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Note 12 - Segment Information
 3 Months Ended
Mar. 31, 2013
Segment Reporting Disclosure [Text Block]
12.         Segment Information:

The Company evaluated its reportable segments in connection with its acquisition of CTI, and followed the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments.  The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions.  Our CODM evaluates performance and allocates resources based primarily on operating income (loss).  Our operating segments are based primarily on internal management reporting.

The Company now operates in two reportable segments: flat products and tubular and pipe products.  Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products.  Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets.

Commencing with the three months ended March 31, 2013, corporate expenses are now reported as a separate line item in the segment reporting.  Corporate expenses include the unallocated expenses related to managing the entire Company (i.e. both segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees.  Prior to 2013, these expenses were included in the flat products segment’s operating results.  The 2012 financial information below has been revised to reflect the new reporting structure.

The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three months ended March 31, 2013 and 2012.

   
For the Three Months Ended
March 31,
 
(in thousands)
 
2013
   
2012
 
Net sales
           
Flat products
  $ 275,747     $ 316,629  
Tubular and pipe products
    62,317       65,423  
Total net sales
  $ 338,064     $ 382,052  
                 
Depreciation and amortization
               
Flat products
  $ 4,242     $ 3,870  
Tubular and pipe products
    1,273       1,122  
Total depreciation and amortization
  $ 5,515     $ 4,992  
                 
Operating income
               
Flat products
  $ 4,805     $ 7,794  
Tubular and pipe products
    6,759       6,444  
Corporate expenses
    (1,983 )     (1,975 )
Total operating income
  $ 9,581     $ 12,263  
Other income, net
    23       34  
Income before interest and income taxes
    9,604       12,297  
Interest and other expense on debt
    1,698       2,108  
Income before income taxes
  $ 7,906     $ 10,189  

   
For the Three Months Ended
March 31,
 
(in thousands)
 
2013
   
2012
 
Capital expenditures
           
Flat products
  $ 679     $ 5,447  
Tubular and pipe products
    1,035       2,522  
Total capital expenditures
  $ 1,714     $ 7,969  

   
As of
 
(in thousands)
 
March 31,
2013
   
December 31,
2012
 
Goodwill
               
Flat products
  $ 500     $ 500  
Tubular and pipe products
    40,287       40,287  
Total goodwill
  $ 40,787     $ 40,787  
                 
Assets
               
Flat products
  $ 490,520     $ 480,487  
Tubular and pipe products
    224,897       225,507  
Total assets
  $ 715,417     $ 705,994  

There were no material revenue transactions between the flat products and tubular and pipe products segments.

The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico.  International sales are immaterial to the consolidated financial results and to the individual segments’ results.