Note 13 - Industry Segment Data

12 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13

.   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,
	2021			2020
NET SALES:
Coil	$	95,264,555		$	99,762,892
Tubular		30,837,978			42,339,432
TOTAL NET SALES	$	126,102,533		$	142,102,324
OPERATING PROFIT (LOSS):
Coil	$	16,466,713		$	1,252,669
Tubular		2,923,399			(5,564,882	)
TOTAL OPERATING PROFIT (LOSS)		19,390,112			(4,312,213	)
General corporate expenses		(3,640,098	)		(2,540,443	)
Interest expense		(24,619	)		(4,806	)
Other income (loss)		(503,422	)		19,260
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	$	15,221,973		$	(6,838,202	)
IDENTIFIABLE ASSETS:
Coil	$	56,670,109		$	35,894,510
Tubular		17,883,612			23,659,457
		74,553,721			59,553,967
General corporate assets		20,455,088			17,790,121
TOTAL ASSETS	$	95,008,809		$	77,344,088
DEPRECIATION:
Coil	$	653,708		$	836,730
Tubular		346,135			675,048
Corporate and other		13,074			13,183
	$	1,012,917		$	1,524,961
CAPITAL EXPENDITURES:
Coil	$	4,505,589		$	4,060,911
Tubular		78,061			841,817
Corporate and other		25,967			32,633
	$	4,609,617		$	4,935,361

Operating profit (loss) 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, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. Other income (loss) for fiscal

2021

consisted primarily of a

$515,160

loss related to derivatives

not

designated for hedge accounting. At

March 31, 2021

and

March 31, 2020

, corporate assets consisted primarily of cash, restricted 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.