10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-15-013093`
Period End Date	20150531
Filing Date	20150630
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	artw-20150531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 72 Cash Flow Statement 62

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.41K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.17K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$250.39K	USD	Point-in-time
Undesignated preferred stock - par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$511.72K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Undesignated preferred stock - par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Undesignated preferred stock - authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Undesignated preferred stock - authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $38,415 and $35,175 in 2015 and 2014, respectively	`AccountsReceivableNetCurrent`	$2.93M	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $38,415 and $35,175 in 2015 and 2014, respectively	`AccountsReceivableNetCurrent`	$2.96M	USD	Point-in-time
Inventories, net	`InventoryNet`	$15.09M	USD	Point-in-time
Undesignated preferred stock - issued shares (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Undesignated preferred stock - issued shares (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$15.97M	USD	Point-in-time
Undesignated preferred stock - outstanding shares (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Undesignated preferred stock - outstanding shares (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.26M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.31M	USD	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$17.54K	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`	$85.82K	USD	Point-in-time
Common stock authorized shares (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock authorized shares (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$100.42K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$125.23K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$449.43K	USD	Point-in-time
Common stock issued shares (in shares)	`CommonStockSharesIssued`	4.06M	shares	Point-in-time
Common stock issued shares (in shares)	`CommonStockSharesIssued`	4.05M	shares	Point-in-time
Common stock outstanding shares (in shares)	`CommonStockSharesOutstanding`	4.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$20.07M	USD	Point-in-time
Common stock outstanding shares (in shares)	`CommonStockSharesOutstanding`	4.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.35M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.37M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$11.68M	USD	Point-in-time
Assets held for lease, net	`DisposalGroupIncludingDiscontinuedOperationLongLivedAssets`	$58.50K	USD	Point-in-time
Assets held for lease, net	`DisposalGroupIncludingDiscontinuedOperationLongLivedAssets`	$26.59K	USD	Point-in-time
Goodwill	`Goodwill`	$993.73K	USD	Point-in-time
Goodwill	`Goodwill`	$993.73K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$42.89K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$47.36K	USD	Point-in-time
Total assets	`Assets`	$32.85M	USD	Point-in-time
Total assets	`Assets`	$33.79M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.32M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.57M	USD	Point-in-time
Less current portion of term debt	`LongTermDebtCurrent`	$1.30M	USD	Point-in-time
Less current portion of term debt	`LongTermDebtCurrent`	$1.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$938.96K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$874.65K	USD	Point-in-time
Customer Deposits	`CustomerDepositsCurrent`	$702.69K	USD	Point-in-time
Customer Deposits	`CustomerDepositsCurrent`	$95.41K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$96.38K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$127.30K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.50M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$10.15K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.50M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.12M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.14M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$5.95M	USD	Point-in-time
Long Term debt, excluding current portion	`LongTermDebtNoncurrent`	$5.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.31M	USD	Point-in-time
Commitments and Contingencies (Notes 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2015 and 2014; issued and outstanding 0 shares in 2015 and 2014.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2015 and 2014; issued and outstanding 0 shares in 2015 and 2014.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2015 and 2014; issued and outstanding 4,061,052 in 2015 and 4,048,552 in 2014	`CommonStockValue`	$40.61K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2015 and 2014; issued and outstanding 4,061,052 in 2015 and 4,048,552 in 2014	`CommonStockValue`	$40.49K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.57M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$19.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$19.25M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$32.85M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$33.79M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$15.71M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$7.80M	USD	1 Quarter
Sales	`SalesRevenueNet`	$15.09M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$9.47M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$10.83M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$7.14M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$5.60M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$12.04M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.26M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.67M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.21M	USD	1 Quarter
Engineering	`EngineeringExpense`	$231.90K	USD	2 Qtrs
Engineering	`EngineeringExpense`	$118.36K	USD	1 Quarter
Engineering	`EngineeringExpense`	$235.22K	USD	2 Qtrs
Engineering	`EngineeringExpense`	$119.54K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$1.15M	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$581.21K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$639.89K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$1.18M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.11M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.13M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.14M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.88M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.52M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.79M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.52M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$414.14K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$148.96K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$443.89K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$743.29K	USD	2 Qtrs
Interest expense	`InterestExpense`	$161.07K	USD	2 Qtrs
Interest expense	`InterestExpense`	$121.22K	USD	1 Quarter
Interest expense	`InterestExpense`	$81.58K	USD	1 Quarter
Interest expense	`InterestExpense`	$175.16K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$11.43K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$21.45K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$16.58K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$17.11K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-109.79K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-158.06K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-144.49K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-60.14K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$334.10K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$598.81K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-9.10K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$354.01K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$80.94K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$198.99K	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-3.94K	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$122.39K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$231.62K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$253.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$399.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-5.16K	USD	2 Qtrs
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`	-	USD	2 Qtrs
Basic net income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	2 Qtrs
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`	$0.10	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`	$0.06	USD	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.06M	shares	2 Qtrs
Weighted average outstanding shares used to compute basic net income per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.06M	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 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	2 Qtrs
Weighted average outstanding shares used to compute diluted net income per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.06M	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`	4.06M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$231.62K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$253.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$399.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-5.16K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$14.50K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$28.48K	USD	2 Qtrs
Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$958.00	USD	2 Qtrs
Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-6.96K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$441.23K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$459.41K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$10.94K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$3.24K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$72.91K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$25.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.74K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$288.59K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$945.76K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$881.98K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$269.17K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-100.42K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$371.74K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$319.74K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$223.90K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$64.31K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-8.38K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-37.36K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$607.27K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$908.21K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$10.15K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-88.67K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-133.59K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$306.13K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-449.56K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$139.99K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$611.21K	USD	2 Qtrs
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$958.00	USD	2 Qtrs
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$14.46K	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-125.54K	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-610.25K	USD	2 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$714.74K	USD	2 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$749.77K	USD	2 Qtrs
Proceeds from term debt	`ProceedsFromIssuanceOfLongTermDebt`	$1.00M	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$620.24K	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$637.93K	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$7.76K	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividendsCommonStock`	$202.43K	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`	$-90.59K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$90.01K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$42.44K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$250.39K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$511.72K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Cash at beginning 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`	$511.72K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.95K	USD	Point-in-time
Interest	`InterestPaid`	$160.80K	USD	2 Qtrs
Interest	`InterestPaid`	$176.56K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$291.82K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$205.30K	USD	2 Qtrs

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