$ARTW
ARTS WAY MANUFACTURING CO INC

2022 Q3 Form 10-Q Financial Statement

#000143774922017205 Filed on July 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $8.140M $7.275M $7.262M
YoY Change 23.49% 27.41% 32.77%
Cost Of Revenue $6.100M $5.082M $5.169M
YoY Change 25.68% 27.43% -13.41%
Gross Profit $2.040M $2.193M $2.093M
YoY Change 17.38% 27.36% -518.67%
Gross Profit Margin 25.07% 30.15% 28.82%
Selling, General & Admin $1.442M $1.728M $1.392M
YoY Change 0.49% 19.09% 0.18%
% of Gross Profit 70.65% 78.8% 66.52%
Research & Development $168.1K $143.9K $117.9K
YoY Change 17.04% 17.86% -1.72%
% of Gross Profit 8.24% 6.56% 5.63%
Depreciation & Amortization $196.2K $182.9K $159.7K
YoY Change 34.91% 23.36% -6.05%
% of Gross Profit 9.62% 8.34% 7.63%
Operating Expenses $1.610M $1.872M $1.510M
YoY Change 1.99% 18.99% 0.69%
Operating Profit $430.8K $321.1K $583.0K
YoY Change 168.91% 115.82% -129.15%
Interest Expense $132.7K $97.39K -$89.57K
YoY Change 46.75% 30.23% 27.96%
% of Operating Profit 30.81% 30.33% -15.36%
Other Income/Expense, Net -$129.5K -$98.85K $20.29K
YoY Change 46.5% 45.78% -98.28%
Pretax Income $301.3K $222.2K $513.7K
YoY Change 319.61% 174.45% -157.71%
Income Tax $63.52K $46.89K $106.3K
% Of Pretax Income 21.08% 21.1% 20.7%
Net Earnings $237.8K $175.4K $407.3K
YoY Change 321.17% 173.6% -192.57%
Net Earnings / Revenue 2.92% 2.41% 5.61%
Basic Earnings Per Share $0.05 $0.04
Diluted Earnings Per Share $0.05 $0.04 $89.84K
COMMON SHARES
Basic Shares Outstanding 4.640M 4.629M 4.534M
Diluted Shares Outstanding 4.700M 4.629M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.140K $4.980K $2.660K
YoY Change -96.17% -4.6%
Cash & Equivalents $4.144K $4.975K $2.658K
Short-Term Investments
Other Short-Term Assets $430.3K $874.9K $121.2K
YoY Change 56.34% 152.93% 97.72%
Inventory $10.50M $10.89M $9.210M
Prepaid Expenses
Receivables $3.820M $2.481M $2.663M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.95M $14.77M $12.17M
YoY Change 18.35% 22.57% 18.18%
LONG-TERM ASSETS
Property, Plant & Equipment $5.945M $5.433M $5.237M
YoY Change 13.1% 3.83% 0.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $671.8K $632.2K $299.0K
YoY Change 460.59% 407.36% 218.94%
Total Long-Term Assets $9.772M $9.272M $8.680M
YoY Change 13.31% 7.56% 2.1%
TOTAL ASSETS
Total Short-Term Assets $14.95M $14.77M $12.17M
Total Long-Term Assets $9.772M $9.272M $8.680M
Total Assets $24.72M $24.04M $20.85M
YoY Change 16.31% 16.31% 10.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.535M $2.524M $1.737M
YoY Change 16.08% 50.38% -11.16%
Accrued Expenses $1.271M $983.0K $1.162M
YoY Change 3.78% -15.75% -9.14%
Deferred Revenue $1.301M $1.820M $278.5K
YoY Change 84.71% 84.68% 40.5%
Short-Term Debt $4.559M $4.703M $4.075M
YoY Change 6.27% 15.03% 72.65%
Long-Term Debt Due $114.4K $116.1K $99.46K
YoY Change 18.9% 16.77% 4.72%
Total Short-Term Liabilities $10.26M $10.35M $7.687M
YoY Change 18.33% 26.6% 24.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.909M $2.930M $2.635M
YoY Change 9.48% 11.18% -2.86%
Other Long-Term Liabilities $26.58K $29.11K $34.93K
YoY Change -30.44% -29.75% 74.65%
Total Long-Term Liabilities $2.909M $2.930M $2.635M
YoY Change 9.48% 11.18% -2.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.26M $10.35M $7.687M
Total Long-Term Liabilities $2.909M $2.930M $2.635M
Total Liabilities $13.84M $13.74M $10.50M
YoY Change 21.71% 25.98% 18.02%
SHAREHOLDERS EQUITY
Retained Earnings $6.663M $6.425M $6.656M
YoY Change 6.62% 3.76% 3.3%
Common Stock $49.45K $47.05K $45.84K
YoY Change 8.0% 2.87% 2.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $201.0K $201.0K $108.5K
YoY Change 85.17% 85.17% 39.04%
Treasury Stock Shares $64.57K $64.57K $44.53K
Shareholders Equity $10.88M $10.31M $10.35M
YoY Change
Total Liabilities & Shareholders Equity $24.72M $24.04M $20.85M
YoY Change 16.31% 16.31% 10.91%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $237.8K $175.4K $407.3K
YoY Change 321.17% 173.6% -192.57%
Depreciation, Depletion And Amortization $196.2K $182.9K $159.7K
YoY Change 34.91% 23.36% -6.05%
Cash From Operating Activities $478.9K -$1.450M $261.9K
YoY Change 418.86% -28.22% -152.38%
INVESTING ACTIVITIES
Capital Expenditures -$678.7K -$335.0K -$132.8K
YoY Change 302.64% 110.73% 65.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.300K $12.81K
YoY Change -565.0% 28.1%
Cash From Investing Activities -$678.7K -$325.7K -$120.0K
YoY Change 302.64% 115.73% 71.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 199.0K 1.777M -247.3K
YoY Change 11.14% -18.23% -143.38%
NET CHANGE
Cash From Operating Activities 478.9K -1.450M 261.9K
Cash From Investing Activities -678.7K -325.7K -120.0K
Cash From Financing Activities 199.0K 1.777M -247.3K
Net Change In Cash -820.0 1.500K -105.3K
YoY Change -100.8% -40.71% -90486370992128110.0%
FREE CASH FLOW
Cash From Operating Activities $478.9K -$1.450M $261.9K
Capital Expenditures -$678.7K -$335.0K -$132.8K
Free Cash Flow $1.158M -$1.115M $394.7K
YoY Change 343.76% -40.09% -193.97%

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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>1)</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 10-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 1956. 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:c383">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>
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