10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001437749-12-006951`
Period End Date	20120531
Filing Date	20120716
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	artw-20120531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 72 Cash Flow Statement 68

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$49.58K	USD	Point-in-time
Allowance for Doubtful Accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$52.63K	USD	Point-in-time
Common stock par value. (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock par value. (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$290.66K	USD	Point-in-time
Cash	`Cash`	$118.92K	USD	Point-in-time
Common stock authorized shares	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock authorized shares	`CommonStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $52,627 and $49,583 in 2012 and 2011, respectively	`AccountsReceivableNetCurrent`	$2.03M	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $52,627 and $49,583 in 2012 and 2011, respectively	`AccountsReceivableNetCurrent`	$7.43M	USD	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.04M	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.71M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.25M	USD	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.03M	shares	Point-in-time
Common stock outstanding shares	`CommonStockSharesOutstanding`	4.04M	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$933.50K	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$992.76K	USD	Point-in-time
Common stock outstanding shares	`CommonStockSharesOutstanding`	4.03M	shares	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$210.84K	USD	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$164.73K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$198.93K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$323.24K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.70M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$9.43M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$8.09M	USD	Point-in-time
Assets held for lease, net	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$452.44K	USD	Point-in-time
Assets held for lease, net	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$396.71K	USD	Point-in-time
Assets held for sale, net	`AssetsHeldForSaleLongLived`	$186.36K	USD	Point-in-time
Assets held for sale, net	`AssetsHeldForSaleLongLived`	$184.25K	USD	Point-in-time
Covenant not to Compete, net	`IntangibleAssetsNetExcludingGoodwill`	$60.00K	USD	Point-in-time
Covenant not to Compete, net	`IntangibleAssetsNetExcludingGoodwill`	$30.00K	USD	Point-in-time
Goodwill and other Intangibles	`Goodwill`	$1.07M	USD	Point-in-time
Goodwill and other Intangibles	`Goodwill`	$375.00K	USD	Point-in-time
Total assets	`Assets`	$35.08M	USD	Point-in-time
Total assets	`Assets`	$25.86M	USD	Point-in-time
Notes payable to bank	`LoansPayableToBankCurrent`	$2.09M	USD	Point-in-time
Notes payable to bank	`LoansPayableToBankCurrent`	$1.39M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$712.96K	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$341.74K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$338.48K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.48M	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCost`	$1.73M	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCost`	$74.05K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.36M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.78M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$351.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$423.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.57M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.34M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$810.90K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$927.12K	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$7.87M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$5.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.14M	USD	Point-in-time
Common stock $0.01 par value. Authorized 10,000,000 and 5,000,000 shares in 2012 and 2011; issued and outstanding 4,035,852 and 4,025,852 shares in 2012 and 2011	`CommonStockValue`	$40.36K	USD	Point-in-time
Common stock $0.01 par value. Authorized 10,000,000 and 5,000,000 shares in 2012 and 2011; issued and outstanding 4,035,852 and 4,025,852 shares in 2012 and 2011	`CommonStockValue`	$40.26K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.54M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.23M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.36M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$15.94M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$35.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$25.86M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$7.85M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$18.00M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$12.51M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$11.69M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$10.08M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$13.36M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$5.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$8.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.63M	USD	2 Qtrs
Engineering	`ResearchAndDevelopmentExpense`	$120.33K	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$73.35K	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$158.41K	USD	2 Qtrs
Engineering	`ResearchAndDevelopmentExpense`	$238.64K	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$791.31K	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$873.01K	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$472.40K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$424.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.17M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.83M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.43M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$815.08K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.41M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.78M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$2.54M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.66M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.49M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.86M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$548.17K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-110.78K	USD	2 Qtrs
Interest expense	`InterestExpense`	$105.51K	USD	1 Quarter
Interest expense	`InterestExpense`	$201.71K	USD	2 Qtrs
Interest expense	`InterestExpense`	$109.03K	USD	1 Quarter
Interest expense	`InterestExpense`	$202.07K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$19.74K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$31.30K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$5.24K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$39.60K	USD	2 Qtrs
Total other income (loss)	`NonoperatingIncomeExpense`	$-170.40K	USD	2 Qtrs
Total other income (loss)	`NonoperatingIncomeExpense`	$-100.27K	USD	1 Quarter
Total other income (loss)	`NonoperatingIncomeExpense`	$-162.47K	USD	2 Qtrs
Total other income (loss)	`NonoperatingIncomeExpense`	$-89.29K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$447.90K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-281.19K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$1.69M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$1.40M	USD	1 Quarter
Current tax expense (benefit)	`CurrentIncomeTaxExpenseBenefit`	$564.08K	USD	2 Qtrs
Current tax expense (benefit)	`CurrentIncomeTaxExpenseBenefit`	$-87.36K	USD	2 Qtrs
Current tax expense (benefit)	`CurrentIncomeTaxExpenseBenefit`	$468.50K	USD	1 Quarter
Current tax expense (benefit)	`CurrentIncomeTaxExpenseBenefit`	$157.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$935.98K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-193.83K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.13M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$290.75K	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.28	USD	2 Qtrs
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$-0.05	USD	2 Qtrs
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	2 Qtrs
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.28	USD	2 Qtrs
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.01M	shares	2 Qtrs
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.03M	shares	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.02M	shares	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.03M	shares	2 Qtrs
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.01M	shares	2 Qtrs
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	2 Qtrs

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$935.98K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-193.83K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.13M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$290.75K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$52.47K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$34.52K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$377.58K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$372.29K	USD	2 Qtrs
Amortization expense	`AmortizationOfIntangibleAssets`	$30.00K	USD	2 Qtrs
Amortization expense	`AmortizationOfIntangibleAssets`	$30.00K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$56.95K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$138.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.40M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$578.14K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$559.87K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$770.05K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$270.39K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$153.38K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$124.31K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-49.40K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.35M	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.61M	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$416.23K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$1.64M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$1.14M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-594.82K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$72.04K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-167.17K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$393.20K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$120.49K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-131.70K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$203.13K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$434.06K	USD	2 Qtrs
Net change in asset held for lease	`NetChangeInAssetHeldForLease`	$-229.09K	USD	2 Qtrs
Purchase of assets of Universal Harvester	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$3.00M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.21M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-663.16K	USD	2 Qtrs
Proceeds from line of credit borrowings	`ProceedsFromLinesOfCredit`	$-6.51M	USD	2 Qtrs
Proceeds from line of credit borrowings	`ProceedsFromLinesOfCredit`	$-9.27M	USD	2 Qtrs
Repayment of line of credit borrowings	`RepaymentsOfLinesOfCredit`	$-8.57M	USD	2 Qtrs
Repayment of line of credit borrowings	`RepaymentsOfLinesOfCredit`	$-5.66M	USD	2 Qtrs
Payments of notes payable to bank	`RepaymentsOfNotesPayable`	$328.20K	USD	2 Qtrs
Payments of notes payable to bank	`RepaymentsOfNotesPayable`	$300.43K	USD	2 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.88M	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$38.95K	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.11K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$592.90K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.26M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-201.96K	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$171.74K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$118.92K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$317.10K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$115.15K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$290.66K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$118.92K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$317.10K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$115.15K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$290.66K	USD	Point-in-time
Interest	`InterestPaid`	$201.85K	USD	2 Qtrs
Interest	`InterestPaid`	$198.72K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$640.85K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$436.90K	USD	2 Qtrs
Inventories	`PaymentsToAcquireOtherProductiveAssets`	$902.59K	USD	2 Qtrs
Equipment, tools and dies	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$364.05K	USD	2 Qtrs
Goodwill and intangible assets	`PaymentsToAcquireProductiveAssets`	$699.90K	USD	2 Qtrs
Land and Building	`PaymentsToAcquireBuildings`	$1.07M	USD	2 Qtrs
Non-Cash Activity: Stock issued for purchase of assets	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$-35.55K	USD	2 Qtrs
Cash paid	`PaymentsToAcquireBusinessesGross`	$3.00M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.