Business
Art's Way Manufacturing Announces 10% Year Over Year Increase In Sales For The First Nine Months Of Fiscal 2020
ARMSTRONG, Iowa, Oct. 8, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, Iowa, Oct. 8, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the third quarter and year to date fiscal 2020.\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended\n(Consolidated)\nAugust 31, 2020\nAugust 31, 2019\nSales\n$\n6,465,000\n$\n5,504,000\nOperating (Loss)\n$\n(513,000)\n$\n(305,000)\nNet (Loss)\n$\n(424,000)\n$\n(289,000)\nEPS (Basic)\n$\n(0.10)\n$\n(0.07)\nEPS (Diluted) \n$\n(0.10)\n$\n(0.07)\nWeighted Average Shares Outstanding:\nBasic\n4,426,850\n4,309,587\nDiluted\n4,426,850\n4,309,587\n \nFor the Nine Months Ended\n(Consolidated)\nAugust 31, 2020\nAugust 31, 2019\nSales\n$\n16,937,000\n$\n15,375,000\nOperating (Loss)\n$\n(1,908,000)\n$\n(1,397,000)\nNet (Loss)\n$\n(1,663,000)\n$\n(1,251,000)\nEPS (Basic)\n$\n(0.38)\n$\n(0.29)\nEPS (Diluted) \n$\n(0.38)\n$\n(0.29)\nWeighted Average Shares Outstanding:\nBasic\n4,381,686\n4,285,335\nDiluted\n4,381,686\n4,285,335\nSales: Our consolidated corporate sales for the three- and nine-month periods ended August 31, 2020 were $6,465,000 and $16,937,000, respectively, compared to $5,504,000 and $15,375,000 during the same respective periods in fiscal 2019, a $961,000, or a 17.5%, increase for the three months and a $1,562,000, or 10.2%, increase for the nine months. The three month increase in sales is due to increased sales from our agricultural products and modular building segments while our tools segment showed a decrease in sales for this period. All three segments showed increased sales for the nine months ended August 31, 2020.\nOur third quarter sales in our agricultural products segment were $3,671,000 compared to $3,194,000 during the same period in fiscal 2019, an increase of $477,000, or 14.9%. Our year-to-date agricultural product sales were $9,695,000 compared to $9,441,000 during the same period in fiscal 2019, an increase of $254,000, or 2.7%. At the end of our first quarter of fiscal 2020, our sales were up 13.1% in the agricultural products segment from the prior year. We were on track for a strong year and then the COVID-19 pandemic hit, which decreased our sales 15.6% in the second quarter of fiscal 2020 compared to the second quarter of fiscal 2019. Our third quar...