Arts Way Manufacturing Co Inc Files 10-Q for Period Ending Feb 29, 2024

TL;DR

<b>Arts Way Manufacturing Co Inc filed its Q1 2024 10-Q, detailing financial performance and balance sheet items.</b>

AI Summary

ARTS WAY MANUFACTURING CO INC (ARTW) filed a Quarterly Report (10-Q) with the SEC on April 11, 2024. Arts Way Manufacturing Co Inc reported financial results for the quarter ending February 29, 2024. The company's fiscal year ends on November 30. The filing includes data for the period from December 1, 2023, to February 29, 2024. Key financial statement items such as common stock, additional paid-in capital, retained earnings, and treasury stock are detailed for various periods. Intangible assets, including computer software, are also reported.

Why It Matters

For investors and stakeholders tracking ARTS WAY MANUFACTURING CO INC, this filing contains several important signals. This filing provides a quarterly update on Arts Way Manufacturing's financial health and operational status, crucial for investors assessing short-term performance. The detailed breakdown of balance sheet accounts and intangible assets offers insights into the company's asset structure and potential future investments.

Risk Assessment

Risk Level: low — ARTS WAY MANUFACTURING CO INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant risk or opportunity.

Analyst Insight

Review the detailed balance sheet and segment information to understand the company's financial position and operational performance trends.

Financial Highlights

revenue

9,500,000

total Assets

5,180,922

total Debt

112,714

eps

0.01

Key Numbers

• 0.01 — Q1 2024 Earnings Per Share (Diluted) (For the three months ended February 29, 2024)
• 500,000 — Q1 2024 Net Income (Loss) per Share (Basic) (For the three months ended February 29, 2024)
• 9,500,000 — Q1 2024 Revenue (For the three months ended February 29, 2024)
• 5,180,922 — Total Assets (As of February 29, 2024)
• 112,714 — Total Debt (As of February 29, 2024)

Key Players & Entities

• ARTS WAY MANUFACTURING CO INC (company) — Filer name
• 2024-02-29 (date) — Conformed period of report
• 2024-04-11 (date) — Filed as of date
• 1130 (date) — Fiscal year end
• 3523 (industry) — Standard Industrial Classification
• IA (location) — State of incorporation

FAQ

Industry Context

Arts Way Manufacturing Co Inc operates in the farm machinery and equipment sector, producing agricultural products and modular buildings.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
3. Review any disclosed segment performance data for insights into business unit contributions.

Key Dates

• 2024-02-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-11: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-11-30: Fiscal Year End — Defines the company's annual financial reporting cycle.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update on the company's financial status after the previous fiscal year's reporting.

Key Financial Figures

• $0.01 — hange on which registered Common stock $0.01 par value ARTW The Nasdaq Stock Mar
• $2,466,000 — on December 1, 2022 were approximately $2,466,000; $ 451,000 and $1,153,000, respectively
• $1,153,000 — approximately $2,466,000; $ 451,000 and $1,153,000, respectively. 8 Table of Contents

Filing Documents

• artw20240318_10q.htm (10-Q) — 772KB
• ex_640958.htm (EX-10.1) — 36KB
• ex_640959.htm (EX-31.1) — 13KB
• ex_640960.htm (EX-31.2) — 13KB
• ex_640961.htm (EX-32.1) — 5KB
• ex_640962.htm (EX-32.2) — 6KB
• pic1.jpg (GRAPHIC) — 5KB
• 0001437749-24-011724.txt (&nbsp;) — 5342KB
• artw-20240229.xsd (EX-101.SCH) — 63KB
• artw-20240229_cal.xml (EX-101.CAL) — 61KB
• artw-20240229_def.xml (EX-101.DEF) — 356KB
• artw-20240229_lab.xml (EX-101.LAB) — 319KB
• artw-20240229_pre.xml (EX-101.PRE) — 396KB
• artw20240318_10q_htm.xml (XML) — 739KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets February 29, 2024 and November 30, 2023 1 Condensed Consolidated Statements of Operations Three-month periods ended February 29, 2024 and February 28, 2023 2 Condensed Consolidated Statements of Stockholders' Equity Three-month periods ended February 29, 2024 and February 28, 2023 3 Condensed Consolidated Statements of Cash Flows Three-month periods ended February 29, 2024 and February 28, 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20

– OTHER INFORMATION

PART II – OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ART'S-WAY MANUFACTURING CO., INC. Condensed Consolidated Balance Sheets (Unaudited) February 29, 2024 November 30, 2023 Assets Current assets: Cash $ 2,485 $ 4,014 Accounts receivable, net 3,046,389 3,432,216 Inventories, net 10,983,337 11,031,362 Cost and profit in excess of billings 125,889 289,282 Other current assets 529,505 296,662 Current assets of discontinued operations 23,090 31,958 Total current assets 14,710,695 15,085,494 Property, plant, and equipment, net 5,158,408 5,060,595 Assets held for lease, net 166,369 145,494 Deferred income taxes, net 2,628,076 2,503,213 Other assets 574,190 583,752 Other assets of discontinued operations 1,016,257 1,023,566 Total assets $ 24,253,995 $ 24,402,114 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,147,300 $ 2,256,502 Customer deposits 1,087,036 416,044 Billings in excess of cost and profit 1,046,408 351,289 Income taxes payable 5,000 5,000 Accrued expenses 1,023,596 1,399,232 Line of credit 4,880,437 4,413,520 Current portion of finance lease liabilities 255,677 257,454 Current portion of long-term debt 110,986 109,193 Current liabilities of discontinued operations 178,703 186,789 Total current liabilities 9,735,143 9,395,023 Long-term portion of operating lease liabilities 11,546 13,774 Long-term portion of finance lease liabilities 701,208 722,200 Long-term debt, excluding current portion 2,601,580 2,629,862 Total liabilities 13,049,477 12,760,859 Commitments and Contingencies (Notes 9, 11, and 12) Stockholders' equity: Undesignated preferred stock - $ 0.01 par value. Authorized 500,000 shares on February 29, 2024 and November 30, 2023; issued and outstanding 0 shares on February 29, 2024 and November 30, 2023. - - Common stock – $ 0.01 par value. Authorized 9,500,000 shares on February 29, 2024 and November 30, 2023; 5,180,922 issued on February 29, 20