Note 13 - Industry Segment Data

12 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13.   INDUSTRY SEGMENT DATA

The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consists primarily of converting steel coils into flat sheet and plate steel cut to customer specifications. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups (in thousands):

	Year Ended March 31,
	2024			2023
NET SALES:
Flat-Roll	$	472,774		$	485,641
Tubular		43,477			61,901
TOTAL NET SALES	$	516,251		$	547,542
OPERATING PROFIT:
Flat-Roll	$	33,226		$	23,421
Tubular		2,980			8,641
TOTAL OPERATING PROFIT		36,206			32,062
General corporate expenses		(11,688	)		(10,988	)
Gain on economic hedges of risk		1,848			9,306
Interest expense		(3,072	)		(2,218	)
Other income		20			27
TOTAL EARNINGS BEFORE INCOME TAXES	$	23,314		$	28,189
IDENTIFIABLE ASSETS:
Flat-Roll	$	205,797		$	179,780
Tubular		19,589			15,858
		225,386			195,638
General corporate assets		4,633			3,674
TOTAL ASSETS	$	230,019		$	199,312
DEPRECIATION:
Flat-Roll	$	2,637		$	2,097
Tubular		317			330
Corporate and other		116			99
	$	3,070		$	2,526
CAPITAL EXPENDITURES:
Flat-Roll	$	5,176		$	16,328
Tubular		510			125
Corporate and other		106			1
	$	5,792		$	16,454

Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges, 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 March 31, 2024 and 2023, corporate assets consisted 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.