Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Jun. 11, 2015 | Sep. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FRD | ||
Entity Registrant Name | FRIEDMAN INDUSTRIES INC | ||
Entity Central Index Key | 39092 | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 6,799,444 | ||
Entity Public Float | $53,123,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
CURRENT ASSETS: | ||
Cash | $2,225,924 | $15,081,024 |
Accounts receivable, net of allowances for bad debts and cash discounts of $27,276 at March 31, 2015 and 2014 | 6,896,186 | 9,347,289 |
Inventories | 40,850,666 | 35,288,559 |
Other | 144,579 | 129,796 |
TOTAL CURRENT ASSETS | 50,117,355 | 59,846,668 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,082,331 | 1,082,331 |
Buildings and yard improvements | 7,026,980 | 7,014,180 |
Machinery and equipment | 30,690,049 | 30,691,636 |
Construction in progress | 7,374,177 | 1,509,185 |
Less accumulated depreciation | -30,656,226 | -28,934,601 |
Property, Plant and Equipment, Net, Total | 15,517,311 | 11,362,731 |
OTHER ASSETS: | ||
Deferred income tax asset | 187,358 | |
Cash value of officers' life insurance and other assets | 1,136,000 | 1,075,000 |
TOTAL ASSETS | 66,958,024 | 72,284,399 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 2,148,555 | 7,206,340 |
Dividends payable | 67,994 | 135,989 |
Contribution to profit sharing plan | 51,000 | 52,500 |
Employee compensation and related expenses | 383,562 | 375,860 |
TOTAL CURRENT LIABILITIES | 2,651,111 | 7,770,689 |
DEFERRED INCOME TAX LIABILITY | 189,998 | |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 1,089,888 | 1,013,056 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $1: Authorized shares - 10,000,000 Issued shares - 7,975,160 at March 31, 2015 and 2014, respectively | 7,975,160 | 7,975,160 |
Additional paid-in capital | 29,003,674 | 29,003,674 |
Treasury stock at cost (1,175,716 shares at March 31, 2015 and 2014, respectively) | -5,475,964 | -5,475,964 |
Retained earnings | 31,714,155 | 31,807,786 |
TOTAL STOCKHOLDERS' EQUITY | 63,217,025 | 63,310,656 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $66,958,024 | $72,284,399 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowances for bad debts and cash discounts | $27,276 | $27,276 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,975,160 | 7,975,160 |
Treasury stock, shares | 1,175,716 | 1,175,716 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Net sales | $108,322,780 | $116,149,022 |
Costs and expenses: | ||
Cost of products sold | 103,244,712 | 109,086,539 |
Selling, general and administrative | 4,453,292 | 4,587,787 |
Costs and Expenses, Total | 107,698,004 | 113,674,326 |
Operating profit (loss) | 624,776 | 2,474,696 |
Interest and other income | 61,040 | 62,012 |
EARNINGS BEFORE INCOME TAXES | 685,816 | 2,536,708 |
Income taxes: | ||
Current | 680,842 | 996,063 |
Deferred | -377,356 | -172,281 |
Income Tax Expense (Benefit), Total | 303,486 | 823,782 |
NET EARNINGS | $382,330 | $1,712,926 |
Weighted average number of common shares outstanding: | ||
Basic | 6,799,444 | 6,799,444 |
Diluted | 6,799,444 | 6,799,444 |
Net earnings per share: | ||
Basic | $0.06 | $0.25 |
Diluted | $0.06 | $0.25 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings |
Beginning Balance at Mar. 31, 2013 | $7,975,160 | $29,003,674 | ($5,475,964) | $31,454,749 | |
Net earnings | 1,712,926 | 1,712,926 | |||
Cash dividends | -1,359,889 | ||||
Ending Balance at Mar. 31, 2014 | 63,310,656 | 7,975,160 | 29,003,674 | -5,475,964 | 31,807,786 |
Net earnings | 382,330 | 382,330 | |||
Cash dividends | -475,961 | ||||
Ending Balance at Mar. 31, 2015 | $63,217,025 | $7,975,160 | $29,003,674 | ($5,475,964) | $31,714,155 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (Retained Earnings, USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Retained Earnings | ||
Cash dividends per share | $0.07 | $0.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net earnings | $382,330 | $1,712,926 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation | 1,721,625 | 1,823,072 |
Deferred taxes | -377,356 | -172,281 |
Change in post-retirement benefits other than pensions | 76,832 | 69,907 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 2,451,103 | -309,741 |
Inventories | -5,562,107 | 3,930,609 |
Other | -14,783 | -26,249 |
Accounts payable and accrued expenses | -5,057,785 | -3,975,464 |
Employee compensation and related expenses | 7,702 | -157,962 |
Contribution to profit sharing plan | -1,500 | |
Net cash provided by (used in) operating activities | -6,373,939 | 2,894,817 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | -5,876,205 | -1,907,231 |
Increase in cash value of officers' life insurance | -61,000 | -62,000 |
Net cash used in investing activities | -5,937,205 | -1,969,231 |
FINANCING ACTIVITIES | ||
Cash dividends paid | -543,956 | -1,767,856 |
Net cash used in financing activities | -543,956 | -1,767,856 |
Decrease in cash | -12,855,100 | -842,270 |
Cash at beginning of year | 15,081,024 | 15,923,294 |
Cash at end of year | $2,225,924 | $15,081,024 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
FRIEDMAN INDUSTRIES, INCORPORATED | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions— | Balance at | ||||||||||||||||
Beginning | Costs and | Other Accounts— | Describe(B) | End of Period | |||||||||||||||||
of Period | Expenses | Describe(A) | |||||||||||||||||||
Year ended March 31, 2015 | |||||||||||||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 27,276 | $ | 4,306 | $ | 484,451 | $ | 488,757 | $ | 27,276 | |||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | $ | 37,276 | $ | 12,363 | $ | 541,556 | $ | 563,919 | $ | 27,276 | |||||||||||
(A) | Cash discounts allowed on sales and charged against revenue. | ||||||||||||||||||||
(B) | Accounts receivable written off and cash discounts allowed on sales. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated. | |||||||||
REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured. | |||||||||
TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | |||||||||
INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. At March 31, 2015 and March 31, 2014, replacement cost exceeded LIFO cost by approximately $4,139,000 and $9,024,000, respectively. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. | |||||||||
The following is a summary of inventory by product group: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Prime coil inventory | $ | 8,419,340 | $ | 7,685,177 | |||||
Non-standard coil inventory | 1,804,635 | 2,572,787 | |||||||
Tubular raw material | 1,888,849 | 463,254 | |||||||
Tubular finished goods | 28,737,842 | 24,567,341 | |||||||
$ | 40,850,666 | $ | 35,288,559 | ||||||
PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | |||||||||
Buildings | 20 years | ||||||||
Machinery and equipment | 10 years | ||||||||
Yard improvements | 5 to 10 years | ||||||||
Loaders and other rolling stock | 5 to 10 years | ||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If an asset is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s carrying amount exceeds its fair value. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. No impairments were necessary at March 31, 2015 or 2014. | |||||||||
Maintenance and repairs are expensed as incurred. | |||||||||
SHIPPING COSTS: Sales are credited for freight billed to customers and freight costs are charged to cost of products sold. | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid no interest in fiscal 2015 or 2014. The Company paid income taxes of approximately $688,000 and $748,000 in fiscal 2015 and 2014, respectively. In fiscal 2015 and 2014, noncash financing activity consisted of accrued dividends of $67,994 and $135,989, respectively. | |||||||||
INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. | |||||||||
The Company has also analyzed tax positions taken on tax returns filed and does not believe that any are more likely than not to be overturned by the respective tax jurisdiction. Therefore, no liability for uncertain tax positions has been recognized. | |||||||||
USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value. | |||||||||
EARNINGS PER SHARE: Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method. | |||||||||
ECONOMIC RELATIONSHIP: U.S. Steel Tubular Products, Inc. (“USS”) and Nucor Steel Company supply a significant amount of steel products to the Company. Loss of either of these mills as a source of supply could have a material adverse effect on the Company. Additionally, the Company derives revenue by selling a substantial amount of its manufactured pipe to USS. Total sales to USS were approximately 6% and 15% of total Company sales in fiscal 2015 and 2014, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 21% and 14% of total Company sales in fiscal 2015 and 2014, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2015. Loss of USS or Trinity as a customer could have a material adverse effect on the Company’s business. | |||||||||
The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30 days. | |||||||||
NEW ACCOUNTING PRONOUNCEMENTS: | |||||||||
There were no new accounting pronouncements that affected the financial statements and disclosures of the Company for the fiscal years ended March 31, 2015 or 2014. |
Stock_Options_and_Capital_Stoc
Stock Options and Capital Stock | 12 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Stock Options and Capital Stock | 2. STOCK OPTIONS AND CAPITAL STOCK |
In fiscal 2015 and 2014, the Company maintained no stock option plans. Accordingly, no options were outstanding and no options were granted in either fiscal year. | |
The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2015 or March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 3. COMMITMENTS AND CONTINGENCIES | ||||
The Company is obligated under noncancelable operating leases for its Longview, Texas and Humble, Texas office buildings, which expire April 30, 2018 and December 31, 2016, respectively. The following is a schedule of future minimum annual rental payments for the next five years required under these operating leases as of March 31, 2015: | |||||
2016 | $ | 70,562 | |||
2017 | 61,106 | ||||
2018 | 32,736 | ||||
2019 | 2,728 | ||||
2020 | — | ||||
Total | $ | 167,132 | |||
Rental expenses for leased properties were approximately $70,500 during both fiscal 2015 and 2014. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 4. EARNINGS PER SHARE | ||||||||
Basic and dilutive net earnings per share is computed based on the following information: | |||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
Basic | |||||||||
Net earnings | $ | 382,330 | $ | 1,712,926 | |||||
Weighted average common shares | 6,799,444 | 6,799,444 | |||||||
Dilutive | |||||||||
Net earnings | $ | 382,330 | $ | 1,712,926 | |||||
Weighted average common shares and common share equivalents | 6,799,444 | 6,799,444 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | 5. INCOME TAXES | ||||||||
Components of tax expense (benefit) are as follows: | |||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
Federal | |||||||||
Current | $ | 519,271 | $ | 863,049 | |||||
Deferred | (377,356 | ) | (172,281 | ) | |||||
141,915 | 690,768 | ||||||||
State | |||||||||
Current | 161,571 | 133,014 | |||||||
161,571 | 133,014 | ||||||||
Total | $ | 303,486 | $ | 823,782 | |||||
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: | |||||||||
Year Ended | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Income tax expense at U.S. federal statutory rate | 34 | % | 34 | % | |||||
Benefit of tax deduction allowed to manufacturing companies | (7.0 | ) | (3.0 | ) | |||||
Other | (1.0 | ) | — | ||||||
Current year state and local income taxes net of federal income tax benefit | 7.3 | 1.5 | |||||||
True up during the current year of income taxes on prior year filing | 11 | — | |||||||
Provision for income taxes | 44.3 | % | 32.5 | % | |||||
The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ending March 31, 2012 through March 31, 2014. State and local returns may be subject to examination for fiscal years ended March 31, 2012 through March 31, 2014. | |||||||||
Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Deferred tax liabilities: | |||||||||
Depreciation | $ | (1,231,047 | ) | $ | (1,555,000 | ) | |||
Total deferred tax liabilities | (1,231,047 | ) | (1,555,000 | ) | |||||
Deferred tax assets: | |||||||||
Inventory capitalization | 201,094 | 170,000 | |||||||
LIFO Inventory | 783,645 | 785,000 | |||||||
Postretirement benefits other than pensions | 370,562 | 344,000 | |||||||
Other | 63,104 | 66,002 | |||||||
Total deferred tax assets | 1,418,405 | 1,365,002 | |||||||
Net deferred tax asset (liability) | $ | 187,358 | $ | (189,998 | ) | ||||
Profit_Sharing_Plan
Profit Sharing Plan | 12 Months Ended |
Mar. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Profit Sharing Plan | 6. PROFIT SHARING PLAN |
Effective May 1, 2007, the Company merged its defined contribution retirement plan and its 401(k) plan into the Friedman Industries, Inc. Employees’ Retirement and 401(k) Plan (the “Plan”). In addition, the Plan year end was changed to December 31. Employees fully vest in the Plan upon six years of service. | |
The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which are determined at the discretion of the Board of Directors in an amount not to exceed 15% of the total compensation paid during the year to all eligible employees, were $190,000 for the year ended March 31, 2015, and $206,000 for the year ended March 31, 2014. Contributions, Plan earnings and forfeitures of nonvested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company. | |
Employees may participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed one year of service. Under the Plan, participating employees may defer a portion of their pretax earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the 401(k) portion of the Plan was approximately $44,000 and $47,500 for the years ended March 31, 2015 and 2014, respectively. |
Industry_Segment_Data
Industry Segment Data | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Industry Segment Data | 7. 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: coil and tubular. The Company’s coil operations involve converting steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. 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: | |||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
NET SALES: | |||||||||
Coil | $ | 72,913,058 | $ | 66,138,845 | |||||
Tubular | 35,409,722 | 50,010,177 | |||||||
TOTAL NET SALES | $ | 108,322,780 | $ | 116,149,022 | |||||
OPERATING PROFIT (LOSS): | |||||||||
Coil | $ | (259,690 | ) | $ | (839,442 | ) | |||
Tubular | 2,602,210 | 5,288,372 | |||||||
TOTAL OPERATING PROFIT | 2,342,520 | 4,448,930 | |||||||
General corporate expenses | (1,717,744 | ) | (1,974,234 | ) | |||||
Interest and other income | 61,040 | 62,012 | |||||||
TOTAL EARNINGS BEFORE INCOME TAXES | $ | 685,816 | $ | 2,536,708 | |||||
IDENTIFIABLE ASSETS: | |||||||||
Coil | $ | 21,248,710 | $ | 22,308,165 | |||||
Tubular | 42,143,785 | 33,794,992 | |||||||
63,392,495 | 56,103,157 | ||||||||
General corporate assets | 3,565,529 | 16,181,242 | |||||||
TOTAL ASSETS | $ | 66,958,024 | $ | 72,284,399 | |||||
DEPRECIATION: | |||||||||
Coil | $ | 1,141,567 | $ | 1,140,250 | |||||
Tubular | 571,086 | 673,850 | |||||||
Corporate and other | 8,972 | 8,972 | |||||||
$ | 1,721,625 | $ | 1,823,072 | ||||||
CAPITAL EXPENDITURES: | |||||||||
Coil | $ | 229,425 | $ | 364,443 | |||||
Tubular | 5,646,780 | 1,533,489 | |||||||
Corporate and other | — | 9,299 | |||||||
$ | 5,876,205 | $ | 1,907,231 | ||||||
Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest 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, accrued profit sharing expense, accrued quarterly incentive bonuses, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups. Capital expenditures were related primarily to the construction of the Company’s pipe-finishing facility located in Lone Star, Texas. As of March 31, 2015, capitalized expenditures related to the construction of the facility totaled approximately $7,131,000. |
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Results of Operations (Unaudited) | 8. SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (Unaudited) | ||||||||||||||||
The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2015 and 2014: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2015 | ||||||||||||||
Net sales | $ | 27,904,521 | $ | 31,544,474 | $ | 23,552,636 | $ | 25,321,149 | |||||||||
Gross profit | 1,042,061 | 2,420,929 | 1,258,797 | 356,281 | |||||||||||||
Net earnings (loss) | (118,250 | ) | 765,655 | 187,643 | (452,718 | ) | |||||||||||
Basic(1) | (.02 | ) | 0.11 | 0.03 | (.07 | ) | |||||||||||
Diluted(1) | (.02 | ) | 0.11 | 0.03 | (.07 | ) | |||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 29,582,144 | $ | 26,310,369 | $ | 28,274,696 | $ | 31,981,813 | |||||||||
Gross profit | 2,443,844 | 1,077,913 | 1,846,778 | 1,693,948 | |||||||||||||
Net earnings | 808,359 | 27,659 | 487,468 | 389,440 | |||||||||||||
Basic | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Diluted | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
-1 | The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS |
On May 8, 2015, the Company entered into a credit arrangement for a $5,000,000 revolving line of credit facility (the “Credit Facility”) with JPMorgan Chase Bank N.A. (the “Bank”). The Credit Facility expires on April 30, 2016. At the Company’s election, advances under the Credit Facility bear interest at either (1) the Bank’s prime rate minus 0.50% or (2) the applicable one-, two- or three-month LIBOR rate plus 2.5%. Interest payments on amounts advanced are due monthly. Advances under the Credit Facility are unsecured, but the Company entered into a Negative Pledge Agreement in favor of the Bank to not create or permit to exist any encumbrance or security interest with respect to its accounts receivable or inventory to any party without the written consent of the Bank. The Credit Facility contains financial covenants that require the Company to not permit: tangible net worth to be less than $57,000,000, ratio of total liabilities to tangible net worth to be greater than 1.00 to 1.00 and net income for any period of four consecutive fiscal quarters to be less than $1.00. | |
As of June 11, 2015, the Company has not advanced any amount under the Credit Facility. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Consolidation | BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated. | ||||||||
Revenue Recognition | REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured. | ||||||||
Trade Receivables | TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. | ||||||||
Inventories | INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. At March 31, 2015 and March 31, 2014, replacement cost exceeded LIFO cost by approximately $4,139,000 and $9,024,000, respectively. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. | ||||||||
The following is a summary of inventory by product group: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Prime coil inventory | $ | 8,419,340 | $ | 7,685,177 | |||||
Non-standard coil inventory | 1,804,635 | 2,572,787 | |||||||
Tubular raw material | 1,888,849 | 463,254 | |||||||
Tubular finished goods | 28,737,842 | 24,567,341 | |||||||
$ | 40,850,666 | $ | 35,288,559 | ||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | ||||||||
Buildings | 20 years | ||||||||
Machinery and equipment | 10 years | ||||||||
Yard improvements | 5 to 10 years | ||||||||
Loaders and other rolling stock | 5 to 10 years | ||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If an asset is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s carrying amount exceeds its fair value. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. No impairments were necessary at March 31, 2015 or 2014. | |||||||||
Maintenance and repairs are expensed as incurred. | |||||||||
Shipping Costs | SHIPPING COSTS: Sales are credited for freight billed to customers and freight costs are charged to cost of products sold. | ||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid no interest in fiscal 2015 or 2014. The Company paid income taxes of approximately $688,000 and $748,000 in fiscal 2015 and 2014, respectively. In fiscal 2015 and 2014, noncash financing activity consisted of accrued dividends of $67,994 and $135,989, respectively. | ||||||||
Income Taxes | INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. | ||||||||
The Company has also analyzed tax positions taken on tax returns filed and does not believe that any are more likely than not to be overturned by the respective tax jurisdiction. Therefore, no liability for uncertain tax positions has been recognized. | |||||||||
Use of Estimates | USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Financial Instruments | FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value. | ||||||||
Earnings Per Share | EARNINGS PER SHARE: Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method. | ||||||||
Economic Relationship | ECONOMIC RELATIONSHIP: U.S. Steel Tubular Products, Inc. (“USS”) and Nucor Steel Company supply a significant amount of steel products to the Company. Loss of either of these mills as a source of supply could have a material adverse effect on the Company. Additionally, the Company derives revenue by selling a substantial amount of its manufactured pipe to USS. Total sales to USS were approximately 6% and 15% of total Company sales in fiscal 2015 and 2014, respectively. Sales of coil products to Trinity Industries, Inc. accounted for approximately 21% and 14% of total Company sales in fiscal 2015 and 2014, respectively. No other customers accounted for 10% or more of total sales in the two years ended March 31, 2015. Loss of USS or Trinity as a customer could have a material adverse effect on the Company’s business. | ||||||||
The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30 days. | |||||||||
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS: | ||||||||
There were no new accounting pronouncements that affected the financial statements and disclosures of the Company for the fiscal years ended March 31, 2015 or 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Inventory by Product Group | The following is a summary of inventory by product group: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Prime coil inventory | $ | 8,419,340 | $ | 7,685,177 | |||||
Non-standard coil inventory | 1,804,635 | 2,572,787 | |||||||
Tubular raw material | 1,888,849 | 463,254 | |||||||
Tubular finished goods | 28,737,842 | 24,567,341 | |||||||
$ | 40,850,666 | $ | 35,288,559 | ||||||
Estimated Useful Lives of Various Classes of Assets | Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: | ||||||||
Buildings | 20 years | ||||||||
Machinery and equipment | 10 years | ||||||||
Yard improvements | 5 to 10 years | ||||||||
Loaders and other rolling stock | 5 to 10 years |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Annual Rental Payments Under Operating Leases | The following is a schedule of future minimum annual rental payments for the next five years required under these operating leases as of March 31, 2015: | ||||
2016 | $ | 70,562 | |||
2017 | 61,106 | ||||
2018 | 32,736 | ||||
2019 | 2,728 | ||||
2020 | — | ||||
Total | $ | 167,132 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings Per Share | Basic and dilutive net earnings per share is computed based on the following information: | ||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
Basic | |||||||||
Net earnings | $ | 382,330 | $ | 1,712,926 | |||||
Weighted average common shares | 6,799,444 | 6,799,444 | |||||||
Dilutive | |||||||||
Net earnings | $ | 382,330 | $ | 1,712,926 | |||||
Weighted average common shares and common share equivalents | 6,799,444 | 6,799,444 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Components of Tax Expense (Benefit) | Components of tax expense (benefit) are as follows: | ||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
Federal | |||||||||
Current | $ | 519,271 | $ | 863,049 | |||||
Deferred | (377,356 | ) | (172,281 | ) | |||||
141,915 | 690,768 | ||||||||
State | |||||||||
Current | 161,571 | 133,014 | |||||||
161,571 | 133,014 | ||||||||
Total | $ | 303,486 | $ | 823,782 | |||||
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: | ||||||||
Year Ended | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Income tax expense at U.S. federal statutory rate | 34 | % | 34 | % | |||||
Benefit of tax deduction allowed to manufacturing companies | (7.0 | ) | (3.0 | ) | |||||
Other | (1.0 | ) | — | ||||||
Current year state and local income taxes net of federal income tax benefit | 7.3 | 1.5 | |||||||
True up during the current year of income taxes on prior year filing | 11 | — | |||||||
Provision for income taxes | 44.3 | % | 32.5 | % | |||||
Significant Components of Consolidated Deferred Tax Assets (Liabilities) | Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Deferred tax liabilities: | |||||||||
Depreciation | $ | (1,231,047 | ) | $ | (1,555,000 | ) | |||
Total deferred tax liabilities | (1,231,047 | ) | (1,555,000 | ) | |||||
Deferred tax assets: | |||||||||
Inventory capitalization | 201,094 | 170,000 | |||||||
LIFO Inventory | 783,645 | 785,000 | |||||||
Postretirement benefits other than pensions | 370,562 | 344,000 | |||||||
Other | 63,104 | 66,002 | |||||||
Total deferred tax assets | 1,418,405 | 1,365,002 | |||||||
Net deferred tax asset (liability) | $ | 187,358 | $ | (189,998 | ) | ||||
Industry_Segment_Data_Tables
Industry Segment Data (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Summary of Significant Financial Information Relating to Product Groups | The following is a summary of significant financial information relating to the product groups: | ||||||||
Year Ended March 31 | |||||||||
2015 | 2014 | ||||||||
NET SALES: | |||||||||
Coil | $ | 72,913,058 | $ | 66,138,845 | |||||
Tubular | 35,409,722 | 50,010,177 | |||||||
TOTAL NET SALES | $ | 108,322,780 | $ | 116,149,022 | |||||
OPERATING PROFIT (LOSS): | |||||||||
Coil | $ | (259,690 | ) | $ | (839,442 | ) | |||
Tubular | 2,602,210 | 5,288,372 | |||||||
TOTAL OPERATING PROFIT | 2,342,520 | 4,448,930 | |||||||
General corporate expenses | (1,717,744 | ) | (1,974,234 | ) | |||||
Interest and other income | 61,040 | 62,012 | |||||||
TOTAL EARNINGS BEFORE INCOME TAXES | $ | 685,816 | $ | 2,536,708 | |||||
IDENTIFIABLE ASSETS: | |||||||||
Coil | $ | 21,248,710 | $ | 22,308,165 | |||||
Tubular | 42,143,785 | 33,794,992 | |||||||
63,392,495 | 56,103,157 | ||||||||
General corporate assets | 3,565,529 | 16,181,242 | |||||||
TOTAL ASSETS | $ | 66,958,024 | $ | 72,284,399 | |||||
DEPRECIATION: | |||||||||
Coil | $ | 1,141,567 | $ | 1,140,250 | |||||
Tubular | 571,086 | 673,850 | |||||||
Corporate and other | 8,972 | 8,972 | |||||||
$ | 1,721,625 | $ | 1,823,072 | ||||||
CAPITAL EXPENDITURES: | |||||||||
Coil | $ | 229,425 | $ | 364,443 | |||||
Tubular | 5,646,780 | 1,533,489 | |||||||
Corporate and other | — | 9,299 | |||||||
$ | 5,876,205 | $ | 1,907,231 | ||||||
Summary_of_Quarterly_Results_o1
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Unaudited Quarterly Results of Operations | The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2015 and 2014: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2015 | ||||||||||||||
Net sales | $ | 27,904,521 | $ | 31,544,474 | $ | 23,552,636 | $ | 25,321,149 | |||||||||
Gross profit | 1,042,061 | 2,420,929 | 1,258,797 | 356,281 | |||||||||||||
Net earnings (loss) | (118,250 | ) | 765,655 | 187,643 | (452,718 | ) | |||||||||||
Basic(1) | (.02 | ) | 0.11 | 0.03 | (.07 | ) | |||||||||||
Diluted(1) | (.02 | ) | 0.11 | 0.03 | (.07 | ) | |||||||||||
Quarter Ended | |||||||||||||||||
June 30, | September 30, | December 31, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net sales | $ | 29,582,144 | $ | 26,310,369 | $ | 28,274,696 | $ | 31,981,813 | |||||||||
Gross profit | 2,443,844 | 1,077,913 | 1,846,778 | 1,693,948 | |||||||||||||
Net earnings | 808,359 | 27,659 | 487,468 | 389,440 | |||||||||||||
Basic | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
Diluted | 0.12 | 0 | 0.07 | 0.06 | |||||||||||||
-1 | The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account), USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $27,276 | $37,276 | ||
Additions, Charged to Costs and Expenses | 4,306 | 12,363 | ||
Additions, Charged to Other Accounts- Describe | 484,451 | [1] | 541,556 | [1] |
Deductions- Describe | 488,757 | [2] | 563,919 | [2] |
Balance at End of Period | $27,276 | $27,276 | ||
[1] | (A) Cash discounts allowed on sales and charged against revenue. | |||
[2] | (B) Accounts receivable written off and cash discounts allowed on sales. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||
Excess of replacement cost over LIFO cost | $4,139,000 | $9,024,000 |
Income taxes paid | 688,000 | 748,000 |
Interest paid | 0 | 0 |
Accrued dividends | $67,994 | $135,989 |
U.S. Steel Tubular Products, Inc | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Significant Accounting Policies [Line Items] | ||
Percentage of total sales | 6.00% | 15.00% |
Trinity Industries, Inc. | Customer Concentration Risk [Member] | Coil | Sales Revenue, Product Line [Member] | ||
Significant Accounting Policies [Line Items] | ||
Percentage of total sales | 21.00% | 14.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Inventory Values by Product Group (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory [Line Items] | ||
Inventory, Net | $40,850,666 | $35,288,559 |
Prime Coil Inventory | ||
Inventory [Line Items] | ||
Raw Materials | 8,419,340 | 7,685,177 |
Non-Standard Coil Inventory | ||
Inventory [Line Items] | ||
Raw Materials | 1,804,635 | 2,572,787 |
Tubular | ||
Inventory [Line Items] | ||
Raw Materials | 1,888,849 | 463,254 |
Finished Goods | $28,737,842 | $24,567,341 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Yard improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Yard improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Loaders and other rolling stock | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Loaders and other rolling stock | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Stock_Options_and_Capital_Stoc1
Stock Options and Capital Stock - Additional Information (Detail) (Cumulative Preferred Stock, USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Cumulative Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized shares | 1,000,000 | |
Preferred stock, par value | $1 | |
Preferred stock, issued shares | 0 | 0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Contingencies And Commitments [Line Items] | ||
Rental expenses for leased properties | $70,500 | $70,500 |
Longview, Texas office building | ||
Contingencies And Commitments [Line Items] | ||
Operating lease expiration, date | 30-Apr-18 | |
Humble, Texas office building | ||
Contingencies And Commitments [Line Items] | ||
Operating lease expiration, date | 31-Dec-16 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Annual Rental Payments Under Operating Leases (Detail) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $70,562 |
2017 | 61,106 |
2018 | 32,736 |
2019 | 2,728 |
2020 | 0 |
Total | $167,132 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Basic | ||||||||||
Net earnings | ($452,718) | $187,643 | $765,655 | ($118,250) | $389,440 | $487,468 | $27,659 | $808,359 | $382,330 | $1,712,926 |
Weighted average common shares | 6,799,444 | 6,799,444 | ||||||||
Dilutive | ||||||||||
Net earnings | ($452,718) | $187,643 | $765,655 | ($118,250) | $389,440 | $487,468 | $27,659 | $808,359 | $382,330 | $1,712,926 |
Weighted average common shares and common share equivalents | 6,799,444 | 6,799,444 |
Income_Taxes_Components_of_Tax
Income Taxes - Components of Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Federal | ||
Current | $519,271 | $863,049 |
Deferred | -377,356 | -172,281 |
Federal, total | 141,915 | 690,768 |
State | ||
Current | 161,571 | 133,014 |
State, total | 161,571 | 133,014 |
Income Tax Expense (Benefit), Total | $303,486 | $823,782 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at U.S. federal statutory rate | 34.00% | 34.00% |
Benefit of tax deduction allowed to manufacturing companies | -7.00% | -3.00% |
Other | -1.00% | |
Current year state and local income taxes net of federal income tax benefit | 7.30% | 1.50% |
True up during the current year of income taxes on prior year filing | 11.00% | |
Provision for income taxes | 44.30% | 32.50% |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Liabilities) (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax liabilities: | ||
Depreciation | ($1,231,047) | ($1,555,000) |
Total deferred tax liabilities | -1,231,047 | -1,555,000 |
Deferred tax assets: | ||
Inventory capitalization | 201,094 | 170,000 |
LIFO Inventory | 783,645 | 785,000 |
Postretirement benefits other than pensions | 370,562 | 344,000 |
Other | 63,104 | 66,002 |
Total deferred tax assets | 1,418,405 | 1,365,002 |
Net deferred tax asset (liability) | $187,358 | ($189,998) |
Profit_Sharing_Plan_Additional
Profit Sharing Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service period of employees to fully vest in plan | 6 years | |
Defined Contribution Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum annual contribution percentage to defined contribution plan for eligible employees | 15.00% | |
Expenses related to defined contribution plans | $190,000 | $206,000 |
Defined Contribution 401 K Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions to defined contribution plan | $44,000 | $47,500 |
Defined contribution plan service period for eligibility | 1 year |
Industry_Segment_Data_Summary_
Industry Segment Data - Summary of Significant Financial Information Relating to Product Groups (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $25,321,149 | $23,552,636 | $31,544,474 | $27,904,521 | $31,981,813 | $28,274,696 | $26,310,369 | $29,582,144 | $108,322,780 | $116,149,022 |
Operating profit (loss) | 624,776 | 2,474,696 | ||||||||
Interest and other income | 61,040 | 62,012 | ||||||||
EARNINGS BEFORE INCOME TAXES | 685,816 | 2,536,708 | ||||||||
Total assets | 66,958,024 | 72,284,399 | 66,958,024 | 72,284,399 | ||||||
Depreciation | 1,721,625 | 1,823,072 | ||||||||
Capital Expenditure | 5,876,205 | 1,907,231 | ||||||||
Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Operating profit (loss) | 2,342,520 | 4,448,930 | ||||||||
Total assets | 63,392,495 | 56,103,157 | 63,392,495 | 56,103,157 | ||||||
Operating Segments | Coil | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 72,913,058 | 66,138,845 | ||||||||
Operating profit (loss) | -259,690 | -839,442 | ||||||||
Total assets | 21,248,710 | 22,308,165 | 21,248,710 | 22,308,165 | ||||||
Depreciation | 1,141,567 | 1,140,250 | ||||||||
Capital Expenditure | 229,425 | 364,443 | ||||||||
Operating Segments | Tubular | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 35,409,722 | 50,010,177 | ||||||||
Operating profit (loss) | 2,602,210 | 5,288,372 | ||||||||
Total assets | 42,143,785 | 33,794,992 | 42,143,785 | 33,794,992 | ||||||
Depreciation | 571,086 | 673,850 | ||||||||
Capital Expenditure | 5,646,780 | 1,533,489 | ||||||||
Corporate and other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
General corporate expenses | -1,717,744 | -1,974,234 | ||||||||
Total assets | 3,565,529 | 16,181,242 | 3,565,529 | 16,181,242 | ||||||
Depreciation | 8,972 | 8,972 | ||||||||
Capital Expenditure | $9,299 |
Industry_Segment_Data_Addition
Industry Segment Data - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Capitalized Expenditure | $5,876,205 | $1,907,231 |
Construction in Progress | ||
Segment Reporting Information [Line Items] | ||
Capitalized Expenditure | $7,131,000 |
Summary_of_Quarterly_Results_o2
Summary of Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $25,321,149 | $23,552,636 | $31,544,474 | $27,904,521 | $31,981,813 | $28,274,696 | $26,310,369 | $29,582,144 | $108,322,780 | $116,149,022 | ||||
Gross profit | 356,281 | 1,258,797 | 2,420,929 | 1,042,061 | 1,693,948 | 1,846,778 | 1,077,913 | 2,443,844 | ||||||
Net earnings | ($452,718) | $187,643 | $765,655 | ($118,250) | $389,440 | $487,468 | $27,659 | $808,359 | $382,330 | $1,712,926 | ||||
Basic | ($0.07) | [1] | $0.03 | [1] | $0.11 | [1] | ($0.02) | [1] | $0.06 | $0.07 | $0 | $0.12 | $0.06 | $0.25 |
Diluted | ($0.07) | [1] | $0.03 | [1] | $0.11 | [1] | ($0.02) | [1] | $0.06 | $0.07 | $0 | $0.12 | $0.06 | $0.25 |
[1] | The sum of the quarterly earnings per share does not equal the annual amount reported due to per share amounts being calculated independently for each quarter. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | 8-May-15 | Jun. 11, 2015 | |
Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Credit facility, interest rate description | At the Company's election, advances under the Credit Facility bear interest at either (1) the Bank's prime rate minus 0.50% or (2) the applicable one-, two- or three-month LIBOR rate plus 2.5%. | ||
J P Morgan Chase Bank | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Line of credit facility, initiation date | 8-May-15 | ||
Line of credit facility expiry date | 30-Apr-16 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Borrowing credit facility | $0 | ||
Subsequent Event | J P Morgan Chase Bank | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 5,000,000 | ||
Line of credit facility expiry date | 30-Apr-16 | ||
Subsequent Event | Prime Rate | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Credit facility, interest rate | 0.50% | ||
Subsequent Event | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Credit facility, interest rate | 2.50% | ||
Subsequent Event | Maximum | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Line of credit facility covenant terms minimum tangible net worth | 57,000,000 | ||
Financial covenant for net income for any period of four consecutive fiscal quarters | $1 | ||
Subsequent Event | Minimum | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Ratio of total liabilities to tangible net worth | 1 |