Thu, Jul 11, 6:34 PM (102 days ago)
For the quarter ending May 31, 2024, Art’s-Way Manufacturing Co., Inc. reported a significant decline in revenue and profitability. Consolidated sales decreased by 18.2% year-over-year to $6.73 million, and gross profit margins slightly improved to 28.3%. The Agricultural Products segment saw a 28.5% drop in sales due to lower farm income and high interest rates, while the Modular Buildings segment experienced a 17.2% increase in sales driven by large research projects. Operating expenses were reduced by 0.7%, but administrative costs rose due to new hires and early retirement incentives. Net loss from continuing operations was $5,000, primarily due to high interest expenses. The order backlog decreased by 23.1% to $7.87 million. The company undertook cost-cutting measures and expects future cash inflows from inventory reduction, debt retirement, and the sale of discontinued operations' assets.