Art’s-Way(ARTW) - 2024 Q2 - Quarterly Results

Sales Performance - Consolidated sales for Q2 2024 were $6,730,000, a decrease of$1,494,000 or 18.2% compared to $8,224,000 in Q2 2023[5] - For the six months ended May 31, 2024, consolidated sales were$12,454,000, down $2,857,000 or 18.7$15,311,000 in the same period of 2023[5] - Agricultural Products segment sales in Q2 2024 were $4,555,000, a decrease of$1,813,000 or 28.5% from $6,368,000 in Q2 2023[6] - Modular Buildings segment sales increased to$2,175,000 in Q2 2024, up $319,000 or 17.2$1,856,000 in Q2 2023[7] Financial Results - Consolidated net loss for Q2 2024 was $5,000, compared to net income of$330,000 in Q2 2023[8] - Loss per share for Q2 2024 was $0.00, compared to earnings of$0.07 per share in Q2 2023[9] Strategic Focus - The company anticipates continued positive performance in the Modular Buildings segment due to a strong backlog[8] - Cost-cutting measures have been implemented, including layoffs and early retirement incentives, to mitigate cash flow impacts from decreased sales[6] - The company is focusing on operational efficiency and prudent fiscal management to navigate challenging market conditions in the Agricultural Products segment[9] Market Outlook - The USDA has projected a 25% decline in farm income for 2024, impacting sales in the Agricultural Products segment[6]