Industry Segment Data

12 Months Ended

Mar. 31, 2015

Segment Reporting [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
	2015			2014
NET SALES:
Coil	$	72,913,058		$	66,138,845
Tubular		35,409,722			50,010,177
TOTAL NET SALES	$	108,322,780		$	116,149,022
OPERATING PROFIT (LOSS):
Coil	$	(259,690	)	$	(839,442	)
Tubular		2,602,210			5,288,372
TOTAL OPERATING PROFIT		2,342,520			4,448,930
General corporate expenses		(1,717,744	)		(1,974,234	)
Interest and other income		61,040			62,012
TOTAL EARNINGS BEFORE INCOME TAXES	$	685,816		$	2,536,708
IDENTIFIABLE ASSETS:
Coil	$	21,248,710		$	22,308,165
Tubular		42,143,785			33,794,992
		63,392,495			56,103,157
General corporate assets		3,565,529			16,181,242
TOTAL ASSETS	$	66,958,024		$	72,284,399
DEPRECIATION:
Coil	$	1,141,567		$	1,140,250
Tubular		571,086			673,850
Corporate and other		8,972			8,972
	$	1,721,625		$	1,823,072
CAPITAL EXPENDITURES:
Coil	$	229,425		$	364,443
Tubular		5,646,780			1,533,489
Corporate and other		—			9,299
	$	5,876,205		$	1,907,231

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. Capital expenditures were related primarily to the construction of the Company’s pipe-finishing facility located in Lone Star, Texas. As of March 31, 2015, capitalized expenditures related to the construction of the facility totaled approximately $7,131,000.