10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001437749-16-035260`
Period End Date	20160531
Filing Date	20160715
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	artw-20160531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 72 Cash Flow Statement 62

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$18.81K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$20.08K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$267.51K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$447.33K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$511.72K	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $20,076 and $18,810 in 2016 and 2015, respectively	`AccountsReceivableNetCurrent`	$2.06M	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $20,076 and $18,810 in 2016 and 2015, respectively	`AccountsReceivableNetCurrent`	$1.54M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.49M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$15.70M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.15M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$1.15M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cost and Profit in Excess of Billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$74.84K	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`	$206.67K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$311.15K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$345.91K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$59.34K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.06M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$257.05K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.11M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.96M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.11M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.10M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$9.69M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$9.36M	USD	Point-in-time
Assets held for sale, net	`DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNoncurrent`	$1.25M	USD	Point-in-time
Assets held for sale, net	`DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNoncurrent`	$114.86K	USD	Point-in-time
Goodwill	`Goodwill`	$375.00K	USD	Point-in-time
Goodwill	`Goodwill`	$375.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$45.72K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$53.94K	USD	Point-in-time
Total assets	`Assets`	$31.33M	USD	Point-in-time
Total assets	`Assets`	$28.00M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.10M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.96M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$522.40K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$616.74K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$307.23K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$166.63K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$86.86K	USD	Point-in-time
Billings in Excess of Cost and Profit	`BillingsInExcessOfCostCurrent`	$148.47K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.25M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$835.83K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$846.96K	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$4.63M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.41M	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2016 and 2015; issued and outstanding 0 shares in 2016 and 2015.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2016 and 2015; issued and outstanding 0 shares in 2016 and 2015.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2016 and 2015; issued and outstanding 4,105,052 in 2016 and 4,061,052 in 2015	`CommonStockValue`	$40.61K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2016 and 2015; issued and outstanding 4,105,052 in 2016 and 4,061,052 in 2015	`CommonStockValue`	$41.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.52M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.58M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$31.33M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$28.00M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$7.80M	USD	1 Quarter
Sales	`SalesRevenueNet`	$15.09M	USD	2 Qtrs
Sales	`SalesRevenueNet`	$5.74M	USD	1 Quarter
Sales	`SalesRevenueNet`	$12.13M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$5.60M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$4.24M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$10.83M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$8.93M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.20M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.26M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.50M	USD	1 Quarter
Engineering	`EngineeringExpense`	$235.22K	USD	2 Qtrs
Engineering	`EngineeringExpense`	$119.54K	USD	1 Quarter
Engineering	`EngineeringExpense`	$107.37K	USD	1 Quarter
Engineering	`EngineeringExpense`	$223.54K	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$1.15M	USD	2 Qtrs
Selling	`SellingAndMarketingExpense`	$581.21K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$434.95K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$918.75K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.94M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$990.67K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.14M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$3.52M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.53M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.09M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.79M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$414.14K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-33.05K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$116.19K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$743.29K	USD	2 Qtrs
Interest expense	`InterestExpense`	$134.19K	USD	2 Qtrs
Interest expense	`InterestExpense`	$81.58K	USD	1 Quarter
Interest expense	`InterestExpense`	$60.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$161.07K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$16.58K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$21.45K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$62.74K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$17.75K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-60.14K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-144.49K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-71.44K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-42.41K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$354.01K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-75.46K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$598.81K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$44.74K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$122.39K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$20.34K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$198.99K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$-18.89K	USD	1 Quarter
Net income	`NetIncomeLoss`	$231.62K	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.40K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-56.57K	USD	1 Quarter
Net income	`NetIncomeLoss`	$399.82K	USD	2 Qtrs
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	2 Qtrs
Basic net income per share (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	2 Qtrs
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	2 Qtrs
Diluted net income per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
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`	4.10M	shares	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.09M	shares	2 Qtrs
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 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`	4.09M	shares	2 Qtrs
Weighted average outstanding shares used to compute diluted net income per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.10M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.06M	shares	2 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$231.62K	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.40K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-56.57K	USD	1 Quarter
Net income	`NetIncomeLoss`	$399.82K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$39.43K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$28.48K	USD	2 Qtrs
(Gain)/Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$43.88K	USD	2 Qtrs
(Gain)/Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-6.96K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$409.61K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$459.41K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$3.24K	USD	2 Qtrs
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$2.25K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$72.91K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$17.59K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-512.72K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.74K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$881.98K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.21M	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-100.42K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-34.77K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$191.63K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$319.74K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$94.34K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$64.31K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-37.36K	USD	2 Qtrs
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$193.45K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$140.61K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$607.27K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$10.15K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-213.16K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-88.67K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$306.13K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.19M	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$139.99K	USD	2 Qtrs
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$69.66K	USD	2 Qtrs
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.17M	USD	2 Qtrs
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$14.46K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.10M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-125.54K	USD	2 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-1.86M	USD	2 Qtrs
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$749.77K	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$1.61M	USD	2 Qtrs
Repayment of term debt	`RepaymentsOfLongTermDebt`	$637.93K	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividendsCommonStock`	-	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividendsCommonStock`	$202.43K	USD	2 Qtrs
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.47M	USD	2 Qtrs
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-90.59K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$90.01K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-179.83K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$267.51K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$447.33K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$511.72K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$267.51K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$601.72K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$447.33K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$511.72K	USD	Point-in-time
Interest	`InterestPaid`	$160.80K	USD	2 Qtrs
Interest	`InterestPaid`	$140.82K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$4.51K	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.