Financial Performance - Total sales for the three months ended February 28, 2025, were $5,140,955, a decrease of 10.2% compared to $5,723,394 for the same period in 2024[11] - Gross profit for the same period was $1,496,509, representing a slight increase of 1.8% from $1,473,524 in the prior year[11] - The company reported a net loss of $55,757 for the three months ended February 28, 2025, compared to a net loss of $465,040 for the same period in 2024, indicating a significant improvement[11] - Consolidated corporate sales for the three-month period ended February 28, 2025, were $5,141,000, a decrease of $582,000, or 10.2%, compared to $5,723,000 in the same period of fiscal 2024[74] - Consolidated net loss from continuing operations improved to $56,000 in Q1 fiscal 2025 from a net loss of $424,000 in Q1 fiscal 2024[80] Assets and Liabilities - Current assets totaled $13,000,700 as of February 28, 2025, slightly down from $13,124,309 as of November 30, 2024[9] - Total liabilities decreased to $8,923,851 as of February 28, 2025, from $9,146,861 as of November 30, 2024[9] - The total stockholders' equity as of February 28, 2025, was $12,080,743, a slight decrease from $12,093,823 as of November 30, 2024[9] - Total assets as of February 28, 2025, were $21,005,000, down from $23,216,000 as of February 29, 2024[69] Cash and Receivables - Cash at the end of the period increased to $4,133 from $2,485 at the end of the same period in 2024[17] - The company experienced a decrease in accounts receivable, net, to $1,407,411 from $2,372,876 year-over-year[9] - The Company had approximately $1,407,000 in receivables as of February 28, 2025, down from $2,373,000 on November 30, 2024, indicating a decrease of about 40.7%[38] - Expected credit losses for accounts receivable decreased to $106,236 as of February 28, 2025, from $32,528 as of February 29, 2024[36] Inventory and Expenses - Total gross inventory increased to $12,552,629 as of February 28, 2025, from $11,984,915 as of November 30, 2024, reflecting a rise of approximately 4.75%[41] - The Company’s net inventory increased to $10,881,082 as of February 28, 2025, compared to $10,327,913 as of November 30, 2024, reflecting an increase of approximately 5.3%[41] - Engineering expenses decreased to $85,230 from $160,353, a reduction of 46.8% compared to the same period last year[11] - Consolidated selling expenses decreased to $350,000 in Q1 fiscal 2025 from $463,000 in Q1 fiscal 2024, representing 6.8% of sales compared to 8.1%[77] - Administrative expenses decreased to $1,059,000 in Q1 fiscal 2025 from $1,230,000 in Q1 fiscal 2024, representing 20.6% of sales compared to 21.5%[79] Credit and Loans - The Company has a $5,500,000 revolving line of credit with Bank Midwest, with a balance of $2,199,437 and $3,300,563 available as of February 28, 2025[47] - The interest rate on the Line of Credit was 8.25% per annum as of February 28, 2025, with a floor set at 6.00%[47] - The Company entered into a new $4,000,000 revolving line of credit on March 27, 2025, with an interest rate of 7.5% per annum[48] - The Company has a $2,600,000 term loan with Bank Midwest, accruing interest at 7.00%, with monthly payments of $19,648 required[49] - Total term debt as of February 28, 2025, is $2,066,284, down from $2,094,966 on November 30, 2024[56] Segment Performance - Revenue from external customers for the Modular Buildings segment was $2,119,000 for the three months ended February 28, 2025, compared to $1,392,000 for the same period in 2024, representing a growth of approximately 52.4%[34] - Agricultural Products segment sales decreased by $1,288,000, or 30.4%, to $2,948,000 in Q1 2025 from $4,236,000 in Q1 2024, attributed to rising interest rates and declining commodity prices[75] - Modular Buildings segment sales for Q1 fiscal 2025 were $2,193,000, a 47.5% increase from $1,487,000 in Q1 fiscal 2024[76] - Gross margin for the three months ended February 28, 2025, was 29.1%, an increase from 25.7% in the same period of fiscal 2024[74] - Gross margin for the Agricultural Products segment was 26.7% for Q1 2025, compared to 26.9% in Q1 2024, despite a significant decrease in sales[75] Future Outlook - The company expects destocking in the agricultural market to continue in fiscal 2025, which may increase demand for its products moving forward[75] - The company plans to release product-specific programs in fiscal 2025 to manage inventory levels and unlock cash[75] - The company anticipates two interest rate cuts for fiscal 2025, which may stimulate economic growth[75] - The company expects $1.2 million in net Employer Retention Credit refunds, although the timing is uncertain[82] Other Financial Information - The Company recognized approximately $197,000 in revenue from contract liabilities for the first three months of fiscal 2025, down from $560,000 in the same period of fiscal 2024, a decline of about 64.8%[38] - The Company’s accrued expenses decreased to $856,888 as of February 28, 2025, from $1,303,718 as of November 30, 2024, a reduction of about 34.3%[42] - The accrued warranty balance decreased from $295,113 on February 29, 2024, to $225,186 on February 28, 2025[45] - Finance lease liabilities totaled $701,376 as of February 28, 2025, down from $755,344 on November 30, 2024[60] - Operating lease right-of-use assets decreased from $13,774 on November 30, 2024, to $11,546 on February 28, 2025[60] - The fair value of financial instruments approximates their carrying amounts due to the short maturity of these instruments[64] - The Company adopted ASU 2023-07 in Q1 of fiscal 2025, which did not have a significant impact on segment disclosures[30] - Related party transactions resulted in an expense of $3,355 for the three months ended February 28, 2025, compared to $3,931 for the same period in 2024[59] - Capital expenditures for the three months ended February 28, 2025, were $83,000, compared to $281,000 for the same period in fiscal 2024[69]

Financial Performance - Sales for Q1 2025 were $5,141,000, a 10.2% decline from Q1 2024[5] - Operating income improved to $2,000 compared to a loss of $380,000 in Q1 2024[2] - Net loss for Q1 2025 was $56,000, an improvement of $368,000 from a net loss of $424,000 in Q1 2024[2] - EPS for Q1 2025 was $(0.01), compared to $(0.08) for the same period in Q1 2024[7] - Gross profit improved by 3.4% compared to Q1 2024 despite a decline in sales[5] - Operating expenses were reduced by 19.4% from Q1 2024[5] Sales Performance by Segment - Modular buildings segment sales reached $2,193,000, up 47.5% from Q1 2024[4] - Agricultural products sales declined by 30.4% to $2,948,000 in Q1 2025[5] Economic Outlook - The company anticipates two interest rate cuts in fiscal 2025, which may stimulate economic growth[3] - A strong demand-driven backlog at the end of fiscal 2024 contributed to increased sales in Q1 2025[6]

Financial Performance - Fiscal 2024 net sales decreased to $24,499,000 from $30,281,000 in fiscal 2023, a decline of 19.3%[2] - Consolidated operating income from continuing operations dropped to $461,000 from $1,531,000 in the previous year[6] - Loss per share from continuing operations was $(0.02), compared to net income of $0.15 per share in fiscal 2023[7] - Consolidated net income for fiscal 2024 was $307,000, up from $267,000 in fiscal 2023[7] Segment Performance - Agricultural Products segment net sales fell by $7,804,000, or 34.7%, to $14,663,000 due to lower commodity prices and excess inventory[2][4] - Modular Buildings segment net sales increased by $2,022,000, or 25.9%, to $9,836,000, driven by a 124% increase in research sales[4] - The Agricultural Products segment backlog decreased to approximately $3,486,000 from $4,364,000 year-over-year[8] - Modular Buildings segment backlog also declined to approximately $2,393,000 from $6,170,000 in the previous year[8] Future Outlook - The company anticipates improved profitability and cash flow in fiscal 2025 due to solid demand and reduced overhead expenses[10] - The company reported a historical low in current debt levels, positioning it for future market improvements[9]

Sales Performance - Consolidated corporate sales for the three months ended August 31, 2024 decreased by $2,241,000 (27.6%) compared to the same period in fiscal 2023[99] - Agricultural Products segment sales for the three months ended August 31, 2024 decreased by $2,542,000 (46.0%) compared to the same period in fiscal 2023[100] - Modular Buildings segment sales for the three months ended August 31, 2024 increased by $301,000 (11.6%) compared to the same period in fiscal 2023[101] Financial Results - Consolidated net loss for the nine months ended August 31, 2024 was $427,000 compared to net income of $921,000 for the same period in fiscal 2023[106] - Consolidated gross margin for the three months ended August 31, 2024 was 28.9% compared to 28.3% for the same period in fiscal 2023[99] - Modular Buildings segment gross margin for the three months ended August 31, 2024 was 30.7% compared to 33.4% for the same period in fiscal 2023[101] Order Backlog - Agricultural Products segment order backlog as of October 3, 2024 decreased by 82.9% compared to fiscal 2023[107] - Modular Buildings segment order backlog as of October 3, 2024 increased by 234.6% compared to fiscal 2023[107] Cash Flow and Financing - The sale of real estate from the Tools segment in October 2024 is expected to net close to $1.7 million in cash after closing expenses[108] - The company expects $1.2 million of net Employer Retention Credit refunds to provide a material inflow of cash, although the timing is unknown[108] - The company has a revolving line of credit of $5,500,000 with Bank Midwest, with an outstanding principal balance of $3,867,437 as of August 31, 2024[109] - The revolving line of credit was renewed on March 4, 2024, and is scheduled to mature on March 30, 2025[109] - The company believes its current financing arrangements will provide sufficient cash to finance operations and pay debt when due during the next twelve months[109] - The company expects to continue to be able to procure financing upon reasonable terms[109] Financial Reporting and Controls - The company's disclosure controls and procedures were effective as of August 31, 2024[111] - The company's consolidated financial statements present fairly its financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States[111] - There were no changes in the company's internal controls over financial reporting that materially affected or are reasonably likely to materially affect its internal controls over financial reporting during the period covered by the report[112] - The company's condensed consolidated financial statements include balance sheets, statements of operations, cash flows, and notes to the financial statements[118] Legal and Stock Transactions - The company is not currently a party to any material pending legal proceedings[114] - The company did not make any purchases of its common stock during the third quarter of fiscal 2024[115]

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% from $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% from $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]

Financial Performance - Consolidated corporate sales for the three months ended May 31, 2024, were $6,730,000, an 18.2% decrease from $8,224,000 in the same period of fiscal 2023[99]. - Agricultural Products segment sales decreased by 28.5% to $4,555,000 for the second quarter of fiscal 2024, compared to $6,368,000 in fiscal 2023[100]. - Modular Buildings segment sales increased by 17.2% to $2,175,000 for the second quarter of fiscal 2024, compared to $1,856,000 in fiscal 2023[101]. - Consolidated net loss from continuing operations was $5,000 for the three months ended May 31, 2024, compared to net income of $330,000 for the same period in fiscal 2023[106]. Order Backlog - Consolidated order backlog as of July 8, 2024, was $7,867,000, a 23.1% decrease from $10,236,000 in July 2023[107]. - Agricultural Products segment order backlog decreased by 80.1% to $1,348,000 as of July 8, 2024, compared to $6,764,000 in fiscal 2023[107]. - Modular Buildings segment order backlog increased by 87.8% to $6,519,000 as of July 8, 2024, compared to $3,472,000 in fiscal 2023[107]. Expenses - Consolidated selling expenses for the six months ended May 31, 2024, were $860,000, a decrease of 17.5% from $1,042,000 in the same period of fiscal 2023[102]. - Administrative expenses increased to 19.8% of sales for the six months ended May 31, 2024, compared to 13.6% for the same period in fiscal 2023[104]. Future Outlook - The company expects to rely on inventory reduction, debt retirement, and cost-cutting measures to minimize losses and generate net income moving forward[106]. Compliance and Reporting - There were no changes in internal controls over financial reporting that materially affected the company during the reporting period[113]. - The company is not currently a party to any material pending legal proceedings[115]. - As a smaller reporting company, the company is not required to disclose risk factors[115]. - The company did not report any unregistered sales of equity securities during the period[117]. - The company has not made any purchases of its common stock during the second quarter of fiscal 2024[116]. - The company has filed condensed consolidated balance sheets and statements of operations and cash flows as part of its financial reporting[119]. - The report includes certifications from the Chief Executive Officer and Chief Financial Officer as required by regulations[120]. - The company has not disclosed any new strategies or market expansions in the current report[115]. - There are no defaults upon senior securities reported by the company[117]. - The company has not reported any mine safety disclosures as they are not applicable[117].

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% from $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% from $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]

Financial Performance - Consolidated corporate sales for the three-month period ended February 29, 2024, were $5,723,000, a decrease of $1,364,000, or 19.2%, compared to the same period in fiscal 2023[86]. - Consolidated net loss from continuing operations was $424,000 for the three-month period ended February 29, 2024, compared to net income of $350,000 for the same period in fiscal 2023[93]. - Consolidated administrative expenses increased to $1,230,000, or 21.5% of sales, compared to $984,000, or 13.9% of sales, in the same period last year[91]. - Engineering expenses rose to $160,000, or 2.8% of sales, compared to $128,000, or 1.8% of sales, in the prior year[90]. Segment Performance - Agricultural Products segment sales were $4,236,000, down $1,209,000, or 22.2%, due to decreased demand and lower commodity prices[87]. - Modular Buildings segment sales were $1,487,000, a decrease of $155,000, or 9.4%, despite a larger backlog[88]. - The company anticipates strong sales in the Modular Buildings segment for the remainder of fiscal 2024 due to a large backlog[93]. Order Backlog - Consolidated order backlog as of April 3, 2024, was $11,416,000, a 4.9% decrease from $12,007,000 in the previous year[94]. - Agricultural Products segment order backlog decreased by 68.2% to $2,476,000, while Modular Buildings segment backlog increased by 112.4% to $8,940,000[94]. Shareholder Activities - In the first quarter of fiscal 2024, the company purchased a total of 18,458 shares at an average price of $2.04 per share[103]. - There are no announced publicly plans or programs for additional share purchases at this time[103]. - The company’s stock repurchase reflects shares withheld for tax obligations related to restricted stock awards[103]. Legal and Compliance - The company is not currently involved in any material pending legal proceedings[102]. - The company has not disclosed any risk factors as it qualifies as a smaller reporting company[102]. - The company has filed various certificates and notes related to its financial reporting and compliance with the Securities Exchange Act of 1934[106]. - The financial statements include condensed consolidated balance sheets and statements of operations, cash flows, and notes[106]. - The company has a promissory note dated March 4, 2024, with Bank Midwest[106]. - The company has not reported any unregistered sales of equity securities during the period[102]. - The company’s financial reporting is compliant with 17 CFR 13a-14(a) and 18 U.S.C. Section 1350 requirements[106]. Future Outlook - The company expects to rely on brand reputation and product availability to drive sales activity for fiscal 2024[94].

Financial Performance - Consolidated sales for Q1 fiscal 2024 were $5,723,000, a decrease of $1,364,000 or 19.2% compared to $7,087,000 in Q1 fiscal 2023[3] - Consolidated net loss for Q1 fiscal 2024 was $424,000, compared to net income of $350,000 in Q1 fiscal 2023[7] - Loss per share for continuing operations was $0.09, compared to income of $0.07 per share in the same period last year[8] Segment Performance - Agricultural Products segment sales fell to $4,236,000, down $1,209,000 or 22.2% from $5,445,000 in the same period last year[4] - Modular Buildings segment sales decreased to $1,487,000, a decline of $155,000 or 9.4% compared to $1,642,000 in Q1 fiscal 2023[6] Order Backlog - Consolidated order backlog as of April 3, 2024, was $11,416,000, a 4.9% decrease from $12,007,000 a year earlier[8] - Agricultural Products segment backlog dropped to $2,476,000, a significant decrease of 68.2% from $7,798,000 in fiscal 2023[8] - Modular Buildings segment backlog increased to $8,940,000, a 112.4% rise from $4,209,000 in fiscal 2023, with expectations of nearly 48% revenue growth[9] Strategic Initiatives - The company is implementing cost-cutting measures and focusing on operational improvements, including new product development and dealer network expansion[10] - The USDA projects a 25.5% decrease in net farm income, impacting demand in the Agricultural Products segment[8]

Revenue Segments - Agricultural Products segment accounted for 74.2% of net revenue in fiscal 2023, down from 81.5% in fiscal 2022[14] - Modular Buildings segment contributed 25.8% to net revenue in fiscal 2023, up from 18.5% in fiscal 2022[15] - Total revenue for the Agricultural Products segment was $22,467,000, while the Modular Buildings segment generated $7,814,000, leading to a combined total revenue of $30,281,000[136] - Revenue from external customers for the Agricultural Products segment was $22,467,000, while the Modular Buildings segment generated $7,814,000, leading to consolidated revenue of $30,281,000[218] - Revenue from external customers for Agricultural Products was $20,912,000, and for Modular Buildings was $4,734,000, totaling consolidated revenue of $25,646,000[219] Backlog and Sales - The Agricultural Products segment's backlog was approximately $4,364,000 as of February 1, 2024, a decrease from $9,366,000 on February 1, 2023[22] - The Modular Buildings segment's backlog increased to approximately $6,170,000 as of February 1, 2024, compared to $4,985,000 in 2023[22] - International sales accounted for 3.1% of consolidated sales in fiscal 2023, down from 4.5% in fiscal 2022[21] - Sales for the year ended November 30, 2023, increased to $30,280,957, up 18.5% from $25,646,152 in 2022[92] Profit and Income - Gross profit rose to $8,583,882, representing a 23.7% increase compared to $6,938,656 in the previous year[92] - Income from operations significantly improved to $1,531,241, up 153.5% from $604,718 in 2022[92] - Net income for the year was $266,969, compared to $97,797 in 2022, marking a 172.5% increase[92] - Basic net income per share from continuing operations was $0.15, up from $0.08 in the prior year[92] - The company reported a net income from continuing operations of $762,789 in 2023, compared to $374,121 in 2022, showing a significant improvement[151] Expenses and Liabilities - Total expenses increased to $7,052,641, a rise of 11.3% from $6,333,938 in 2022[92] - Total liabilities decreased slightly to $12,760,859 in 2023 from $12,797,677 in 2022[89] - The total term debt as of November 30, 2023, is $2,899,654, a decrease from $3,001,919 in the previous year[189] Inventory and Assets - As of November 30, 2023, the gross inventories balance was $12,614,410, with a net balance of $11,031,362 after reserves[84] - Total current assets increased to $15,085,494 as of November 30, 2023, up from $14,133,429 in 2022[89] - The total assets of the company amounted to $23,347,000, with $20,754,000 from the Agricultural Products segment and $2,593,000 from Modular Buildings[218] Research and Development - The company contracted a $5,300,000 research project in December 2023, expected to be mostly completed in fiscal 2024[22] - Recent product developments included improvements to manure spreaders and grinder mixers for manufacturability and cost savings[23] - Research and development costs for fiscal years 2023 and 2022 were $204,000 and $193,000, respectively, indicating a year-over-year increase of approximately 5.7%[148] Discontinued Operations - The company ceased operations of its Tools business during the third quarter of fiscal 2023, now reported in discontinued operations[13] - The Tools segment was discontinued on June 7, 2023, to focus on more successful business segments, with liquidation expected to complete over the next two fiscal quarters[156] Financing and Credit - The Company maintains a $5,000,000 revolving line of credit and a $500,000 reserve line of credit, with a combined balance of $4,413,520 as of November 30, 2023, leaving $1,086,480 available[179] - The Company carries a $2,600,000 term loan with an interest rate of 7.00%, requiring monthly payments of $19,648, due October 1, 2037[180] - The Company must maintain a minimum of $4,000,000 in monthly working capital as per the loan agreements with Bank Midwest[186] Tax and Compliance - The total income tax expense for the fiscal year 2023 was $113,466, significantly higher than $19,203 in 2022, driven by an increase in deferred tax expenses[210] - The effective tax rate increased to 29.8% in 2023 from 16.4% in 2022, primarily due to differences in restricted stock values and non-deductible expenses[211] - The Company was out of compliance with its debt to worth ratio by ten percentage points as of November 30, 2023, but received a waiver from Bank Midwest[186] Employee and Stock Information - The company employed 93 employees in the Agricultural Products segment and 31 in the Modular Buildings segment as of November 30, 2023[33] - A total of 93,251 shares were issued under the 2020 Equity Incentive Plan for the year ended November 30, 2023, down from 110,167 shares in 2022[196] - Stock-based compensation expense for the twelve months ended November 30, 2023, was $292,185, compared to $287,721 for the same period in 2022, reflecting a slight increase[197]