Art's Way Manufacturing Co., a manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the first quarter of fiscal 2021.
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rt's Way Manufacturing consolidated corporate sales for the three-month period ended February 28, 2021 were $5,401,000 compared to $5,026,000 during the same period in fiscal 2020, an increase of $375,000, or 7.5%. The increase in consolidated revenue is due to increased sales in our Agricultural Products segment.
Art's Way Manufacturing first quarter sales in our Agricultural Products segment were $3,500,000 compared to $2,953,000 for the same period in fiscal 2020, an increase of $547,000, or 18.5%.
Art's Way Manufacturing first quarter sales in our Modular Buildings segment were $1,291,000 compared to $1,457,000 for the same period in fiscal 2020, a decrease of $166,000, or 11.4%.
Art's Way Manufacturing Tools segment had sales of $610,000 during the first quarter compared to $616,000 for the same period in fiscal 2020, a decrease of $6,000, or 1.0%.
Consolidated net loss was $(315,000) for the three-month period ended February 28, 2021 compared to net loss of $(437,000) for the same period in fiscal 2020.
Loss per basic and diluted share for the first quarter of fiscal 2021 was ($0.07), compared to loss per basic and diluted share of $(0.10) for the same period in fiscal 2020.
President and CEO of Art's Way Manufacturing, David King reports, "We are pleased to report top-line growth in the first quarter due to the increased revenue in our Agricultural Products segment. With strong backlogs for the Agricultural Products and Tools segments, as well as increased quoting activity for Modular Buildings, we are optimistic about continued revenue growth for the remainder of the year."
"While our outlook for the year is positive, we continue to navigate challenges related to increased prices for steel, building materials and purchased components along with availability issues. As such, we have raised prices where necessary and are diligently working with suppliers to ensure delays do not negatively affect our ability to deliver products." ■