Note 18 - Segment Information

6 Months Ended

May 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

18) Segment Information

As of May 31, 2024, the Company has two reportable segments: Agricultural Products and Modular Buildings. 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 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, 2024
	Agricultural Products			Modular Buildings		Consolidated (Continuing Operations)
Revenue from external customers	$	4,555,000		$	2,175,000	$	6,730,000
Gross profit		1,323,000			584,000		1,907,000
Operating Expense		1,481,000			257,000		1,738,000
Income (loss) from operations		(158,000	)		327,000		169,000
Income (loss) before tax		(323,000	)		318,000		(5,000	)
Total Assets		19,528,000			2,611,000		22,139,000
Capital expenditures		205,000			27,000		232,000
Depreciation & Amortization	$	161,000		$	71,000	$	232,000

	Three Months Ended May 31, 2023
	Agricultural Products		Modular Buildings		Consolidated (Continuing Operations)
Revenue from external customers	$	6,368,000	$	1,856,000	$	8,224,000
Gross profit		1,799,000		385,000		2,184,000
Operating Expense		1,483,000		268,000		1,751,000
Income from operations		316,000		117,000		433,000
Income before tax		197,000		220,000		417,000
Total Assets		19,776,000		3,399,000		23,175,000
Capital expenditures		249,000		78,000		327,000
Depreciation & Amortization	$	125,000	$	81,000	$	206,000

	Six Months Ended May 31, 2024
	Agricultural Products			Modular Buildings		Consolidated (Continuing Operations)
Revenue from external customers	$	8,792,000		$	3,662,000	$	12,454,000
Gross profit		2,464,000			916,000		3,380,000
Operating Expense		3,049,000			543,000		3,592,000
Income (loss) from operations		(584,000	)		373,000		(211,000	)
Income (loss) before tax		(897,000	)		355,000		(542,000	)
Total Assets		19,528,000			2,611,000		22,139,000
Capital expenditures		389,000			124,000		513,000
Depreciation & Amortization	$	308,000		$	126,000	$	434,000

	Six Months Ended May 31, 2023
	Agricultural Products		Modular Buildings		Consolidated (Continuing Operations)
Revenue from external customers	$	11,813,000	$	3,498,000	$	15,311,000
Gross profit		3,662,000		708,000		4,370,000
Operating Expense		2,845,000		549,000		3,394,000
Income from operations		818,000		159,000		977,000
Income before tax		604,000		257,000		861,000
Total Assets		19,776,000		3,399,000		23,175,000
Capital expenditures		501,000		123,000		624,000
Depreciation & Amortization	$	250,000	$	158,000	$	408,000

*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.