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

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

April 13, 2020

 

ART’S WAY MANUFACTURING ANNOUNCES 21.9% INCREASE IN REVENUE OVER PRIOR YEAR FOR FIRST QUARTER OF FISCAL 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:

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 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 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 - Operating Leases
Note 14 - Operating Leases (Details Textual)
Note 14 - Operating Leases (Tables)
Note 14 - Operating Leases - Components Of Operating Leases (Details)
Note 14 - Operating Leases - Maturities Of Operating Lease Liabilities (Details)
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 - Disaggregation Of Revenue
Note 3 - Disaggregation Of Revenue (Tables)
Note 3 - Disaggregation Of Revenue - Disaggregated Revenue From External Customer (Details)
Note 4 - Contract Receivables, Contract Assets And Contract Liabilities
Note 4 - Contract Receivables, Contract Assets And Contract Liabilities (Details Textual)
Note 4 - Contract Receivables, Contract Assets And Contract Liabilities (Tables)
Note 4 - Contract Receivables, Contract Assets, And Contract Liabilities - Contract With Customers (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 - Inventory
Note 6 - Inventory (Tables)
Note 6 - Inventory - Major Classes Of Inventory (Details)
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)
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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