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![ARTS WAY MANUFACTURING CO INC [ARTW] reports annual net loss of $267.0 thousand](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FARTW.png&w=1200&q=75)
ARTS WAY MANUFACTURING CO INC [ARTW] has reported a net loss of $267.0 thousand for year ended Nov 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $30.3 million
Based in ARMSTRONG, Iowa, ARTS WAY MANUFACTURING CO INC operates in the MANUFACTURING sector.
In the condensed consolidated statements of operations for the 12 months ended Nov. 30, 2023, and Nov. 30, 2022, the following key financial figures were reported (amounts in USD):
- Sales for the current period amounted to $30.28 million, representing an increase from $25.65 million in the previous period.
- Cost of goods sold stood at $21.70 million in the current period, compared to $18.71 million in the previous year.
- Gross profit was $8.58 million for the current period, up from $6.94 million in the comparative period.
Expenses incurred during the current period were as follows:
- Engineering expenses totaled $598,065, slightly higher than $580,537 in the previous period.
- Selling expenses were reported at $2.13 million, compared to $1.90 million in the previous year.
- General and administrative expenses stood at $4.32 million for the current period, higher than $3.85 million in the previous year.
Income from operations was $1.53 million in the current period, a significant improvement from $604,718 in the preceding period.
Other income and expenses were recorded as follows:
- Interest expense was $(590,005) in the current period, higher than $(404,188) in the previous year.
- Other income amounted to $147,512 in the current period, down from $240,414 in the previous year.
Income from continuing operations before income taxes experienced a notable increase, reaching $1.09 million in the current period compared to $440,944 in the previous year.
Net income for the current period was $266,969, significantly higher than the $97,797 reported in the previous period.
Earnings per share for basic and diluted amounts were reported as follows:
- Continuing Operations: $0.15 (current) and $0.08 (previous)
- Discontinued Operations: $(0.1) (current) and $(0.06) (previous)
- Net income per share: $0.05 (current) and $0.02 (previous) for both basic and diluted calculations.
The weighted average outstanding shares used to compute basic and diluted net income per share increased to 5,002,238 shares in the current period from 4,707,384 shares in the previous year.
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