$ARTW
ARTS WAY MANUFACTURING CO INC

2021 Q4 Form 10-Q Financial Statement

#000143774921023663 Filed on October 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $7.262M $6.592M $5.470M
YoY Change 32.77% 1.96% -27.16%
Cost Of Revenue $5.169M $4.853M $5.970M
YoY Change -13.41% -12.39% -2.93%
Gross Profit $2.093M $1.738M -$500.0K
YoY Change -518.67% 87.96% -136.76%
Gross Profit Margin 28.82% 26.37% -9.14%
Selling, General & Admin $1.392M $1.435M $1.390M
YoY Change 0.18% 9.56% 2.21%
% of Gross Profit 66.52% 82.52%
Research & Development $117.9K $143.6K $120.0K
YoY Change -1.72% 10.48% 20.0%
% of Gross Profit 5.63% 8.26%
Depreciation & Amortization $159.7K $145.4K $170.0K
YoY Change -6.05% -23.46% -26.09%
% of Gross Profit 7.63% 8.37%
Operating Expenses $1.510M $1.578M $1.500M
YoY Change 0.69% 9.74% 2.74%
Operating Profit $583.0K $160.2K -$2.000M
YoY Change -129.15% -131.21% 1900.0%
Interest Expense -$89.57K $90.44K -$70.00K
YoY Change 27.96% 23.18% -12.5%
% of Operating Profit -15.36% 56.45%
Other Income/Expense, Net $20.29K -$88.40K $1.180M
YoY Change -98.28% 506.51% 5800.0%
Pretax Income $513.7K $71.81K -$890.0K
YoY Change -157.71% -113.6% 456.25%
Income Tax $106.3K $15.35K -$450.0K
% Of Pretax Income 20.7% 21.38%
Net Earnings $407.3K $56.46K -$440.0K
YoY Change -192.57% -113.33% 158.82%
Net Earnings / Revenue 5.61% 0.86% -8.04%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $89.84K $0.01 -$99.32K
COMMON SHARES
Basic Shares Outstanding 4.534M 4.529M
Diluted Shares Outstanding 4.529M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.660K $108.0K $0.00
YoY Change
Cash & Equivalents $2.658K $108.0K $2.684K
Short-Term Investments
Other Short-Term Assets $121.2K $275.2K $61.28K
YoY Change 97.72% 64.03% -13.6%
Inventory $9.210M $9.289M $7.762M
Prepaid Expenses
Receivables $2.663M $2.956M $2.391M
Other Receivables $0.00 $0.00 $30.00K
Total Short-Term Assets $12.17M $12.63M $10.30M
YoY Change 18.18% 13.91% -9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $5.237M $5.256M $5.219M
YoY Change 0.36% -2.47% -2.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $299.0K $119.8K $93.76K
YoY Change 218.94% 23.06% 31.71%
Total Long-Term Assets $8.680M $8.624M $8.502M
YoY Change 2.1% 4.77% 7.08%
TOTAL ASSETS
Total Short-Term Assets $12.17M $12.63M $10.30M
Total Long-Term Assets $8.680M $8.624M $8.502M
Total Assets $20.85M $21.26M $18.80M
YoY Change 10.91% 10.02% -2.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.737M $2.184M $1.955M
YoY Change -11.16% 52.83% 62.23%
Accrued Expenses $1.162M $1.225M $1.279M
YoY Change -9.14% 2.06% 12.93%
Deferred Revenue $278.5K $704.3K $198.2K
YoY Change 40.5% 475.74% 88.14%
Short-Term Debt $4.075M $4.290M $2.360M
YoY Change 72.65% 142.37% -8.53%
Long-Term Debt Due $99.46K $96.22K $94.98K
YoY Change 4.72% 5.01% 11.22%
Total Short-Term Liabilities $7.687M $8.669M $6.165M
YoY Change 24.69% 72.63% 18.49%
LONG-TERM LIABILITIES
Long-Term Debt $2.635M $2.657M $2.713M
YoY Change -2.86% -33.18% 15.42%
Other Long-Term Liabilities $34.93K $38.21K $20.00K
YoY Change 74.65% 91.05%
Total Long-Term Liabilities $2.635M $2.657M $2.713M
YoY Change -2.86% -33.18% 15.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.687M $8.669M $6.165M
Total Long-Term Liabilities $2.635M $2.657M $2.713M
Total Liabilities $10.50M $11.37M $8.896M
YoY Change 18.02% 26.06% 17.78%
SHAREHOLDERS EQUITY
Retained Earnings $6.656M $6.249M $6.444M
YoY Change 3.3% -9.23% -24.61%
Common Stock $45.84K $45.79K $44.70K
YoY Change 2.54% 2.54% 3.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $108.5K $108.5K $78.05K
YoY Change 39.04% 47.46% 65.87%
Treasury Stock Shares $44.53K $44.53K $35.10K
Shareholders Equity $10.35M $9.885M $9.907M
YoY Change
Total Liabilities & Shareholders Equity $20.85M $21.26M $18.80M
YoY Change 10.91% 10.02% -2.81%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $407.3K $56.46K -$440.0K
YoY Change -192.57% -113.33% 158.82%
Depreciation, Depletion And Amortization $159.7K $145.4K $170.0K
YoY Change -6.05% -23.46% -26.09%
Cash From Operating Activities $261.9K $92.29K -$500.0K
YoY Change -152.38% -90.39% -216.28%
INVESTING ACTIVITIES
Capital Expenditures -$132.8K -$168.6K -$80.00K
YoY Change 65.95% -15.72% 0.0%
Acquisitions
YoY Change
Other Investing Activities $12.81K $0.00 $10.00K
YoY Change 28.1% -100.0%
Cash From Investing Activities -$120.0K -$168.6K -$70.00K
YoY Change 71.37% 742.8% -12.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -247.3K 179.1K 570.0K
YoY Change -143.38% -119.05% -262.86%
NET CHANGE
Cash From Operating Activities 261.9K 92.29K -500.0K
Cash From Investing Activities -120.0K -168.6K -70.00K
Cash From Financing Activities -247.3K 179.1K 570.0K
Net Change In Cash -105.3K 102.8K 0.0000000001164
YoY Change -90486370992128110.0% 104647037239902600.0% -900.0%
FREE CASH FLOW
Cash From Operating Activities $261.9K $92.29K -$500.0K
Capital Expenditures -$132.8K -$168.6K -$80.00K
Free Cash Flow $394.7K $260.9K -$420.0K
YoY Change -193.97% -77.51% -182.35%

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us-gaap Interest Paid Net
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Income Taxes
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Nature Of Operations
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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1</em>)</b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Description of the Company</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Unless otherwise specified, as used in this Quarterly Report on Form <em style="font: inherit;">10</em>-Q, the terms “we,” “us,” “our,” “Art’s-Way,” and the “Company” refer to Art’s-Way Manufacturing Co., Inc., a Delaware corporation headquartered in Armstrong, Iowa, and its wholly-owned subsidiaries.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company began operations as a farm equipment manufacturer in <em style="font: inherit;">1956.</em> Since that time, it has become a major worldwide manufacturer of agricultural equipment. Its principal manufacturing plant is located in Armstrong, Iowa.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company has organized its business into <span style="-sec-ix-hidden:c77153845">three</span> operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. The Agricultural Products segment manufactures and sells farm equipment and related replacement parts under the Art’s-Way Manufacturing label and private labels. The Modular Buildings segment manufactures and installs modular buildings for animal containment and various laboratory uses, and the Tools segment manufactures steel cutting tools and inserts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i>Reclassification of Prior Year Presentation</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had <em style="font: inherit;">no</em> effect on the reported results of operations. An adjustment has been made to the Condensed Consolidated Statements of Cash Flows for the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> August 31, 2020, </em>to identify the non-cash expense related to changes in the Company’s obsolete inventory reserve in the amount of $180,758. This change in classification does <em style="font: inherit;">not</em> affect previously reported cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.</p>
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CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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-0.04
us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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726625 USD
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245680 USD
CY2020Q4 us-gaap Product Warranty Accrual
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291454 USD
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CY2021Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2020Q2 us-gaap Standard Product Warranty Accrual
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CY2020Q3 artw Standard Product Warranty Accrual Decrease Increase For Payments And Adjustments
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CY2020Q3 artw Standard Product Warranty Accrual Increase Decrease For Warranties Issued And Cancelled
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CY2020Q3 us-gaap Standard Product Warranty Accrual
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CY2019Q4 us-gaap Standard Product Warranty Accrual
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artw Standard Product Warranty Accrual Decrease Increase For Payments And Adjustments
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artw Standard Product Warranty Accrual Increase Decrease For Warranties Issued And Cancelled
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131697 USD
artw Standard Product Warranty Accrual Increase Decrease For Warranties Issued And Cancelled
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130770 USD
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CY2020Q3 us-gaap Standard Product Warranty Accrual
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CY2021Q3 us-gaap Long Term Debt
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2753405 USD
CY2020Q4 us-gaap Long Term Debt
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2808129 USD
CY2021Q3 us-gaap Long Term Debt Current
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CY2020Q4 us-gaap Long Term Debt Current
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CY2021Q3 us-gaap Long Term Debt Noncurrent
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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22735 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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119552 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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2289927 USD
CY2021Q3 us-gaap Long Term Debt
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2753405 USD
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6539 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
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19200 USD
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4865 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
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14767 USD
CY2021Q3 us-gaap Due To Related Parties Current And Noncurrent
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CY2020Q3 us-gaap Due To Related Parties Current And Noncurrent
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1540 USD
CY2020Q4 artw Salestype Leases Unearned Interest Income Current
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650 USD
CY2020Q4 us-gaap Net Investment In Lease Current
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28352 USD
us-gaap Sales Type Lease Lease Income
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0 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
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50908 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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27879 USD
CY2021Q3 us-gaap Operating Lease Liability Current
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12699 USD
CY2020Q4 us-gaap Operating Lease Liability Current
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CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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38209 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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18342 USD
CY2021Q3 us-gaap Operating Lease Liability
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27879 USD
CY2021Q3 us-gaap Lease Cost
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5547 USD
us-gaap Lease Cost
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17536 USD
CY2020Q3 us-gaap Lease Cost
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4208 USD
us-gaap Lease Cost
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17840 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0550 pure
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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3729 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14914 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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12344 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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11162 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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4766 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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56447 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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5539 USD
CY2021Q3 us-gaap Operating Lease Liability
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50908 USD
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CY2021Q3 us-gaap Finance Lease Liability Current
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CY2021Q3 us-gaap Finance Lease Liability Noncurrent
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5777 USD
CY2021Q3 us-gaap Finance Lease Liability
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357 USD
CY2021Q3 us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Right Of Use Asset Amortization
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477 USD
us-gaap Finance Lease Interest Expense
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116 USD
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2021Q3 us-gaap Lessee Finance Lease Term Of Contract1
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
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1619 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
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1619 USD
CY2021Q3 artw Finance Lease Liability Payments Due After Year Four
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1080 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
7961 USD
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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873 USD
CY2021Q3 us-gaap Finance Lease Liability
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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1619 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
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1619 USD
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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5000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2021Q3 artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
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61446 USD
CY2020Q3 artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
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42910 USD
artw Share Based Compensation Treasury Share Repurchase Expense
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26536 USD
us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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169126 USD
CY2021Q3 artw Share Based Compensation Treasury Share Repurchase Expense
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-0 USD
CY2020Q3 artw Share Based Compensation Treasury Share Repurchase Expense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
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42910 USD
artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
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203245 USD
artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
ShareBasedCompensationExpenseIncludingTreasuryShareRepurchaseExpense
195662 USD
artw Share Based Compensation Treasury Share Repurchase Expense
ShareBasedCompensationTreasuryShareRepurchaseExpense
30471 USD

Files In Submission

Name View Source Status
0001437749-21-023663-index-headers.html Edgar Link pending
0001437749-21-023663-index.html Edgar Link pending
0001437749-21-023663.txt Edgar Link pending
0001437749-21-023663-xbrl.zip Edgar Link pending
artw-20210831.xsd Edgar Link pending
artw-20210831_cal.xml Edgar Link unprocessable
artw-20210831_def.xml Edgar Link unprocessable
artw-20210831_lab.xml Edgar Link unprocessable
artw-20210831_pre.xml Edgar Link unprocessable
artw20210831_10q.htm Edgar Link pending
artw20210831_10q_htm.xml Edgar Link completed
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