Note J - Segment Information

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	Three Months Ended
	June 30,
	2022		2021
Net sales
Coil	$	142,877	$	52,695
Tubular		18,926		13,221
Total net sales	$	161,803	$	65,916
Operating profit
Coil	$	13,543	$	13,256
Tubular		2,104		2,600
Total operating profit		15,647		15,856
General corporate expenses		3,329		1,876
Interest expense		429		23
Other income, net		2,768		312
Total earnings before income taxes	$	14,657	$	14,269

	June 30, 2022		March 31, 2022
Segment assets
Coil	$	233,397	$	115,232
Tubular		24,314		24,017
		257,711		139,249
Corporate assets		4,349		20,026
	$	262,060	$	159,275

Operating profit 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, 2022 consisted primarily of a $2,754,240 gain related to derivatives not designated for hedge accounting. 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.