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Arts Way Manufacturing Co Inc (ARTW) SEC Filing 10-Q Quarterly Report for the period ending Tuesday, May 31, 2022

Arts Way Manufacturing Co Inc

CIK: 7623 Ticker: ARTW

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

July 6, 2022

                         

ARTS WAY MANUFACTURING REPORTS PROFITABLE SECOND QUARTER AND 16% REVENUE INCREASE FOR FIRST SIX MONTHS OF FISCAL 2022

 

ARMSTRONG, IOWA, July 6, 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 second quarter and year to date fiscal 2022.

 

   

For the Three Months Ended

 
   

(Consolidated)

 
   

May 31, 2022

   

May 31, 2021

 

Sales

  $ 7,275,000     $ 5,710,000  

Operating Income (Loss)

  $ 321,000     $ 149,000  

Net Income (Loss)

  $ 175,000     $ 64,000  

EPS (Basic)

  $ 0.04     $ 0.01  

EPS (Diluted)

  $ 0.04     $ 0.01  
                 

Weighted Average Shares Outstanding:

               

Basic

    4,629,331       4,522,514  

Diluted

    4,629,331       4,522,514  

 

   

For the Six Months Ended

 
   

(Consolidated)

 
   

May 31, 2022

   

May 31, 2021

 

Sales

  $ 12,888,000     $ 11,111,000  

Operating Loss

  $ (115,000 )   $ (220,000 )

Net Loss

  $ (231,000 )   $ (251,000 )

EPS (Basic)

  $ (0.05 )   $ (0.06 )

EPS (Diluted)

  $ (0.05 )   $ (0.06 )
                 

Weighted Average Shares Outstanding:

               

Basic

    4,599,743       4,498,687  

Diluted

    4,599,743       4,498,687  

 

 

The following information was filed by Arts Way Manufacturing Co Inc (ARTW) on Wednesday, July 6, 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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Arts Way Manufacturing Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 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 Statements Of Operations (Unaudited)
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited)-Parentheticals (Parentheticals)
Consolidated Statements Of Cash Flows (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-Parentheticals (Details)
Note 10 - Loan And Credit Agreements - Summary Of Term Debt-Parentheticals (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 Shares Issued 2-Parentheticals (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 - Future Minimum Lease Receipts (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)

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: 0001437749-22-017205
Submitted to the SEC: Fri Jul 15 2022 5:26:11 PM EST
Accepted by the SEC: Fri Jul 15 2022
Period: Tuesday, May 31, 2022
Industry: Farm Machinery And Equipment

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