Business
Art's Way Manufacturing Announces Fiscal 2020 Financial Results
ARMSTRONG, Iowa, Feb. 5, 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, Feb. 5, 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 fiscal 2020.\n\n \n \n \n \n \n \n\n \nFor the Twelve Months Ended\n(Consolidated)\nNovember 30, 2020\nNovember 30, 2019\nSales\n$\n22,409,000\n$\n22,889,000\nOperating (Loss)\n$\n(3,910,000)\n$\n(1,497,000)\nNet (Loss)\n$\n(2,103,000)\n$\n(1,420,000)\nEPS (Basic)\n$\n(0.48)\n$\n(0.33)\nEPS (Diluted) \n$\n(0.48)\n$\n(0.33)\nWeighted Average Shares Outstanding:\nBasic\n4,393,887\n4,227,375\nDiluted\n4,393,887\n4,227,375\nSales: Our consolidated net sales totaled $22,409,000 for the 2020 fiscal year, which represents a 2.1% decrease from our consolidated net sales of $22,889,000 for the 2019 fiscal year. The decrease in revenue is due to decreases in sales in our Modular Building and Agricultural Products segments. Our Tools segment reported a 9.9% increase in sales compared to the 2019 fiscal year.\nOur Agricultural Products segment's net sales for the 2020 fiscal year were $13,085,000 compared to $13,508,000 during the 2019 fiscal year, a decrease of $423,000, or 3.1%. The decrease in sales can be primarily attributed to the loss of low-margin OEM business. We also saw decreased demand for our beet equipment and forage and receiver boxes in the 2020 fiscal year compared to the 2019 fiscal year. We expect increased demand for these lines in fiscal 2021 as our backlog indicates we will have improved sales of beet equipment and we will be launching a new Art's Way forage box. Sales of manure spreaders, dump boxes and grinders improved in fiscal 2020 over fiscal 2019. The improved success of these lines provides optimism for the future as we believe these are the core products we can market towards future growth.\nOur Modular Buildings segment's net sales for the 2020 fiscal year were $6,993,000 compared to $7,260,000 for the 2019 fiscal year, a decrease of $267,000, or 3.7%. The decrease in sales was attributable to decreased operating lease activity in fiscal 2020 and a large construction project nearing completion. \nOur Tools segment's net sales for the 2020 fiscal year were $2,330,000 compared to $2,121,000 for the 2019 fiscal year, an increase of $209,000, or 9.9%. The inc...