Note 17 - Segment Information

6 Months Ended

May 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

17) Segment Information

As of May 31, 2023, the Company has three reportable segments: Agricultural Products, Modular Buildings and Tools. The Agricultural Products segment manufactures and sells farm equipment and related replacement parts under the Art’s-Way Manufacturing label. The Modular Buildings segment manufactures and installs modular buildings for various uses, commonly animal containment and research laboratories. The Tools segment manufactures steel cutting tools and inserts. On June 7, 2023, the Company announced it will discontinue its Tools segment as described in “Item 1 - Notes to Condensed Consolidated Financial Statements - Note 1 Description of the Company.”

The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes, exclusive of nonrecurring gains and losses.

Approximate financial information with respect to the reportable segments is as follows.

	Three Months Ended May 31, 2023
	Agricultural Products		Modular Buildings		Tools			Consolidated
Revenue from external customers	$	6,368,000	$	1,856,000	$	784,000		$	9,008,000
Income (loss) from operations		316,000		117,000		(14,000	)	$	419,000
Income (loss) before tax		197,000		220,000		(29,000	)	$	388,000
Total Assets		19,776,000		3,399,000		2,295,000		$	25,470,000
Capital expenditures		249,000		78,000		-		$	327,000
Depreciation & Amortization		125,000		81,000		44,000		$	250,000

	Three Months Ended May 31, 2022
	Agricultural Products		Modular Buildings			Tools			Consolidated
Revenue from external customers	$	5,316,000	$	1,209,000		$	750,000		$	7,275,000
Income (loss) from operations		447,000		(86,000	)		(40,000	)	$	321,000
Income (loss) before tax		366,000		(93,000	)		(51,000	)	$	222,000
Total Assets		18,389,000		2,998,000			2,520,000		$	23,907,000
Capital expenditures		321,000		10,000			4,000		$	335,000
Depreciation & Amortization		117,000		33,000			32,000		$	182,000

	Six Months Ended May 31, 2023
	Agricultural Products		Modular Buildings		Tools			Consolidated
Revenue from external customers	$	11,813,000	$	3,498,000	$	1,592,000		$	16,903,000
Income (loss) from operations	$	818,000	$	159,000	$	(9,000	)	$	967,000
Income (loss) before tax	$	604,000	$	257,000	$	(39,000	)	$	822,000
Total Assets	$	19,776,000	$	3,399,000	$	2,295,000		$	25,470,000
Capital expenditures	$	501,000	$	123,000	$	16,000		$	640,000
Depreciation & Amortization	$	250,000	$	158,000	$	81,000		$	489,000

	Six Months Ended May 31, 2022
	Agricultural Products		Modular Buildings			Tools			Consolidated
Revenue from external customers	$	9,477,000	$	2,077,000		$	1,334,000		$	12,888,000
Income (loss) from operations	$	318,000	$	(308,000	)	$	(126,000	)	$	(116,000	)
Income (loss) before tax	$	180,000	$	(323,000	)	$	(150,000	)	$	(293,000	)
Total Assets	$	18,389,000	$	2,998,000		$	2,520,000		$	23,907,000
Capital expenditures	$	474,000	$	24,000		$	11,000		$	509,000
Depreciation & Amortization	$	218,000	$	67,000		$	65,000		$	350,000

*The consolidated total in the tables is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding.