Note J - Segment Information

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net sales
Coil	$	78,324		$	18,456		$	131,019		$	33,889
Tubular		14,247			6,406			27,468			14,497
Total net sales	$	92,571		$	24,862		$	158,487		$	48,386
Operating profit (loss)
Coil	$	24,273		$	751		$	37,529		$	291
Tubular		1,997			(344	)		4,598			(285	)
Total operating profit		26,270			407			42,127			6
General corporate expenses		1,866			718			3,742			1,452
Interest expense		72			6			96			12
Other income (loss), net		(6,840	)		4			(6,528	)		9
Total earnings (loss) before income taxes	$	17,492		$	(313	)	$	31,761		$	(1,449	)

	September 30, 2021		March 31, 2021
Segment assets
Coil	$	112,826	$	56,670
Tubular		17,399		17,884
		130,225		74,554
Corporate assets		7,598		20,455
	$	137,823	$	95,009

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income (loss). 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 the three months ended September 30, 2021 consisted primarily of a $6,830,780 loss related to derivatives not designated for hedge accounting. Other income (loss) for the six months ended September 30, 2021 consisted primarily of a $8,219,740 loss related to derivatives not designated for hedge accounting partially offset by a $1,706,614 gain from the PPP Loan forgiveness. 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.