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SEGMENT INFORMATION
 3 Months Ended
Jun. 30, 2023
SEGMENT INFORMATION.  
SEGMENT INFORMATION

NOTE 15 – 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 June 30,

​

    

2023

    

2022

Ranor

​

$

4,499,097

​

$

4,725,931

Stadco

​

 

2,967,133

​

 

2,350,426

Eliminate intersegment revenue

​

 

(94,990)

​

 

—

Net sales from external customers

​

​

7,371,240

​

​

7,076,357

Ranor operating income

​

 

875,465

​

 

1,435,674

Stadco operating loss

​

 

(904,524)

​

 

(1,458,791)

Corporate and unallocated (1)

​

​

(550,741)

​

​

(534,892)

Total operating loss

​

​

(579,800)

​

​

(558,009)

Other (expense) income

​

​

1

​

​

(33,225)

Interest expense

​

 

(94,086)

​

 

(83,645)

Consolidated loss before income taxes

​

$

(673,885)

​

$

(674,879)

Depreciation and amortization:

​

 

​

​

 

​

Ranor

​

$

131,135

​

$

131,600

Stadco

​

 

428,600

​

 

453,761

Totals

​

$

559,735

​

$

585,361

Capital expenditures

​

 

​

​

 

​

Ranor

​

$

1,854,002

​

$

62,233

Stadco

​

 

—

​

 

141,748

Totals

​

$

1,854,002

​

$

203,981

(1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments. Prior period segment data is revised to reflect current period updates to unallocated corporate administrative expense.