Business
Art's Way Manufacturing Announces 7.5% Increase In Revenue Over Prior Year For First Quarter Of Fiscal 2021
ARMSTRONG, Iowa, April 7, 2021 /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, April 7, 2021 /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 first quarter of fiscal 2021.\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended\n(Consolidated)\nFebruary 28, 2021\nFebruary 29, 2020\nSales\n$\n5,401,000\n$\n5,026,000\nOperating (Loss)\n$\n(369,000)\n$\n(470,000)\nNet (Loss)\n$\n(315,000)\n$\n(437,000)\nEPS (Basic)\n$\n(0.07)\n$\n(0.10)\nEPS (Diluted) \n$\n(0.07)\n$\n(0.10)\nWeighted Average Shares Outstanding:\nBasic\n4,475,279\n4,315,481\nDiluted\n4,475,279\n4,315,481\nSales: Our consolidated corporate sales for the three-month period ended February 28, 2021 were $5,401,000 compared to $5,026,000 during the same period in fiscal 2020, an increase of $375,000, or 7.5%. The increase in consolidated revenue is due to increased sales in our Agricultural Products segment.\nOur first quarter sales in our Agricultural Products segment were $3,500,000 compared to $2,953,000 for the same period in fiscal 2020, an increase of $547,000, or 18.5%. The increase in revenue is due to increased demand for our grinder mixers, beet equipment and service parts. We had a very successful early order program last fall producing the strongest backlog we have seen in the last five years, setting us up for a strong first half of the year. We attribute the increased backlog to the government payments farmers received last year coupled with recent years of conservative spending during times of agriculture downturn.\nOur first quarter sales in our Modular Buildings segment were $1,291,000 compared to $1,457,000 for the same period in fiscal 2020, a decrease of $166,000, or 11.4%. Our decrease in revenue is due largely to the progress on a large construction contract that neared completion at the end of the first quarter of fiscal 2021. Quoting activity for modular buildings increased greatly during the first quarter of fiscal 2021 compared to activity during fiscal 2020. We believe this bodes well for this business segment going forward.\nOur Tools segment had sales of $610,000 during the first quarter compared to $616,000 for the same period in fiscal 2020, a decrease of $6,000, or 1.0%. While the sales volume for the first quarter of fisc...