Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
CURRENT ASSETS:
Cash	$ 5,925,920	$ 2,796,762
Accounts receivable, net of allowances for bad debts and cash discounts of $22,276 at December 31 and March 31, 2016	4,929,002	4,822,386
Inventories	34,563,506	41,939,128
Other	182,692	143,380
TOTAL CURRENT ASSETS	45,601,120	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	31,445,742	30,903,321
Construction in progress	9,313,410	9,200,799
Less accumulated depreciation	(33,532,496)	(32,329,947)
Property, plant, and equipment, net	15,420,722	15,968,239
OTHER ASSETS:
Deferred income tax asset	1,081,915	408,502
Federal income taxes recoverable	913,347
Cash value of officers’ life insurance and other assets	563,250	812,000
TOTAL ASSETS	63,580,354	66,890,397
CURRENT LIABILITIES:
Accounts payable and accrued expenses	1,880,759	2,476,699
Dividends payable	67,994	67,994
Contribution to retirement plan	170,000	43,500
Employee compensation and related expenses	192,400	277,557
TOTAL CURRENT LIABILITIES	2,311,153	2,865,750
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	535,862	785,600
TOTAL LIABILITIES	2,847,015	3,651,350
COMMITMENTS AND CONTINGENCIES (SEE NOTE 4)
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 December 31 and March 31, 2016)	(5,475,964)	(5,475,964)
Retained earnings	29,230,469	31,736,177
TOTAL STOCKHOLDERS’ EQUITY	60,733,339	63,239,047
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 63,580,354	$ 66,890,397