10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001437749-14-011958`
Period End Date	20140531
Filing Date	20140627
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	artw-20140531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 72 Cash Flow Statement 60

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.47K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$46.41K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$250.39K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.12M	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
Undesignated preferred stock - par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $46,412 and $35,474 in 2014 and 2013, respectively	`AccountsReceivableNetCurrent`	$3.28M	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $46,412 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
Undesignated preferred stock - issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Undesignated preferred stock - issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.92M	USD	Point-in-time
Inventories, net	`InventoryNet`	$15.87M	USD	Point-in-time
Undesignated preferred stock - outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.33M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.23M	USD	Point-in-time
Undesignated preferred stock - outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$42.24K	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`	$101.11K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$377.68K	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`	$108.51K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$613.88K	USD	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.05M	shares	Point-in-time
Common stock issued shares	`CommonStockSharesIssued`	4.05M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$242.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.82M	USD	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
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$12.10M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.90M	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForSaleLongLived`	$90.41K	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`	$35.01M	USD	Point-in-time
Line of credit	`LineOfCredit`	$3.35M	USD	Point-in-time
Line of credit	`LineOfCredit`	$4.06M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.27M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$806.21K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.03M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$147.50K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.06M	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$68.22K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$17.72K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.07M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.03M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$952.64K	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$6.25M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$6.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.47M	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 4,048,552 in 2014 and 4,046,552 in 2013	`CommonStockValue`	$40.49K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2014 and 2013; issued and outstanding 4,048,552 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`	$2.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.64M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.31M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.29M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$32.77M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$35.01M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$15.71M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$17.67M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$9.25M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$9.47M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$6.69M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$7.14M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$12.73M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$12.04M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.93M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.67M	USD	2 Qtrs
Engineering	`EngineeringExpense`	$101.12K	USD	1 Quarter
Engineering	`EngineeringExpense`	$231.90K	USD	2 Qtrs
Engineering	`EngineeringExpense`	$203.69K	USD	2 Qtrs
Engineering	`EngineeringExpense`	$118.36K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$973.52K	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$483.78K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$639.89K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$1.18M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.18M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.13M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.24M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.11M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$3.42M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.88M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.77M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.52M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$798.96K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.51M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$148.96K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$443.89K	USD	1 Quarter
Interest expense	`InterestExpense`	$175.16K	USD	2 Qtrs
Interest expense	`InterestExpense`	$79.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$169.20K	USD	2 Qtrs
Interest expense	`InterestExpense`	$121.22K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$11.43K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$628.70K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$-9.44K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$17.11K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-158.06K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$459.50K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-109.79K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-89.18K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$334.10K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$709.78K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-9.10K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$1.97M	USD	2 Qtrs
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$637.71K	USD	2 Qtrs
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-3.94K	USD	2 Qtrs
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$195.54K	USD	1 Quarter
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$80.94K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.33M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$514.24K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$253.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.16K	USD	2 Qtrs
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.33	USD	2 Qtrs
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic net income (loss) per share (in Dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.33	USD	2 Qtrs
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted net income (loss) per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.04M	shares	2 Qtrs
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 basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.05M	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	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	2 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.33M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$514.24K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$253.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.16K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.50K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$29.81K	USD	2 Qtrs
(Gain) on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$958.00	USD	2 Qtrs
(Gain) on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$604.25K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$370.08K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$441.23K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$3.23K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$10.94K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$97.15K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$25.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$288.59K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-408.98K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$945.76K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$492.09K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$269.17K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$371.74K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$28.12K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$223.90K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$208.41K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-8.38K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-995.53K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$908.21K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$759.84K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-622.09K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-133.59K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-279.00	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$274.36K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-449.56K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$210.27K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$611.21K	USD	2 Qtrs
Proceeds from sale of property	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$835.54K	USD	2 Qtrs
Proceeds from sale of property	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$958.00	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-610.25K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$625.27K	USD	2 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$714.74K	USD	2 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$1.00M	USD	2 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$228.34K	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$620.24K	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$551.31K	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$7.76K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.10M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-322.97K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$576.66K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$42.44K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$250.39K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.12M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$250.39K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.12M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Interest	`InterestPaid`	$176.56K	USD	2 Qtrs
Interest	`InterestPaid`	$169.20K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.36M	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$291.82K	USD	2 Qtrs

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