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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
OPERATING ACTIVITIES              
Net earnings $ (675) $ 2,567 $ 3,513 $ 7,690 $ 1,892 $ 11,203  
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:              
Depreciation and amortization         1,618 1,531  
Deferred taxes (8)   (16)   (18) (33)  
Compensation expense for restricted stock         89 156  
Change in postretirement benefits         8 4  
Gain recognized on open derivatives not designated for hedge accounting         (1,629) (1,969)  
Deferred realized gain on derivatives         0 418  
Loss on disposal of property, plant and equipment 222   0   222 0 $ 200
Right-of-use asset         (8) 0  
Decrease (increase) in operating assets:              
Accounts receivable         7,709 (2,958)  
Inventories         10,753 (18,256)  
Other current assets         141 (2,369)  
Increase (decrease) in operating liabilities:              
Accounts payable and accrued expenses         (9,295) (7,411)  
Income taxes payable         (2,018) 1,128  
Contribution to retirement plan         0 (350)  
Employee compensation and related expenses         (4,740) (1,330)  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES         4,724 (20,236)  
INVESTING ACTIVITIES              
Purchase of property, plant and equipment         (1,900) (2,883)  
Deposit on steel processing equipment         (1,000) 0  
Increase in cash surrender value of officers’ life insurance         (2) (7)  
NET CASH USED IN INVESTING ACTIVITIES         (2,902) (2,890)  
FINANCING ACTIVITIES              
Cash dividends paid         (557) (295)  
Cash paid for principal portion of finance lease         (54) (53)  
Cash paid for share repurchases         (134) (4)  
Borrowings on asset based lending facility         326,988 420,178  
Repayments on asset based lending facility         (331,424) (398,934)  
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES         (5,181) 20,892  
DECREASE IN CASH AND RESTRICTED CASH         (3,359) (2,234)  
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD   $ 5,897   $ 5,386 5,897 5,386  
CASH AND RESTRICTED CASH AT END OF PERIOD $ 2,538   $ 3,152   $ 2,538 $ 3,152 $ 2,538