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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net earnings $ 21,344 $ 14,066
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation 2,526 1,320
Deferred taxes 3,326 (561)
Compensation expense for restricted stock 303 449
Change in post-retirement benefits 8 11
Loss recognized on open derivatives not designated for hedge accounting 459 1,217
Deferred realized gain on derivatives designated for hedge accounting 4,773 1,343
Forgiveness of Paycheck Protection Program Loan 0 (1,707)
Changes in operating assets and liabilities, net of amounts acquired in business combination:    
Accounts receivable (13,696) (15,293)
Inventories 59,247 (31,930)
Federal income taxes recoverable 1,404 (1,404)
Other current assets (1,363) (123)
Accounts payable and accrued expenses (18,875) 22,028
Income taxes payable 774 (1,455)
Employee compensation and related expenses 3,564 (1,558)
Contribution to retirement plan 100 200
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 63,894 (13,397)
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (16,454) (8,065)
Proceeds from sale of assets 0 161
Increase in cash value of officers’ life insurance (13) (14)
NET CASH USED IN INVESTING ACTIVITIES (88,187) (7,918)
FINANCING ACTIVITIES    
Debt issuance cost (393) 0
Cash dividends paid (589) (551)
Cash paid for principal portion of finance lease (105) (103)
Cash paid for share repurchases (37) (538)
Asset based lending facility proceeds 14,681 18,437
NET CASH PROVIDED BY FINANCING ACTIVITIES 13,557 17,245
DECREASE IN CASH AND RESTRICTED CASH (10,736) (4,070)
CASH AND RESTRICTED CASH AT BEGINNING OF YEAR 16,122 20,192
CASH AND RESTRICTED CASH AT END OF YEAR 5,386 16,122
Plateplus Inc. [Member]    
INVESTING ACTIVITIES    
Plateplus business combination $ (71,720) $ 0