Last10K.com

Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-K Annual report for the fiscal year ending Friday, November 30, 2018

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

February 4, 2019

 

ART’S WAY MANUFACTURING ANNOUNCES FISCAL 2018 FINANCIAL RESULTS

 

ARMSTRONG, IOWA, February 4, 2019 – 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 2018.

 

   

For the Twelve Months Ended

 
   

(Continuing Operations Consolidated)

 
   

November 30, 2018

   

November 30, 2017

 

 Sales

  $ 19,726,793     $ 20,715,080  

 Operating (Loss)

  $ (3,095,270 )   $ (1,722,042 )

 Net (Loss)

  $ (3,336,049 )   $ (1,369,359 )

 EPS (Basic)

  $ (0.80 )   $ (0.33 )

 EPS (Diluted)

  $ (0.80 )   $ (0.33 )
                 

 Weighted Average Shares Outstanding:

               

 Basic

    4,202,836       4,151,406  

 Diluted

    4,202,836       4,151,406  

 

Sales: Our consolidated net sales for continuing operations totaled $19,727,000 for the 2018 fiscal year, which represents a 4.8% decrease from our consolidated net sales of $20,715,000 for the 2017 fiscal year. The decrease in revenue is due to decreased sales in our Agricultural Products and Tools segments. We experienced fairly steady demand in the 2018 fiscal year in our Agricultural Products segment and attribute the sales decrease to our decision to terminate a relationship to sell passthrough beet equipment and to liquidate our Canadian operations. The decrease in our Tools segment is due to the loss of a high-volume customer. Our consolidated gross profit decreased as a percentage of net sales to 17.8% in the 2018 fiscal year from 19.7% of net sales in the 2017 fiscal year. Our gross profit was down in all three segments for the 2018 fiscal year, mainly due to increased material costs. The increased material costs drove price increases at the end of the 2018 fiscal year to help mitigate this concern for the 2019 fiscal year. In our Modular Buildings segment, we put new assets held for lease into service in the 2018 fiscal year. Depreciation of these buildings had a large negative effect on our gross profit. Our consolidated operating expenses increased by 13.8%, from $5,804,000 in the 2017 fiscal year to $6,607,000 in the 2018 fiscal year. This was due largely to one-time non-cash expenses in our Agricultural Products segment further described below. Because the majority of our corporate general and administrative expenses are borne by our Agricultural Products segment, that segment represented $4,959,000 of our total consolidated operating expenses, while our Modular Buildings segment represented $939,000 and our Tools segment represented $709,000.

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Monday, February 4, 2019 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.

View differences made from one year to another to evaluate Arts Way Manufacturing Co Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Arts Way Manufacturing Co Inc.

Continue

Assess how Arts Way Manufacturing Co Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Arts Way Manufacturing Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Expense
Earnings
Product
Debt
Other
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 Comprehensive Income
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 10 - Loan And Credit Agreements
Note 10 - Loan And Credit Agreements (Details Textual)
Note 10 - Loan And Credit Agreements (Tables)
Note 10 - Loan And Credit Agreements - Summary Of Minimum Maturities Of Term Debt (Details)
Note 10 - Loan And Credit Agreements - Summary Of Term Debt (Details)
Note 10 - Loan And Credit Agreements - Summary Of Term Debt (Details) (Parentheticals)
Note 11 - Related Party Transactions
Note 11 - Related Party Transactions (Details Textual)
Note 12 - Sales-Type Leases
Note 12 - Sales-Type Leases (Details Textual)
Note 12 - Sales-Type Leases (Tables)
Note 12 - Sales-Type Leases - Components Related To Sales-Type Leases (Details)
Note 12 - Sales-Type Leases - Future Minimum Lease Receipts (Details)
Note 13 - Employee Benefit Plans
Note 13 - Employee Benefit Plans (Details Textual)
Note 14 - Equity Incentive Plan
Note 14 - Equity Incentive Plan (Details Textual)
Note 14 - Equity Incentive Plan (Tables)
Note 14 - Equity Incentive Plan - Fair Value Assumptions (Details)
Note 14 - Equity Incentive Plan - Option Activity (Details)
Note 15 - Income Taxes
Note 15 - Income Taxes (Details Textual)
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 15 - Income Taxes - Income Tax Expense (Benefit) (Details)
Note 15 - Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate (Details)
Note 16 - Disclosures About The Fair Value Of Financial Instruments
Note 17 - Litigation And Contingencies
Note 18 - Segment Information
Note 18 - Segment Information (Details Textual)
Note 18 - Segment Information (Tables)
Note 18 - Segment Information - Segment Reporting Information (Details)
Note 19 - Subsequent Events
Note 2 - Discontinued Operations
Note 2 - Discontinued Operations (Details Textual)
Note 2 - Discontinued Operations (Tables)
Note 2 - Discontinued Operations - Components Of Discontinued Operations (Details)
Note 2 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details)
Note 3 - Allowance For Doubtful Accounts
Note 3 - Allowance For Doubtful Accounts (Tables)
Note 3 - Allowance For Doubtful Accounts - Activity In The Allowance For Doubtful Accounts (Details)
Note 4 - Inventories
Note 4 - Inventories (Tables)
Note 4 - Inventories - Major Classes Of Inventory (Details)
Note 5 - Contracts In Progress
Note 5 - Contracts In Progress (Details Textual)
Note 5 - Contracts In Progress (Tables)
Note 5 - Contracts In Progress - Long-Term Contracts (Details)
Note 6 - Property, Plant, And Equipment
Note 6 - Property, Plant, And Equipment (Details Textual)
Note 6 - Property, Plant, And Equipment (Tables)
Note 6 - Property, Plant, And Equipment - Major Classes Of Property, Plant, And Equipment (Details)
Note 7 - Assets Held For Lease
Note 7 - Assets Held For Lease (Details Textual)
Note 7 - Assets Held For Lease (Tables)
Note 7 - Assets Held For Lease - Future Minimum Lease Receipts From Assets Held For Lease (Details)
Note 7 - Assets Held For Lease - Summary Of Assets Held For Lease (Details)
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses (Tables)
Note 8 - Accrued Expenses - Major Components Of Accrued Expenses (Details)
Note 9 - Product Warranty
Note 9 - Product Warranty (Details Textual)
Note 9 - Product Warranty (Tables)
Note 9 - Product Warranty - Changes In Product Warranty Liability (Details)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Arts Way Manufacturing Co Inc provided additional information to their SEC Filing as exhibits

Ticker: ARTW
CIK: 7623
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-001882
Submitted to the SEC: Tue Feb 05 2019 11:29:49 AM EST
Accepted by the SEC: Tue Feb 05 2019
Period: Friday, November 30, 2018
Industry: Farm Machinery And Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/artw/0001437749-19-001882.htm