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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-Q Quarterly Report for the period ending Tuesday, August 31, 2021

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

October 13, 2021

 

ARTS-WAY MANUFACTURING ANNOUNCES

SECOND STRAIGHT PROFITABLE QUARTER AND

$1.8 MILLION IMPROVEMENT IN OPERATING INCOME FOR THE

FIRST NINE MONTHS OF FISCAL 2021

 

ARMSTRONG, IOWA, October 13, 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 the third quarter and year to date fiscal 2021.

 

 

For the Three Months Ended

 

(Consolidated)

 

August 31, 2021

August 31, 2020

Sales

$

6,592,000

$

6,465,000

Operating Income (Loss)

$

160,000

$

(513,000)

Net Income (Loss)

$

56,000

$

(424,000)

EPS (Basic)

$

0.01

$

(0.10)

EPS (Diluted)

$

0.01

$

(0.10)

         

Weighted Average Shares Outstanding:

       

Basic

 

4,529,026

 

4,426,850

Diluted

 

4,529,026

 

4,426,850

 

 

For the Nine Months Ended

 

(Consolidated)

 

August 31, 2021

August 31, 2020

Sales

$

17,703,000

$

16,937,000

Operating Loss

$

(60,000)

$

(1,908,000)

Net Loss

$

(195,000)

$

(1,663,000)

EPS (Basic)

$

(0.04)

$

(0.38)

EPS (Diluted)

$

(0.04)

$

(0.38)

         

Weighted Average Shares Outstanding:

       

Basic

 

4,508,986

 

4,358,982

Diluted

 

4,508,986

 

4,358,982

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Wednesday, October 13, 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-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 2021 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 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 - Leases
Note 13 - Leases (Details Textual)
Note 13 - Leases (Tables)
Note 13 - Leases - Components Of Finance Leases (Details)
Note 13 - Leases - Components Of Operating Leases (Details)
Note 13 - Leases - Components Related To Sales-Type Leases (Details)
Note 13 - Leases - Maturities Of Finance Lease Liabilities (Details)
Note 13 - Leases - Maturities Of Operating Lease Liabilities (Details)
Note 14 - Equity Incentive Plan And Stock Based Compensation
Note 14 - Equity Incentive Plan And Stock Based Compensation (Details Textual)
Note 14 - Equity Incentive Plan And Stock Based Compensation (Tables)
Note 14 - Equity Incentive Plan And Stock Based Compensation - Summary Of Shares Issued (Details)
Note 14 - Equity Incentive Plan And Stock Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Note 15 - Disclosures About The Fair Value Of Financial Instruments
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 - 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: 0001437749-21-023663
Submitted to the SEC: Thu Oct 14 2021 2:42:20 PM EST
Accepted by the SEC: Thu Oct 14 2021
Period: Tuesday, August 31, 2021
Industry: Farm Machinery And Equipment

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