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Archives for March 2010

ART’S WAY MANUFACTURING PURCHASES AUGER PRODUCTION BUILDING IN SALEM, SOUTH DAKOTA.

FOR IMMEDIATE RELEASE For More Information, Contact:
March 31, 2010 Jim Drewitz, Public Relations

 

Company Had Been Leasing The 15,000 Sq. Ft. Facility Since December 2008

 

ARMSTRONG, Iowa, March 31, 2010 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery equipment and services, is pleased to announce they have purchased the 15,000 square foot production facility they have been leasing to produce portable grain augers in Salem, South Dakota. The Company closed on the plant purchase on March 29, 2010 and paid approximately $ 194,000.

 

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “The auger business opened up to us with the closing of the Feterl business and the purchase of this facility is a smart and cost effective move for us. At Art’s Way, we are committed to customer service and helping farmers grow their business. They know they can trust us to deliver. This facility and the experienced, knowledgeable local work force has allowed us to offer a top quality line of 8”, 10”and 12” diameter Commercial Top Drive Augers as well as Commercial Swing and Galvanized Commercial Swing Drive Augers in lengths from 34 feet to over 120 feet. We not only manufacture augers, we also carry a complete supply of replacement parts for Art’s Way auger and parts for auger not produced by Art’s Way.

 

“We are filling new orders every day, and expect to continue gain market share each quarter. As of March 31, 2010 our auger backlog stands at $2.8 million.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After market, service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

 

Or visit the Company’s website at www.artsway-mfg.com

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

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ART’S WAY MANUFACTURING AWARDED GRANT FROM THE IOWA ECONOMIC DEVELOPMENT BOARD TO PURCHASE 190,000 SQ. FT. FACILITY IN WEST UNION, IOWA

FOR IMMEDIATE RELEASE For More Information, Contact:
March 24, 2010 Jim Drewitz, Public Relations

 

The $1.4 Million Warehouse And Factory Expansion Will Create 40 Jobs.

 

ARMSTRONG, Iowa, March 24, 2010 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the Company is planning to purchase a 190,000 square foot facility in West Union, Iowa. A grant and loan of $65,000 from Iowa Economic Development Board will help offset expenses associated with building repairs and machinery and equipment. Art’s Way is also eligible to receive $158,000 for job training. The Board provides incentives that range from loans to tax credits to growing companies like Art’s Way Manufacturing.

 

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “We are very pleased to receive this grant from The Iowa Economic Development Board as it reinforces the strength, importance and industry leadership of Art’s Way Manufacturing. Our entire team has worked extremely hard to demonstrate to the Iowa Economic Development Board that we are worthy of this funding. Our plans for this facility will be a combination of warehouse for finished products and production of some of our ag lines. The addition of this facility will allow us to gain valuable production space and will certainly allow us to accommodate any future acquisition. The $1.4 million warehouse and factory expansion will create approximately 40 new jobs. We are doing final due diligence but expect to close on the facility around April 30, 2010.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After market, service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

Or visit the Company’s website at  www.artsway-mfg.com

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

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ART’S WAY MANUFACTURING ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR 2009

FOR IMMEDIATE RELEASE
NEWS
February 22, 2010 NASDAQ:ARTW

Backlog for 2010 versus 2009 increases 16% to $ 17.4 million

 

Conference Call Scheduled For Thursday, February 25, 2010 At 10:00 AM Eastern

 

ARMSTRONG, IOWA, February 22, 2010 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery in the United States and internationally, announced its financial results for the fiscal year ended November 30, 2009. Additionally, the Company has scheduled a conference call Thursday, February 25, 2010 at 10:00 AM Eastern Time to discuss the results and other information material to the Company’s business.

 

What: Art’s Way Manufacturing Fiscal Year 2009 Financial Results Conference Call

 

When: Thursday, February 25, 2010 – 10:00 AM Eastern Time

 

How: Live via phone by dialing 800-624-7038. Code: Art’s Way Manufacturing.  Participants to the conference call should call in at least 5 minutes prior to the start time.

 

J. Ward McConnell, Jr., Chairman of the Board of Art’s Way Manufacturing, will be leading the call and discussing fiscal year 2009 financial results, the current state of the Company’s operations and the long-term outlook for the balance of 2010.

 

Highlight:

 

* As of February 2010, order backlog is approximately $17,436,000, a 16% increase over the same time period in 2009, which was approximately $ 15,012,000.

 

For the Fiscal Year Ended
November 30
2009 2008 Change
Revenue  $ 26,296,133  $ 32,041,138 -17.9%
Operating Income  $ 708,389  $ 2,766,260 -74.4%
Net Income  $ 762,250  $ 1,829,567 -58.3%
EPS (Basic)  $ 0.19  $ 0.46 -58.7%
EPS (Diluted)  $ 0.19  $ 0.46 -58.7%
Weighted avg. shares
outstanding:
Basic 3,988,478 3,973,816
Diluted 3,990,357 3,990,500

 

Revenue: Total revenue decreased 17.9%, from $32.04 million in fiscal 2008 to $26.3 million for the fiscal year ended November 30, 2009. The decrease was mainly due to the unfavorable economic conditions for a majority of the fiscal year 2009, which we believe caused many of our customers to forego or postpone purchases of agricultural equipment.

 

Income: Operating income decreased from $2.77 million in fiscal 2008 to $708,000 for the fiscal year ended November 30, 2009, while net income for the fiscal year ended November 30, 2009 decreased from $1.83 million to $762,000. These decreases were due largely to reduced sales and lower gross margins, which were the result of the high cost of steel during a greater portion of fiscal 2009 versus fiscal 2008.

 

Earnings per Share: Earnings per diluted and basic share ended November 30, 2009 were $0.19, a decrease of $0.27 from 2008 earnings per diluted and basic share.

 

J. Ward McConnell, Jr., Executive Chairman of the Board of Directors said, “Amidst a global recession, starting in the third quarter of 2008 and throughout most of 2009, Art’s Way Manufacturing revenue was negatively influenced by the lack of revenue at Art’s Way Scientific. Their revenue was significantly impacted by the delays in government funding of grants for new modular laboratories as a result of the slow release of the economic stimulus package. Companies and universities postponed many decisions to build scientific buildings until the stimulus funds were released, which is just now beginning to happen. In the coming quarters we expect Art’s Way Scientific – Buildings For Science – to garner a proportionate part of the new laboratories being constructed as the stimulus funds are distributed.

 

“Despite these tough times, we are committed to our strategies of controlling costs, growing our product line mix, like the addition of our auger and manure spreader lines, and improving our product structure to create higher gross profits. We feel this strategic business plan is definitely on target and will prove successful long term as the economic recovery progresses.

 

“The Company’s Board of Directors declared an annual cash dividend of $0.06 payable on November 30, 2009, to shareholders of record on November 16, 2009. I am proud to say Art’s Way Manufacturing has paid a dividend each year since 2005.”

 

Mr. McConnell concluded by saying “I want to assure our shareholders, we have taken aggressive measures to align our business with current market conditions. We are monitoring these initiatives closely to ensure we achieve our future expected financial results. Our strong financial position including our lack of short term debt and our growing backlog of over $17 million will allow us to continue making calculated improvements to our product line and grow our market share for years to come. 2010 is going to be a better year.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After market, service parts are also an important part of the Company’s business. The Company has two wholly owned subsidiaries: Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

Or visit the Company’s website at  www.artsway-mfg.com

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that are not strictly statements of historical facts, including: (i) statements relating to demand for new laboratory construction, (ii) statements regarding the impact of our strategic business plan on our long-term financial results and (iii) statements relating to future contemplated strategic improvements to our product lines, constitute forward-looking statements. Such statements of anticipated future results are based on certain assumptions by management and current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

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ART’S WAY MANUFACTURING CONTINUES TO GROW PRODUCT LINE BY OFFERING NEW 16 FOOT PULL TYPE GRADER BLADE

FOR IMMEDIATE RELEASE For More Information, Contact:
March 10, 2010 Jim Drewitz, Public Relations
830-669-2466

16 Foot Is A New Model To The Current Lineup Of Pull Type Graders

 

ARMSTRONG, Iowa, March 10, 2010 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the Company is expanding their industry leading pull type graders by adding a 16 foot blade to their lineup of 9’, 12’ and 14’ models. The new 16’ blade will be available approximately May 1, 2010. The Company is taking orders now.

 

Standard features include: 16 foot blade, 15 degree blade tilt for slop cuts, 42 degree blade angle with blade swing, 15” ground clearance, 30 “ blade height, replaceable high carbon steel cutting edge, 4 hydraulic cylinders and hoses, 3 hydraulic tractor valves (angle, tilt, raise), swivel hitch, 11L X 15 tires, 6- bolt hubs, box scraper ends, weight box and storage parking jack.

 

J. Ward McConnell, Jr., Chairman of the Board, said, “We are pleased to announce we have expanded our robust product line with the introduction of this new 16 foot grader blade. In the past couple of years we have been aggressive introducing new products and we look forward to building on the strength of the Art’s Way brand throughout 2010. We remain committed to staying alert and responsive to the needs and requests of our consumers. I know our dealers will be very excited to offer to their customers this new 16 foot addition to our line of pull type graders.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After market, service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

Or visit the Company’s website at  www.artsway-mfg.com

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

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Corporate - Art's Way Mfg