Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
CURRENT ASSETS:
Cash	$ 817,844	$ 2,796,762
Accounts receivable, net of allowances for bad debts and cash discounts of $22,276 at June 30 and March 31, 2016, respectively	7,347,698	4,822,386
Inventories	39,859,532	41,939,128
Other	25,274	143,380
TOTAL CURRENT ASSETS	48,050,348	49,701,656
PROPERTY, PLANT AND EQUIPMENT:
Land	1,082,331	1,082,331
Buildings and yard improvements	7,111,735	7,111,735
Machinery and equipment	31,409,599	30,903,321
Construction in progress	8,893,209	9,200,799
Less accumulated depreciation	(32,731,946)	(32,329,947)
Property, plant, and equipment, net	15,764,928	15,968,239
OTHER ASSETS:
Deferred income tax asset	449,658	408,502
Federal and state income taxes recoverable	1,068,338
Cash value of officers’ life insurance and other assets	533,750	812,000
TOTAL ASSETS	65,867,022	66,890,397
CURRENT LIABILITIES:
Accounts payable and accrued expenses	3,181,329	2,476,699
Dividends payable	67,994	67,994
Contribution to retirement plan	87,000	43,500
Employee compensation and related expenses	313,845	277,557
TOTAL CURRENT LIABILITIES	3,650,168	2,865,750
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	507,021	785,600
TOTAL LIABILITIES	4,157,189	3,651,350
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 7,975,160 at June 30 and March 31, 2016	7,975,160	7,975,160
Additional paid-in capital	29,003,674	29,003,674
Treasury stock at cost (1,175,716 shares at June 30 and March 31, 2016)	(5,475,964)	(5,475,964)
Retained earnings	30,206,963	31,736,177
TOTAL STOCKHOLDERS’ EQUITY	61,709,833	63,239,047
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 65,867,022	$ 66,890,397