Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | FRIEDMAN INDUSTRIES INC | |
Entity Central Index Key | 39,092 | |
Trading Symbol | frd | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,009,444 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Current Period Unaudited - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 3,298,781 | $ 4,052,582 |
Accounts receivable, net of allowances for bad debts and cash discounts of $21,052 at June 30 and March 31, 2018, respectively | 18,247,788 | 17,458,289 |
Inventories | 59,598,607 | 45,329,434 |
Other | 535,922 | 429,101 |
TOTAL CURRENT ASSETS | 81,681,098 | 67,269,406 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,452,799 | 1,452,799 |
Buildings and yard improvements | 8,813,031 | 8,710,958 |
Machinery and equipment | 39,368,094 | 39,282,944 |
Less accumulated depreciation | (35,638,296) | (35,280,700) |
Property, plant, and equipment, net | 13,995,628 | 14,166,001 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 224,175 | 217,900 |
TOTAL ASSETS | 95,900,901 | 81,653,307 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 19,624,966 | 10,233,431 |
Income taxes payable | 862,259 | |
Dividends payable | 210,283 | 140,189 |
Contribution to retirement plan | 90,000 | 45,000 |
Employee compensation and related expenses | 925,277 | 612,015 |
TOTAL CURRENT LIABILITIES | 21,712,785 | 11,030,635 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 182,486 | 175,056 |
DEFERRED INCOME TAX LIABILITY | 1,968,330 | 1,872,166 |
TOTAL LIABILITIES | 23,863,601 | 13,077,857 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,185,160 at June 30 and March 31, 2018 | 8,185,160 | 8,185,160 |
Additional paid-in capital | 29,227,114 | 29,154,874 |
Treasury stock at cost (1,175,716 shares at June 30 and March 31, 2018) | (5,475,964) | (5,475,964) |
Retained earnings | 40,100,990 | 36,711,380 |
TOTAL STOCKHOLDERS’ EQUITY | 72,037,300 | 68,575,450 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 95,900,901 | $ 81,653,307 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets - Current Period Unaudited (Parentheticals) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Allowance for bad debt and cash discounts | $ 21,052 | $ 21,052 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 8,185,160 | 8,185,160 |
Treasury stock, shares (in shares) | 1,175,716 | 1,175,716 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - Unaudited - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 48,193,318 | $ 23,083,269 |
Costs and expenses | ||
Costs of goods sold | 42,000,840 | 21,539,959 |
General, selling and administrative costs | 1,492,740 | 1,038,394 |
Costs and expenses, total | 43,493,580 | 22,578,353 |
EARNINGS FROM OPERATIONS | 4,699,738 | 504,916 |
Interest and other income | (62,775) | (4,375) |
EARNINGS BEFORE INCOME TAXES | 4,762,513 | 509,291 |
Income tax provision: | ||
Current | 1,066,456 | |
Deferred | 96,164 | 144,961 |
Income tax | 1,162,620 | 144,961 |
NET EARNINGS | $ 3,599,893 | $ 364,330 |
Average number of common shares outstanding: | ||
Basic (in shares) | 7,009,444 | 7,009,444 |
Diluted (in shares) | 7,009,444 | 7,009,444 |
Net earnings per share: | ||
Basic (in dollars per share) | $ 0.51 | $ 0.05 |
Diluted (in dollars per share) | 0.51 | 0.05 |
Cash dividends declared per common share (in dollars per share) | $ 0.03 | $ 0.01 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 3,599,893 | $ 364,330 |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
Depreciation | 357,596 | 282,064 |
Deferred taxes | 96,164 | 144,961 |
Compensation expense for restricted stock | 72,240 | 72,240 |
Change in postretirement benefits | 7,430 | 1,720 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (789,499) | 680,046 |
Inventories | (14,269,173) | (4,777,078) |
Other current assets | (106,821) | 96,747 |
Increase (decrease) in operating liabilities: | ||
Accounts payable and accrued expenses | 9,391,535 | 5,745,306 |
Income taxes payable | 862,259 | |
Contribution to retirement plan | 45,000 | 42,000 |
Employee compensation and related expenses | 313,262 | 24,143 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (420,114) | 2,676,479 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (187,223) | (159,465) |
Increase in cash surrender value of officers’ life insurance | (6,275) | (4,375) |
NET CASH USED IN INVESTING ACTIVITIES | (193,498) | (163,840) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (140,189) | (70,094) |
NET CASH USED IN FINANCING ACTIVITIES | (140,189) | (70,094) |
INCREASE (DECREASE) IN CASH | (753,801) | 2,442,545 |
Cash at beginning of period | 4,052,582 | 1,461,695 |
CASH AT END OF PERIOD | $ 3,298,781 | $ 3,904,240 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A — BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 10 March 31, 2018. |
Note B - Change in Accounting P
Note B - Change in Accounting Principle | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Accounting Changes [Text Block] | NOTE B — CHANGE IN ACCOUNTING PRINCIPLE Effective April 1, 2018, first 10 March 31, 2018 June 30, 2017 April 1, 2017 $4,418,318 As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Quarter Ended June 30, 2017 Cost of goods sold 21,819,846 (279,887 ) 21,539,959 Income tax provision 58,784 86,177 144,961 Net earnings 170,620 193,710 364,330 Net earnings per share: Basic 0.02 0.03 0.05 Diluted 0.02 0.03 0.05 Consolidated Statement of Cash Flows, Quarter Ended June 30, 2017 Net earnings 170,620 193,710 364,330 Change in inventories (4,497,191 ) (279,887 ) (4,777,078 ) Change in deferred income taxes 58,784 86,177 144,961 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 The following table shows the effect of the change in accounting principle from LIFO to average cost on the quarter ended June 30, 2018: As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Quarter Ended June 30, 2018 Earnings before income taxes 2,100,440 4,762,513 2,662,073 Income tax provision 514,128 1,162,620 648,492 Net earnings 1,586,312 3,599,893 2,013,581 Net earnings per share: Basic 0.23 0.51 0.28 Diluted 0.23 0.51 0.28 |
Note C - New Accounting Standar
Note C - New Accounting Standards | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE C — NEW ACCOUNTING STANDARDS In May 2014, No. 2014 09, 2014 09” 2014 09 April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018 not no April 1, 2018. not In August 2016, No. 2016 15, 2016 15” 2016 15 eight April 1, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 December 15, 2018, 2016 02 not |
Note D - Inventories
Note D - Inventories | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE D — 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. Effective April 1, 2018, A summary of inventory values by product group follows: June 30, 201 8 Ma rch 31, 201 8 As Adjusted Prime Coil Inventory $ 24,679,720 $ 14,185,858 Non-Standard Coil Inventory 4,727,898 2,971,324 Tubular Raw Material 12,178,658 6,734,076 Tubular Finished Goods 18,012,331 21,438,176 $ 59,598,607 $ 45,329,434 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc. At June 30, 2018, twelve twelve June 30, 2018 may |
Note E - Debt
Note E - Debt | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE E - DEBT On December 11, 2017, $7,500,000 December 11, 2018 0.55% 4.45% June 30, 2018. may not 1 $50.0 2 50% June 30, 2018, no 10 $2,500,000 4.45%. |
Note F - Stock Based Compensati
Note F - Stock Based Compensation | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE F — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, As of June 30, 2018, 210,000 five January 4, 2022. No $1,444,800 60 $ 72,240 June 30, 2018 June 30, 2017 |
Note G - Segment Information
Note G - Segment Information | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE G — SEGMENT INFORMATION (in thousands) THREE MONTHS ENDED 201 8 201 7 As Adjusted Net sales Coil $ 31,129 $ 18,010 Tubular 17,064 5,073 Total net sales $ 48,193 $ 23,083 Operating profit (loss) Coil $ 3,179 $ 1,033 Tubular 2,321 (1 ) Total operating profit (loss) 5,500 1,032 Corporate expenses 800 527 Interest & other income (63 ) (4 ) Earnings (loss) before income taxes $ 4,763 $ 509 June 30, 201 8 March 31, 201 8 As Adjusted Segment assets Coil $ 45,895 $ 34,359 Tubular 46,435 43,010 92,330 77,369 Corporate assets 3,571 4,284 $ 95,901 $ 81,653 Corporate expenses reflect general and administrative expenses not |
Note H - Revenue
Note H - Revenue | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE H — REVENUE Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two three three three June 30, 2018 2017, Three Months Ended June 30, 2018 2017 Coil Segment: Prime Coil 24,776,031 14,275,590 Non-standard Coil 6,110,458 3,368,604 Customer Owned Coil 242,711 365,641 31,129,200 18,009,835 Tubular Segment: Manufactured Pipe 10,955,387 3,333,434 Mill Reject Pipe 5,420,861 1,221,936 Pipe Finishing Services 687,870 518,064 17,064,118 5,073,434 |
Note I - Supplemental Cash Flow
Note I - Supplemental Cash Flow Information | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE I — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid no June 30, 2018. $8,000 June 30, 2017. No June 30, 2018 2017, $210,283 $70,094 June 30, 2018 2017, 2017 $246,000 |
Note J - Income Taxes
Note J - Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J — INCOME TAXES For the quarter ended June 30, 2018, $1,162,620, 24.4% $144,961, 28.5% June 30, 2017. June 30, 2017 On December 22, 2017, 34% 21% January 1, 2018. June 30, 2018, June 30, 2017, While the Company has substantially completed its analysis of the income tax effects of the Tax Act and recorded a reasonable provisional estimate of such effects, certain items related to the Tax Act may may may 118 118” December 22, 2017, one December 22, 2018 |
Note B - Change in Accounting16
Note B - Change in Accounting Principle (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Quarter Ended June 30, 2017 Cost of goods sold 21,819,846 (279,887 ) 21,539,959 Income tax provision 58,784 86,177 144,961 Net earnings 170,620 193,710 364,330 Net earnings per share: Basic 0.02 0.03 0.05 Diluted 0.02 0.03 0.05 Consolidated Statement of Cash Flows, Quarter Ended June 30, 2017 Net earnings 170,620 193,710 364,330 Change in inventories (4,497,191 ) (279,887 ) (4,777,078 ) Change in deferred income taxes 58,784 86,177 144,961 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Quarter Ended June 30, 2018 Earnings before income taxes 2,100,440 4,762,513 2,662,073 Income tax provision 514,128 1,162,620 648,492 Net earnings 1,586,312 3,599,893 2,013,581 Net earnings per share: Basic 0.23 0.51 0.28 Diluted 0.23 0.51 0.28 |
Note D - Inventories (Tables)
Note D - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 8 Ma rch 31, 201 8 As Adjusted Prime Coil Inventory $ 24,679,720 $ 14,185,858 Non-Standard Coil Inventory 4,727,898 2,971,324 Tubular Raw Material 12,178,658 6,734,076 Tubular Finished Goods 18,012,331 21,438,176 $ 59,598,607 $ 45,329,434 |
Note G - Segment Information (T
Note G - Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | THREE MONTHS ENDED 201 8 201 7 As Adjusted Net sales Coil $ 31,129 $ 18,010 Tubular 17,064 5,073 Total net sales $ 48,193 $ 23,083 Operating profit (loss) Coil $ 3,179 $ 1,033 Tubular 2,321 (1 ) Total operating profit (loss) 5,500 1,032 Corporate expenses 800 527 Interest & other income (63 ) (4 ) Earnings (loss) before income taxes $ 4,763 $ 509 June 30, 201 8 March 31, 201 8 As Adjusted Segment assets Coil $ 45,895 $ 34,359 Tubular 46,435 43,010 92,330 77,369 Corporate assets 3,571 4,284 $ 95,901 $ 81,653 |
Note H - Revenue (Tables)
Note H - Revenue (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2018 2017 Coil Segment: Prime Coil 24,776,031 14,275,590 Non-standard Coil 6,110,458 3,368,604 Customer Owned Coil 242,711 365,641 31,129,200 18,009,835 Tubular Segment: Manufactured Pipe 10,955,387 3,333,434 Mill Reject Pipe 5,420,861 1,221,936 Pipe Finishing Services 687,870 518,064 17,064,118 5,073,434 |
Note B - Change in Accounting20
Note B - Change in Accounting Principle (Details Textual) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Apr. 01, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 40,100,990 | $ 36,711,380 | |
Change in Inventory Costing Method from LIFO to Average Cost [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 4,418,318 |
Note B - Change in Accounting21
Note B - Change in Accounting Principle - Change in Accounting Principle From LIFO to Average Cost (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Apr. 01, 2017 | |
Costs of goods sold | $ 42,000,840 | $ 21,539,959 | ||
Income Tax Expense (Benefit), Total | 1,162,620 | 144,961 | ||
Net earnings | $ 3,599,893 | $ 364,330 | ||
Basic (in dollars per share) | $ 0.51 | $ 0.05 | ||
Diluted (in dollars per share) | $ 0.51 | $ 0.05 | ||
Inventories | $ (14,269,173) | $ (4,777,078) | ||
Change in deferred income taxes | 144,961 | |||
Inventories | 59,598,607 | $ 45,329,434 | ||
Deferred income tax liability | 1,968,330 | 1,872,166 | ||
Retained earnings | 40,100,990 | 36,711,380 | ||
Earnings before income taxes | 4,762,513 | 509,291 | ||
Change in Inventory Costing Method from LIFO to Average Cost [Member] | ||||
Retained earnings | $ 4,418,318 | |||
Computed under LIFO [Member] | ||||
Income Tax Expense (Benefit), Total | 514,128 | |||
Net earnings | $ 1,586,312 | |||
Basic (in dollars per share) | $ 0.23 | |||
Diluted (in dollars per share) | $ 0.23 | |||
Earnings before income taxes | $ 2,100,440 | |||
Previously Reported [Member] | ||||
Costs of goods sold | 21,819,846 | |||
Income Tax Expense (Benefit), Total | 58,784 | |||
Net earnings | $ 170,620 | |||
Basic (in dollars per share) | $ 0.02 | |||
Diluted (in dollars per share) | $ 0.02 | |||
Inventories | $ (4,497,191) | |||
Change in deferred income taxes | 58,784 | |||
Inventories | 38,039,332 | |||
Deferred income tax liability | 103,198 | |||
Retained earnings | 31,190,246 | |||
Restatement Adjustment [Member] | Change in Inventory Costing Method from LIFO to Average Cost [Member] | ||||
Costs of goods sold | (279,887) | |||
Income Tax Expense (Benefit), Total | 86,177 | |||
Net earnings | $ 193,710 | |||
Basic (in dollars per share) | $ 0.03 | |||
Diluted (in dollars per share) | $ 0.03 | |||
Inventories | $ (279,887) | |||
Change in deferred income taxes | $ 86,177 | |||
Inventories | 7,290,102 | |||
Deferred income tax liability | 1,768,968 | |||
Retained earnings | $ 5,521,134 | |||
Restatement Adjustment [Member] | Difference Between LIFO and Average Cost Method [Member] | ||||
Income Tax Expense (Benefit), Total | 648,492 | |||
Net earnings | $ 2,013,581 | |||
Basic (in dollars per share) | $ 0.28 | |||
Diluted (in dollars per share) | $ 0.28 | |||
Earnings before income taxes | $ 2,662,073 |
Note D - Inventories - Summary
Note D - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Inventories | $ 59,598,607 | $ 45,329,434 |
Prime Coil Inventory [Member] | ||
Raw materials | 24,679,720 | 14,185,858 |
Non-standard Coil Inventory [Member] | ||
Raw materials | 4,727,898 | 2,971,324 |
Tubular Inventory [Member] | ||
Raw materials | 12,178,658 | 6,734,076 |
Finished goods | $ 18,012,331 | $ 21,438,176 |
Note E - Debt (Details Textual)
Note E - Debt (Details Textual) - Citizens National Bank [Member] - Revolving Credit Facility [Member] - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Aug. 13, 2018 | Dec. 11, 2017 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | ||
Line of Credit Facility, Interest Rate at Period End | 4.45% | ||
Debt Instrument, Minimum Threshold of Shareholders' Equity | $ 50,000,000 | ||
Debt Instrument, Debt to Shareholders' Equity Maximum Threshold, Percent | 50.00% | ||
Long-term Line of Credit, Total | $ 0 | ||
Subsequent Event [Member] | |||
Line of Credit Facility, Interest Rate at Period End | 4.45% | ||
Long-term Line of Credit, Total | $ 2,500,000 | ||
Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | (0.55%) |
Note F - Stock Based Compensa24
Note F - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 01, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 210,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,444,800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||
Allocated Share-based Compensation Expense, Total | $ 72,240 | $ 72,240 |
Note G - Segment Information -
Note G - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Total Net Sales | $ 48,193,318 | $ 23,083,269 | |
Operating profit (loss) | 4,699,738 | 504,916 | |
Interest & other income | (62,775) | (4,375) | |
Earnings before income taxes | 4,762,513 | 509,291 | |
Assets | 95,900,901 | $ 81,653,307 | |
Coil [Member] | |||
Total Net Sales | 31,129,200 | 18,009,835 | |
Tubular [Member] | |||
Total Net Sales | 17,064,118 | 5,073,434 | |
Operating Segments [Member] | |||
Operating profit (loss) | 5,500,000 | 1,032,000 | |
Assets | 92,330,000 | 77,369,000 | |
Operating Segments [Member] | Coil [Member] | |||
Total Net Sales | 31,129,000 | 18,010,000 | |
Operating profit (loss) | 3,179,000 | 1,033,000 | |
Assets | 45,895,000 | 34,359,000 | |
Operating Segments [Member] | Tubular [Member] | |||
Total Net Sales | 17,064,000 | 5,073,000 | |
Operating profit (loss) | 2,321,000 | (1,000) | |
Assets | 46,435,000 | 43,010,000 | |
Corporate, Non-Segment [Member] | |||
Corporate expenses | 800,000 | $ 527,000 | |
Assets | $ 3,571,000 | $ 4,284,000 |
Note H - Revenue (Details Textu
Note H - Revenue (Details Textual) | 3 Months Ended |
Jun. 30, 2018 | |
Number of Reportable Segments | 2 |
Note H - Revenue - Disaggregati
Note H - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 48,193,318 | $ 23,083,269 |
Coil [Member] | ||
Net Sales | 31,129,200 | 18,009,835 |
Coil [Member] | Prime Coil [Member] | ||
Net Sales | 24,776,031 | 14,275,590 |
Coil [Member] | Secondary Coil [Member] | ||
Net Sales | 6,110,458 | 3,368,604 |
Coil [Member] | Customer Owned [Member] | ||
Net Sales | 242,711 | 365,641 |
Tubular [Member] | ||
Net Sales | 17,064,118 | 5,073,434 |
Tubular [Member] | Manufactured Pipe [Member] | ||
Net Sales | 10,955,387 | 3,333,434 |
Tubular [Member] | Mill Reject Pipe [Member] | ||
Net Sales | 5,420,861 | 1,221,936 |
Tubular [Member] | Pipe Finishing Services [Member] | ||
Net Sales | $ 687,870 | $ 518,064 |
Note I - Supplemental Cash Fl28
Note I - Supplemental Cash Flow Information (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes Paid | $ 0 | $ 8,000 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 0 | 0 |
Dividends Payable | $ 210,283 | 70,094 |
Other Significant Noncash Transaction, Value of Consideration Given | $ 246,000 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Expense (Benefit), Total | $ 1,162,620 | $ 144,961 |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.40% | 28.50% |