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SEGMENT INFORMATION
9 Months Ended
Dec. 31, 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

Nine Months Ended

December 31, 

December 31, 

    

2022

    

2021

    

2022

    

2021

Ranor

$

4,735,459

$

2,790,254

$

14,395,043

$

9,741,267

Stadco

 

3,591,886

3,721,071

9,531,306

 

4,979,697

Net sales from external customers

8,327,345

6,511,325

23,926,349

14,720,964

Ranor

 

1,334,565

(243,945)

4,077,962

 

586,512

Stadco

 

(561,291)

(191,367)

(2,775,382)

 

(150,362)

Corporate and unallocated (1)

 

(498,959)

(710,513)

(1,673,697)

 

(1,724,896)

Total operating income (loss)

274,315

(1,145,825)

(371,117)

(1,288,746)

ERTC refundable credits

 

--

--

624,045

 

--

PPP loan forgiveness

 

--

--

--

 

1,317,100

Other income

254

1,999

40,590

13,390

Interest expense

(93,603)

(94,721)

(260,978)

(181,494)

Consolidated income (loss) before income taxes

$

180,966

$

(1,238,547)

$

32,540

$

(139,750)

Depreciation and amortization:

 

 

Ranor

 

$

391,172

$

477,327

Stadco

 

1,275,569

 

501,190

Totals

$

1,666,741

$

978,517

Capital expenditures

 

Ranor

$

175,873

$

387,714

Stadco

487,160

 

48,817

Totals

$

663,033

$

436,531

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.