Note J - Segment Information

3 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	THREE MONTHS ENDED
	JUNE 30,
	2021		2020
Net sales
Coil	$	52,695	$	15,433
Tubular		13,221		8,092
Total net sales	$	65,916	$	23,525
Operating profit (loss)
Coil	$	13,256	$	(459	)
Tubular		2,600		59
Total operating profit (loss)		15,856		(400	)
General corporate expenses		1,876		735
Interest expenses		23		6
Other income, net		312		4
Total earnings (loss) before income taxes	$	14,269	$	(1,137	)

	June 30, 2021		March 31, 2021
Segment assets
Coil	$	109,328	$	56,670
Tubular		15,594		17,884
		124,922		74,554
Corporate assets		30,645		20,455
	$	155,567	$	95,009

Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, interest expense 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 for the three months ended June 30, 2021 consisted primarily of a $1,706,614 gain from the PPP Loan forgiveness partially offset by a $1,388,960 loss related to derivatives not designated for hedge accounting. Corporate assets consist 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.