10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001437749-14-018184`
Period End Date	20140831
Filing Date	20141009
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	artw-20140831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 72 Cash Flow Statement 61

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$74.68K	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
Undesignated preferred stock - par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Undesignated preferred stock - authorized shares	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.43M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$237.09K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	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
Accounts receivable-customers, net of allowance for doubtful accounts of $74,681 and $35,474 in 2014 and 2013, respectively	`AccountsReceivableNetCurrent`	$3.00M	USD	Point-in-time
Undesignated preferred stock - issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $74,681 and $35,474 in 2014 and 2013, respectively	`AccountsReceivableNetCurrent`	$4.98M	USD	Point-in-time
Undesignated preferred stock - outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.92M	USD	Point-in-time
Inventories, net	`InventoryNet`	$14.97M	USD	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`	$1.39M	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
Common stock authorized shares	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$187.92K	USD	Point-in-time
Common stock authorized shares	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$42.24K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$112.33K	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
Income taxes receivable	`IncomeTaxesReceivable`	$108.51K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$242.15K	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
Other current assets	`OtherAssetsCurrent`	$323.66K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.75M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.82M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.90M	USD	Point-in-time
Assets held for lease, net	`DisposalGroupIncludingDiscontinuedOperationLongLivedAssets`	$74.45K	USD	Point-in-time
Assets held for lease, net	`DisposalGroupIncludingDiscontinuedOperationLongLivedAssets`	$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`	$35.09M	USD	Point-in-time
Line of credit	`LineOfCredit`	$3.35M	USD	Point-in-time
Line of credit	`LineOfCredit`	$4.84M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.23M	USD	Point-in-time
Current portion of term debt	`LongTermDebtCurrent`	$1.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$998.41K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$806.21K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$121.39K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$147.50K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$98.89K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$17.72K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.51M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$952.64K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.11M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$6.25M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$6.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.22M	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`	$40.47K	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
Additional paid-in capital	`AdditionalPaidInCapital`	$2.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.19M	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`	$18.87M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$35.09M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$32.77M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$11.58M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$27.29M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$9.35M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$27.02M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$8.88M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$20.35M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$7.62M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$20.92M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.37M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.66M	USD	3 Qtrs
Engineering	`EngineeringExpense`	$361.03K	USD	3 Qtrs
Engineering	`EngineeringExpense`	$129.13K	USD	1 Quarter
Engineering	`EngineeringExpense`	$177.87K	USD	1 Quarter
Engineering	`EngineeringExpense`	$381.56K	USD	3 Qtrs
Selling	`SellingAndMarketingExpense`	$1.57M	USD	3 Qtrs
Selling	`SellingAndMarketingExpense`	$1.74M	USD	3 Qtrs
Selling	`SellingAndMarketingExpense`	$599.26K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$566.45K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.21M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.14M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.10M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$896.82K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.67M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$5.32M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$5.10M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$1.80M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$907.77K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.06M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.57M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$54.12K	USD	1 Quarter
Interest expense	`InterestExpense`	$60.38K	USD	1 Quarter
Interest expense	`InterestExpense`	$229.58K	USD	3 Qtrs
Interest expense	`InterestExpense`	$94.11K	USD	1 Quarter
Interest expense	`InterestExpense`	$269.27K	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$30.86K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$684.15K	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$55.45K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$47.97K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-221.30K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-63.25K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$454.56K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.93K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$2.02M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$844.52K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$835.42K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$49.19K	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$22.79K	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$282.37K	USD	3 Qtrs
Tax expense	`IncomeTaxExpenseBenefit`	$660.50K	USD	3 Qtrs
Tax expense	`IncomeTaxExpenseBenefit`	$286.32K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.36M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$26.39K	USD	1 Quarter
Net income	`NetIncomeLoss`	$558.21K	USD	1 Quarter
Net income	`NetIncomeLoss`	$553.05K	USD	3 Qtrs
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.34	USD	3 Qtrs
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.14	USD	3 Qtrs
Basic net income per share (in Dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	3 Qtrs
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	3 Qtrs
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted net income per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	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`	4.04M	shares	3 Qtrs
Weighted average outstanding shares used to compute basic net income per share (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.05M	shares	3 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 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`	4.06M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	3 Qtrs
Weighted average outstanding shares used to compute diluted net income per share (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	3 Qtrs

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.36M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$26.39K	USD	1 Quarter
Net income	`NetIncomeLoss`	$558.21K	USD	1 Quarter
Net income	`NetIncomeLoss`	$553.05K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$29.81K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.50K	USD	3 Qtrs
(Gain) on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$603.45K	USD	3 Qtrs
(Gain) on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$958.00	USD	3 Qtrs
Depreciation expense	`Depreciation`	$633.12K	USD	3 Qtrs
Depreciation expense	`Depreciation`	$558.29K	USD	3 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$3.88K	USD	3 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$39.21K	USD	3 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$97.15K	USD	3 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$10.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.02M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-309.99K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-855.82K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-103.54K	USD	3 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$3.82K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-40.99K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$81.52K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$192.20K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$234.64K	USD	3 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.30M	USD	3 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-64.51K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-36.57K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-26.11K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-476.69K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-209.90K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-178.58K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$696.30K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-884.52K	USD	3 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$651.25K	USD	3 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$684.81K	USD	3 Qtrs
Proceeds from sale of property, plant, and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$958.00	USD	3 Qtrs
Proceeds from sale of property, plant, and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$835.54K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-160.62K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-650.29K	USD	3 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.49M	USD	3 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$228.34K	USD	3 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$1.00M	USD	3 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$933.19K	USD	3 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$907.94K	USD	3 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$7.76K	USD	3 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$30.87K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-648.73K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.56M	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$-113.04K	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$29.14K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.43M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$237.09K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.43M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$237.09K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Interest	`InterestPaid`	$229.58K	USD	3 Qtrs
Interest	`InterestPaid`	$273.73K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$1.23M	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$296.85K	USD	3 Qtrs

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