Industry Segment Data

12 Months Ended

Mar. 31, 2013

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
	2013			2012
NET SALES:
Coil	$	67,045,885		$	69,198,001
Tubular		69,402,901			92,323,992
TOTAL NET SALES	$	136,448,786		$	161,521,993
OPERATING PROFIT:
Coil	$	848,252		$	185,558
Tubular		10,696,683			14,580,906
TOTAL OPERATING PROFIT		11,544,935			14,766,464
General corporate expenses		(2,458,422	)		(2,651,728	)
Interest and other income		58,764			91,824
TOTAL EARNINGS BEFORE INCOME TAXES	$	9,145,277		$	12,206,560
IDENTIFIABLE ASSETS:
Coil	$	29,779,697		$	26,259,762
Tubular		29,834,246			39,446,078
		59,613,943			65,705,840
General corporate assets		16,961,186			12,864,553
TOTAL ASSETS	$	76,575,129		$	78,570,393
DEPRECIATION:
Coil	$	1,113,053		$	1,166,077
Tubular		669,876			670,196
Corporate and other		7,112			3,617
	$	1,790,041		$	1,839,890
CAPITAL EXPENDITURES:
Coil	$	333,916		$	249,710
Tubular		165,570			36,133
Corporate and other		—			35,560
	$	499,486		$	321,403

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.