XML 40 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Note 18 - Segment Information
 3 Months Ended
Feb. 28, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
 

18)

Segment Information

 

In accordance with ASC 280, “Segment Reporting," the Company’s chief operating decision maker, or CODM, has been identified as the President, Chief Executive Officer and Chairman, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The CODM utilizes gross profit and income from operations to evaluate segment performance and allocate resources. The Company's selling, general and administrative expenses and engineering expenses are charged to each segment as incurred by each reportable segment. The Company allocates a small portion of corporate expenses from the Agricultural Products segment to the Modular Buildings segment monthly for administrative support services provided.

 

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 under the Art's Way Scientific and Evolution Modular labels. 

 

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 February 28, 2025

 
  

Agricultural Products

  

Modular Buildings

  

Consolidated (Continuing Operations)*

 

Revenue from external customers

 $2,948,000  $2,193,000  $5,141,000 

Gross profit

 $788,000  $708,000  $1,496,000 

Operating Expense

 $1,167,000  $327,000  $1,494,000 

Income (loss) from operations

 $(379,000) $381,000  $2,000 

Income (loss) before tax

 $(438,000) $368,000  $(70,000)

Income tax expense (benefit)

 $(92,000) $77,000  $(15,000)
             

Total Assets

 $18,857,000  $2,148,000  $21,005,000 

Capital expenditures

 $67,000  $16,000  $83,000 

Depreciation & Amortization

 $148,000  $60,000  $208,000 

Interest expense

 $61,000  $15,000  $76,000 

Engineering

 $85,000  $-  $85,000 

Selling

 $206,000  $144,000  $350,000 

General and administrative (G&A)

 $876,000  $183,000  $1,059,000 

Corporate expense (included in G&A)

 $101,000  $45,000  $146,000 

 

  

Three Months Ended February 29, 2024

 
  

Agricultural Products

  

Modular Buildings

  

Consolidated (Continuing Operations)*

 

Revenue from external customers

 $4,236,000  $1,487,000  $5,723,000 

Gross profit

 $1,141,000  $332,000  $1,473,000 

Operating Expense

 $1,568,000  $286,000  $1,854,000 

Income (loss) from operations

 $(426,000) $46,000  $(380,000)

Income (loss) before tax

 $(574,000) $37,000  $(537,000)

Income tax expense (benefit)

 $(121,000) $8,000  $(113,000)
             

Total Assets

 $20,470,000  $2,746,000  $23,216,000 

Capital expenditures

 $184,000  $97,000  $281,000 

Depreciation & Amortization

 $148,000  $60,000  $208,000 

Interest Expense

 $153,000  $13,000  $166,000 

Engineering

 $160,000  $-  $160,000 

Selling

 $386,000  $77,000  $463,000 

General and administrative (G&A)

 $1,022,000  $209,000  $1,231,000 

Corporate expense (included in G&A)

 $136,000  $30,000  $166,000 

 

*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.