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]
Art’s-Way(ARTW) - 2024 Q1 - Quarterly Results