Art’s-Way(US:ARTW)2019-04-09 18:01Financial Performance - Consolidated net sales for the three-month period ended February 28, 2019, were $4,124,000, a decrease of $1,242,000 or 23.1% compared to the same period in fiscal 2018[90] - Gross margin for the three-month period ended February 28, 2019, was 14.7%, down from 20.9% for the same period in fiscal 2018[90] - Consolidated net loss from continuing operations before income taxes was $(781,000) for the three-month period ended February 28, 2019, compared to $(306,000) for the same period in fiscal 2018[98] - First quarter sales at Manufacturing were $2,610,000, a decrease of $1,320,000 or 33.6% compared to the same period in fiscal 2018[91] - First quarter sales at Scientific increased to $1,022,000, an increase of $283,000 or 38.3% compared to the same period in fiscal 2018[92] Order Backlog - The consolidated order backlog as of April 4, 2019, was $10,233,000, compared to $4,186,000 as of April 4, 2018, indicating a significant increase[100] - The agricultural products segment order backlog decreased to $2,064,000 as of April 4, 2019, from $3,578,000 in fiscal 2018 due to stagnant market conditions[100] - The modular buildings segment backlog increased to $7,976,000 as of April 4, 2019, from $522,000 in fiscal 2018, driven by a contracted modular research facility worth $8.4 million[100] Engineering Expenses - Consolidated engineering expenses for the three-month period ended February 28, 2019, were $147,000, an increase from $129,000 in the same period in fiscal 2018 due to R&D costs[96] Credit Facilities - The company has a $5,000,000 revolving line of credit with an outstanding balance of $3,641,530 as of February 28, 2019, renewed on March 30, 2019[104]