3,299 $ 10,253 June 30, 2024 March 31, 2024 IDENTIFIABLE ASSETS: Flat-Roll $ 199,090 $ 205,797 Tubular 18,027 19,589 217,117 225,386 General corporate assets 5,673 4,633 $ 222,790 $ 230,019 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 June 30, 2024 March 31, 2024 no

Note J - Revenue

Note J - Revenue	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE J — 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 two The following table disaggregates our revenue by product for each of our reportable business segments for the three June 30, 2024 2023 Three Months Ended June 30, 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products 101,834 123,973 Processing or Storage of Customer Owned Coil 1,553 1,224 103,387 125,197 Tubular Segment: Manufactured Pipe 11,164 12,101 11,164 12,101

Note K - Stockholders' Equity

Note K - Stockholders' Equity	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE K — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for each of the three June 30, 2024 June 30, 2023 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2024 $ 8,873 — $ 35,247 $ (12,929 ) $ 96,284 $ 127,475 Net earnings — — — — 2,567 2,567 Paid in capital – restricted stock units — — 47 — — 47 Repurchase of shares — — — (123 ) — (123 ) Cash dividends ($0.04 per share) — — — — (279 ) (279 ) BALANCE AT JUNE 30, 2024 $ 8,873 $ — $ 35,294 $ (13,052 ) $ 98,572 $ 129,687 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

Note L - Other Comprehensive In

Note L - Other Comprehensive Income	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE L — OTHER COMPREHENSIVE INCOME The following table summarizes the tax effects on each component of Other Comprehensive Income for the three June 30, 2023 Three Months Ended June 30, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317

Note M - Earnings Per Share

Note M - Earnings Per Share	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE M — 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 June 30, 2024 2023 Numerator (basic and diluted) Net earnings $ 2,567 $ 7,690 Less: Allocation to unvested restricted stock units 11 90 Net earnings attributable to common shareholders $ 2,556 $ 7,600 Denominator (basic and diluted) Weighted average common shares outstanding 6,939,208 7,288,906 For the three June 30, 2024 2023 As the restricted stock qualifies as participating securities, the following restricted stock units were not two Three Months Ended June 30, 2024 2023 Restricted Stock Units 24,218 60,524

Note N - Supplemental Cash Flow

Note N - Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE N — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest o f approximately million and $0.5 million during the three June 30, 2024 and 2023, Company paid income taxes of approximately and $47,000 during the three June 30, 2024 and 2023,

Note O - Income Taxes

Note O - Income Taxes	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE O — INCOME TAXES For the three June 30, 2024 and three June 30, 2023 , the Company recorded an income tax provisions of approximately million and $2.6 million, respectively. For the three June 30, 2024 , the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision with this impact partially reduced by the tax effect of restricted stock vesting during the quarter. For the three June 30, 2023 , the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. During the three June 30, 2024, none 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note B - Inventories (Tables)

Note B - Inventories (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2024 March 31, 2024 Flat-Roll raw material $ 89,847 $ 85,483 Flat-Roll finished goods 17,717 17,030 Tubular raw material 5,447 4,185 Tubular finished goods 6,791 9,106 $ 119,802 $ 115,804

Note D - Leases (Tables)

Note D - Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2024 2023 Finance lease – amortization of ROU asset $ 27 $ 26 Finance lease – interest on lease liability — 1 Operating lease expense 60 34 $ 87 $ 61
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	June 30, 2024 March 31, 2024 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,998 $ 2,841 Operating lease right-of-use asset Finance lease right-of-use asset 398 404 Property, plant & equipment Total right-of-use assets $ 3,396 $ 3,245 Liabilities Operating lease liability, current $ 149 $ 101 Accrued expenses Finance lease liability, current 27 54 Current portion of finance lease Operating lease liability, non-current 2,863 2,782 Non-current lease liabilities Total lease liabilities $ 3,039 $ 2,937
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Fiscal 2025 (remainder of fiscal year) 267 27 Fiscal 2026 363 — Fiscal 2027 371 — Fiscal 2028 324 — Fiscal 2029 and beyond 5,043 — Total undiscounted lease payments $ 6,368 $ 27 Less: imputed interest (3,356 ) — Present value of lease liability $ 3,012 $ 27

Note F - Stock Based Compensa_2

Note F - Stock Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 64,487 $ 6.62 Cancelled or forfeited — — Granted — — Vested (34,000 ) 6.26 Unvested at June 30, 2024 30,487 $ 7.03

Note G - Derivative Financial_2

Note G - Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2024
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 $ 12 Current portion of derivative liability $ 16 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 $ 74 Current portion of derivative liability $ 1,686
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pre-Tax Gain (Loss) 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 June 30, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 )
Derivative Instruments, Gain (Loss) [Table Text Block]	Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2024 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 5,375 Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 430
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 June 30, 2023 $ —

Note H - Fair Value Measureme_2

Note H - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2024
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 $ (4 ) $ — $ — $ (4 ) Total $ (4 ) $ — $ — $ (4 ) 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 $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 )

Note I - Industry Segment Data

Note I - Industry Segment Data (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2024 2023 NET SALES: Flat-Roll $ 103,387 $ 125,197 Tubular 11,164 12,101 TOTAL NET SALES $ 114,551 $ 137,298 OPERATING PROFIT (LOSS): Flat-Roll $ 2,666 $ 11,814 Tubular (1,185 ) 2,264 TOTAL OPERATING PROFIT 1,481 14,078 General corporate expenses (2,879 ) (3,721 ) Gain on economic hedges of risk 5,375 430 Interest expense (681 ) (540 ) Other income 3 6 TOTAL EARNINGS BEFORE INCOME TAXES $ 3,299 $ 10,253 June 30, 2024 March 31, 2024 IDENTIFIABLE ASSETS: Flat-Roll $ 199,090 $ 205,797 Tubular 18,027 19,589 217,117 225,386 General corporate assets 5,673 4,633 $ 222,790 $ 230,019

Note J - Revenue (Tables)

Note J - Revenue (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products 101,834 123,973 Processing or Storage of Customer Owned Coil 1,553 1,224 103,387 125,197 Tubular Segment: Manufactured Pipe 11,164 12,101 11,164 12,101

Note K - Stockholders' Equity (

Note K - Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 $ 8,873 — $ 35,247 $ (12,929 ) $ 96,284 $ 127,475 Net earnings — — — — 2,567 2,567 Paid in capital – restricted stock units — — 47 — — 47 Repurchase of shares — — — (123 ) — (123 ) Cash dividends ($0.04 per share) — — — — (279 ) (279 ) BALANCE AT JUNE 30, 2024 $ 8,873 $ — $ 35,294 $ (13,052 ) $ 98,572 $ 129,687 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

Note L - Other Comprehensive _2

Note L - Other Comprehensive Income (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317

Note M - Earnings Per Share (Ta

Note M - Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2024 2023 Numerator (basic and diluted) Net earnings $ 2,567 $ 7,690 Less: Allocation to unvested restricted stock units 11 90 Net earnings attributable to common shareholders $ 2,556 $ 7,600 Denominator (basic and diluted) Weighted average common shares outstanding 6,939,208 7,288,906
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, 2024 2023 Restricted Stock Units 24,218 60,524

Note B - Inventories (Details T

Note B - Inventories (Details Textual)	3 Months Ended
	Jun. 30, 2024
Number of Operating Segments	2

Note B - Inventories - Schedule

Note B - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Inventory, Net	$ 119,802	$ 115,804
Flat-Roll Inventory [Member]
Flat-Roll raw material	89,847	85,483
Flat-Roll finished goods	17,717	17,030
Tubular Inventory [Member]
Flat-Roll raw material	5,447	4,185
Flat-Roll finished goods	$ 6,791	$ 9,106

Note C - Debt (Details Textual)

Note C - Debt (Details Textual) $ in Millions			10 Months Ended
	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Jun. 30, 2024 USD ($)
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			$ 112.4
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				$ 46.1
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 D - Leases (Details Textua

Note D - Leases (Details Textual) - USD ($)	1 Months Ended			12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2019	Mar. 31, 2024	Jun. 30, 2024
Finance Lease, Liability, to be Paid					$ 27,000
Operating Lease, Weighted Average Remaining Lease Term (Year)					19 years 6 months
Finance Lease, Weighted Average Remaining Lease Term (Year)					2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent				7.50%
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
Office Space in Longview, Texas [Member]
Lessee, Operating Lease, Renewal Term (Year)	36 months	5 years
Operating Lease, Monthly Payments	$ 5,000	$ 13,000		$ 11,000
Operating Lease, Additional Term (Month)				60 months

Note D - Leases - Lease Cost (D

Note D - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finance lease – amortization of ROU asset	$ 27	$ 26
Finance lease – interest on lease liability	0	1
Operating lease expense	60	34
Lease, Cost	$ 87	$ 61

Note D - Leases - Balance Sheet

Note D - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Operating lease right-of-use asset	$ 2,998	$ 2,841
Finance lease right-of-use asset	398	404
Total right-of-use assets	3,396	3,245
Operating lease liability, current	149	101
Current portion of financing lease	27	54
NON-CURRENT LEASE LIABILITIES	2,863	2,782
Total lease liabilities	$ 3,039	$ 2,937

Note D - Leases - Balance She_2

Note D - Leases - Balance Sheet Information (Details) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets [Abstract]
Property, Plant and Equipment, Net	$ 57,043	$ 56,758
Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities, Current	$ 34,403	$ 43,886

Note D - Leases - Maturities of

Note D - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fiscal 2025 (remainder of fiscal year)	$ 267
Fiscal 2025 (remainder of fiscal year)	27
Fiscal 2026	363
Fiscal 2026	0
Fiscal 2027	371
Fiscal 2027	0
Fiscal 2028	324
Fiscal 2028	0
Fiscal 2029 and beyond	5,043
Fiscal 2028 and beyond, finance leases	0
Operating lease, Total undiscounted lease payments	6,368
Finance lease, Total undiscounted lease payments	27
Operating lease, Less: imputed interest	(3,356)
Finance lease, Less: imputed interest	0
Present value of lease liability, operating lease	$ 3,012

Note E - Property, Plant and _2

Note E - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Construction in Progress, Gross	$ 2,332	$ 1,977
Building Expansion Project [Member]
Construction in Progress, Gross	2,300
Upgrade of Decatur, AL Processing Line [Member]
Construction in Progress, Gross	$ 1,900

Note F - Stock Based Compensa_3

Note F - Stock Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 01, 2016
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 0.1	$ 0.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	7 months 6 days
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 Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	117,998

Note F - Stock Based Compensa_4

Note F - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Unvested (in shares) | shares	64,487
Unvested (in dollars per share) | $ / shares	$ 6.62
Cancelled or forfeited (in shares) | shares	0
Cancelled or forfeited (in dollars per share) | $ / shares	$ 0
Granted (in shares) | shares	0
Granted (in dollars per share) | $ / shares	$ 0
Vested (in shares) | shares	(34,000)
Vested (in dollars per share) | $ / shares	$ 6.26
Unvested (in shares) | shares	30,487
Unvested (in dollars per share) | $ / shares	$ 7.03

Note G - Derivative Financial_3

Note G - Derivative Financial Instruments (Details Textual) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($) GT	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | $	$ 0		$ 3,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax | $		$ 100
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (Gigaton) | GT	280
Not Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (Gigaton) | GT	220

Note G - Derivative Financial_4

Note G - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Derivative asset	$ 12	$ 74
Derivative liability	16	1,686
Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative asset	12	74
Derivative liability	$ 16	$ 1,686

Note G - Derivative Financial_5

Note G - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pre-tax gain (loss) recognized in OCI		$ 0
Revenue	$ 114,551	137,298
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue		(418)
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue		(418)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI		$ 0

Note G - Derivative Financial_6

Note G - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Hot-rolled coil steel contracts	$ 1,608	$ 956
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 5,375	$ 430

Note G - Derivative Financial_7

Note G - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Balance		$ 127,475	$ 115,432
Net current period other comprehensive income		0	317
Balance		$ 129,687	123,369
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance			(317)
Other comprehensive income, net of loss, before reclassification			0
Total loss reclassified from AOCI (1)	[1]		317
Net current period other comprehensive income			317
Balance			$ 0
[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 three months ended June 30, 2023.

Note H - Fair Value Measureme_3

Note H - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 30, 2024
Commodity futures – financial liabilities, net	$ (4)	$ (1,612)
Total	(4)	(1,612)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net	(4)	(1,612)
Total	(4)	(1,612)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

Note I - Industry Segment Dat_2

Note I - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Net Sales	$ 114,551	$ 137,298
Operating profit (loss)	(1,398)	10,357
Gain on economic hedges of risk	5,375	430
Interest expense	(681)	(540)
Other income	3	6
TOTAL EARNINGS BEFORE INCOME TAXES	3,299	10,253
Identifiable assets	222,790		$ 230,019
Flat-roll [Member]
Net Sales	103,387	125,197
Tubular [Member]
Net Sales	11,164	12,101
Operating Segments [Member]
Operating profit (loss)	1,481	14,078
Identifiable assets	217,117		225,386
Operating Segments [Member] | Flat-roll [Member]
Net Sales	103,387	125,197
Operating profit (loss)	2,666	11,814
Identifiable assets	199,090		205,797
Operating Segments [Member] | Tubular [Member]
Net Sales	11,164	12,101
Operating profit (loss)	(1,185)	2,264
Identifiable assets	18,027		19,589
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
General corporate expenses	(2,879)	$ (3,721)
Identifiable assets	$ 5,673		$ 4,633

Note J - Revenue (Details Textu

Note J - Revenue (Details Textual)	3 Months Ended
	Jun. 30, 2024
Number of Reportable Segments	2

Note J - Revenue - Disaggregati

Note J - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net Sales	$ 114,551	$ 137,298
Flat-roll [Member]
Net Sales	103,387	125,197
Flat-roll [Member] | Prime Coil [Member]
Net Sales	101,834	123,973
Flat-roll [Member] | Customer Owned [Member]
Net Sales	1,553	1,224
Tubular [Member]
Net Sales	11,164	12,101
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	$ 11,164	$ 12,101

Note K - Stockholders' Equity -

Note K - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Balance	$ 127,475	$ 115,432
Net earnings	2,567	7,690
Paid in capital – restricted stock units	47	78
Repurchase of shares	(123)
Cash dividends	(279)	(148)
Other comprehensive income		317
Balance	129,687	123,369
Common Stock [Member]
Balance	8,873	8,869
Net earnings	0	0
Paid in capital – restricted stock units	0	0
Repurchase of shares	0
Cash dividends	0	0
Other comprehensive income		0
Balance	8,873	8,869
AOCI Attributable to Parent [Member]
Balance	0	(317)
Net earnings	0	0
Paid in capital – restricted stock units	0	0
Repurchase of shares	0
Cash dividends	0	0
Other comprehensive income		317
Balance	0	0
Additional Paid-in Capital [Member]
Balance	35,247	35,005
Net earnings	0	0
Paid in capital – restricted stock units	47	78
Repurchase of shares	0
Cash dividends	0	0
Other comprehensive income		0
Balance	35,294	35,083
Treasury Stock, Common [Member]
Balance	(12,929)	(7,778)
Net earnings	0	0
Paid in capital – restricted stock units	0	0
Repurchase of shares	(123)
Cash dividends	0	0
Other comprehensive income		0
Balance	(13,052)	(7,778)
Retained Earnings [Member]
Balance	96,284	79,653
Net earnings	2,567	7,690
Paid in capital – restricted stock units	0	0
Repurchase of shares	0
Cash dividends	(279)	(148)
Other comprehensive income		0
Balance	$ 98,572	$ 87,195

Note K - Stockholders' Equity_2

Note K - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.02

Note L - Other Comprehensive _3

Note L - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow hedges, before tax		$ 418
Cash flow hedges, tax		(101)
Cash flow hedges	$ 0	317
Other comprehensive income (loss), before tax		418
Other comprehensive income (loss), tax		(101)
Other Comprehensive Income (Loss)	$ 0	$ 317

Note M - Earnings Per Share - C

Note M - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net earnings	$ 2,567	$ 7,690
Less: Allocation to unvested restricted stock units	11	90
Net earnings attributable to common shareholders	$ 2,556	$ 7,600
Weighted average common shares outstanding (in shares)	6,939,208	7,288,906

Note M - Earnings Per Share - R

Note M - Earnings Per Share - Restricted Stock Units (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	24,218	60,524

Note N - Supplemental Cash Fl_2

Note N - Supplemental Cash Flow Information (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	$ 700,000	$ 500,000
Income Taxes Paid, Net	$ 113,000	$ 47,000

Note O - Income Taxes (Details

Note O - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Expense (Benefit)	$ 732	$ 2,563