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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-K Annual report for the fiscal year ending Monday, November 30, 2020

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

February 5, 2021

 

ART’S WAY MANUFACTURING ANNOUNCES FISCAL

2020 FINANCIAL RESULTS

 

ARMSTRONG, IOWA, February 5, 2021 – 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 2020.

 

 

 

For the Twelve Months Ended

 

(Consolidated)

 

November 30, 2020

November 30, 2019

Sales

$

22,409,000

$

22,889,000

Operating (Loss)

$

              (3,910,000)

$

              (1,497,000)

Net (Loss)

$

              (2,103,000)

$

              (1,420,000)

EPS (Basic)

$

                       (0.48)

$

                       (0.33)

EPS (Diluted)

$

                       (0.48)

$

                       (0.33)

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

Basic

 

4,393,887

 

                   4,227,375

Diluted

 

4,393,887

 

4,227,375

 

Sales: Our consolidated net sales totaled $22,409,000 for the 2020 fiscal year, which represents a 2.1% decrease from our consolidated net sales of $22,889,000 for the 2019 fiscal year. The decrease in revenue is due to decreases in sales in our Modular Building and Agricultural Products segments. Our Tools segment reported a 9.9% increase in sales compared to the 2019 fiscal year.

 

Our Agricultural Products segment’s net sales for the 2020 fiscal year were $13,085,000 compared to $13,508,000 during the 2019 fiscal year, a decrease of $423,000, or 3.1%. The decrease in sales can be primarily attributed to the loss of low-margin OEM business. We also saw decreased demand for our beet equipment and forage and receiver boxes in the 2020 fiscal year compared to the 2019 fiscal year. We expect increased demand for these lines in fiscal 2021 as our backlog indicates we will have improved sales of beet equipment and we will be launching a new Art’s Way forage box. Sales of manure spreaders, dump boxes and grinders improved in fiscal 2020 over fiscal 2019. The improved success of these lines provides optimism for the future as we believe these are the core products we can market towards future growth.

 

Our Modular Buildings segment’s net sales for the 2020 fiscal year were $6,993,000 compared to $7,260,000 for the 2019 fiscal year, a decrease of $267,000, or 3.7%. The decrease in sales was attributable to decreased operating lease activity in fiscal 2020 and a large construction project nearing completion.

 

Our Tools segment’s net sales for the 2020 fiscal year were $2,330,000 compared to $2,121,000 for the 2019 fiscal year, an increase of $209,000, or 9.9%. The increase is primarily due to the addition of a large OEM customer in the fourth quarter of fiscal 2019. We had projected larger revenue increases; however, the COVID-19 pandemic had a negative effect on our existing customer base, mainly the oil and gas industry. These sales have not fully recovered to date and we have relied heavily on our OEM customer in recent months. We are focused on expanding our portfolio of customers to help us diversify our business as different industries experience booms and busts.

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Monday, February 8, 2021 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.

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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 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 1 - Summary Of Significant Accounting Policies - Components Of Operating Leases (Details)
Note 1 - Summary Of Significant Accounting Policies - Components Related To Sales-Type Leases (Details)
Note 1 - Summary Of Significant Accounting Policies - Contract With Customers (Details)
Note 1 - Summary Of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details)
Note 1 - Summary Of Significant Accounting Policies - Future Minimum Lease Receipts (Details)
Note 1 - Summary Of Significant Accounting Policies - Maturities Of Operating Lease Liabilities (Details)
Note 10 - Related Party Transactions
Note 10 - Related Party Transactions (Details Textual)
Note 11 - Employee Benefit Plans
Note 11 - Employee Benefit Plans (Details Textual)
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan (Details Textual)
Note 12 - Equity Incentive Plan (Tables)
Note 12 - Equity Incentive Plan - Fair Value Assumptions (Details)
Note 12 - Equity Incentive Plan - Option Activity (Details)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details)
Note 13 - Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate (Details)
Note 14 - Disclosures About The Fair Value Of Financial Instruments
Note 15 - Litigation And Contingencies
Note 16 - Segment Information
Note 16 - Segment Information (Details Textual)
Note 16 - Segment Information (Tables)
Note 16 - Segment Information - Segment Reporting Information (Details)
Note 17 - Subsequent Events
Note 2 - Allowance For Doubtful Accounts
Note 2 - Allowance For Doubtful Accounts (Tables)
Note 2 - Allowance For Doubtful Accounts - Activity In The Allowance For Doubtful Accounts (Details)
Note 3 - Inventories
Note 3 - Inventories (Tables)
Note 3 - Inventories - Major Classes Of Inventory (Details)
Note 4 - Contracts In Progress
Note 4 - Contracts In Progress (Details Textual)
Note 4 - Contracts In Progress (Tables)
Note 4 - Contracts In Progress - Long-Term Contracts (Details)
Note 5 - Property, Plant, And Equipment
Note 5 - Property, Plant, And Equipment (Details Textual)
Note 5 - Property, Plant, And Equipment (Tables)
Note 5 - Property, Plant, And Equipment - Major Classes Of Property, Plant, And Equipment (Details)
Note 6 - Assets Held For Lease
Note 6 - Assets Held For Lease (Details Textual)
Note 6 - Assets Held For Lease (Tables)
Note 6 - Assets Held For Lease - Summary Of Assets Held For Lease (Details)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (Tables)
Note 7 - Accrued Expenses - Major Components Of Accrued Expenses (Details)
Note 8 - Product Warranty
Note 8 - Product Warranty (Details Textual)
Note 8 - Product Warranty (Tables)
Note 8 - Product Warranty - Changes In Product Warranty Liability (Details)
Note 9 - Loan And Credit Agreements
Note 9 - Loan And Credit Agreements (Details Textual)
Note 9 - Loan And Credit Agreements (Tables)
Note 9 - Loan And Credit Agreements - Summary Of Minimum Maturities Of Term Debt (Details)
Note 9 - Loan And Credit Agreements - Summary Of Term Debt (Details)
Note 9 - Loan And Credit Agreements - Summary Of Term Debt (Details) (Parentheticals)
Significant Accounting Policies (Policies)
Ticker: ARTW
CIK: 7623
Form Type: 10-K Annual Report
Accession Number: 0001437749-21-002312
Submitted to the SEC: Tue Feb 09 2021 2:38:36 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Monday, November 30, 2020
Industry: Farm Machinery And Equipment

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