Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | FRIEDMAN INDUSTRIES INC | |
Entity Central Index Key | 0000039092 | |
Trading Symbol | frd | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 6,999,444 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
CURRENT ASSETS: | ||
Cash | $ 10,804,449 | $ 11,667,161 |
Accounts receivable, net of allowances for bad debts and cash discounts of $29,178 at June 30 and March 31, 2019 | 15,868,865 | 13,183,411 |
Inventories | 43,757,046 | 49,062,086 |
Other | 499,700 | 543,549 |
TOTAL CURRENT ASSETS | 70,930,060 | 74,456,207 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 1,452,799 | 1,452,799 |
Buildings and yard improvements | 8,825,853 | 8,821,253 |
Machinery and equipment | 38,844,307 | 38,176,497 |
Less accumulated depreciation | (36,845,372) | (36,540,591) |
Property, plant, and equipment, net | 12,277,587 | 11,909,958 |
OTHER ASSETS: | ||
Cash value of officers’ life insurance and other assets | 296,358 | 235,817 |
TOTAL ASSETS | 83,504,005 | 86,601,982 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 8,361,775 | 11,577,664 |
Income taxes payable | 224,851 | 159,694 |
Dividends payable | 279,978 | 279,978 |
Contribution to retirement plan | 100,500 | 50,250 |
Employee compensation and related expenses | 288,667 | 297,316 |
TOTAL CURRENT LIABILITIES | 9,255,771 | 12,364,902 |
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 212,995 | 210,257 |
DEFERRED INCOME TAX LIABILITY | 1,529,207 | 1,545,246 |
OTHER NON-CURRENT LIABILITIES | 26,425 | |
TOTAL LIABILITIES | 11,024,398 | 14,120,405 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,225,160 shares and 8,205,160 shares at June 30 and March 31, 2019, respectively | 8,225,160 | 8,205,160 |
Additional paid-in capital | 29,385,708 | 29,322,472 |
Treasury stock at cost (1,225,716 shares at June 30 and March 31, 2019) | (5,525,964) | (5,525,964) |
Retained earnings | 40,394,703 | 40,479,909 |
TOTAL STOCKHOLDERS’ EQUITY | 72,479,607 | 72,481,577 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 83,504,005 | $ 86,601,982 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Allowances for bad debts and cash discounts | $ 29,178 | $ 29,178 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 8,225,160 | 8,205,160 |
Treasury stock, shares (in shares) | 1,225,716 | 1,225,716 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net Sales | $ 40,975,320 | $ 48,193,318 |
Costs and expenses | ||
Costs of goods sold | 39,503,996 | 42,000,840 |
General, selling and administrative costs | 1,208,388 | 1,492,740 |
Costs and expenses, total | 40,712,384 | 43,493,580 |
EARNINGS FROM OPERATIONS | 262,936 | 4,699,738 |
Interest and other income | (6,335) | (62,775) |
EARNINGS BEFORE INCOME TAXES | 269,271 | 4,762,513 |
Income tax provision (benefit): | ||
Current | 90,538 | 1,066,456 |
Deferred | (16,039) | 96,164 |
Income tax | 74,499 | 1,162,620 |
NET EARNINGS | $ 194,772 | $ 3,599,893 |
Average number of common shares outstanding: | ||
Basic (in shares) | 6,999,444 | 7,009,444 |
Diluted (in shares) | 6,999,444 | 7,009,444 |
Net earnings per share: | ||
Basic (in dollars per share) | $ 0.03 | $ 0.51 |
Diluted (in dollars per share) | 0.03 | 0.51 |
Cash dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.03 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 194,772 | $ 3,599,893 |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
Depreciation | 304,781 | 357,596 |
Deferred taxes | (16,039) | 96,164 |
Compensation expense for restricted stock | 83,236 | 72,240 |
Change in postretirement benefits | 2,738 | 7,430 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (2,685,454) | (789,499) |
Inventories | 5,305,040 | (14,269,173) |
Other assets, current and non-current | (12,322) | (106,821) |
Increase (decrease) in operating liabilities: | ||
Accounts payable and accrued expenses | (3,215,889) | 9,391,535 |
Income taxes payable | 65,157 | 862,259 |
Contribution to retirement plan | 50,250 | 45,000 |
Employee compensation and related expenses | (8,649) | 313,262 |
Other non-current liabilities | 26,425 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 94,046 | (420,114) |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (672,410) | (187,223) |
Increase in cash surrender value of officers’ life insurance | (4,370) | (6,275) |
NET CASH USED IN INVESTING ACTIVITIES | (676,780) | (193,498) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (279,978) | (140,189) |
NET CASH USED IN FINANCING ACTIVITIES | (279,978) | (140,189) |
INCREASE (DECREASE) IN CASH | (862,712) | (753,801) |
CASH AT BEGINNING OF PERIOD | 11,667,161 | 4,052,582 |
CASH AT END OF PERIOD | $ 10,804,449 | $ 3,298,781 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Jun. 30, 2019 | |
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, 2019. |
Note B - New Accounting Standar
Note B - New Accounting Standards | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B — NEW ACCOUNTING STANDARDS In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, 842 April 1, 2019 842. In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, December 15, 2019. |
Note C - Inventories
Note C - Inventories | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE C — 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. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. A summary of inventory values by product group follows: June 30, 201 9 Ma rch 31, 2019 Prime Coil Inventory $ 20,253,958 $ 26,240,439 Non-Standard Coil Inventory 2,431,599 2,078,008 Tubular Raw Material 5,359,827 4,418,750 Tubular Finished Goods 15,711,662 16,324,889 $ 43,757,046 $ 49,062,086 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. |
Note D - Debt
Note D - Debt | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE D - DEBT On December 12, 2018, $5,000,000 January 14, 2019 ( December 12, 2019 0.55% 4.95% June 30, 2019. may 80% 40% not $3,000,000. June 30, 2019, $4,900,000 not 1 $50.0 2 50% 3 2.00 1.00. twelve June 30, 2019, no |
Note E - Leases
Note E - Leases | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES In February 2016, 2016 02, 2016 02” 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, The Company adopted ASC 842 April 1, 2019 April 1, 2019 not 842 $63,000 April 1, 2019. 1 not 2 not not The Company’s lease of its office space in Longview, Texas is the only operating lease included in the ROU asset and lease liability. The lease calls for monthly rent payments of $2,728 April 30, 2021. not The components of lease expense were as follows for the three June 30, 2019: Three Months Ended June 30, 2019 Operating lease expense $ 8,184 Rental expense for operating leases classified under the previous accounting standard, Accounting Standards Codification Topic 840, three June 30, 2018 $8,184. For the three June 30, 2019, $8,184. The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2019: June 30, 2019 Balance Sheet Classification Assets Operating lease right-of-use asset $ 56,171 Other assets Total operating lease right-of-use asset $ 56,171 Liabilities Operating lease liability, current $ 29,746 Accrued expenses Operating lease liability, non-current 26,425 Other non-current liabilities Total operating lease liability $ 56,171 Other supplemental operating lease information consists of the following: Weighted average remaining lease life (in years) 1.8 Weighted average discount rate 7 % Maturities of operating lease liabilities as of June 30, 2019 Fiscal 2020 (remainder of fiscal year) $ 24,552 Fiscal 2021 32,736 Fiscal 2022 2,728 Fiscal 2023 — Fiscal 2024 — Total undiscounted lease payments $ 60,016 Less: imputed interest (3,845 ) Present value of lease liability $ 56,171 |
Note F - Stock-based Compensati
Note F - Stock-based Compensation | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE F — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The following table summarizes the activity related to restricted stock awards for the three June 30, 2019: Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 20,000 7.62 Vested — — Unvested at June 30, 2019 200,000 $ 7.09 Of the 200,000 June 30, 2019, 160,000 five January 4, 2022, 20,000 two March 13, 2021 20,000 five April 1, 2024. $83,236 $72,240 June 30, 2019 2018, |
Note G - Segment Information
Note G - Segment Information | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE G — SEGMENT INFORMATION (in thousands) THREE MONTHS ENDED 201 9 201 8 Net sales Coil $ 28,181 $ 31,129 Tubular 12,794 17,064 Total net sales $ 40,975 $ 48,193 Operating profit Coil $ 345 $ 3,179 Tubular 545 2,321 Total operating profit 890 5,500 Corporate expenses 627 800 Interest and other income (6 ) (63 ) Earnings before income taxes $ 269 $ 4,763 June 30, 201 9 March 31, 201 9 Segment assets Coil $ 39,583 $ 43,104 Tubular 32,730 31,520 72,313 74,624 Corporate assets 11,191 11,978 $ 83,504 $ 86,602 Corporate expenses reflect general and administrative expenses not |
Note H - Revenue
Note H - Revenue | 3 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018, Three Months Ended June 30, 2019 2018 Coil Segment: Prime Coil 24,228,453 24,776,031 Non-standard Coil 3,772,515 6,110,458 Customer Owned Coil 180,500 242,711 28,181,468 31,129,200 Tubular Segment: Manufactured Pipe 10,732,487 10,955,387 Mill Reject Pipe 2,061,365 5,420,861 Pipe Finishing Services - 687,870 12,793,852 17,064,118 |
Note I - Stockholders' Equity
Note I - Stockholders' Equity | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE I — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for the three June 30, 2019 June 30, 2018: Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2018 $ 8,185,160 $ 29,154,874 $ (5,475,964 ) $ 36,711,380 Net earnings — — — 3,599,893 Paid in capital – restricted stock awards — 72,240 — — Cash dividends ($0.03 per share) — — — (210,283 ) BALANCE AT JUNE 30, 2018 $ 8,185,160 $ 29,227,114 $ (5,475,964 ) $ 40,100,990 |
Note J - Supplemental Cash Flow
Note J - Supplemental Cash Flow Information | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE J — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid income taxes of approximately $10,000 June 30, 2019. no June 30, 2018. No June 30, 2019 2018. |
Note K - Income Taxes
Note K - Income Taxes | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE K — INCOME TAXES For the quarter ended June 30, 2019, $74,499, 27.7% $1,162,620, 24.4% June 30, 2018. |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 9 Ma rch 31, 2019 Prime Coil Inventory $ 20,253,958 $ 26,240,439 Non-Standard Coil Inventory 2,431,599 2,078,008 Tubular Raw Material 5,359,827 4,418,750 Tubular Finished Goods 15,711,662 16,324,889 $ 43,757,046 $ 49,062,086 |
Note E - Leases (Tables)
Note E - Leases (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2019 Operating lease expense $ 8,184 Weighted average remaining lease life (in years) 1.8 Weighted average discount rate 7 % |
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block] | June 30, 2019 Balance Sheet Classification Assets Operating lease right-of-use asset $ 56,171 Other assets Total operating lease right-of-use asset $ 56,171 Liabilities Operating lease liability, current $ 29,746 Accrued expenses Operating lease liability, non-current 26,425 Other non-current liabilities Total operating lease liability $ 56,171 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal 2020 (remainder of fiscal year) $ 24,552 Fiscal 2021 32,736 Fiscal 2022 2,728 Fiscal 2023 — Fiscal 2024 — Total undiscounted lease payments $ 60,016 Less: imputed interest (3,845 ) Present value of lease liability $ 56,171 |
Note F - Stock-based Compensa_2
Note F - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 20,000 7.62 Vested — — Unvested at June 30, 2019 200,000 $ 7.09 |
Note G - Segment Information (T
Note G - Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | THREE MONTHS ENDED 201 9 201 8 Net sales Coil $ 28,181 $ 31,129 Tubular 12,794 17,064 Total net sales $ 40,975 $ 48,193 Operating profit Coil $ 345 $ 3,179 Tubular 545 2,321 Total operating profit 890 5,500 Corporate expenses 627 800 Interest and other income (6 ) (63 ) Earnings before income taxes $ 269 $ 4,763 June 30, 201 9 March 31, 201 9 Segment assets Coil $ 39,583 $ 43,104 Tubular 32,730 31,520 72,313 74,624 Corporate assets 11,191 11,978 $ 83,504 $ 86,602 |
Note H - Revenue (Tables)
Note H - Revenue (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2019 2018 Coil Segment: Prime Coil 24,228,453 24,776,031 Non-standard Coil 3,772,515 6,110,458 Customer Owned Coil 180,500 242,711 28,181,468 31,129,200 Tubular Segment: Manufactured Pipe 10,732,487 10,955,387 Mill Reject Pipe 2,061,365 5,420,861 Pipe Finishing Services - 687,870 12,793,852 17,064,118 |
Note I - Stockholders' Equity (
Note I - Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2018 $ 8,185,160 $ 29,154,874 $ (5,475,964 ) $ 36,711,380 Net earnings — — — 3,599,893 Paid in capital – restricted stock awards — 72,240 — — Cash dividends ($0.03 per share) — — — (210,283 ) BALANCE AT JUNE 30, 2018 $ 8,185,160 $ 29,227,114 $ (5,475,964 ) $ 40,100,990 |
Note C - Inventories - Summary
Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Inventories | $ 43,757,046 | $ 49,062,086 |
Prime Coil Inventory [Member] | ||
Raw materials | 20,253,958 | 26,240,439 |
Non-standard Coil Inventory [Member] | ||
Raw materials | 2,431,599 | 2,078,008 |
Tubular Inventory [Member] | ||
Raw materials | 5,359,827 | 4,418,750 |
Finished goods | $ 15,711,662 | $ 16,324,889 |
Note D - Debt (Details Textual)
Note D - Debt (Details Textual) - VeraBank [Member] - Revolving Credit Facility [Member] | Dec. 12, 2018USD ($) | Jun. 30, 2019USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 4,900,000 |
Line of Credit Facility, Interest Rate at Period End | 4.95% | |
Debt Instrument, Borrowing Base, Percent of Accounts Receivable | 80.00% | |
Debt Instrument, Borrowing Base, Percent of Inventory | 40.00% | |
Debt Instrument, Borrowing Base, Maximum Threshold of Inventory | $ 3,000,000 | |
Debt Instrument, Minimum Threshold of Shareholders' Equity | $ 50,000,000 | |
Debt Instrument, Debt to Shareholders' Equity Maximum Threshold, Percent | 50.00% | |
Debt Instrument, Debt Service Coverage Ratio, Minimum Threshold | 2 | |
Long-term Line of Credit, Total | $ 0 | |
Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | (0.55%) |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Apr. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 56,171 | $ 63,000 | |
Operating Lease, Monthly Payments | 2,728 | ||
Operating Leases, Rent Expense, Total | $ 8,184 | ||
Operating Lease, Payments | 8,184 | ||
Operating Lease, Liability, Total | $ 56,171 | $ 63,000 |
Note E - Leases - Lease Cost (D
Note E - Leases - Lease Cost (Details) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Operating lease expense | $ 8,184 |
Weighted average remaining lease life (in years) (Year) | 1 year 292 days |
Weighted average discount rate | 7.00% |
Note E - Leases - Balance Sheet
Note E - Leases - Balance Sheet Information (Details) - USD ($) | Jun. 30, 2019 | Apr. 01, 2019 |
Operating lease right-of-use asset | $ 56,171 | $ 63,000 |
Operating lease liability, current | 29,746 | |
Operating lease liability, non-current | 26,425 | |
Total operating lease liability | $ 56,171 | $ 63,000 |
Note E - Leases - Maturities of
Note E - Leases - Maturities of Operating Lease (Details) - USD ($) | Jun. 30, 2019 | Apr. 01, 2019 |
Fiscal 2020 (remainder of fiscal year) | $ 24,552 | |
Fiscal 2021 | 32,736 | |
Fiscal 2022 | 2,728 | |
Fiscal 2023 | ||
Fiscal 2024 | ||
Total undiscounted lease payments | 60,016 | |
Less: imputed interest | (3,845) | |
Present value of lease liability | $ 56,171 | $ 63,000 |
Note F - Stock-based Compensa_3
Note F - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Sep. 01, 2016 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 200,000 | 180,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | |||
2016 Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | |||
Share-based Payment Arrangement, Expense | $ 83,236 | $ 72,240 | ||
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 160,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |
Note F - Stock-based Compensa_4
Note F - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Unvested (in shares) | shares | 180,000 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 7.03 |
Cancelled or forfeited (in shares) | shares | |
Cancelled or forfeited (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 20,000 |
Granted (in dollars per share) | $ / shares | $ 7.62 |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Unvested (in shares) | shares | 200,000 |
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 7.09 |
Note G - Segment Information -
Note G - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Total Net Sales | $ 40,975,320 | $ 48,193,318 | |
Operating profit (loss) | 262,936 | 4,699,738 | |
Interest and other income | (6,335) | (62,775) | |
Earnings before income taxes | 269,271 | 4,762,513 | |
Segment assets | 83,504,005 | $ 86,601,982 | |
Coil [Member] | |||
Total Net Sales | 28,181,468 | 31,129,200 | |
Tubular [Member] | |||
Total Net Sales | 12,793,852 | 17,064,118 | |
Operating Segments [Member] | |||
Operating profit (loss) | 890,000 | 5,500,000 | |
Segment assets | 72,313,000 | 74,624,000 | |
Operating Segments [Member] | Coil [Member] | |||
Total Net Sales | 28,181,000 | 31,129,000 | |
Operating profit (loss) | 345,000 | 3,179,000 | |
Segment assets | 39,583,000 | 43,104,000 | |
Operating Segments [Member] | Tubular [Member] | |||
Total Net Sales | 12,794,000 | 17,064,000 | |
Operating profit (loss) | 545,000 | 2,321,000 | |
Segment assets | 32,730,000 | 31,520,000 | |
Corporate, Non-Segment [Member] | |||
Corporate expenses | 627,000 | $ 800,000 | |
Segment assets | $ 11,191,000 | $ 11,978,000 |
Note H - Revenue (Details Textu
Note H - Revenue (Details Textual) | 3 Months Ended |
Jun. 30, 2019 | |
Number of Reportable Segments | 2 |
Note H - Revenue - Disaggregati
Note H - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net Sales | $ 40,975,320 | $ 48,193,318 |
Coil [Member] | ||
Net Sales | 28,181,468 | 31,129,200 |
Coil [Member] | Prime Coil [Member] | ||
Net Sales | 24,228,453 | 24,776,031 |
Coil [Member] | Secondary Coil [Member] | ||
Net Sales | 3,772,515 | 6,110,458 |
Coil [Member] | Customer Owned [Member] | ||
Net Sales | 180,500 | 242,711 |
Tubular [Member] | ||
Net Sales | 12,793,852 | 17,064,118 |
Tubular [Member] | Manufactured Pipe [Member] | ||
Net Sales | 10,732,487 | 10,955,387 |
Tubular [Member] | Mill Reject Pipe [Member] | ||
Net Sales | 2,061,365 | 5,420,861 |
Tubular [Member] | Pipe Finishing Services [Member] | ||
Net Sales | $ 687,870 |
Note I - Stockholders' Equity -
Note I - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 72,481,577 | |
Net earnings | 194,772 | $ 3,599,893 |
Balance | 72,479,607 | |
Common Stock [Member] | ||
Balance | 8,205,160 | 8,185,160 |
Net earnings | ||
Issuance of restricted stock | 20,000 | |
Paid in capital – restricted stock awards | ||
Cash dividends | ||
Balance | 8,225,160 | 8,185,160 |
Additional Paid-in Capital [Member] | ||
Balance | 29,322,472 | 29,154,874 |
Net earnings | ||
Issuance of restricted stock | ||
Paid in capital – restricted stock awards | 63,236 | 72,240 |
Cash dividends | ||
Balance | 29,385,708 | 29,227,114 |
Treasury Stock [Member] | ||
Balance | (5,525,964) | (5,475,964) |
Net earnings | ||
Issuance of restricted stock | ||
Paid in capital – restricted stock awards | ||
Cash dividends | ||
Balance | (5,525,964) | (5,475,964) |
Retained Earnings [Member] | ||
Balance | 40,479,909 | 36,711,380 |
Net earnings | 194,772 | 3,599,893 |
Issuance of restricted stock | ||
Paid in capital – restricted stock awards | ||
Cash dividends | (279,978) | (210,283) |
Balance | $ 40,394,703 | $ 40,100,990 |
Note I - Stockholders' Equity_2
Note I - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash dividends (in dollars per share) | $ 0.04 | $ 0.03 |
Retained Earnings [Member] | ||
Cash dividends (in dollars per share) | $ 0.04 | $ 0.03 |
Note J - Supplemental Cash Fl_2
Note J - Supplemental Cash Flow Information (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes Paid | $ 10,000 | $ 0 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 0 | $ 0 |
Note K - Income Taxes (Details
Note K - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 74,499 | $ 1,162,620 |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.70% | 24.40% |