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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, November 30, 2021

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

February 8, 2022

 

                           

 

ARTS WAY MANUFACTURING ANNOUNCES

POSITIVE EARNINGS IN FISCAL 2021 DESPITE

SUPPLY CHAIN CHALLENGES IN RECOVERING

ECONOMY

 

ARMSTRONG, IOWA, February 8, 2022 – Art’s Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for fiscal 2021.

 

 

 

For the Twelve Months Ended

 

(Consolidated)

 

November 30, 2021

November 30, 2020

 Sales

$

24,965,000 

$

22,409,000 

 Operating Income (Loss)

$

              523,000 

$

              (3,910,000) 

 Net Income (Loss)

$

              213,000 

$

              (2,103,000) 

 EPS (Basic)

$

                       0.05 

$

                       (0.48) 

 EPS (Diluted)

$

                      0.05 

$

                       (0.48) 

         

 Weighted Average Shares Outstanding:

       

 Basic

 

4,515,229 

 

4,393,887 

 Diluted

 

4,515,229 

 

4,393,887 

 

Sales: Our consolidated net sales totaled $24,965,000 for the 2021 fiscal year, which represents a 11.4% increase from our consolidated net sales of $22,409,000 for the 2020 fiscal year.

 

Our Agricultural Products segment’s net sales for the 2021 fiscal year were $16,826,000 compared to $13,085,000 during the 2020 fiscal year, an increase of $3,741,000, or 28.6%. The sales increase is attributable to favorable agriculture market conditions as commodity prices hit five year highs. We saw increased demand for our grinder mixers, manure spreaders and beet harvesting equipment in fiscal 2021. We are carrying even higher backlog numbers than we saw in fiscal 2021 as we transition to fiscal 2022.

 

Our Modular Buildings segment’s net sales for the 2021 fiscal year were $5,678,000 compared to $6,993,000 for the 2020 fiscal year, a decrease of $1,315,000, or 18.8%. The decrease in sales was attributable to a large construction project spanning the last three fiscal years that reached completion in fiscal 2021.

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Tuesday, February 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Arts Way Manufacturing Co Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Basic And Diluted Earnings Per Common Share (Details)
Note 1 - Summary Of Significant Accounting Policies - Components Of Finance Leases (Details)
Note 1 - Summary Of Significant Accounting Policies - Components Of Operating Leases (Details)
Note 1 - Summary Of Significant Accounting Policies - Components Related To Sales-Type Leases (Details)
Note 1 - Summary Of Significant Accounting Policies - Contract With Customers (Details)
Note 1 - Summary Of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details)
Note 1 - Summary Of Significant Accounting Policies - Maturities Of Finance Lease Liabilities (Details)
Note 1 - Summary Of Significant Accounting Policies - Maturities Of Operating Lease Liabilities (Details)
Note 10 - Related Party Transactions
Note 10 - Related Party Transactions (Details Textual)
Note 11 - Employee Benefit Plans
Note 11 - Employee Benefit Plans (Details Textual)
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan (Details Textual)
Note 12 - Equity Incentive Plan (Tables)
Note 12 - Equity Incentive Plan - Fair Value Assumptions (Details)
Note 12 - Equity Incentive Plan - Option Activity (Details)
Note 12 - Equity Incentive Plan - Summary Of Shares Issued (Details)
Note 12 - Equity Incentive Plan - Summary Of Stock-Based Compensation Expense (Details)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details)
Note 13 - Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate (Details)
Note 14 - Disclosures About The Fair Value Of Financial Instruments
Note 15 - Litigation And Contingencies
Note 16 - Segment Information
Note 16 - Segment Information (Details Textual)
Note 16 - Segment Information (Tables)
Note 16 - Segment Information - Segment Reporting Information (Details)
Note 17 - Subsequent Events
Note 2 - Allowance For Doubtful Accounts
Note 2 - Allowance For Doubtful Accounts (Tables)
Note 2 - Allowance For Doubtful Accounts - Activity In The Allowance For Doubtful Accounts (Details)
Note 3 - Inventories
Note 3 - Inventories (Tables)
Note 3 - Inventory - Major Classes Of Inventory (Details)
Note 4 - Contracts In Progress
Note 4 - Contracts In Progress (Details Textual)
Note 4 - Contracts In Progress (Tables)
Note 4 - Contracts In Progress - Long-Term Contracts (Details)
Note 5 - Property, Plant, And Equipment
Note 5 - Property, Plant, And Equipment (Details Textual)
Note 5 - Property, Plant, And Equipment (Tables)
Note 5 - Property, Plant, And Equipment - Major Classes Of Property, Plant, And Equipment (Details)
Note 6 - Assets Held For Lease
Note 6 - Assets Held For Lease (Details Textual)
Note 6 - Assets Held For Lease (Tables)
Note 6 - Assets Held For Lease - Summary Of Assets Held For Lease (Details)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (Tables)
Note 7 - Accrued Expenses - Major Components Of Accrued Expenses (Details)
Note 8 - Product Warranty
Note 8 - Product Warranty (Details Textual)
Note 8 - Product Warranty (Tables)
Note 8 - Product Warranty - Changes In Product Warranty Liability (Details)
Note 9 - Loan And Credit Agreements
Note 9 - Loan And Credit Agreements (Details Textual)
Note 9 - Loan And Credit Agreements (Tables)
Note 9 - Loan And Credit Agreements - Summary Of Minimum Maturities Of Term Debt (Details)
Note 9 - Loan And Credit Agreements - Summary Of Term Debt (Details)
Note 9 - Loan And Credit Agreements - Summary Of Term Debt (Details) (Parentheticals)
Significant Accounting Policies (Policies)
Ticker: ARTW
CIK: 7623
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-003662
Submitted to the SEC: Thu Feb 17 2022 2:36:50 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Tuesday, November 30, 2021
Industry: Farm Machinery And Equipment

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