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]

Exhibit 99.1 FOR IMMEDIATE RELEASE February 9, 2024 ART'S WAY ANNOUNCES 18% REVENUE INCREASE, 104% INCREASE IN INCOME FROM CONTINUING OPERATIONS ARMSTRONG, IOWA, February 9, 2024 – Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural and research needs, announces its financial results for fiscal 2023. | --- | --- | --- | |--------------------------------------------|------------------------------------------------------ ...

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock $0.01 par value ARTW The Nasdaq Stock Market LLC Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the ...

Sales Performance - Consolidated corporate sales for Q2 2023 were $9,008,000, a 23.8% increase compared to $7,275,000 in Q2 2022[85] - Agricultural Products segment sales for Q2 2023 were $6,368,000, a 19.8% increase compared to $5,316,000 in Q2 2022[86] - Modular Buildings segment sales for Q2 2023 were $1,856,000, a 53.5% increase compared to $1,209,000 in Q2 2022[87] - Tools segment sales for Q2 2023 were $784,000, a 4.5% increase compared to $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% increase compared to $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]