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Note 18 - Segment Information | 6 Months Ended
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May 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
| 18) | Segment Information
As of May 31, 2024, the Company has two reportable segments: Agricultural Products and Modular Buildings. The Agricultural Products segment manufactures and sells farm equipment and related replacement parts under the Art’s-Way Manufacturing label. The Modular Buildings segment manufactures and installs modular buildings for various uses, commonly animal containment and research laboratories. The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes, exclusive of nonrecurring gains and losses. Approximate financial information with respect to the reportable segments is as follows.
|  | Three Months Ended May 31, 2024 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Consolidated (Continuing Operations) |
Revenue from external customers |  | $ | 4,555,000 |  |  | $ | 2,175,000 |  |  | $ | 6,730,000 |
Gross profit |  |  | 1,323,000 |  |  |  | 584,000 |  |  |  | 1,907,000 |
Operating Expense |  |  | 1,481,000 |  |  |  | 257,000 |  |  |  | 1,738,000 |
Income (loss) from operations |  |  | (158,000 | ) |  |  | 327,000 |  |  |  | 169,000 |
Income (loss) before tax |  |  | (323,000 | ) |  |  | 318,000 |  |  |  | (5,000 | )
Total Assets |  |  | 19,528,000 |  |  |  | 2,611,000 |  |  |  | 22,139,000 |
Capital expenditures |  |  | 205,000 |  |  |  | 27,000 |  |  |  | 232,000 |
Depreciation & Amortization |  | $ | 161,000 |  |  | $ | 71,000 |  |  | $ | 232,000 |
|  | Three Months Ended May 31, 2023 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Consolidated (Continuing Operations) |
Revenue from external customers |  | $ | 6,368,000 |  |  | $ | 1,856,000 |  |  | $ | 8,224,000 |
Gross profit |  |  | 1,799,000 |  |  |  | 385,000 |  |  |  | 2,184,000 |
Operating Expense |  |  | 1,483,000 |  |  |  | 268,000 |  |  |  | 1,751,000 |
Income from operations |  |  | 316,000 |  |  |  | 117,000 |  |  |  | 433,000 |
Income before tax |  |  | 197,000 |  |  |  | 220,000 |  |  |  | 417,000 |
Total Assets |  |  | 19,776,000 |  |  |  | 3,399,000 |  |  |  | 23,175,000 |
Capital expenditures |  |  | 249,000 |  |  |  | 78,000 |  |  |  | 327,000 |
Depreciation & Amortization |  | $ | 125,000 |  |  | $ | 81,000 |  |  | $ | 206,000 |
|  | Six Months Ended May 31, 2024 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Consolidated (Continuing Operations) |
Revenue from external customers |  | $ | 8,792,000 |  |  | $ | 3,662,000 |  |  | $ | 12,454,000 |
Gross profit |  |  | 2,464,000 |  |  |  | 916,000 |  |  |  | 3,380,000 |
Operating Expense |  |  | 3,049,000 |  |  |  | 543,000 |  |  |  | 3,592,000 |
Income (loss) from operations |  |  | (584,000 | ) |  |  | 373,000 |  |  |  | (211,000 | )
Income (loss) before tax |  |  | (897,000 | ) |  |  | 355,000 |  |  |  | (542,000 | )
Total Assets |  |  | 19,528,000 |  |  |  | 2,611,000 |  |  |  | 22,139,000 |
Capital expenditures |  |  | 389,000 |  |  |  | 124,000 |  |  |  | 513,000 |
Depreciation & Amortization |  | $ | 308,000 |  |  | $ | 126,000 |  |  | $ | 434,000 |
|  | Six Months Ended May 31, 2023 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Consolidated (Continuing Operations) |
Revenue from external customers |  | $ | 11,813,000 |  |  | $ | 3,498,000 |  |  | $ | 15,311,000 |
Gross profit |  |  | 3,662,000 |  |  |  | 708,000 |  |  |  | 4,370,000 |
Operating Expense |  |  | 2,845,000 |  |  |  | 549,000 |  |  |  | 3,394,000 |
Income from operations |  |  | 818,000 |  |  |  | 159,000 |  |  |  | 977,000 |
Income before tax |  |  | 604,000 |  |  |  | 257,000 |  |  |  | 861,000 |
Total Assets |  |  | 19,776,000 |  |  |  | 3,399,000 |  |  |  | 23,175,000 |
Capital expenditures |  |  | 501,000 |  |  |  | 123,000 |  |  |  | 624,000 |
Depreciation & Amortization |  | $ | 250,000 |  |  | $ | 158,000 |  |  | $ | 408,000 |
*The consolidated total in the tables is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding.

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