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Last10K.com | 10-Q Quarterly Report Fri Jul 10 2020
Exhibit 99.1
FOR IMMEDIATE RELEASE
July 9, 2020
ART’S WAY MANUFACTURING ANNOUNCES SECOND QUARTER AND YEAR TO DATE FISCAL 2020 FINANCIAL RESULTS
ARMSTRONG, IOWA, July 9, 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 second quarter and year to date fiscal 2020.
|
|
For the Three Months Ended |
|||
|
(Consolidated) |
||||
|
|
May 31, 2020 |
May 31, 2019 |
||
|
Sales |
$ |
5,446,000 |
$ |
5,747,000 |
|
Operating (Loss) |
$ |
(925,000) |
$ |
(370,000) |
|
Net (Loss) |
$ |
(802,000) |
$ |
(356,000) |
|
EPS (Basic) |
$ |
(0.18) |
$ |
(0.08) |
|
EPS (Diluted) |
$ |
(0.18) |
$ |
(0.08) |
|
|
|
|
|
|
|
Weighted Average Shares Outstanding: |
|
|
|
|
|
Basic |
|
4,401,754 |
|
4,299,289 |
|
Diluted |
|
4,401,754 |
|
4,299,289 |
|
|
For the Six Months Ended |
|||
|
(Consolidated) |
||||
|
|
May 31, 2020 |
May 31, 2019 |
||
|
Sales |
$ |
10,472,000 |
$ |
9,871,000 |
|
Operating (Loss) |
$ |
(1,394,000) |
$ |
(1,092,000) |
|
Net (Loss) |
$ |
(1,239,000) |
$ |
(962,000) |
|
EPS (Basic) |
$ |
(0.28) |
$ |
(0.23) |
|
EPS (Diluted) |
$ |
(0.28) |
$ |
(0.23) |
|
|
|
|
|
|
|
Weighted Average Shares Outstanding: |
|
|
|
|
|
Basic |
|
4,358,982 |
|
4,272,532 |
|
Diluted |
|
4,358,982 |
|
4,272,532 |
The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Thursday, July 9, 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.
View differences made from one quarter to another to evaluate Arts Way Manufacturing Co Inc's financial trajectory
Compare this 10-Q Quarterly 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.
Assess how Arts Way Manufacturing Co Inc's management team is paid from their Annual Proxy
Arts Way Manufacturing Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Financial - Earnings Highlight
The increased margin is due to improved efficiency in our agricultural products segment and increased sales in the modular building and tools segments.
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Financial - Earnings Highlight
Our increased gross margin in fiscal 2020 reflects continuous improvement initiatives enacted in fiscal 2019 that have increased our workforce efficiency and is the result of a 3% increase in our standard gross profit margin from a shift in our product mix and price increases enacted in 2019.
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Other - Other Highlight
The significant uses of cash included an increase in accounts receivable and the increase of inventory in all three segments.
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Financial - Expense Highlight
The decrease in engineering expenses for the six months ended May 31, 2020 was due to lower research and development costs from our agricultural products segment as we shifted our engineering department focus to improve internal process and reduce costs of our products.
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Financial - Debt Highlight
Our actual results or actions could and likely will differ materially from those anticipated in the forward-looking statements for many reasons, including but not limited to: (i) the impact of changing credit markets on our ability to continue to obtain financing on reasonable terms; (ii) our ability to repay current debt, continue to meet debt obligations and comply with financial covenants; (iii) the effect of general economic conditions, including consumer and governmental spending, on the demand for our products and the cost of our supplies and materials; (iv) the ongoing COVID-19 pandemic; (v) fluctuations in seasonal demand and our production cycle; and (vi) other factors described from time to time in our Securities and Exchange Commission filings.
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Financial - Earnings
Our consolidated gross profit as...Read more
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Other - Other
21 Our critical accounting policies...Read more
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Revenue - Product
Our sales were up for...Read more
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Other - Other
In either event, we have...Read more
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Revenue - Product
Research buildings have made up...Read more
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Revenue - Product
By comparison, our first and...Read more
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Revenue - Product
While sales in our agricultural...Read more
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Other - Other
23 Net Loss Consolidated net...Read more
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Other - Other
Some of the statements in...Read more
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Revenue - Product
The increase is due to...Read more
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Revenue - Product
22 Our second quarter sales...Read more
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Revenue - Product
Our year-to-date sales in our...Read more
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Revenue - Product
Our tools segment had sales...Read more
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Financial - Expense
We also had $189,000 of...Read more
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Revenue - Product
We showed increased sales in...Read more
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Financial - Earnings
The increase in gross margin...Read more
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Financial - Expense
We did show a decrease...Read more
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Financial - Earnings
Our decreased gross margin is...Read more
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Financial - Expense
We were heavy on administrative...Read more
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Revenue - Product
The three month decrease in...Read more
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 Accounting Policies
Note 2 - Summary Of Significant Accounting 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 - 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: 0001437749-20-014995
Submitted to the SEC: Fri Jul 10 2020 2:31:39 PM EST
Accepted by the SEC: Fri Jul 10 2020
Period: Sunday, May 31, 2020
Industry: Farm Machinery And Equipment
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