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SEGMENT INFORMATION
 9 Months Ended
Dec. 31, 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 precision industrial customers. However, both segments have separate operating, engineering, and sales teams. The CODM, or our Chief Executive Officer, 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:

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Three Months Ended

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Nine Months Ended

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Decemebr 31,

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Decemebr 31

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2023

    

2022

    

2023

    

2022

Net Sales

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Ranor

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$

4,296,471

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$

4,735,459

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$

13,291,315

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$

14,395,043

Stadco

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3,369,497

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3,591,886

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9,942,644

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​

9,531,306

Intersegment elimination

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(16,305)

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—

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(242,970)

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—

Net sales from external customers

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7,649,663

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8,327,345

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22,990,989

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23,926,349

Operating (loss) income

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Ranor

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1,014,681

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1,334,565

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2,561,885

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4,077,962

Stadco

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(514,067)

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(561,291)

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(1,741,331)

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(2,775,382)

Corporate and unallocated (1) (2)

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(1,496,676)

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(498,959)

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(2,993,769)

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(1,673,697)

Total operating (loss) income

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(996,062)

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274,315

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(2,173,215)

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(371,117)

ERTC refundable credits

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—

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—

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—

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624,045

Other income

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1

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254

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40,877

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40,590

Interest expense

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(109,503)

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(93,603)

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(352,142)

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(260,978)

Consolidated (loss) income before income taxes

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$

(1,105,564)

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$

180,966

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$

(2,484,480)

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$

32,540

Depreciation and amortization:

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Ranor

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$

481,029

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$

391,172

Stadco

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1,277,896

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1,275,569

Totals

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$

1,758,925

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$

1,666,741

Capital expenditures

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Ranor

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$

2,755,886

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$

175,873

Stadco

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26,460

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487,160

Totals

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$

2,782,346

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$

663,033

(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.
(2)For the three and nine months ended December 31, 2023, includes $1.0 million of expenditures for outside advisory services in connection with a potential acquisition.