FRD 14.30 - added to my poke in afterhours...still a knockout Q for this low-floater. Donde esta los robinhooligans?
EARNINGS (LOSS) BEFORE INCOME TAXES $15,221,973
During fiscal 2021, sales and costs of goods sold decreased $15,999,791 and $36,974,654, respectively, and gross profit increased $20,974,863 from the comparable amounts recorded during the year ended March 31, 2020 (“fiscal 2020”). The decrease in sales was related primarily to a decline in sales volume with tons sold decreasing from approximately 210,500 tons in fiscal 2020 to approximately 173,000 tons in fiscal 2021. The decline in sales volume was primarily related to both the impact of COVID-19 and the equipment replacement project at the coil segment's Decatur facility. Discussion of the changes in sales volumes is expanded upon at the segment level in the following paragraphs. The average selling price of the Company's products did increase in fiscal 2021 compared to fiscal 2020 but only to an extent to partially offset the decrease in sales caused by the decline in volume. Discussion of the changes in average selling price is expanded upon at the segment level in the following paragraphs. Gross profit as a percentage of sales increased from approximately 1.8% in fiscal 2020 to approximately 18.7% in fiscal 2021. Gross profit for fiscal 2021 included $6,414,500 in recognized gains related to hedging activities while fiscal 2020 did not have any recognized hedging related gains or losses. Excluding the recognized hedging gains for fiscal 2021, gross profit related to physical material as a percentage of sales was approximately 13.6% for fiscal 2021.