Note J - Segment Information

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2021			2020		2021			2020
Net sales
Coil	$	41,795		$	21,672	$	172,814		$	55,561
Tubular		9,861			6,830		37,329			21,327
Total net sales	$	51,656		$	28,502	$	210,143		$	76,888
Operating profit (loss)
Coil	$	(4,032	)	$	3,238	$	33,497		$	3,529
Tubular		(647	)		269		3,951			(16	)
Total operating profit (loss)		(4,679	)		3,507		37,448			3,513
General corporate expenses		920			736		4,662			2,188
Interest expense		58			6		154			18
Other income (loss), net		1,727			4		(4,801	)		13
Total earnings (loss) before income taxes	$	(3,930	)	$	2,769	$	27,831		$	1,320

	December 31, 2021		March 31, 2021
Segment assets
Coil	$	119,705	$	56,670
Tubular		25,708		17,884
		145,413		74,554
Corporate assets		5,027		20,455
	$	150,440	$	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 December 31, 2021 consisted primarily of a $1,721,700 gain related to derivatives not designated for hedge accounting. Other income (loss) for the nine months ended December 31, 2021 consisted primarily of a $6,498,040 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.