Art’s-Way(ARTW) - 2023 Q2 - Quarterly Report

Sales Performance - Consolidated corporate sales for Q2 2023 were $9,008,000, a 23.8$7,275,000 in Q2 2022[85] - Agricultural Products segment sales for Q2 2023 were $6,368,000, a 19.8$5,316,000 in Q2 2022[86] - Modular Buildings segment sales for Q2 2023 were $1,856,000, a 53.5$1,209,000 in Q2 2022[87] - Tools segment sales for Q2 2023 were $784,000, a 4.5$750,000 in Q2 2022[89] Gross Margin - Consolidated gross margin for Q2 2023 was 25.9%, down from 30.1% in Q2 2022[85] - Modular Buildings segment gross margin for Q2 2023 was 20.7%, up from 15.8% in Q2 2022[87] Net Income - Consolidated net income for Q2 2023 was $307,000, compared to$175,000 in Q2 2022[94] Order Backlog - Order backlog for the Modular Buildings segment as of July 7, 2023 was $3,480,000, a 229$1,056,000 in 2022[95] Cash Generation and Liquidation - The company estimates cash generation of approximately $950,000 from the liquidation of the Tools segment[89] Credit Facility - The company has a$5,000,000 revolving line of credit with Bank Midwest, with an outstanding principal balance of $4,704,059 as of May 31, 2023[97]