Art's-Way posts Q1 net loss of $424K; Ag sales drop 22% but Modular backlog surges 112%

ARTS WAY MANUFACTURING CO INC

2024-Q1 EPS reported -$0.09 revenue$5,723,394

Consolidated sales $5.723M, down 19.2% YoY from $7.087M; operating loss of $537K vs prior-year income of $444K.
Net loss of $424K ($0.09 diluted loss) vs net income of $350K ($0.07) in Q1 fiscal 2023.
Agricultural Products segment sales fell 22.2% to $4.236M; company began layoffs and offered early retirement.
Modular Buildings sales down 9.4% to $1.487M but backlog hit $8.94M (+112.4%), largest in 10 years.
Consolidated backlog $11.416M (-4.9%); Ag backlog fell 68.2% to $2.476M on lower commodity prices.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ARTS WAY MANUFACTURING CO INC reported three months ended February 29, 2024 results: revenue $5,723,000, net income ($424,000 ), EPS ($0.09).

Period: three months ended February 29, 2024
Revenue: $5,723,000
Net income: ($424,000 )
EPS: ($0.09)
Result: reported results

Exact text from the filing

its financial results for the first quarter of fiscal 2024. For the Three Months Ended (Consolidated - Continuing Operations) February 29, 2024 February 28, 2023 Sales $ 5,723,000 $ 7,087,000 Operating Income (Loss) $ (537,000 ) $ 444,000 Net Income (Loss) $ (424,000 ) $ 350,000 EPS (Basic) $ (0.09 ) $ 0.07 EPS (Diluted) $ (0.09 ) $ 0.07 Weighted Average

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Source: SEC EDGAR

accession 0001437749-24-011490

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