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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-Q Quarterly report for the period ending Saturday, August 31, 2019

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

October 9, 2019

 

 

ART’S WAY MANUFACTURING ANNOUNCES THIRD QUARTER AND YEAR TO DATE FISCAL 2019 FINANCIAL RESULTS

 

ARMSTRONG, IOWA, October 9, 2019 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the third quarter and year to date fiscal 2019.

 

 

For the Three Months Ended

 

(Continuing Operations, Consolidated)

 

August 31, 2019

 

August 31, 2018

 

Sales

$

5,504,000

 

$

5,280,000

 

Operating (Loss)

$

(305,000)

 

$

(559,000)

 

Net (Loss)

$

(289,000)

 

$

(767,000)

 

EPS (Basic)

$

(0.07)

 

$

(0.18)

 

EPS (Diluted)

$

(0.07)

 

$

(0.18)

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

Basic

 

4,309,587

 

 

4,209,445

 

Diluted

 

4,309,587

 

 

4,209,445

 

 

 

For the Nine Months Ended

 

(Continuing Operations, Consolidated)

 

August 31, 2019

 

August 31, 2018

 

Sales

$

15,375,000

 

$

15,940,000

 

Operating (Loss)

$

(1,397,000)

 

$

(1,326,000)

 

Net (Loss)

$

(1,251,000)

 

$

(1,948,000)

 

EPS (Basic)

$

(0.29)

 

$

(0.47)

 

EPS (Diluted)

$

(0.29)

 

$

(0.47)

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

Basic

 

4,285,335

 

 

4,198,250

 

Diluted

 

4,285,335

 

 

4,198,250

 

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Wednesday, October 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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Inside Arts Way Manufacturing Co Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Note 1 - Description Of The Company
Note 1 - Description Of The Company (Details Textual)
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 - Income Taxes
Note 11 - Income Taxes (Details Textual)
Note 12 - Related Party Transactions
Note 12 - Related Party Transactions (Details Textual)
Note 13 - Sales-Type Leases
Note 13 - Sales-Type Leases (Details Textual)
Note 13 - Sales-Type Leases (Tables)
Note 13 - Sales-Type Leases - Components Related To Sales-Type Leases (Details)
Note 13 - Sales-Type Leases - Future Minimum Lease Receipts (Details)
Note 14 - Recently Issued Accounting Pronouncements
Note 15 - Equity Incentive Plan And Stock Based Compensation
Note 15 - Equity Incentive Plan And Stock Based Compensation (Details Textual)
Note 16 - Disclosures About The Fair Value Of Financial Instruments
Note 17 - Segment Information
Note 17 - Segment Information (Details Textual)
Note 17 - Segment Information (Tables)
Note 17 - Segment Information - Segment Reporting Information (Details)
Note 18 - Subsequent Events
Note 2 - Summary Of Significant Account Policies
Note 2 - Summary Of Significant Account Policies (Details Textual)
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition (Details Textual)
Note 3 - Revenue Recognition (Tables)
Note 3 - Revenue Recognition - Contract With Customers (Details)
Note 3 - Revenue Recognition - Disaggregated Revenue From External Customer (Details)
Note 4 - Discontinued Operations
Note 4 - Discontinued Operations (Details Textual)
Note 4 - Discontinued Operations (Tables)
Note 4 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details)
Note 5 - Net Income (Loss) Per Share Of Common Stock
Note 5 - Net Income (Loss) Per Share Of Common Stock (Tables)
Note 5 - Net Income (Loss) Per Share Of Common Stock - Basic And Diluted Earnings Per Common Share (Details)
Note 6 - Inventories - Major Classes Of Inventory (Details)
Note 6 - Inventory
Note 6 - Inventory (Tables)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (Tables)
Note 7 - Accrued Expenses - Major Components Of Accrued Expenses (Details)
Note 8 - Assets Held For Lease
Note 8 - Assets Held For Lease (Details Textual)
Note 8 - Assets Held For Lease (Tables)
Note 8 - Assets Held For Lease - Future Minimum Lease Receipts From Assets Held For Lease (Details)
Note 8 - Assets Held For Lease - Summary Of Assets Held For Lease (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-Q Quarterly Report
Accession Number: 0001437749-19-019904
Submitted to the SEC: Thu Oct 10 2019 8:46:04 AM EST
Accepted by the SEC: Thu Oct 10 2019
Period: Saturday, August 31, 2019
Industry: Farm Machinery And Equipment

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