Consolidated corporate sales for the three-month period ended Feb. 28, 2021 were $5,401,000 compared to $5,026,000 during the same period in fiscal 2020, an increase of $375,000, or 7.5%. The increase in consolidated revenue is due to increased sales in our Agricultural Products segment.
Consolidated net loss was $(315,000) for the three-month period ended Feb. 28, 2021 compared to net loss of $(437,000) for the same period in fiscal 2020. The decreased net loss is due to increased sales in the Agricultural Products segment and a decrease in consolidated administrative costs. The company is carrying strong backlogs into the second quarter in two of three segments and are expecting improved results for the second quarter of fiscal 2021.
President and CEO of Art's Way Manufacturing, David King reports, "We are pleased to report top-line growth in the first quarter due to the increased revenue in our Agricultural Products segment. With strong backlogs for the Agricultural Products and Tools segments, as well as increased quoting activity for Modular Buildings, we are optimistic about continued revenue growth for the remainder of the year.
"While our outlook for the year is positive, we continue to navigate challenges related to increased prices for steel, building materials and purchased components along with availability issues. As such, we have raised prices where necessary and are diligently working with suppliers to ensure delays do not negatively affect our ability to deliver products."
King also states, "We are excited to announce the launch of a new logo and branding initiative for the Agricultural Products segments during the second quarter that will position the company as a forward-thinking power player in the agricultural equipment manufacturing industry. We're not only updating the brand; we're recommitting our efforts to better serve dealers and operators."
Ag Equipment Manufacturers — Executive Compensations: Ag Equipment Intelligence has gathered financial data from the filings of the ag industry’s key publicly-traded manufacturers and compiled its own list of these companies’ executives’ compensations.