Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2014 | Sep. 22, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ARTS WAY MANUFACTURING CO INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 4,048,552 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000007623 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Aug-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Current assets: | ' | ' |
Cash | $237,090 | $207,950 |
Accounts receivable-customers, net of allowance for doubtful accounts of $74,681 and $35,474 in 2014 and 2013, respectively | 4,984,017 | 2,999,903 |
Inventories, net | 14,970,026 | 14,922,525 |
Deferred taxes | 1,393,097 | 1,228,097 |
Cost and Profit in Excess of Billings | 187,921 | 42,238 |
Income taxes receivable | 112,334 | 108,513 |
Other current assets | 323,663 | 242,146 |
Total current assets | 22,208,148 | 19,751,372 |
Property, plant, and equipment, net | 11,815,156 | 11,900,202 |
Assets held for lease, net | 74,454 | 122,318 |
Goodwill | 993,729 | 993,729 |
Total assets | 35,091,487 | 32,767,621 |
Current liabilities: | ' | ' |
Line of credit | 4,839,383 | 3,350,000 |
Current portion of term debt | 1,274,192 | 1,228,964 |
Accounts payable | 998,410 | 806,207 |
Customer deposits | 121,391 | 147,505 |
Billings in Excess of Cost and Profit | 98,890 | 17,721 |
Accrued expenses | 1,508,579 | 1,718,475 |
Total current liabilities | 8,840,845 | 7,268,872 |
Deferred taxes | 1,107,645 | 952,645 |
Long Term debt, excluding current portion | 6,273,537 | 6,251,959 |
Total liabilities | 16,222,027 | 14,473,476 |
Stockholders’ equity: | ' | ' |
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2014 and 2013; issued and outstanding 0 shares in 2014 and 2013. | 0 | 0 |
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2014 and 2013; issued and outstanding 4,048,552 in 2014 and 4,046,552 in 2013 | 40,486 | 40,466 |
Additional paid-in capital | 2,638,651 | 2,616,407 |
Retained earnings | 16,190,323 | 15,637,272 |
Total stockholders’ equity | 18,869,460 | 18,294,145 |
Total liabilities and stockholders’ equity | $35,091,487 | $32,767,621 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Allowance for doubtful accounts (in Dollars) | $74,681 | $35,474 |
Undesignated preferred stock - par value (in Dollars per share) | $0.01 | $0.01 |
Undesignated preferred stock - authorized shares | 500,000 | 500,000 |
Undesignated preferred stock - issued shares | 0 | 0 |
Undesignated preferred stock - outstanding shares | 0 | 0 |
Common stock – par value (in Dollars per share) | $0.01 | $0.01 |
Common stock – authorized shares | 9,500,000 | 9,500,000 |
Common stock – issued shares | 4,048,552 | 4,046,552 |
Common stock – outstanding shares | 4,048,552 | 4,046,552 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Net sales | $11,584,707 | $9,350,391 | $27,291,037 | $27,015,804 |
Cost of goods sold | 8,880,619 | 7,622,322 | 20,918,763 | 20,354,149 |
Gross profit | 2,704,088 | 1,728,069 | 6,372,274 | 6,661,655 |
Expenses: | ' | ' | ' | ' |
Engineering | 129,131 | 177,873 | 361,031 | 381,565 |
Selling | 566,452 | 599,259 | 1,742,497 | 1,572,778 |
General and administrative | 1,100,733 | 896,818 | 3,212,018 | 3,141,480 |
Total expenses | 1,796,316 | 1,673,950 | 5,315,546 | 5,095,823 |
Income from operations | 907,772 | 54,119 | 1,056,728 | 1,565,832 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -94,112 | -60,379 | -269,274 | -229,581 |
Other | 30,865 | 55,447 | 47,971 | 684,146 |
Total other income (expense) | -63,247 | -4,932 | -221,303 | 454,565 |
Income before income taxes | 844,525 | 49,187 | 835,425 | 2,020,397 |
Tax expense | 286,317 | 22,793 | 282,374 | 660,503 |
Net income | $558,208 | $26,394 | $553,051 | $1,359,894 |
Net income per share: | ' | ' | ' | ' |
Basic net income per share (in Dollars per share) | $0.14 | $0.01 | $0.14 | $0.34 |
Diluted net income per share (in Dollars per share) | $0.14 | $0.01 | $0.14 | $0.34 |
Weighted average outstanding shares used to compute basic net income per share (in Shares) | 4,048,552 | 4,041,682 | 4,047,544 | 4,038,118 |
Weighted average outstanding shares used to compute diluted net income per share (in Shares) | 4,053,129 | 4,057,773 | 4,053,152 | 4,050,819 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | |
Agro Trend [Member] | |||
Cash flows from operations: | ' | ' | ' |
Net income | $553,051 | $1,359,894 | ' |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Stock based compensation | 14,504 | 29,812 | ' |
(Gain) on disposal of property, plant, and equipment | -958 | -603,454 | ' |
Depreciation expense | 633,123 | 558,292 | ' |
Bad debt expense (recovery) | 39,207 | 3,880 | ' |
Deferred income taxes | -10,000 | -97,147 | ' |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | -2,023,321 | 309,986 | ' |
Inventories | 103,537 | 855,817 | ' |
Income taxes receivable | -3,821 | ' | ' |
Other current assets | -81,517 | 40,991 | ' |
Increase (decrease) in: | ' | ' | ' |
Accounts payable | 192,203 | 234,643 | ' |
Contracts in progress, net | -64,514 | -1,304,566 | ' |
Customer deposits | -26,114 | -36,567 | ' |
Income taxes payable | ' | -476,695 | ' |
Accrued expenses | -209,896 | -178,581 | ' |
Net cash provided by (used in) operating activities | -884,516 | 696,305 | ' |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -651,251 | -684,809 | ' |
Proceeds from sale of property, plant, and equipment | 958 | 835,536 | ' |
Purchase of assets of Agro Trend | ' | ' | -311,346 |
Net cash provided by (used in) investing activities | -650,293 | -160,619 | ' |
Cash flows from financing activities: | ' | ' | ' |
Net change in line of credit | 1,489,383 | ' | ' |
Proceeds from term debt | 1,000,000 | 228,339 | ' |
Repayment of term debt | -933,194 | -907,939 | ' |
Proceeds from the exercise of stock options | 7,760 | 30,870 | ' |
Net cash provided by (used in) financing activities | 1,563,949 | -648,730 | ' |
Net increase in cash | 29,140 | -113,044 | ' |
Cash at beginning of period | 207,950 | 1,546,609 | ' |
Cash at end of period | 237,090 | 1,433,565 | ' |
Cash paid during the period for: | ' | ' | ' |
Interest | 273,726 | 229,581 | ' |
Income taxes | 296,845 | 1,234,345 | ' |
Inventories | ' | ' | 223,172 |
Equipment, tools and dies | ' | ' | 88,174 |
Cash paid | ' | ' | $311,346 |
Note_1_Description_of_the_Comp
Note 1 - Description of the Company | 9 Months Ended | ||
Aug. 31, 2014 | |||
Disclosure Text Block [Abstract] | ' | ||
Nature of Operations [Text Block] | ' | ||
1) | Description of the Company | ||
Unless otherwise specified, as used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Art’s-Way,” and the “Company,” refer to Art’s-Way Manufacturing Co., Inc., a Delaware corporation headquartered in Armstrong, Iowa, and its wholly-owned subsidiaries. | |||
We began operations as a farm equipment manufacturer in 1956. Since that time, we have become a major worldwide manufacturer of agricultural equipment. Our principal manufacturing plant is located in Armstrong, Iowa. | |||
We have organized our business into four operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. Our agricultural products segment (“Manufacturing”) manufactures farm equipment under the Art’s-Way Manufacturing label and private labels. Our pressurized vessels segment (“Vessels”) manufactures pressurized vessels. Our modular buildings segment (“Scientific”) manufactures modular buildings for various uses, commonly animal containment and research laboratories and our tools segment (“Metals”) manufactures steel cutting tools and inserts. For detailed financial information relating to segment reporting, see Note 12, “Segment Information.” | |||
On June 25, 2013, the Company acquired the fixed assets, raw material inventory, work-in-progress inventory and select finished goods inventory of Agro Trend, a division of Rojac Industries, Inc. of Clifford, Ontario, Canada. Agro Trend distributes agricultural equipment and manufactures commercial snow blowers and agricultural trailers. Most of the existing Agro Trend operational team was retained to continue the manufacture of snow blowers and trailers. The acquired assets and operations are reported with our agricultural products segment. For specific financial information related to the acquisition, see Note 10, “Acquisitions.” | |||
On September 30, 2013, the Company acquired the assets of Ohio Metal Working Products Company in Canton, Ohio consisting of inventory, equipment, real property, and intangible assets. Ohio Metal Working Products Company is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools. The existing Ohio Metal Working Products Company operational team was retained to continue the manufacturing of the carbide, PCD, and CBN tipped tools and inserts. The acquired assets and operations are reported in our tools segment for financial reporting purposes. For specific financial information related to the acquisition, see Note 10, “Acquisitions.” |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Account Policies | 9 Months Ended | ||
Aug. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
2) | Summary of Significant Account Policies | ||
Statement Presentation | |||
The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2013. The results of operations for the three and nine months ended August 31, 2014 are not necessarily indicative of the results for the fiscal year ending November 30, 2014. | |||
Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three and nine months ended August 31, 2014. Actual results could differ from those estimates. |
Note_3_Net_Income_Loss_Per_Sha
Note 3 - Net Income (Loss) Per Share of Common Stock | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
3) | Net Income (Loss) Per Share of Common Stock | ||||||||
Basic net income (loss) per common share has been computed on the basis of the weighted average number of common shares outstanding. Diluted net income (loss) per share has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. | |||||||||
Basic and diluted earnings (loss) per common share have been computed based on the following as of August 31, 2014 and August 31, 2013: | |||||||||
For the three months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Basic: | |||||||||
Numerator: net income | $ | 558,208 | $ | 26,394 | |||||
Denominator: average number of common shares outstanding | 4,048,552 | 4,041,682 | |||||||
Basic earnings per common share | $ | 0.14 | $ | 0.01 | |||||
Diluted: | |||||||||
Numerator: net income | $ | 558,208 | $ | 26,394 | |||||
Average number of common shares outstanding | 4,048,552 | 4,041,682 | |||||||
Effect of dilutive stock options | 4,577 | 16,091 | |||||||
Denominator: dilutive average number of common shares outstanding | 4,053,129 | 4,057,773 | |||||||
Diluted earnings per common share | $ | 0.14 | $ | 0.01 | |||||
For the nine months Ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Basic: | |||||||||
Numerator: net income (loss) | $ | 553,051 | $ | 1,359,894 | |||||
Denominator: average number of common shares outstanding | 4,047,544 | 4,038,118 | |||||||
Basic earnings (loss) per common share | $ | 0.14 | $ | 0.34 | |||||
Diluted: | |||||||||
Numerator: net income (loss) | $ | 553,051 | $ | 1,359,894 | |||||
Average number of common shares outstanding | 4,047,544 | 4,038,118 | |||||||
Effect of dilutive stock options | 5,608 | 12,701 | |||||||
Denominator: dilutive average number of common shares outstanding | 4,053,152 | 4,050,819 | |||||||
Diluted earnings (loss) per common share | $ | 0.14 | $ | 0.34 | |||||
Note_4_Inventory
Note 4 - Inventory | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4) | Inventory | ||||||||
Major classes of inventory are: | |||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
Raw materials | $ | 10,366,665 | $ | 10,322,014 | |||||
Work in process | 349,359 | 511,016 | |||||||
Finished goods | 7,721,692 | 7,305,301 | |||||||
$ | 18,437,716 | $ | 18,138,331 | ||||||
Less: Reserves | (3,467,690 | ) | (3,215,806 | ) | |||||
$ | 14,970,026 | $ | 14,922,525 | ||||||
Note_5_Accrued_Expenses
Note 5 - Accrued Expenses | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
5) | Accrued Expenses | ||||||||
Major components of accrued expenses are: | |||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
Salaries, wages, and commissions | $ | 591,087 | $ | 836,200 | |||||
Accrued warranty expense | 285,096 | 220,719 | |||||||
Other | 632,396 | 661,556 | |||||||
$ | 1,508,579 | $ | 1,718,475 | ||||||
Note_6_Product_Warranty
Note 6 - Product Warranty | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
6) | Product Warranty | ||||||||
The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one year from the date of purchase. The Company’s warranties require it to repair or replace defective products during the warranty period at no cost to the customer. The Company records a liability for estimated costs that may be incurred under its warranties. The costs are estimated based on historical experience and any specific warranty issues that have been identified. Although historical warranty costs have been within expectations, there can be no assurance that future warranty costs will not exceed historical amounts. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the balance as necessary. The accrued warranty balance is included in accrued expenses as shown in Note 5. | |||||||||
Changes in the Company’s product warranty liability for the three and nine months ended August 31, 2014 and August 31, 2013 are as follows: | |||||||||
For the three months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Balance, beginning | $ | 229,400 | $ | 526,981 | |||||
Settlements made in cash or in-kind | (70,683 | ) | (177,000 | ) | |||||
Warranties issued | 126,379 | 170,447 | |||||||
Balance, ending | $ | 285,096 | $ | 520,428 | |||||
For the nine months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Balance, beginning | $ | 220,719 | $ | 578,864 | |||||
Settlements made in cash or in-kind | (265,753 | ) | (558,063 | ) | |||||
Warranties issued | 330,130 | 499,627 | |||||||
Balance, ending | $ | 285,096 | $ | 520,428 | |||||
Note_7_Loan_and_Credit_Agreeme
Note 7 - Loan and Credit Agreements | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
7) | Loan and Credit Agreements | ||||||||
On May 1, 2013, the Company began to move all banking arrangements previously held through West Bank to U.S. Bank. The relationship with U.S. Bank now includes an $8,000,000 revolving line of credit (the “Line of Credit”) which was renewed in 2014, and is now scheduled to mature on May 1, 2015. The Line of Credit is renewable annually with advances funding the Company’s working capital needs and is secured by real property and fixed asset collateral. The interest rate is U.S. Bank’s prime interest rate, adjusted each time that the Federal prime rate changes, with a minimum rate of 3.50%. As of August 31, 2014, the interest rate was the minimum of 3.50%. Monthly interest-only payments are required and the unpaid principal is due on the maturity date. As of August 31, 2014, the Company had a principal balance of $4,839,383 outstanding against the Line of Credit. The Line of Credit states that the borrowing base will be an amount equal to the sum of 75% of accounts receivable (discounted for aged accounts and customer balances exceeding 20% of aggregate receivables), plus 50% of inventory (this component cannot exceed $6,000,000 and only includes finished goods and raw materials deemed to be in good condition and not obsolete), less any outstanding loan balance of the Line of Credit, and less undrawn amounts of outstanding letters of credit issued by U.S. Bank or any affiliate. The Company’s obligations under the Line of Credit are evidenced by a Revolving Credit Note effective May 1, 2013, a Revolving Credit Agreement dated May 1, 2013 and certain other ancillary documents. | |||||||||
In addition to the Line of Credit, on May 1, 2013, the Company refinanced all outstanding West Bank term loans with U.S. Bank. The West Bank long-term debt, which had outstanding principal balances of $4,342,000 at a fixed interest rate of 4.75% and $1,749,000 at a fixed interest rate of 4.50%, was paid off with four U.S. Bank loans totaling $6,319,000 at a fixed interest rate of 2.98% (the “2013 U.S. Bank Term Loans”). As detailed in the Company’s long-term debt summary below, monthly principal and interest payments in the aggregate amount of $93,850 are required, with final payments of principal and accrued interest on the four loans, in the aggregate amount of $1,372,000, due on May 1, 2018. | |||||||||
As a result of paying off the West Bank loans, the Company incurred $130,000 worth of prepayment penalties which were financed by the U.S. Bank loans. The penalties were booked to fixed costs on the income statement for the quarter ended May 31, 2013. Closing costs amounted to $9,000 and will be amortized over the life of the loans. | |||||||||
On May 29, 2014, the Company obtained $1,000,000 in long-term debt from U.S. Bank to partially pay down the line of credit draw from 2013 that it had used to finance the building and property of Ohio Metal Working Products Company in Canton, Ohio. The maturity date of this loan is May 25, 2017, with a final payment of principal and accrued interest in the amount of $890,000 due May 25, 2017. This loan is secured by a mortgage on the building and property acquired from Ohio Metal Working Products Company in Canton, Ohio pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company and U.S. Bank, dated May 29, 2014. | |||||||||
Except for the U.S. Bank UHC Loan (as defined below), each of the Company’s term loans from U.S. Bank is governed by a Term Note and a Term Loan Agreement. Each Term Loan Agreement and the Revolving Credit Agreement require the Company to provide monthly internally prepared financial reports, year-end audited financial statements, and a monthly aging of accounts receivable. The Company, as of the end of each fiscal quarter, must maintain a debt to tangible net worth ratio of not more than 1.5 to 1.0 and a fixed charge coverage ratio of at least 1.15 to 1.00. The loans are secured by a first position security interest on the assets of the Company and its subsidiaries, including but not limited to, inventories, machinery, equipment and real estate, in accordance with the Business Security Agreements entered into by the Company and its subsidiaries and the Pledge Agreements entered into by the subsidiaries. Additionally, the Company has mortgaged certain real property in favor of U.S. Bank as documented by mortgage agreements dated May 1, 2013 and May 29, 2014 (together, the “Mortgages”). | |||||||||
If the Company or its subsidiaries (as guarantors pursuant to continuing guaranties) commits an event of default under the Term Loan Agreements, Business Security Agreements, Pledge Agreements, Mortgages, or Revolving Credit Agreement and fails or is unable to cure that default, the interest rate on each of the loans and Line of Credit could increase by 5.0% per annum and U.S. Bank can immediately terminate its obligation, if any, to make additional loans to the Company. In addition, U.S. Bank may collect any and all money due or to become due and shall have all other rights and remedies for default provided by the Uniform Commercial Code, as well as any other applicable law and the various loan agreements, including, without limitation, the right to repossess, render unusable and/or dispose of the collateral without judicial process. In addition, in an event of default, U.S. Bank may foreclose on mortgaged property pursuant to the terms of the Mortgages. | |||||||||
The Company was in compliance with all covenants under the Term Loan Agreements and the Revolving Credit Agreement as measured on August 31, 2014, other than its covenant to maintain a fixed charge coverage ratio of at least 1.15 to 1.00. The fixed charge coverage ratio is based on a rolling 12 month calculation and measures the Company’s ability to cover fixed expenses such as loan payments, tax payments, rental payments, and dividends. The net loss in the first quarter of 2014 from operations was the main reason for the non-compliance result as of August 31, 2014. US Bank has issued a waiver forgiving the non-compliance for the first, second, and third quarters and no event of default occurred. The next measurement date is November 30, 2014. | |||||||||
On May 10, 2012, the Company obtained $880,000 in long-term debt from U.S. Bank issued to acquire the building and property of Universal Harvester Co., Inc. located in Ames, Iowa (the “U.S. Bank UHC Loan”). The maturity date of this loan is May 10, 2017, with a final payment of principal and accrued interest in the amount of $283,500 due May 10, 2017. This loan is secured by a mortgage on the building and property acquired from Universal Harvester Co., Inc. in Ames, Iowa, pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company and U.S. Bank, dated May 10, 2012. On May 1, 2013, the U.S. Bank UHC Loan and the Mortgage were amended to extend the mortgage to secure the 2013 U.S. Bank Term Loans in addition to the U.S. Bank UHC Loan. | |||||||||
If the Company or its subsidiaries (as guarantors) commits an event of default under the agreement governing the U.S. Bank UHC Loan and fails or is unable to cure during any applicable cure periods, the lender may cause the entire amount of the loan to be immediately due and payable, may foreclose on the property, or may increase the interest rate to 5.00% per annum, plus the interest rate otherwise payable under the U.S. Bank UHC Loan. | |||||||||
On May 1, 2010, the Company obtained a loan to finance the purchase of an additional facility located in West Union, Iowa to be used as a distribution center, warehouse facility, and manufacturing plant for certain products under the Art’s-Way brand. The funds for this loan were made available by the Iowa Finance Authority by the issuance of tax exempt bonds. This loan had an original principal amount of $1,300,000 and an interest rate of 3.5%. On February 1, 2013, the interest rate was decreased to 2.75%. The other terms of the loan remain unchanged. | |||||||||
This loan from the Iowa Finance Authority, which has been assigned to The First National Bank of West Union (n/k/a Bank 1st), is governed by a Manufacturing Facility Revenue Note dated May 28, 2010 as amended February 1, 2013 and a Loan Agreement dated May 1, 2010 and a First Amendment to Loan Agreement dated February 1, 2013 (collectively, “the IFA Loan Agreement”), which requires the Company to provide quarterly internally prepared financial reports and year-end audited financial statements and to maintain a minimum debt service coverage ratio of 1.5 to 1.0, which is measured at November 30 of each year. Among other covenants, the IFA Loan Agreement also requires the Company to maintain proper insurance on, and maintain in good repair, the West Union Facility, and continue to conduct business and remain duly qualified to do business in the State of Iowa. The loan is secured by a mortgage on the Company’s West Union Facility, pursuant to a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement dated May 1, 2010 between the Company and The First National Bank of West Union (the “West Union Mortgage”). | |||||||||
If the Company commits an event of default under the IFA Loan Agreement and does not cure the event of default within the time specified by the IFA Loan Agreement, the lender may cause the entire amount of the loan to be immediately due and payable and take any other action that it is lawfully permitted to take or in equity to enforce the Company’s performance. | |||||||||
The Company was in compliance with all covenants under the IFA Loan Agreement as measured on November 30, 2013. The next measurement date is November 30, 2014. | |||||||||
A summary of the Company’s term debt is as follows: | |||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
U.S. Bank loan payable in monthly installments of $42,500 including interest at 2.98%, due May 1, 2018 | $ | 1,776,571 | $ | 2,114,675 | |||||
U.S. Bank loan payable in monthly installments of $11,000 including interest at 2.98%, due May 1, 2018 | 877,316 | 955,507 | |||||||
U.S. Bank loan payable in monthly installments of $12,550 including interest at 2.98%, due May 1, 2018 | 996,030 | 1,085,350 | |||||||
U.S. Bank loan payable in monthly installments of $27,800 including interest at 2.98%, due May 1, 2018 | 1,479,680 | 1,693,752 | |||||||
U.S. Bank loan payable in monthly installments of $11,700 including interest at 3.15%, due May 10, 2017 | 618,322 | 707,719 | |||||||
U.S. Bank loan payable in monthly installments of $5,556 including interest at 2.98%, due May 25, 2017 | 990,092 | 0 | |||||||
Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 | 809,718 | 904,662 | |||||||
IDED loan payable in monthly installments of $2,437 including interest at 6%, due June 1, 2014 | 0 | 14,375 | |||||||
IDED loan payable in monthly installments of $813 including interest at 0%, due June 1, 2014 | 0 | 4,883 | |||||||
Total term debt | $ | 7,547,729 | $ | 7,480,923 | |||||
Less current portion of term debt | 1,274,192 | 1,228,964 | |||||||
Term debt, excluding current portion | $ | 6,273,537 | $ | 6,251,959 | |||||
Note_8_Recently_Issued_Account
Note 8 - Recently Issued Accounting Pronouncements | 9 Months Ended | ||
Aug. 31, 2014 | |||
Disclosure Text Block [Abstract] | ' | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' | ||
8) | Recently Issued Accounting Pronouncements | ||
Presentation of an Unrecognized Tax Benefit | |||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” that clarifies how an unrecognized tax benefit should be presented in the financial statements when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists; as a reduction to a deferred tax asset or as a liability. The amendments are meant to eliminate the diversity that exists in the financial statement presentation of the unrecognized tax benefits. The amendments in this ASU do not require new recurring disclosures and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The effective date for the Company will be fiscal year beginning December 1, 2014. The Company currently has no unrecognized tax benefits that are impacted by the amendment and the Company does not expect this standard to have a material impact on our consolidated financial statements. | |||
Revenue from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which supersedes the guidance in “Revenue Recognition (Topic 605)” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. We are evaluating the new standard, but do not at this time expect this standard to have a material impact on our consolidated financial statements. |
Note_9_Equity_Incentive_Plan_a
Note 9 - Equity Incentive Plan and Stock Based Compensation | 9 Months Ended | ||
Aug. 31, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||
9) | Equity Incentive Plan and Stock Based Compensation | ||
On January 27, 2011, the Board of Directors of the Company authorized and approved the Art’s-Way Manufacturing Co., Inc. 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan was approved by the stockholders on April 28, 2011. It replaced the Employee Stock Option Plan and the Directors’ Stock Option Plan (collectively, the “Prior Plans”), and no further stock options will be awarded under the Prior Plans. Awards to directors and executive officers under the 2011 Plan will be governed by the forms of agreement approved by the Board of Directors. | |||
The 2011 Plan permits the plan administrator to award nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, performance awards, and stock appreciation rights to employees (including officers), directors, and consultants. The Board of Directors has approved a director compensation policy pursuant to which non-employee directors are automatically granted non-qualified stock options to purchase 2,000 shares of common stock annually or initially upon their election to the Board, which are fully vested. | |||
Stock options granted prior to January 27, 2011 are governed by the applicable Prior Plan and the forms of agreement adopted thereunder. | |||
Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. We estimate the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate, and dividend yield. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date. We have incurred $14,504 of stock-based compensation expense during the nine months ended August 31, 2014. |
Note_10_Acquisitions
Note 10 - Acquisitions | 9 Months Ended | ||
Aug. 31, 2014 | |||
Disclosure Text Block Supplement [Abstract] | ' | ||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||
10) | Acquisitions | ||
On June 25, 2013, the Company acquired the fixed assets, raw material inventory, work-in-process inventory, and select finished good inventory of Agro Trend, a division of Rojac Industries, Inc. of Clifford, Ontario, Canada. A new entity was formed, Art's Way Manufacturing International, LTD (“International”), which is included in the agricultural products segment for financial reporting purposes. International leases the facility in Clifford, Ontario and is continuing manufacturing, marketing and sales from the Canadian location. The amount paid in U.S. dollars for the acquisition of assets totaled $311,000 ($88,000 in fixed assets and $223,000 in inventory). The operating results of the acquired business are reflected in the Company’s consolidated statement of operations from the acquisition date forward. The acquisition was made to continue the Company’s growth strategy and diversify its product offerings inside the agricultural industry. | |||
The acquisition also includes a consignment arrangement regarding $600,000 of select finished good inventory. As part of the arrangement, International agreed to use reasonable efforts to sell the inventory including providing a sales and marketing plan with projections within 60 days of the closing date and meeting with the consignor quarterly to discuss progress. Once a month, International will pay the consignor an amount equal to the cost base of the inventory sold that month. As of August 31, 2014, International had sold $364,000 of the consigned inventory. | |||
The financial books of the operation are kept in the functional currency of Canadian dollars and the financial statements are converted to U.S. Dollars for consolidation. When consolidating the financial results of the Company into U.S. Dollars for reporting purposes, the Company uses the All-Current translation method. The All-Current method requires the balance sheet assets and liabilities be translated to U.S. Dollars at the exchange rate as of quarter end. Owner’s equity is translated at historical exchange rates and retained earnings are translated at an average exchange rate for the period. Additionally, revenue and expenses are translated at average exchange rates for the periods presented. The resulting cumulative translation adjustment is carried on the balance sheet and distributed among various balance sheet accounts. The Company monitors the amount of the adjustment and considers it to be immaterial. | |||
On September 30, 2013, the Company acquired the assets of Ohio Metal Working Products Company in Canton, Ohio consisting of inventory, equipment, real property, and intangible assets. A new entity was formed, Ohio Metal Working Products/Art’s-Way, Inc (“Metals”). A new segment called Tools was created for financial reporting purposes. Ohio Metal Working Products/Art’s-Way, Inc. is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools. The amount paid for the acquisition totaled approximately $3,172,000 ($1,142,000 in inventory, $1,200,000 in land and building, $868,000 in fixed assets, and a reduction for assumed vacation liability of $38,000). The acquisition was financed by accessing the line of credit available through U.S. Bank, and on May 29, 2014 we obtained a mortgage for the property and buildings in the amount of $1,000,000 which was used to pay down on the line of credit. The operating results of the acquired business are reflected in the Company’s consolidated statements of operations from the acquisition date forward. The acquisition was made to continue the Company’s growth strategy and diversify its product offerings. |
Note_11_Disclosures_About_the_
Note 11 - Disclosures About the Fair Value of Financial Instruments | 9 Months Ended | ||
Aug. 31, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Disclosures [Text Block] | ' | ||
11) | Disclosures About the Fair Value of Financial Instruments | ||
The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. At August 31, 2014, and November 30, 2013, the carrying amount approximated fair value for cash, accounts receivable, accounts payable, notes payable to bank, and other current and long-term liabilities. The carrying amounts approximate fair value because of the short maturity of these instruments. The fair value of the Company’s installment term loans payable also approximate recorded value because the interest rates charged under the loan terms are not substantially different than current interest rates. |
Note_12_Segment_Information
Note 12 - Segment Information | 9 Months Ended | ||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
12) | Segment Information | ||||||||||||||||||||
There are four reportable segments: agricultural products, pressurized vessels, modular buildings and tools. The agricultural products segment fabricates and sells farming products as well as related equipment and replacement parts for these products in the United States and worldwide. The pressurized vessels segment produces and services pressurized tanks. The modular buildings segment manufactures and installs modular buildings for animal containment and various laboratory uses. The tools segment manufactures steel cutting tools and inserts. | |||||||||||||||||||||
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 August 31, 2014 | |||||||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Net Sales from external customers | $ | 9,362,000 | $ | 606,000 | $ | 820,000 | $ | 797,000 | $ | 11,585,000 | |||||||||||
Income (loss) from operations | 1,034,000 | (59,000 | ) | 7,000 | (74,000 | ) | 908,000 | ||||||||||||||
Income (loss) before taxes | 991,000 | (64,000 | ) | 0 | (82,000 | ) | 845,000 | ||||||||||||||
Total Assets | 26,426,000 | 2,489,000 | 2,842,000 | 3,334,000 | 35,091,000 | ||||||||||||||||
Capital expenditures | 39,000 | 0 | 0 | 1,000 | 40,000 | ||||||||||||||||
Depreciation & Amortization | 147,000 | 27,000 | 36,000 | 29,000 | 239,000 | ||||||||||||||||
Three Months Ended August 31, 2013 | |||||||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 8,005,000 | $ | 635,000 | $ | 710,000 | $ | 0 | $ | 9,350,000 | |||||||||||
Income (loss) from operations | 145,000 | 22,000 | (113,000 | ) | 0 | 54,000 | |||||||||||||||
Income (loss) before tax | 108,000 | 14,000 | (73,000 | ) | 0 | 49,000 | |||||||||||||||
Total Assets | 24,563,000 | 2,815,000 | 3,006,000 | 0 | 30,384,000 | ||||||||||||||||
Capital expenditures | 540,000 | 10,000 | 13,000 | 0 | 563,000 | ||||||||||||||||
Depreciation & Amortization | 113,000 | 26,000 | 49,000 | 0 | 188,000 | ||||||||||||||||
Nine Months Ended August 31, 2014 | |||||||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 21,366,000 | $ | 1,504,000 | $ | 1,818,000 | $ | 2,603,000 | $ | 27,291,000 | |||||||||||
Income (loss) from operations | 1,430,000 | (168,000 | ) | (233,000 | ) | 28,000 | 1,057,000 | ||||||||||||||
Income (loss) before tax | 1,294,000 | (190,000 | ) | (249,000 | ) | (18,000 | ) | 835,000 | |||||||||||||
Total Assets | 26,426,000 | 2,489,000 | 2,842,000 | 3,334,000 | 35,091,000 | ||||||||||||||||
Capital expenditures | 629,000 | 11,000 | 0 | 11,000 | 651,000 | ||||||||||||||||
Depreciation & Amortization | 356,000 | 81,000 | 110,000 | 86,000 | 633,000 | ||||||||||||||||
Nine Months Ended August 31, 2013 | |||||||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 22,727,000 | $ | 1,671,000 | $ | 2,618,000 | $ | 0 | $ | 27,016,000 | |||||||||||
Income (loss) from operations | 1,274,000 | (114,000 | ) | 406,000 | 0 | 1,566,000 | |||||||||||||||
Income (loss) before tax | 1,800,000 | (200,000 | ) | 420,000 | 0 | 2,020,000 | |||||||||||||||
Total Assets | 24,563,000 | 2,815,000 | 3,006,000 | 0 | 30,384,000 | ||||||||||||||||
Capital expenditures | 737,000 | 18,000 | 18,000 | 0 | 773,000 | ||||||||||||||||
Depreciation & Amortization | 329,000 | 79,000 | 150,000 | 0 | 558,000 | ||||||||||||||||
Note_13_Subsequent_Event
Note 13 - Subsequent Event | 9 Months Ended | ||
Aug. 31, 2014 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
13) | Subsequent Event | ||
Management evaluated all other activity of the Company and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Aug. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Statement Presentation | |
The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2013. The results of operations for the three and nine months ended August 31, 2014 are not necessarily indicative of the results for the fiscal year ending November 30, 2014. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three and nine months ended August 31, 2014. Actual results could differ from those estimates. |
Note_3_Net_Income_Loss_Per_Sha1
Note 3 - Net Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
For the three months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Basic: | |||||||||
Numerator: net income | $ | 558,208 | $ | 26,394 | |||||
Denominator: average number of common shares outstanding | 4,048,552 | 4,041,682 | |||||||
Basic earnings per common share | $ | 0.14 | $ | 0.01 | |||||
Diluted: | |||||||||
Numerator: net income | $ | 558,208 | $ | 26,394 | |||||
Average number of common shares outstanding | 4,048,552 | 4,041,682 | |||||||
Effect of dilutive stock options | 4,577 | 16,091 | |||||||
Denominator: dilutive average number of common shares outstanding | 4,053,129 | 4,057,773 | |||||||
Diluted earnings per common share | $ | 0.14 | $ | 0.01 | |||||
For the nine months Ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Basic: | |||||||||
Numerator: net income (loss) | $ | 553,051 | $ | 1,359,894 | |||||
Denominator: average number of common shares outstanding | 4,047,544 | 4,038,118 | |||||||
Basic earnings (loss) per common share | $ | 0.14 | $ | 0.34 | |||||
Diluted: | |||||||||
Numerator: net income (loss) | $ | 553,051 | $ | 1,359,894 | |||||
Average number of common shares outstanding | 4,047,544 | 4,038,118 | |||||||
Effect of dilutive stock options | 5,608 | 12,701 | |||||||
Denominator: dilutive average number of common shares outstanding | 4,053,152 | 4,050,819 | |||||||
Diluted earnings (loss) per common share | $ | 0.14 | $ | 0.34 |
Note_4_Inventory_Tables
Note 4 - Inventory (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
Raw materials | $ | 10,366,665 | $ | 10,322,014 | |||||
Work in process | 349,359 | 511,016 | |||||||
Finished goods | 7,721,692 | 7,305,301 | |||||||
$ | 18,437,716 | $ | 18,138,331 | ||||||
Less: Reserves | (3,467,690 | ) | (3,215,806 | ) | |||||
$ | 14,970,026 | $ | 14,922,525 |
Note_5_Accrued_Expenses_Tables
Note 5 - Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
Salaries, wages, and commissions | $ | 591,087 | $ | 836,200 | |||||
Accrued warranty expense | 285,096 | 220,719 | |||||||
Other | 632,396 | 661,556 | |||||||
$ | 1,508,579 | $ | 1,718,475 |
Note_6_Product_Warranty_Tables
Note 6 - Product Warranty (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
For the three months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Balance, beginning | $ | 229,400 | $ | 526,981 | |||||
Settlements made in cash or in-kind | (70,683 | ) | (177,000 | ) | |||||
Warranties issued | 126,379 | 170,447 | |||||||
Balance, ending | $ | 285,096 | $ | 520,428 | |||||
For the nine months ended | |||||||||
31-Aug-14 | 31-Aug-13 | ||||||||
Balance, beginning | $ | 220,719 | $ | 578,864 | |||||
Settlements made in cash or in-kind | (265,753 | ) | (558,063 | ) | |||||
Warranties issued | 330,130 | 499,627 | |||||||
Balance, ending | $ | 285,096 | $ | 520,428 |
Note_7_Loan_and_Credit_Agreeme1
Note 7 - Loan and Credit Agreements (Tables) | 9 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
31-Aug-14 | 30-Nov-13 | ||||||||
U.S. Bank loan payable in monthly installments of $42,500 including interest at 2.98%, due May 1, 2018 | $ | 1,776,571 | $ | 2,114,675 | |||||
U.S. Bank loan payable in monthly installments of $11,000 including interest at 2.98%, due May 1, 2018 | 877,316 | 955,507 | |||||||
U.S. Bank loan payable in monthly installments of $12,550 including interest at 2.98%, due May 1, 2018 | 996,030 | 1,085,350 | |||||||
U.S. Bank loan payable in monthly installments of $27,800 including interest at 2.98%, due May 1, 2018 | 1,479,680 | 1,693,752 | |||||||
U.S. Bank loan payable in monthly installments of $11,700 including interest at 3.15%, due May 10, 2017 | 618,322 | 707,719 | |||||||
U.S. Bank loan payable in monthly installments of $5,556 including interest at 2.98%, due May 25, 2017 | 990,092 | 0 | |||||||
Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 | 809,718 | 904,662 | |||||||
IDED loan payable in monthly installments of $2,437 including interest at 6%, due June 1, 2014 | 0 | 14,375 | |||||||
IDED loan payable in monthly installments of $813 including interest at 0%, due June 1, 2014 | 0 | 4,883 | |||||||
Total term debt | $ | 7,547,729 | $ | 7,480,923 | |||||
Less current portion of term debt | 1,274,192 | 1,228,964 | |||||||
Term debt, excluding current portion | $ | 6,273,537 | $ | 6,251,959 |
Note_12_Segment_Information_Ta
Note 12 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Net Sales from external customers | $ | 9,362,000 | $ | 606,000 | $ | 820,000 | $ | 797,000 | $ | 11,585,000 | |||||||||||
Income (loss) from operations | 1,034,000 | (59,000 | ) | 7,000 | (74,000 | ) | 908,000 | ||||||||||||||
Income (loss) before taxes | 991,000 | (64,000 | ) | 0 | (82,000 | ) | 845,000 | ||||||||||||||
Total Assets | 26,426,000 | 2,489,000 | 2,842,000 | 3,334,000 | 35,091,000 | ||||||||||||||||
Capital expenditures | 39,000 | 0 | 0 | 1,000 | 40,000 | ||||||||||||||||
Depreciation & Amortization | 147,000 | 27,000 | 36,000 | 29,000 | 239,000 | ||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 8,005,000 | $ | 635,000 | $ | 710,000 | $ | 0 | $ | 9,350,000 | |||||||||||
Income (loss) from operations | 145,000 | 22,000 | (113,000 | ) | 0 | 54,000 | |||||||||||||||
Income (loss) before tax | 108,000 | 14,000 | (73,000 | ) | 0 | 49,000 | |||||||||||||||
Total Assets | 24,563,000 | 2,815,000 | 3,006,000 | 0 | 30,384,000 | ||||||||||||||||
Capital expenditures | 540,000 | 10,000 | 13,000 | 0 | 563,000 | ||||||||||||||||
Depreciation & Amortization | 113,000 | 26,000 | 49,000 | 0 | 188,000 | ||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 21,366,000 | $ | 1,504,000 | $ | 1,818,000 | $ | 2,603,000 | $ | 27,291,000 | |||||||||||
Income (loss) from operations | 1,430,000 | (168,000 | ) | (233,000 | ) | 28,000 | 1,057,000 | ||||||||||||||
Income (loss) before tax | 1,294,000 | (190,000 | ) | (249,000 | ) | (18,000 | ) | 835,000 | |||||||||||||
Total Assets | 26,426,000 | 2,489,000 | 2,842,000 | 3,334,000 | 35,091,000 | ||||||||||||||||
Capital expenditures | 629,000 | 11,000 | 0 | 11,000 | 651,000 | ||||||||||||||||
Depreciation & Amortization | 356,000 | 81,000 | 110,000 | 86,000 | 633,000 | ||||||||||||||||
Agricultural Products | Pressurized Vessels | Modular Buildings | Tools | Consolidated | |||||||||||||||||
Revenue from external customers | $ | 22,727,000 | $ | 1,671,000 | $ | 2,618,000 | $ | 0 | $ | 27,016,000 | |||||||||||
Income (loss) from operations | 1,274,000 | (114,000 | ) | 406,000 | 0 | 1,566,000 | |||||||||||||||
Income (loss) before tax | 1,800,000 | (200,000 | ) | 420,000 | 0 | 2,020,000 | |||||||||||||||
Total Assets | 24,563,000 | 2,815,000 | 3,006,000 | 0 | 30,384,000 | ||||||||||||||||
Capital expenditures | 737,000 | 18,000 | 18,000 | 0 | 773,000 | ||||||||||||||||
Depreciation & Amortization | 329,000 | 79,000 | 150,000 | 0 | 558,000 |
Note_1_Description_of_the_Comp1
Note 1 - Description of the Company (Details) | 9 Months Ended |
Aug. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Number of Operating Segments | 4 |
Note_3_Net_Income_Loss_Per_Sha2
Note 3 - Net Income (Loss) Per Share of Common Stock (Details) - Computation of Basic and Diluted Earnings (Loss) Per Common Share (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Basic: | ' | ' | ' | ' |
Numerator: net income (loss) (in Dollars) | $558,208 | $26,394 | $553,051 | $1,359,894 |
Average number of common shares outstanding | 4,048,552 | 4,041,682 | 4,047,544 | 4,038,118 |
Effect of dilutive stock options | 4,577 | 16,091 | 5,608 | 12,701 |
Denominator: dilutive average number of common shares outstanding | 4,053,129 | 4,057,773 | 4,053,152 | 4,050,819 |
Diluted earnings per common share (in Dollars per share) | $0.14 | $0.01 | $0.14 | $0.34 |
Basic earnings per common share (in Dollars per share) | $0.14 | $0.01 | $0.14 | $0.34 |
Note_4_Inventory_Details_Major
Note 4 - Inventory (Details) - Major Classes of Inventory (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Major Classes of Inventory [Abstract] | ' | ' |
Raw materials | $10,366,665 | $10,322,014 |
Work in process | 349,359 | 511,016 |
Finished goods | 7,721,692 | 7,305,301 |
18,437,716 | 18,138,331 | |
Less: Reserves | -3,467,690 | -3,215,806 |
$14,970,026 | $14,922,525 |
Note_5_Accrued_Expenses_Detail
Note 5 - Accrued Expenses (Details) - Major Components of Accrued Expenses (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Major Components of Accrued Expenses [Abstract] | ' | ' |
Salaries, wages, and commissions | $591,087 | $836,200 |
Accrued warranty expense | 285,096 | 220,719 |
Other | 632,396 | 661,556 |
$1,508,579 | $1,718,475 |
Note_6_Product_Warranty_Detail
Note 6 - Product Warranty (Details) | 9 Months Ended |
Aug. 31, 2014 | |
Product Warranties Disclosures [Abstract] | ' |
Standard Product Warranty Term | '1 year |
Note_6_Product_Warranty_Detail1
Note 6 - Product Warranty (Details) - Changes in Product Warranty Liability (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Changes in Product Warranty Liability [Abstract] | ' | ' | ' | ' |
Balance, beginning | $229,400 | $526,981 | $220,719 | $578,864 |
Settlements made in cash or in-kind | -70,683 | -177,000 | -265,753 | -558,063 |
Warranties issued | 126,379 | 170,447 | 330,130 | 499,627 |
Balance, ending | $285,096 | $520,428 | $285,096 | $520,428 |
Note_7_Loan_and_Credit_Agreeme2
Note 7 - Loan and Credit Agreements (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||
Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | 1-May-13 | 1-May-13 | 31-May-13 | Aug. 31, 2014 | 1-May-13 | 31-May-13 | Aug. 31, 2014 | 29-May-14 | 10-May-12 | Aug. 31, 2014 | Nov. 30, 2013 | Feb. 01, 2013 | 1-May-10 | Aug. 31, 2014 | |
Future Event May 1, 2018 [Member] | West Bank Loan 1 [Member] | West Bank Loan 2 [Member] | US Bank, New Loans [Member] | US Bank, New Loans [Member] | US Bank, New Loans [Member] | West Bank [Member] | US Bank [Member] | US Bank [Member] | US Bank [Member] | Iowa Finance Authority [Member] | Iowa Finance Authority [Member] | Iowa Finance Authority [Member] | Iowa Finance Authority [Member] | Line of Credit [Member] | |||
US Bank, New Loans [Member] | |||||||||||||||||
Note 7 - Loan and Credit Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% |
Line of Credit Facility, Interest Rate at Period End | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | 4,839,383 | 3,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Description | 'The Line of Credit states that the borrowing base will be an amount equal to the sum of 75% of accounts receivable (discounted for aged accounts and customer balances exceeding 20% of aggregate receivables), plus 50% of inventory (this component cannot exceed $6,000,000 and only includes finished goods and raw materials deemed to be in good condition and not obsolete), less any outstanding loan balance of the Line of Credit, and less undrawn amounts of outstanding letters of credit issued by U.S. Bank or any affiliate. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Borrowing Base, Percentage of Accounts Receivable | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Borrowing Base, Minimum Percentage of Aggregate Receivables | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Borrowing Base, Percentage of Inventory | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Borrowing Base, Maximum Inventory Amount | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 7,547,729 | 7,480,923 | ' | 4,342,000 | 1,749,000 | ' | ' | ' | ' | ' | ' | ' | 809,718 | 904,662 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.75% | 4.50% | ' | ' | 2.98% | ' | ' | ' | ' | 2.75% | 2.75% | 2.75% | 3.50% | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 6,319,000 | ' | ' | 1,000,000 | 880,000 | ' | ' | ' | 1,300,000 | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | 93,850 | ' | ' | ' | ' | ' | 12,500 | 12,500 | ' | ' | ' |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | 1,372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Final Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $890,000 | $283,500 | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Debt to Tangible Net Worth Ratio | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | 1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Interest Rate Increase in Event of Default | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Debt Service Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' |
Note_7_Loan_and_Credit_Agreeme3
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | $7,547,729 | $7,480,923 |
Less current portion of term debt | 1,274,192 | 1,228,964 |
Term debt, excluding current portion | 6,273,537 | 6,251,959 |
US Bank Loan 1 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 1,776,571 | 2,114,675 |
US Bank Loan 2 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 877,316 | 955,507 |
US Bank Loan 3 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 996,030 | 1,085,350 |
US Bank Loan 4 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 1,479,680 | 1,693,752 |
US Bank Loan 5 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 618,322 | 707,719 |
US Bank Loan 6 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 990,092 | 0 |
Iowa Finance Authority [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 809,718 | 904,662 |
IDED Note 1 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | 0 | 14,375 |
IDED Note 2 [Member] | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt [Line Items] | ' | ' |
Term debt | $0 | $4,883 |
Note_7_Loan_and_Credit_Agreeme4
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) (USD $) | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2014 | Nov. 30, 2013 | Feb. 01, 2013 | 1-May-10 | |
US Bank Loan 1 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | $42,500 | $42,500 | ' | ' |
Interest | 2.98% | 2.98% | ' | ' |
US Bank Loan 2 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 11,000 | 11,000 | ' | ' |
Interest | 2.98% | 2.98% | ' | ' |
US Bank Loan 3 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 12,550 | 12,550 | ' | ' |
Interest | 2.98% | 2.98% | ' | ' |
US Bank Loan 4 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 27,800 | 27,800 | ' | ' |
Interest | 2.98% | 2.98% | ' | ' |
US Bank Loan 5 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 11,700 | 11,700 | ' | ' |
Interest | 3.15% | 3.15% | ' | ' |
US Bank Loan 6 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 5,556 | 5,556 | ' | ' |
Interest | 2.98% | 2.98% | ' | ' |
Iowa Finance Authority [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 12,500 | 12,500 | ' | ' |
Interest | 2.75% | 2.75% | 2.75% | 3.50% |
IDED Note 1 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | 2,437 | 2,437 | ' | ' |
Interest | 6.00% | 6.00% | ' | ' |
IDED Note 2 [Member] | ' | ' | ' | ' |
Note 7 - Loan and Credit Agreements (Details) - Summary of Term Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Installments | $813 | $813 | ' | ' |
Interest | 0.00% | 0.00% | ' | ' |
Note_9_Equity_Incentive_Plan_a1
Note 9 - Equity Incentive Plan and Stock Based Compensation (Details) (USD $) | 9 Months Ended |
Aug. 31, 2014 | |
Note 9 - Equity Incentive Plan and Stock Based Compensation (Details) [Line Items] | ' |
Allocated Share-based Compensation Expense | $14,504 |
Non-Qualified Options to Each Director Annually or Upon Election [Member] | ' |
Note 9 - Equity Incentive Plan and Stock Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000 |
Note_10_Acquisitions_Details
Note 10 - Acquisitions (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Jun. 25, 2013 | 29-May-14 | 10-May-12 | Jun. 25, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | |
Consigned Inventory [Member] | Consigned Inventory [Member] | US Bank [Member] | US Bank [Member] | Agro Trend [Member] | Agro Trend [Member] | Ohio Metal Working Products Company [Member] | |||
Agricultural Products [Member] | Agricultural Products [Member] | ||||||||
Agro Trend [Member] | Agro Trend [Member] | ||||||||
Note 10 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | $311,000 | $311,346 | $3,172,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | 88,000 | ' | 868,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | 223,000 | 223,172 | 1,142,000 |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Inventories | -103,537 | -855,817 | -364,000 | ' | ' | ' | ' | ' | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land And Building | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | ' | ' | ' | ' | ' | ' | 38,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | $1,000,000 | $880,000 | ' | ' | ' |
Note_12_Segment_Information_De
Note 12 - Segment Information (Details) | 9 Months Ended |
Aug. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 4 |
Note_12_Segment_Information_De1
Note 12 - Segment Information (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | $11,584,707 | $9,350,391 | $27,291,037 | $27,015,804 | ' |
Income (loss) from operations | 907,772 | 54,119 | 1,056,728 | 1,565,832 | ' |
Income (loss) before tax | 844,525 | 49,187 | 835,425 | 2,020,397 | ' |
Total Assets | 35,091,487 | ' | 35,091,487 | ' | 32,767,621 |
Capital expenditures | ' | ' | 651,251 | 684,809 | ' |
Depreciation & Amortization | ' | ' | 633,123 | 558,292 | ' |
Agricultural Products [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | 9,362,000 | 8,005,000 | 21,366,000 | 22,727,000 | ' |
Income (loss) from operations | 1,034,000 | 145,000 | 1,430,000 | 1,274,000 | ' |
Income (loss) before tax | 991,000 | 108,000 | 1,294,000 | 1,800,000 | ' |
Total Assets | 26,426,000 | 24,563,000 | 26,426,000 | 24,563,000 | ' |
Capital expenditures | 39,000 | 540,000 | 629,000 | 737,000 | ' |
Depreciation & Amortization | 147,000 | 113,000 | 356,000 | 329,000 | ' |
Pressurized Vessels [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | 606,000 | 635,000 | 1,504,000 | 1,671,000 | ' |
Income (loss) from operations | -59,000 | 22,000 | -168,000 | -114,000 | ' |
Income (loss) before tax | -64,000 | 14,000 | -190,000 | -200,000 | ' |
Total Assets | 2,489,000 | 2,815,000 | 2,489,000 | 2,815,000 | ' |
Capital expenditures | 0 | 10,000 | 11,000 | 18,000 | ' |
Depreciation & Amortization | 27,000 | 26,000 | 81,000 | 79,000 | ' |
Modular Buildings [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | 820,000 | 710,000 | 1,818,000 | 2,618,000 | ' |
Income (loss) from operations | 7,000 | -113,000 | -233,000 | 406,000 | ' |
Income (loss) before tax | 0 | -73,000 | -249,000 | 420,000 | ' |
Total Assets | 2,842,000 | 3,006,000 | 2,842,000 | 3,006,000 | ' |
Capital expenditures | 0 | 13,000 | 0 | 18,000 | ' |
Depreciation & Amortization | 36,000 | 49,000 | 110,000 | 150,000 | ' |
Tools [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | 797,000 | 0 | 2,603,000 | 0 | ' |
Income (loss) from operations | -74,000 | 0 | 28,000 | 0 | ' |
Income (loss) before tax | -82,000 | 0 | -18,000 | 0 | ' |
Total Assets | 3,334,000 | 0 | 3,334,000 | 0 | ' |
Capital expenditures | 1,000 | 0 | 11,000 | 0 | ' |
Depreciation & Amortization | 29,000 | 0 | 86,000 | 0 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from external customers | 11,585,000 | 9,350,000 | 27,291,000 | 27,016,000 | ' |
Income (loss) from operations | 908,000 | 54,000 | 1,057,000 | 1,566,000 | ' |
Income (loss) before tax | 845,000 | 49,000 | 835,000 | 2,020,000 | ' |
Total Assets | 35,091,000 | 30,384,000 | 35,091,000 | 30,384,000 | ' |
Capital expenditures | 40,000 | 563,000 | 651,000 | 773,000 | ' |
Depreciation & Amortization | $239,000 | $188,000 | $633,000 | $558,000 | ' |