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]
Art’s-Way(ARTW) - 2024 Q4 - Annual Results