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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-Q Quarterly Report for the period ending Monday, February 28, 2022

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

April 4, 2022

 

ARTS WAY MANUFACTURING ANNOUNCES 18.9% INCREASE IN AGRICULTURAL PRODUCTS SEGMENT REVENUE OVER PRIOR YEAR FOR FIRST QUARTER OF FISCAL 2022, 3.9% INCREASE FOR CONSOLIDATED OPERATIONS

 

 

ARMSTRONG, IOWA, April 4, 2022 – 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 2022.

 

   

For the Three Months Ended

 
   

(Consolidated)

 
   

February 28, 2022

   

February 28, 2021

 

Sales

  $ 5,613,000     $ 5,401,000  

Operating (Loss)

  $ (437,000 )   $ (369,000 )

Net (Loss)

  $ (406,000 )   $ (315,000 )

EPS (Basic)

  $ (0.09 )   $ (0.07 )

EPS (Diluted)

  $ (0.09 )   $ (0.07 )
                 

Weighted Average Shares Outstanding:

               

Basic

    4,569,720       4,475,279  

Diluted

    4,569,720       4,475,279  

 

Sales: Our consolidated corporate sales for the three-month period ended February 28, 2022 were $5,613,000 compared to $5,401,000 during the same period in fiscal 2021, an increase of $212,000, or 3.9%. The increase in consolidated revenue is due to increased sales in our Agricultural Products segment.

 

Our first quarter sales in our Agricultural Products segment were $4,161,000 compared to $3,500,000 for the same period in fiscal 2021, an increase of $661,000, or 18.9%. The increase in revenue is due to increased demand for our grinder mixers, beet equipment and manure spreaders. For the second year in a row, we have experienced historic early order program success and are carrying record backlog numbers. Strong commodity prices have created demand that is struggling to be met within the agriculture industry because of labor and supply chain shortages, which has in turn increased the number of early orders we are seeing. We have taken steps to combat workforce labor shortages including the installation of robotic weld cells and other new equipment that makes our existing workforce more efficient and increases shop output.

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Monday, April 4, 2022 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
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 - 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 - Common Stock Purchase Agreement
Note 15 - Common Stock Purchase Agreement (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 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)
Ticker: ARTW
CIK: 7623
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-008961
Submitted to the SEC: Thu Apr 14 2022 2:26:29 PM EST
Accepted by the SEC: Thu Apr 14 2022
Period: Monday, February 28, 2022
Industry: Farm Machinery And Equipment

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