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Stockholders’ Equity
 6 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

10. Stockholders’ Equity

 

In April 2024, the Board of Directors (“the Board”) authorized the use of up to $1,000,000 to repurchase shares of the Company’s common stock, par value $0.50, for the treasury account. This program does not have an expiration date and may be modified, suspended, or terminated at any time by the Board. Under the repurchase program, shares of common stock may be purchased from time to time through open market purchases or other transactions. The amount and timing of repurchases will be subject to the availability of stock, prevailing market conditions, the trading price of the stock, our financial performance, and other conditions. Repurchases may also be made from time-to-time in connection with the settlement of our share-based compensation awards. Repurchases will be funded from cash flow. As of September 30, 2025, the Company’s repurchase program, approved in April 2024, has $296,784 in remaining funds.

 

During the six months ended September 30, 2025, there were no shares of common stock repurchased for the treasury account. During the six months ended September 30, 2024, there were 57,766 shares of common stock repurchased for the treasury account at an aggregate cost of $703,216, an average price of $12.17 per share.

 

On May 13, 2025, the Board of Directors declared a regular annual of $0.10 per common share. The Company paid the regular annual dividend of $204,600 on June 16, 2025 to the stockholders of record at the close of business on June 2, 2025. On April 30, 2024, the Board of Directors declared a regular annual dividend of $0.10 per common share. The Company paid the dividend of $209,000 on June 4, 2024 to the stockholders of record at the close of business on May 21, 2024. The Company can provide no assurance that dividends will be declared in the future or as to the amount of any future dividend.

 

Dividends declared by the Board and stock repurchased during the period are presented in the Company’s consolidated statements of changes in stockholders’ equity as dividends paid and purchases of treasury stock, respectively. Dividends paid and stock repurchased during the period are presented as cash used in financing activities in the Company’s consolidated statements of cash flows. Stock repurchases are included as treasury stock in the consolidated balance sheets.