Note J - Segment Information

6 Months Ended

Sep. 30, 2022

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,
	2022			2021			2022		2021
Net sales
Coil	$	129,722		$	78,324		$	272,599	$	131,019
Tubular		19,970			14,247			38,896		27,468
Total net sales	$	149,692		$	92,571		$	311,495	$	158,487
Operating profit (loss)
Coil	$	(1,118	)	$	24,273		$	12,425	$	37,529
Tubular		3,341			1,997			5,445		4,598
Total operating profit		2,223			26,270			17,870		42,127
General corporate expenses		2,152			1,866			5,480		3,742
Interest expense		621			72			1,051		96
Other income (loss), net		3,756			(6,840	)		6,524		(6,528	)
Total earnings before income taxes	$	3,206		$	17,492		$	17,863	$	31,761

	September 30, 2022		March 31, 2022
Segment assets
Coil	$	181,722	$	115,232
Tubular		20,514		24,017
		202,236		139,249
Corporate assets		9,611		20,026
	$	211,847	$	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 (loss) for the three and six month periods ended September 30, 2022 consisted primarily of gains related to derivatives not designated for hedge accounting of $3,749,420 and $6,503,660, respectively. 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.