2022 Q1 Form 10-Q Financial Statement

#000143774922008961 Filed on April 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $5.613M $7.262M $5.401M
YoY Change 3.93% 32.77% 7.45%
Cost Of Revenue $4.421M $5.169M $4.358M
YoY Change 1.45% -13.41% 7.64%
Gross Profit $1.192M $2.093M $1.043M
YoY Change 14.33% -518.67% 6.7%
Gross Profit Margin 21.24% 28.82% 19.31%
Selling, General & Admin $1.495M $1.392M $1.290M
YoY Change 15.9% 0.18% -3.53%
% of Gross Profit 125.4% 66.52% 123.7%
Research & Development $134.1K $117.9K $120.0K
YoY Change 11.73% -1.72% 9.09%
% of Gross Profit 11.25% 5.63% 11.51%
Depreciation & Amortization $167.5K $159.7K $161.1K
YoY Change 3.99% -6.05% -29.17%
% of Gross Profit 14.05% 7.63% 15.45%
Operating Expenses $1.629M $1.510M $1.411M
YoY Change 15.44% 0.69% -2.46%
Operating Profit -$436.9K $583.0K -$368.5K
YoY Change 18.55% -129.15% -21.54%
Interest Expense $76.70K -$89.57K $58.68K
YoY Change 30.71% 27.96% -29.53%
% of Operating Profit -15.36%
Other Income/Expense, Net -$78.26K $20.29K -$31.03K
YoY Change 152.22% -98.28% -58.11%
Pretax Income -$515.1K $513.7K -$399.6K
YoY Change 28.93% -157.71% -26.52%
Income Tax -$108.6K $106.3K -$84.31K
% Of Pretax Income 20.7%
Net Earnings -$406.5K $407.3K -$315.2K
YoY Change 28.95% -192.57% -27.89%
Net Earnings / Revenue -7.24% 5.61% -5.84%
Basic Earnings Per Share -$0.09 -$0.07
Diluted Earnings Per Share -$0.09 $89.84K -$0.07
COMMON SHARES
Basic Shares Outstanding 4.570M 4.534M 4.475M
Diluted Shares Outstanding 4.570M 4.475M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.460K $2.660K $0.00
YoY Change
Cash & Equivalents $3.461K $2.658K $3.890K
Short-Term Investments
Other Short-Term Assets $627.5K $121.2K $295.7K
YoY Change 112.18% 97.72% 12.69%
Inventory $9.700M $9.210M $7.902M
Prepaid Expenses
Receivables $1.583M $2.663M $1.681M
Other Receivables $0.00 $0.00 $20.00K
Total Short-Term Assets $12.06M $12.17M $10.19M
YoY Change 18.34% 18.18% -20.8%
LONG-TERM ASSETS
Property, Plant & Equipment $5.261M $5.237M $5.223M
YoY Change 0.74% 0.36% -4.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $278.4K $299.0K $81.64K
YoY Change 241.01% 218.94% -21.63%
Total Long-Term Assets $8.792M $8.680M $8.591M
YoY Change 2.34% 2.1% 5.63%
TOTAL ASSETS
Total Short-Term Assets $12.06M $12.17M $10.19M
Total Long-Term Assets $8.792M $8.680M $8.591M
Total Assets $20.85M $20.85M $18.78M
YoY Change 11.02% 10.91% -10.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.554M $1.737M $1.768M
YoY Change -12.13% -11.16% 13.75%
Accrued Expenses $1.019M $1.162M $1.198M
YoY Change -14.99% -9.14% 8.43%
Deferred Revenue $1.895M $278.5K $1.377M
YoY Change 37.56% 40.5% 519.71%
Short-Term Debt $3.151M $4.075M $1.880M
YoY Change 67.58% 72.65% -51.04%
Long-Term Debt Due $102.7K $99.46K $91.34K
YoY Change 12.48% 4.72% 5.59%
Total Short-Term Liabilities $8.094M $7.687M $6.432M
YoY Change 25.85% 24.69% -11.55%
LONG-TERM LIABILITIES
Long-Term Debt $2.613M $2.635M $2.699M
YoY Change -3.18% -2.86% 15.9%
Other Long-Term Liabilities $31.61K $34.93K $20.00K
YoY Change 58.05% 74.65% -33.33%
Total Long-Term Liabilities $2.613M $2.635M $2.699M
YoY Change -3.18% -2.86% 15.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.094M $7.687M $6.432M
Total Long-Term Liabilities $2.613M $2.635M $2.699M
Total Liabilities $10.87M $10.50M $9.147M
YoY Change 18.83% 18.02% -4.97%
SHAREHOLDERS EQUITY
Retained Earnings $6.250M $6.656M $6.129M
YoY Change 1.98% 3.3% -24.43%
Common Stock $46.75K $45.84K $45.64K
YoY Change 2.44% 2.54% 4.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $143.4K $108.5K $96.35K
YoY Change 48.86% 39.04% 45.72%
Treasury Stock Shares $54.94K $44.53K $40.67K
Shareholders Equity $9.983M $10.35M $9.635M
YoY Change
Total Liabilities & Shareholders Equity $20.85M $20.85M $18.78M
YoY Change 11.02% 10.91% -10.56%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$406.5K $407.3K -$315.2K
YoY Change 28.95% -192.57% -27.89%
Depreciation, Depletion And Amortization $167.5K $159.7K $161.1K
YoY Change 3.99% -6.05% -29.17%
Cash From Operating Activities $1.169M $261.9K $681.3K
YoY Change 71.56% -152.38% -170.96%
INVESTING ACTIVITIES
Capital Expenditures $174.1K -$132.8K $163.9K
YoY Change 6.23% 65.95% -38.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $12.81K $10.00K
YoY Change -100.0% 28.1%
Cash From Investing Activities -$174.1K -$120.0K -$155.9K
YoY Change 11.68% 71.37% -41.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.91K $18.30K
YoY Change 90.78% -4.03%
Debt Paid & Issued, Net $23.03K $21.87K
YoY Change 5.29% 5.28%
Cash From Financing Activities -$993.9K -247.3K -$524.2K
YoY Change 89.61% -143.38% -142.75%
NET CHANGE
Cash From Operating Activities $1.169M 261.9K $681.3K
Cash From Investing Activities -$174.1K -120.0K -$155.9K
Cash From Financing Activities -$993.9K -247.3K -$524.2K
Net Change In Cash $803.00 -105.3K $1.206K
YoY Change -33.42% -90486370992128110.0% 749.3%
FREE CASH FLOW
Cash From Operating Activities $1.169M $261.9K $681.3K
Capital Expenditures $174.1K -$132.8K $163.9K
Free Cash Flow $994.7K $394.7K $517.4K
YoY Change 92.26% -193.97% -142.16%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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3890 USD
CY2022Q1 us-gaap Interest Paid Net
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CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Income Taxes Paid
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CY2021Q1 us-gaap Income Taxes Paid
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CY2022Q1 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 three 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>
CY2022Q1 us-gaap Number Of Operating Segments
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CY2022Q1 us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i>Estimates</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;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> February 28, 2022. </em>Actual results could differ from those estimates.</p>
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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5613000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q1 us-gaap Revenue Remaining Performance Obligation
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q1 us-gaap Earnings Per Share Basic
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-0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2021Q1 us-gaap Earnings Per Share Diluted
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-0.07
CY2022Q1 us-gaap Inventory Raw Materials
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280512 USD
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CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
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0 USD
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202850 USD
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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125630 USD
CY2022Q1 artw Longterm Debt Maturity Year Four And Thereafter
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CY2022Q1 us-gaap Long Term Debt
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CY2022Q1 us-gaap Due From Related Parties
DueFromRelatedParties
0 USD
CY2022Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
9349 USD
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
4669 USD
CY2022Q1 us-gaap Due To Related Parties Current And Noncurrent
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1299 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11162 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9532 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4764 USD
CY2022Q1 us-gaap Lease Cost
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4843 USD
CY2021Q1 us-gaap Lease Cost
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6080 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P46M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0488 pure
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DueToRelatedPartiesCurrentAndNoncurrent
1353 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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44639 USD
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OperatingLeaseLiability
44639 USD
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OperatingLeaseLiability
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CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset
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CY2022Q1 us-gaap Finance Lease Liability Current
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CY2022Q1 us-gaap Finance Lease Liability
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
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CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
179033 USD
CY2022Q1 us-gaap Lessee Finance Lease Term Of Contract1
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P39M
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.0477 pure
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16142 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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0 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
8333
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
-0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
91167
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
93500
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0
CY2022Q1 artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
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69964 USD
CY2021Q1 artw Share Based Compensation Expense Including Treasury Share Repurchase Expense
ShareBasedCompensationExpenseIncludingTreasuryShareRepurchaseExpense
62054 USD
CY2022Q1 artw Share Based Compensation Treasury Share Repurchase Expense
ShareBasedCompensationTreasuryShareRepurchaseExpense
34905 USD
CY2021Q1 artw Share Based Compensation Treasury Share Repurchase Expense
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18296 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42758 USD
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
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3 pure

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