Industry Segment Data

12 Months Ended

Mar. 31, 2012

Industry Segment Data [Abstract]

INDUSTRY SEGMENT DATA

7.   INDUSTRY SEGMENT DATA

The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: coil and tubular. The Company’s coil operations involve converting steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups:

	Year Ended March 31
	2012			2011
NET SALES:
Coil	$	69,198,001		$	62,030,202
Tubular		92,323,992			69,679,290
TOTAL NET SALES	$	161,521,993		$	131,709,492
OPERATING PROFIT (LOSS):
Coil	$	185,558		$	1,368,244
Tubular		14,580,906			13,391,903
TOTAL OPERATING PROFIT		14,766,464			14,760,147
General corporate expenses		(2,651,728	)		(2,703,572	)
Interest and other income		91,824			57,138
TOTAL EARNINGS BEFORE INCOME TAXES	$	12,206,560		$	12,113,713
IDENTIFIABLE ASSETS:
Coil	$	26,259,762		$	25,150,156
Tubular		39,446,078			36,333,623
		65,705,840			61,483,779
General corporate assets		12,864,553			8,100,352
TOTAL ASSETS	$	78,570,393		$	69,584,131
DEPRECIATION:
Coil	$	1,166,077		$	1,210,800
Tubular		670,196			665,110
Corporate and other		3,617			2,248
	$	1,839,890		$	1,878,158
CAPITAL EXPENDITURES:
Coil	$	249,710		$	24,591
Tubular		36,133			490,751
Corporate and other		35,560			—
	$	321,403		$	515,342

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, accrued profit sharing expense, accrued quarterly incentive bonuses, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.