Note J - Industry Segment Data

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

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):

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
NET SALES:
Flat-Roll	$	97,379		$	120,527		$	200,766		$	245,724
Tubular		9,380			10,221			20,544			22,322
TOTAL NET SALES	$	106,759		$	130,748		$	221,310		$	268,046
OPERATING PROFIT (LOSS):
Flat-Roll	$	2,669		$	3,142		$	5,335		$	14,956
Tubular		(582	)		16			(1,767	)		2,280
TOTAL OPERATING PROFIT		2,087			3,158			3,568			17,236
General corporate expenses		(2,311	)		(2,103	)		(5,190	)		(5,824	)
Gain on economic hedges of risk		194			4,402			5,569			4,832
Interest expense		(869	)		(805	)		(1,550	)		(1,345	)
Other income (loss)		(3	)		10			—			16
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	$	(902	)	$	4,662		$	2,397		$	14,915

	September 30, 2024		March 31, 2024
IDENTIFIABLE ASSETS:
Flat-Roll	$	189,601	$	205,797
Tubular		15,271		19,589
		204,872		225,386
General corporate assets		4,295		4,633
	$	209,167	$	230,019

Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income (loss). 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, 2024 and March 31, 2024, corporate assets consist primarily of cash, restricted cash, leased administrative office right-of-use assets, 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.