Note L - Stockholders' Equity

9 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

NOTE L — STOCKHOLDERS’ EQUITY

During the three months ended December 31, 2023, the Company repurchased 400,041 shares of the Company's common stock from Metal One Corporation for an aggregate purchase price of approximately $5.1 million. In addition, the Board of Directors of the Company authorized a share repurchase program on December 13, 2023 under which the Company may repurchase up to 1,045,774 shares of the Company's outstanding common stock through December 13, 2026, which equates to 15% of the Company's outstanding shares of common stock after the repurchase of shares from Metal One Corporation. The Company did not make any repurchases under this authorization during the quarter ended December 31, 2023.

The following tables reflect the changes in stockholders’ equity for each of the nine months ended December 31, 2023 and December 31, 2022 (in thousands):

			Accumulated
			Other
			Comprehensive			Additional
	Common		Income,			Paid-In		Treasury			Retained
	Stock		Net of Tax			Capital		Stock			Earnings			Total
BALANCE AT MARCH 31, 2023	$	8,869		(317	)	$	35,005	$	(7,778	)	$	79,653		$	115,432
Net earnings		—		—			—		—			7,690			7,690
Other comprehensive income		—		317			—		—			—			317
Paid in capital – restricted stock units		—		—			78		—			—			78
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT JUNE 30, 2023	$	8,869	$	—		$	35,083	$	(7,778	)	$	87,195		$	123,369
Net earnings		—		—			—		—			3,513			3,513
Paid in capital – restricted stock units		—		—			78		—			—			78
Repurchase of shares		—		—			—		(3	)		—			(3	)
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT SEPTEMBER 30, 2023	$	8,869	$	—		$	35,161	$	(7,781	)	$	90,560		$	126,809
Net earnings		—		—			—		—			1,184			1,184
Paid in capital – restricted stock units		—		—			37		—			—			37
Repurchase of shares		—		—			—		(5,148	)		—			(5,148	)
Cash dividends ($0.02 per share)		—		—			—		—			(139	)		(139	)
BALANCE AT DECEMBER 31, 2023	$	8,869	$	—		$	35,198	$	(12,929	)	$	91,605		$	122,743

			Accumulated
			Other
			Comprehensive			Additional
	Common		Income,			Paid-In			Treasury			Retained
	Stock		Net of Tax			Capital			Stock			Earnings			Total
BALANCE AT MARCH 31, 2022	$	8,345		(10,268	)	$	30,442		$	(7,741	)	$	58,909		$	79,687
Net earnings		—		—			—			—			11,184			11,184
Other comprehensive income		—		7,174			—			—			—			7,174
Paid in capital – restricted stock units		—		—			73			—			—			73
Shares issued - Plateplus business combination		516		—			4,268			—			—			4,784
Repurchase of shares		—		—			—			(29	)		—			(29	)
Cash dividends ($0.02 per share)		—		—			—			—			(158	)		(158	)
BALANCE AT JUNE 30, 2022	$	8,861	$	(3,094	)	$	34,783		$	(7,770	)	$	69,935		$	102,715
Net earnings		—		—			—			—			2,471			2,471
Other comprehensive income		—		1,578			—			—			—			1,578
Paid in capital – restricted stock units		—		—			73			—			—			73
Cash dividends ($0.02 per share)		—		—			—			—			(147	)		(147	)
BALANCE AT SEPTEMBER 30, 2022	$	8,861	$	(1,516	)	$	34,856		$	(7,770	)	$	72,259		$	106,690
Net earnings		—		—			—			—			1,376			1,376
Other comprehensive income		—		669			—			—			—			669
Issuance of restricted stock		8		—			(8	)		—			—			—
Paid in capital – restricted stock units		—		—			78			—			—			78
Repurchase of shares		—		—			—			(7	)		—			(7	)
Cash dividends ($0.02 per share)		—		—			—			—			(148	)		(148	)
BALANCE AT DECEMBER 31, 2022	$	8,869	$	(847	)	$	34,926		$	(7,777	)	$	73,487		$	108,658