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Note 12 - Segment Information | 6 Months Ended
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Jun. 30, 2013
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] |
12. | Segment Information:
The Company follows 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 internal management reporting. The Company 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 first quarter of 2013, corporate expenses are 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 and six months ended June 30, 2013 and 2012.
|  |  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Flat products |  | $ | 267,444 |  |  | $ | 307,887 |  |  | $ | 543,192 |  |  | $ | 624,516 |
| Tubular and pipe products |  |  | 63,360 |  |  |  | 59,478 |  |  |  | 125,676 |  |  |  | 124,901 |
Total net sales |  | $ | 330,804 |  |  | $ | 367,365 |  |  | $ | 668,868 |  |  | $ | 749,417 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Flat products |  | $ | 4,243 |  |  | $ | 3,952 |  |  | $ | 8,485 |  |  | $ | 7,822 |
| Tubular and pipe products |  |  | 1,280 |  |  |  | 1,183 |  |  |  | 2,553 |  |  |  | 2,305 |
Total depreciation and amortization |  | $ | 5,523 |  |  | $ | 5,135 |  |  | $ | 11,038 |  |  | $ | 10,127 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Flat products |  | $ | 4,999 |  |  | $ | 7,273 |  |  | $ | 9,804 |  |  | $ | 15,067 |
| Tubular and pipe products |  |  | 3,009 |  |  |  | 4,445 |  |  |  | 9,769 |  |  |  | 10,889 |
| Corporate expenses |  |  | (1,984 | ) |  |  | (1,974 | ) |  |  | (3,968 | ) |  |  | (3,949 | )
Total operating income |  | $ | 6,024 |  |  | $ | 9,744 |  |  | $ | 15,605 |  |  | $ | 22,007 |
Other income (loss), net |  |  | (41 | ) |  |  | 5 |  |  |  | (17 | ) |  |  | 39 |
Income before interest and income taxes |  |  | 5,983 |  |  |  | 9,749 |  |  |  | 15,588 |  |  |  | 22,046 |
Interest and other expense on debt |  |  | 1,668 |  |  |  | 2,183 |  |  |  | 3,366 |  |  |  | 4,291 |
Income before income taxes |  | $ | 4,315 |  |  | $ | 7,566 |  |  | $ | 12,222 |  |  | $ | 17,755 |
|  |  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Flat products |  | $ | 717 |  |  | $ | 5,286 |  |  | $ | 1,396 |  |  | $ | 10,732 |
| Tubular and pipe products |  |  | 1,348 |  |  |  | 2,428 |  |  |  | 2,383 |  |  |  | 4,951 |
Total capital expenditures |  | $ | 2,065 |  |  | $ | 7,714 |  |  | $ | 3,779 |  |  | $ | 15,683 |
|  |  | As of |  |  |  |  |  |  |  |  |
(in thousands) |  | June 30, 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 |  | $ | 459,240 |  |  | $ | 480,487 |  |  |  |  |  |  |  |  |
| Tubular and pipe products |  |  | 223,690 |  |  |  | 225,507 |  |  |  |  |  |  |  |  |
Total assets |  | $ | 682,930 |  |  | $ | 705,994 |  |  |  |  |  |  |  |  |
There were no material intercompany revenue transactions between the flat products and tubular and pipe products segments. The Company sells certain products internationally, primarily in North, Central and South America. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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