Note J - Segment Information

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

The Flat-roll segment was previously referred to as the Coil segment. The Company is now using Flat-roll to describe the segment due to it being a more common term used in the Company's industry. 

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Net sales
Flat-roll	$	120,527		$	129,722		$	245,724		$	272,599
Tubular		10,221			19,970			22,322			38,896
Total net sales	$	130,748		$	149,692		$	268,046		$	311,495
Operating profit (loss)
Flat-roll	$	3,142		$	(1,118	)	$	14,956		$	12,425
Tubular		16			3,341			2,280			5,445
Total operating profit		3,158			2,223			17,236			17,870
General corporate expenses		(2,103	)		(2,152	)		(5,824	)		(5,480	)
Gain on economic hedges of risk		4,402			3,749			4,832			6,504
Interest expense		(805	)		(621	)		(1,345	)		(1,051	)
Other income		10			7			16			20
Total earnings before income taxes	$	4,662		$	3,206		$	14,915		$	17,863

	September 30, 2023		March 31, 2023
Segment assets
Flat-roll	$	197,279	$	179,780
Tubular		19,700		15,858
		216,979		195,638
Corporate assets		5,148		3,674
	$	222,127	$	199,312

Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, 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. At September 30, and March 31, 2023, Corporate assets consist primarily of cash, restricted cash, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.