Art’s-Way(ARTW) - 2024 Q3 - Quarterly Results

Sales Performance - Consolidated sales for Q3 2024 were $5,876,000, a decrease of$2,241,000 or 27.6% compared to $8,117,000 in Q3 2023[6] - For the nine months ended August 31, 2024, consolidated sales were$18,329,000, down $5,100,000 or 21.8$23,429,000 in the same period of 2023[6] - Agricultural Products segment sales in Q3 2024 were $2,988,000, a decrease of$2,542,000 or 46.0% from $5,530,000 in Q3 2023[7] - Modular Buildings segment sales increased to$2,888,000 in Q3 2024, up $301,000 or 11.6$2,587,000 in Q3 2023[8] Net Income and Loss - Consolidated net income for Q3 2024 was $2,000, compared to a net income of$241,000 in Q3 2023, resulting in a net loss of $427,000 for the nine months ended August 31, 2024[9] - Loss per share for Q3 2024 was$0.00, compared to earnings of $0.05 per share in Q3 2023; for the nine months, loss per share was$0.08 compared to earnings of $0.18 in the same period of 2023[10] Future Outlook - The company anticipates it may take another twelve months for sales stabilization in the Agricultural Products segment due to ongoing market conditions[9] - The company expects continued positive performance from the Modular Buildings segment, driven by large research projects and growing market opportunities[9] Cost Management - The company has implemented cost-cutting measures, including layoffs and early retirement incentives, to mitigate cash flow impacts from decreased sales[7] Leadership Changes - Marc McConnell has been appointed as the new President and CEO effective October 1, 2024, following the mutual separation agreement with former CEO David King[11]