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SEGMENT INFORMATION
6 Months Ended
Sep. 30, 2022
SEGMENT INFORMATION.  
SEGMENT INFORMATION

NOTE 16 – SEGMENT INFORMATION

The Company has two wholly-owned subsidiaries, Ranor and Stadco that are reportable segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All of the Company’s operations, assets, and customers are located in the U.S.

Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other industrial customers. However, both segments have separate operating, engineering, and sales teams. The Chief Operating Decision Maker, or CODM, evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs. Corporate costs include executive and director compensation, stock-based compensation, and other corporate and administrative expenses not allocated to the segments. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position.

The following table provides summarized financial information for our segments:

Three Months Ended

Six Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Ranor

$

4,933,653

$

3,538,784

$

9,659,584

$

6,951,013

Stadco

 

3,588,994

1,258,626

5,939,420

 

1,258,626

Net sales from external customers

8,522,647

4,797,410

15,599,004

8,209,639

Ranor

 

1,493,395

379,882

2,746,467

 

830,457

Stadco

 

(755,299)

41,004

(2,214,090)

 

41,004

Corporate and unallocated (1)

 

(825,519)

(663,868)

(1,177,809)

 

(1,014,383)

Total operating loss

(87,423)

(242,982)

(645,432)

(142,922)

ERTC refundable credits

 

624,045

624,045

 

PPP loan forgiveness

 

 

1,317,100

Other income

73,561

1,001

40,336

11,391

Interest expense

(83,730)

(56,894)

(167,375)

(86,772)

Consolidated income (loss) before income taxes

$

526,453

$

(298,875)

$

(148,426)

$

1,098,797

Depreciation and amortization:

 

 

Ranor

 

$

264,143

$

365,936

Stadco

 

852,459

 

149,868

Totals

$

1,116,602

$

515,804

Capital expenditures

 

Ranor

$

99,836

$

360,696

Stadco

399,505

 

2,290

Totals

$

499,341

$

362,986

Prior period segment data is revised to reflect the new reportable segments.

(1)Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments.