Art's-Way Q2 sales up 23.8%, net income $307K; Tools segment discontinuation announced

ARTS WAY MANUFACTURING CO INC

2023-Q2 EPS reported $0.13 revenue$16,902,659

Q2 fiscal 2023 consolidated sales $9.0M, up 23.8% YoY; net income $307K vs $175K.
Diluted EPS $0.06 for Q2 and $0.13 YTD, versus $0.04 and ($0.05) in prior-year periods.
Agricultural Products segment sales $6.4M (+19.8%), Modular Buildings $1.9M (+53.5%).
Discontinuing Tools segment by July 14, 2023; expects ~$950K cash from liquidation net of $200K costs.
CEO cites strong demand and improved production; positive outlook for H2 2023 and higher backlog.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARTS WAY MANUFACTURING CO INC reported second quarter of fiscal 2023 results: revenue $9,008,000, net income $307,000, EPS $0.06.

Period: second quarter of fiscal 2023
Revenue: $9,008,000
Net income: $307,000
EPS: $0.06
Result: reported results

Exact text from the filing

For the Three Months Ended (Consolidated) May 31, 2023 May 31, 2022 Sales $ 9,008,000 $ 7,275,000 Operating Income $ 434,000 $ 321,000 Net Income $ 307,000 $ 175,000 EPS (Basic) $ 0.06 $ 0.04 EPS (Diluted) $ 0.06 $ 0.04

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARTS WAY MANUFACTURING CO INC reported first six months of fiscal 2023 results: revenue $16,903,000, net income $649,000, EPS $0.13.

Period: first six months of fiscal 2023
Revenue: $16,903,000
Net income: $649,000
EPS: $0.13
Result: reported results

Exact text from the filing

For the Six Months Ended (Consolidated) May 31, 2023 May 31, 2022 Sales $ 16,903,000 $ 12,888,000 Operating Income (Loss) $ 982,000 $ (115,000 ) Net Income (Loss) $ 649,000 $ (231,000 ) EPS (Basic) $ 0.13 $ (0.05 ) EPS (Diluted) $ 0.13 $ (0.05 )

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Source: SEC EDGAR

accession 0001437749-23-019758

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