Arts Way Manufacturing Co Inc (ARTW) 10-Q Quarterly Report Tue Apr 14 2020

ARMSTRONG, IOWA, April 13, 2020 – 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 the first quarter of fiscal 2020.

	For the Three Months Ended
	(Consolidated)
	February 29, 2020			February 28, 2019
Sales	$	5,026,000		$	4,124,000
Operating (Loss)	$	(470,000	)	$	(723,000	)
Net (Loss)	$	(437,000	)	$	(606,000	)
EPS (Basic)	$	(0.10	)	$	(0.14	)
EPS (Diluted)	$	(0.10	)	$	(0.14	)

Weighted Average Shares Outstanding:
Basic		4,315,481			4,243,707
Diluted		4,315,481			4,243,707

Sales: Our consolidated corporate sales for the three-month period ended February 29, 2020 were $5,026,000 compared to $4,124,000 during the same period in fiscal 2019, an increase of $902,000, or 21.9%. The increase in consolidated sales is due to increased sales across all three of our segments.

Our first quarter sales in our Agricultural Products segment were $2,953,000 compared to $2,610,000 for the same period in fiscal 2019, an increase of $343,000, or 13.1%. The increase in revenue is due to increased demand across our manure spreader, dump box and grinder product lines. The successful release of new products at the beginning of 2019 has proved to complement our grinder business well. We also acquired market share of dump boxes at the end of fiscal 2019 and have continued to sell dump boxes into the first quarter of fiscal 2020. We are working to replace lost revenue from a decrease in sales to our OEM blower customer and our major OEM reel customers in fiscal 2019. We have continued to develop and eliminate products from our diverse product offering to ensure our products remain relevant.

Our first quarter sales in our Modular Buildings segment were $1,457,000 compared to $1,022,000 for the same period in fiscal 2019, an increase of $435,000, or 42.6%. Our increase in revenue is due largely to the progress on a large construction contract that will continue into the third quarter of fiscal 2020. However, even without this large construction contract our backlog at February 29, 2020 would still be up by more than $1 million from the same period in fiscal 2019.

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Monday, April 13, 2020 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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Inside Arts Way Manufacturing Co Inc's 10-Q Quarterly Report:

Other - Other Highlight
A large increase in receivables was our biggest use of cash, coupled with increases in inventory in all three segments.

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.2: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ARTW
CIK: 7623
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-007708
Submitted to the SEC: Tue Apr 14 2020 5:10:18 PM EST
Accepted by the SEC: Tue Apr 14 2020
Period: Saturday, February 29, 2020
Industry: Farm Machinery And Equipment

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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-Q Quarterly report for the period ending Saturday, February 29, 2020

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