$ARTW
ARTS WAY MANUFACTURING CO INC

2022 Q4 Form 10-Q Financial Statement

#000143774922024148 Filed on October 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $7.371M $8.140M
YoY Change 1.49% 23.49%
Cost Of Revenue $5.490M $6.100M
YoY Change 6.2% 25.68%
Gross Profit $1.881M $2.040M
YoY Change -10.13% 17.38%
Gross Profit Margin 25.52% 25.07%
Selling, General & Admin $1.729M $1.442M
YoY Change 24.16% 0.49%
% of Gross Profit 91.9% 70.65%
Research & Development $134.4K $168.1K
YoY Change 13.98% 17.04%
% of Gross Profit 7.15% 8.24%
Depreciation & Amortization $260.5K $196.2K
YoY Change 63.12% 34.91%
% of Gross Profit 13.85% 9.62%
Operating Expenses $1.863M $1.610M
YoY Change 23.37% 1.99%
Operating Profit $17.89K $430.8K
YoY Change -96.93% 168.91%
Interest Expense -$147.1K $132.7K
YoY Change 64.18% 46.75%
% of Operating Profit -822.02% 30.81%
Other Income/Expense, Net $238.0K -$129.5K
YoY Change 1072.94% 46.5%
Pretax Income $108.8K $301.3K
YoY Change -78.81% 319.61%
Income Tax $17.43K $63.52K
% Of Pretax Income 16.02% 21.08%
Net Earnings $91.39K $237.8K
YoY Change -77.56% 321.17%
Net Earnings / Revenue 1.24% 2.92%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.02 $0.05
COMMON SHARES
Basic Shares Outstanding 4.880M 4.640M
Diluted Shares Outstanding 4.700M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.060K $4.140K
YoY Change 90.23% -96.17%
Cash & Equivalents $5.055K $4.144K
Short-Term Investments
Other Short-Term Assets $343.6K $430.3K
YoY Change 183.58% 56.34%
Inventory $10.61M $10.50M
Prepaid Expenses
Receivables $2.722M $3.820M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.13M $14.95M
YoY Change 16.09% 18.35%
LONG-TERM ASSETS
Property, Plant & Equipment $6.179M $5.945M
YoY Change 17.98% 13.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $630.2K $671.8K
YoY Change 110.76% 460.59%
Total Long-Term Assets $9.815M $9.772M
YoY Change 13.08% 13.31%
TOTAL ASSETS
Total Short-Term Assets $14.13M $14.95M
Total Long-Term Assets $9.815M $9.772M
Total Assets $23.95M $24.72M
YoY Change 14.84% 16.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.631M $2.535M
YoY Change 51.46% 16.08%
Accrued Expenses $1.283M $1.271M
YoY Change 10.4% 3.78%
Deferred Revenue $828.6K $1.301M
YoY Change 197.5% 84.71%
Short-Term Debt $3.925M $4.559M
YoY Change -3.68% 6.27%
Long-Term Debt Due $97.68K $114.4K
YoY Change -1.79% 18.9%
Total Short-Term Liabilities $9.267M $10.26M
YoY Change 20.56% 18.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.904M $2.909M
YoY Change 10.2% 9.48%
Other Long-Term Liabilities $24.02K $26.58K
YoY Change -31.23% -30.44%
Total Long-Term Liabilities $2.904M $2.909M
YoY Change 10.2% 9.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.267M $10.26M
Total Long-Term Liabilities $2.904M $2.909M
Total Liabilities $12.80M $13.84M
YoY Change 21.89% 21.71%
SHAREHOLDERS EQUITY
Retained Earnings $6.754M $6.663M
YoY Change 1.47% 6.62%
Common Stock $50.14K $49.45K
YoY Change 9.39% 8.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $201.0K $201.0K
YoY Change 85.17% 85.17%
Treasury Stock Shares $64.57K $64.57K
Shareholders Equity $11.15M $10.88M
YoY Change
Total Liabilities & Shareholders Equity $23.95M $24.72M
YoY Change 14.84% 16.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $91.39K $237.8K
YoY Change -77.56% 321.17%
Depreciation, Depletion And Amortization $260.5K $196.2K
YoY Change 63.12% 34.91%
Cash From Operating Activities $754.1K $478.9K
YoY Change 187.92% 418.86%
INVESTING ACTIVITIES
Capital Expenditures $559.6K -$678.7K
YoY Change -521.48% 302.64%
Acquisitions
YoY Change
Other Investing Activities $394.2K $0.00
YoY Change 2977.28%
Cash From Investing Activities -$165.4K -$678.7K
YoY Change 37.85% 302.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -587.8K 199.0K
YoY Change 137.71% 11.14%
NET CHANGE
Cash From Operating Activities 754.1K 478.9K
Cash From Investing Activities -165.4K -678.7K
Cash From Financing Activities -587.8K 199.0K
Net Change In Cash 900.0 -820.0
YoY Change -100.85% -100.8%
FREE CASH FLOW
Cash From Operating Activities $754.1K $478.9K
Capital Expenditures $559.6K -$678.7K
Free Cash Flow $194.5K $1.158M
YoY Change -50.72% 343.76%

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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:c344">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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