10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001437749-14-006604`
Period End Date	20140228
Filing Date	20140414
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	artw-20140228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 49

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$29.51K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.47K	USD	Point-in-time
Undesignated preferred stock - par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Undesignated preferred stock - par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$85.95K	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $29,508 and $35,474 in 2014 and 2013, respectively	`AccountsReceivableNetCurrent`	$3.00M	USD	Point-in-time
Undesignated preferred stock - authorized shares	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Undesignated preferred stock - authorized shares	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $29,508 and $35,474 in 2014 and 2013, respectively	`AccountsReceivableNetCurrent`	$2.41M	USD	Point-in-time
Undesignated preferred stock - issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.92M	USD	Point-in-time
Undesignated preferred stock - issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$15.92M	USD	Point-in-time
Undesignated preferred stock - outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Undesignated preferred stock - outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.23M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.23M	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
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$42.24K	USD	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$34.96K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$108.51K	USD	Point-in-time
Common stock authorized shares	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock authorized shares	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$226.30K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$242.15K	USD	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.05M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$623.44K	USD	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.05M	shares	Point-in-time
Common stock outstanding shares	`CommonStockSharesOutstanding`	4.05M	shares	Point-in-time
Common stock outstanding shares	`CommonStockSharesOutstanding`	4.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$20.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.75M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$12.14M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.90M	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForSaleLongLived`	$106.36K	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForSaleLongLived`	$122.32K	USD	Point-in-time
Goodwill	`Goodwill`	$993.73K	USD	Point-in-time
Goodwill	`Goodwill`	$993.73K	USD	Point-in-time
Total assets	`Assets`	$32.77M	USD	Point-in-time
Total assets	`Assets`	$33.77M	USD	Point-in-time
Total assets	`Assets`	$32.73M	USD	Point-in-time
Line of credit	`LineOfCredit`	$3.80M	USD	Point-in-time
Line of credit	`LineOfCredit`	$3.35M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.23M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.23M	USD	Point-in-time
Accounts payable	`AccruedIncomeTaxesCurrent`	$1.06M	USD	Point-in-time
Accounts payable	`AccruedIncomeTaxesCurrent`	$806.21K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.28M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$147.50K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$17.72K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$32.69K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.83M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$952.64K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$952.64K	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$5.94M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$6.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.73M	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2014 and 2013; issued and outstanding 0 shares in 2014 and 2013.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2014 and 2013; issued and outstanding 0 shares in 2014 and 2013.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2014 and 2013; issued and outstanding 4,046,552 in 2014 and 4,046,552 in 2013	`CommonStockValue`	$40.47K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2014 and 2013; issued and outstanding 4,046,552 in 2014 and 4,046,552 in 2013	`CommonStockValue`	$40.47K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.64M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.04M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$32.77M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$33.77M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$6.24M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$8.42M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$6.05M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$4.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.34M	USD	1 Quarter
Engineering	`EngineeringExpense`	$102.57K	USD	1 Quarter
Engineering	`EngineeringExpense`	$113.54K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$536.15K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$489.74K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.06M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$985.66K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.64M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.66M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$712.75K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-294.94K	USD	1 Quarter
Interest expense	`InterestExpense`	$89.46K	USD	1 Quarter
Interest expense	`InterestExpense`	$53.94K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$638.14K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$5.67K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$548.68K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-48.26K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-343.20K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$1.26M	USD	1 Quarter
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-84.89K	USD	1 Quarter
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$442.17K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-258.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$819.25K	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.04M	shares	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	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`	4.05M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-258.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$819.25K	USD	1 Quarter
(Gain) on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$630.03K	USD	1 Quarter
Depreciation expense	`Depreciation`	$198.75K	USD	1 Quarter
Depreciation expense	`Depreciation`	$212.99K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$5.02K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$-5.97K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-32.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-594.98K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-201.14K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$998.19K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$116.82K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$19.86K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$381.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$438.47K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$250.68K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$22.24K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-536.49K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$1.78M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$1.13M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-457.03K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-225.75K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-288.11K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.61M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$166.52K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$144.32K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$432.03K	USD	1 Quarter
Proceeds from sale of Armstrong, IA land and Salem, SD building	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$835.54K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-432.03K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$691.21K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$452.81K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$308.33K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$272.19K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-272.19K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$144.48K	USD	1 Quarter
Net increase/(decrease) in cash	`CashPeriodIncreaseDecrease`	$-121.03K	USD	1 Quarter
Net increase/(decrease) in cash	`CashPeriodIncreaseDecrease`	$2.02M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$85.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$85.95K	USD	Point-in-time
Interest	`InterestPaid`	$89.46K	USD	1 Quarter
Interest	`InterestPaid`	$53.94K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$899.20K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$32.90K	USD	1 Quarter

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