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Archives for May 2012

ART’S WAY MANUFACTURING ANNOUNCES THE ACQUISITION OF ASSETS FROM UNIVERSAL HARVESTER CO., INC.

PRESS RELEASE 5/14/2012
FOR IMMEDIATE RELEASE

New Subsidiary Expected To Strengthen Art’s Way’s Agricultural Product Offerings

 

ARMSTRONG, IOWA, May 14, 2012 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment, and services, announces that it has completed its acquisition of assets from Universal Harvester Co., Inc. (“UHC”), of Ames, Iowa, a leader in the fabrication of reels for combines and swathers. The consideration paid in the transaction consisted of approximately $3 million in cash and 5,000 shares of Art’s Way Manufacturing common stock. Art’s Way Manufacturing has formed a wholly-owned subsidiary, Universal Harvester by Art’s Way Manufacturing Co. This new subsidiary will be consolidated with Art’s Way Manufacturing for financial reporting purposed and is expected to continue to operate out of the former UHC plant. Ardis Heidebrink, formerly the President of UHC, has been hired as the General Manager of the new subsidiary and will report to Art’s Way Manufacturing Co., Inc. Chief Executive Officer, Carrie Majeski. All former UHC employees have been retained.

 

J. Ward McConnell Jr., Chairman of the Board of Directors said, “We are very pleased to have UHC as part of the Art’s Way Manufacturing family. This acquisition is both strategic and highly complementary to our existing operations and product lines. With its history of quality products and dedication to customer service, it will be a welcome addition. Last year, UHC had revenue of approximately $4 million and we anticipate the acquisition will be immediately accretive. I want our shareholders to know, we intend to continue to be aggressive in looking for opportunities that will help build and grow shareholder value.”

 

About Art’s Way Manufacturing Co., 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, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of Art’s Way’s business. Art’s Way Manufacturing has three 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, and [Universal Harvester by Art’s Way Manufacturing Co.] manufactures reels for combines and swathers.

 

Investors and shareholders are invited to send their email to jim@jdcreativeoptions.com to be added to the Company’s email database for future news releases.

 

For More Information, Contact: Jim Drewitz, Investor Relations
830-669-2466
jim@jdcreativeoptions.com
www.jdcreativeoptions.com

 

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. Forward-looking statements in this release relate to the expected impact of the UHC acquisition, expectations for the integration of UHC operations, and our intent to pursue strategic acquisitions. 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, unexpected problems or delays with integration of UHC operations, fluctuations in demand for combine reels and Art’s Way’s other products, the management of growth, the availability of investment opportunities, and other factors detailed from time to time in Art’s Way’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. Art’s Way cautions readers not to place undue reliance upon any such forward-looking statements.

 

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ART’S WAY MANUFACTURING ANNOUNCES $1.7 MILLION CONTRACT FOR INSTALLATION OF MODULAR BUILDING COMPLEX

FOR IMMEDIATE RELEASE For More Information, Contact:
April 30, 2012 Jim Drewitz, Investor Relations
830-669-2466

 

Art’s Way Scientific, Inc. To Install 24 Modular Units Totaling 21,350 Square Feet

 

ARMSTRONG, Iowa, April 30, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its wholly-owned subsidiary, Art’s Way Scientific, Inc., – www.buildingsforscience.com – has executed an installation contract for 24 modular buildings, which will make up a 21,350 square foot research facility. The modular units are under construction and are expected to be installed before the end of the 2012 calendar year. The research facility is being built for one of the world’s leading research and teaching institutions. As previously announced in a news release dated January 4, 2012, Art’s Way procured a $7 million contract to design and manufacture the 24 modular units. The installation contract brings the total expected revenue from the combined contracts to $8.7 million over the term of the contracts.

 

Dan Palmer, President of Art’s Way Scientific said, “We are honored to have the opportunity to design, manufacture and now install this significant project. It demonstrates the strength of our team and our unique capabilities within the industry. This contract award affirms our commitment to provide the highest quality design, manufacture and installation services. We believe this high profile project has the potential to open the doors to a lot of other opportunities.”

 

J. Ward McConnell, Jr., Chairman of the Board, said, “We are grateful for the opportunity to continue providing critical services to this prestigious institution and valued client. As a result of these combined contracts and other smaller contracts recently awarded to Scientific, as well as a very healthy farm income which has encouraged farmers to purchase new equipment and expand operations, we expect consolidated Art’s Way’s revenue, income and gross margins to improve significantly in the balance of fiscal 2012.“

 

About Art’s Way Scientific, Inc. –Buildings For Science –

 

Art’s Way Scientific, Inc. is a wholly-owned subsidiary of Art’s Way Manufacturing, Inc. It is the recognized leading supplier of modular laboratories for biocontainment, animal husbandry science, public health and security requirements. Art’s Way Scientific custom designs, manufactures, delivers, and installs laboratories and research facilities to meet customers’ critical requirements. For more information, visit our website at www.buildingsforscience.com.

 

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 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 and Art’s Way Scientific, Inc. manufactures modular animal housing buildings and modular laboratories.

 

For More Information, Contact: Jim Drewitz, Investor Relations
830-669-2466
jim@jdcreativeoptions.com
www.jdcreativeoptions.com

 

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, including but not limited to the anticipated revenues and timeframes discussed in this release and expected consolidated results of operations, are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, unforeseen delays in production and installation, unforeseen contract disputes, customer demand for the Company’s products, domestic and international economic conditions 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