ARTS WAY MANUFACTURING CO INC

Listed Company

ARTWCIK 0000007623NasdaqNon-AcceleratedSmaller ReportingFarm Machinery & EquipmentNorth CarolinaFY ends Nov 30

Period

FY 2025

Revenue

$22.98M

Net Income

$1.03M

Total Assets

$22.48M

Equity

$13.31M

Shares Out

5.18M

Op. Cash Flow

$-904.1K

Business

ARTS WAY MANUFACTURING CO INC is a worldwide manufacturer of agricultural equipment and specialized modular science and agricultural buildings. It produces farm machinery including feed processing equipment, forage equipment, manure spreaders, sugar beet harvesters, dirt work equipment and bale processors, and designs, manufactures, sells and leases custom modular research and animal containment buildings. The company operates two segments: an Agricultural Products segment selling branded machinery and aftermarket parts, and a Modular Buildings segment (Art’s‑Way Scientific) delivering turnkey laboratory and containment facilities. It sells through independent dealers across the United States, Canada, Australia, Japan and the U.K., and directly to research, government and private-sector customers, with limited exports to other countries.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Revenues	23	24	30	26	25
Cost of goods sold	17	17	22	19	18
Gross profit	6	7	9	7	7
Engineering	343,964	432,587	598,065	580,537	505,085
Selling	1	2	2	2	2
General and administrative	4	5	4	4	4
Total expenses	6	7	7	6	6
Income from operations	289,455	460,697	2	604,718	523,408
Interest expense	−366,683	−599,396	−590,005	—	—
Other Nonoperating Income (Expense)	2	3,208	147,512	240,414	56,967
Total other income (expense)	1	−596,188	−442,493	−163,774	−256,518
Income (loss) from continuing operations before income taxes	1	−135,491	1	440,944	266,890
Income tax expense (benefit)	402,178	−41,025	325,959	66,823	54,259
Income (loss) from continuing operations	1	−94,466	762,789	374,121	—
Income from discontinued operations before income taxes	0	517,171	−708,313	−323,944	—
Income tax expense - discontinued operations	0	115,330	−212,493	−47,620	—
Income from discontinued operations	0	401,841	−495,820	−276,324	—
Net Income	1	307,375	266,969	97,797	212,631
Continuing Operations (in dollars per share)	0.2	−0.02	0.15	0.08	—
Discontinued Operations (in dollars per share)	0	0.08	−0.1	—	—
Net income per share (in dollars per share)	0.2	0.06	0.05	0.02	0.05
Continuing Operations (in dollars per share)	0.2	−0.02	0.15	0.08	—
Discontinued Operations (in dollars per share)	0	0.08	−0.1	−0.06	—
Net income per share (in dollars per share)	0.2	0.06	0.05	0.02	0.05
Weighted average outstanding shares used to compute basic net income per share (in shares)	5	5	5	5	5
Weighted average outstanding shares used to compute diluted net income per share (in shares)	5	5	5	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash	4,849	1,860	4,014	5,055	2,658
Accounts receivable-customers, net of allowance for expected credit losses of $60,601 and $108,636 in 2025 and 2024, respectively	2	2	3	2	3
Inventories, net	12	10	11	10	9
Cost and profit in excess of billings	379,547	213,195	289,282	450,906	177,284
Other current assets	487,020	208,465	296,662	333,287	121,170
Total current assets	15	13	15	14	12
Property, plant, and equipment, net	5	5	5	5	—
Assets held for lease, net	144,618	89,033	145,494	400,325	—
Deferred income taxes, net	2	2	3	3	3
Other assets	408,060	436,175	583,752	474,714	299,034
Total assets	22	21	24	24	21
Accounts payable	902,326	944,448	2	3	2
Customer deposits	88,920	180,597	416,044	825,413	278,509
Billings in excess of cost and profit	430,712	2	351,289	328,041	280,761
Income taxes payable	15,000	5,500	5,000	3,500	5,500
Accrued Liabilities, Current	1	1	1	1	1
Line of credit	3	2	4	4	4
Current portion of finance lease liabilities	255,748	220,908	257,454	142,893	48,591
Current portion of long-term debt	165,326	119,734	109,193	94,808	99,462
Total current liabilities	6	7	9	9	8
Long-term portion of operating lease liabilities	0	4,700	13,774	22,426	34,931
Long-term portion of finance lease liabilities	408,154	534,436	722,200	475,411	142,386
Long-term debt, excluding current portion	2	2	3	3	3
Total liabilities	9	9	13	13	10
Commitments and Contingencies (Notes 8, 9, 10 and 17)	—	—	—	—	—
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2025 and 2024; issued and outstanding 0 shares in 2025 and 2024.	0	0	0	0	0
Common stock $0.01 par value. Authorized 9,500,000 shares in 2025 and 2024; issued 5,225,423 in 2025 and 5,149,173 in 2024	52,254	51,492	51,069	50,137	45,835
Additional paid-in capital	5	5	5	5	4
Retained earnings	8	7	7	7	7
Treasury stock, at cost (113,589 shares in 2025 and 112,714 shares in 2024)	−308,688	−307,146	−269,492	−200,956	—
Total stockholders equity	13	12	12	11	10
Total liabilities and stockholders equity	22	21	24	24	21

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Stock based compensation	179,080	182,847	292,185	287,721	265,541
Increase in obsolete inventory reserves	56,790	152,902	−126,707	—	—
Gain on disposal of property, plant, and equipment	−45,544	−5,300	−92,495	−154,112	−17,935
Depreciation and amortization expense	792,112	868,004	774,365	661,018	613,409
Amortization of cloud computing implementation costs	60,909	121,819	30,455	—	—
Increase (decrease) in allowance for expected credit losses - accounts receivable	−48,035	76,499	−1,151	−3,489	−12,987
Deferred income taxes	379,363	62,916	102,182	16,491	45,800
Accounts receivable	219,032	982,841	−964,275	−83,669	−259,439
Inventories	−1	550,547	−1	−1	−809,070
Other assets	−339,464	−33,644	44,117	2,735	−59,887
Accounts payable	−42,122	−1	−253,961	934,160	−218,313
Contracts in progress, net	−2	2	184,872	−226,342	−116,723
Customer deposits	−91,677	−235,447	−409,369	551,857	80,284
Income taxes payable	9,500	500	1,500	−2,000	4,400
Accrued expenses	32,924	−95,934	237,471	133,251	−120,266
Net cash provided by (used in) operating activities - continuing operations	−904,143	3	−715,969	1	—
Net cash used in operating activities - discontinued operations	0	−249,279	660,775	−274,900	—
Net cash provided by (used in) operating activities	−904,143	3	−55,194	951,721	−985,854
Purchases of property, plant, and equipment	−627,615	−724,679	−841,784	−2	−620,284
Net proceeds from sale of assets	47,138	5,300	286,815	403,504	20,807
Net cash used in investing activities - continuing operations	−580,477	−719,379	−554,969	−1	—
Net cash provided by investing activities - discontinued operations	0	2	101,457	−77,870	—
Net cash provided by (used in) investing activities	−580,477	961,074	−453,512	−1	−599,477
Net change in line of credit	1	−2	489,020	150,030	2
Principal payments on finance lease obligations	−230,312	−262,503	−184,881	−88,251	−9,046
Proceeds from term debt	516,971	0	—	—	—
Repayment of term debt	−121,508	−644,089	−99,136	−94,365	−90,179
Repurchases of common stock	−1,542	−37,654	−68,536	−92,432	−30,470
Net cash provided by (used in) financing activities - continuing operations	1	−3	534,003	428,026	—
Net cash used in financing activities - discontinued operations	0	−160,599	−26,338	−33,503	—
Net cash provided by (used in) financing activities	1	−4	507,665	394,523	2
Net increase (decrease) in cash	2,989	−2,154	−1,041	2,397	−26
Interest	338,112	601,680	606,747	421,241	270,616
Income taxes	13,371	6,309	3,646	2,365	1,675
Right-of-use (ROU) assets acquired (included in other assets)	138,870	38,912	134,544	698,153	219,937
Amortization of operating lease ROU assets (included in other assets)	13,774	8,653	12,375	12,862	0

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