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Art's Way Manufacturing Announces Second Quarter And Year To Date Fiscal 2020 Financial Results
ARMSTRONG, Iowa, July 9, 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, July 9, 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 second quarter and year to date fiscal 2020.\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended\n(Consolidated)\nMay 31, 2020\nMay 31, 2019\nSales\n$\n5,446,000\n$\n5,747,000\nOperating (Loss)\n$\n(925,000)\n$\n(370,000)\nNet (Loss)\n$\n(802,000)\n$\n(356,000)\nEPS (Basic)\n$\n(0.18)\n$\n(0.08)\nEPS (Diluted) \n$\n(0.18)\n$\n(0.08)\nWeighted Average Shares Outstanding:\nBasic\n4,401,754\n4,299,289\nDiluted\n4,401,754\n4,299,289\nFor the Six Months Ended\n(Consolidated)\nMay 31, 2020\nMay 31, 2019\nSales\n$\n10,472,000\n$\n9,871,000\nOperating (Loss)\n$\n(1,394,000)\n$\n(1,092,000)\nNet (Loss)\n$\n(1,239,000)\n$\n(962,000)\nEPS (Basic)\n$\n(0.28)\n$\n(0.23)\nEPS (Diluted) \n$\n(0.28)\n$\n(0.23)\nWeighted Average Shares Outstanding:\nBasic\n4,358,982\n4,272,532\nDiluted\n4,358,982\n4,272,532\nSales: Our consolidated corporate sales for continuing operations for the three- and six-month periods ended May 31, 2020 were $5,446,000 and $10,472,000, respectively, compared to $5,747,000 and $9,871,000 during the same respective periods in fiscal 2019, a $301,000, or 5.2%, decrease for the three months and a $601,000, or 6.1%, increase for the six months. The three-month decrease in revenue is due to decreased revenue from our agricultural products segment and poor market conditions. We showed increased sales in our modular buildings and tools segments for the three and six months ended May 31, 2020 compared to same periods of fiscal 2019. \nOur second quarter sales in our agricultural products segment were $3,071,000 compared to $3,637,000 during the same period of fiscal 2019, a decrease of $566,000, or 15.6%. Our year-to-date agricultural product sales were $6,023,000 compared to $6,247,000 during the same period in fiscal 2019, a decrease of $224,000, or 3.6%. While sales in our agricultural products segment were up 13.1% at the end of our first quarter in fiscal 2020, our second quarter included new challenges, most of which were driven by the COVID-19 pandemic. We saw decreased orders through the second quarter as restaurants across the nation were forced to close their d...