Google PlusLinkedINYouTube

ART’S WAY MANUFACTURING ANNOUNCES FISCAL YEAR 2011 ANNUAL SHAREHOLDER MEETING DATE

FOR IMMEDIATE RELEASE For More Information, Contact:
MARCH 2, 2012 Jim Drewitz, Investor Relations
830-669-2466

Art’s Way Will Provide A Bus Tour Of Manufacturing Facilities For Shareholders

 

ARMSTRONG, Iowa, March 2, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its fiscal year 2011 annual meeting of shareholders which will be held at 9:00 am Central Time on Thursday, April 26, 2012 at The Hotel Julien, 200 Main Street, Dubuque, Iowa, 52001, 800-798-7098. www.hoteljuliendubuque.com . Registration begins at 8:45 am. The record date for purpose of shares to be voted is close of business on Monday, March 5, 2012.

 

For all interested shareholders, Art’s Way will provide a bus tour of their manufacturing facilities in eastern Iowa including Art’s Way Vessels in Dubuque, Art’s Way Manufacturing in West Union and Art’s Way Scientific in Monona. Lunch and refreshments will be served during the tour. If interested in going on the tour, please call Amanda at 712-864-3131 Ext 287 for reservations.

 

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

 

-END-

 

Art’s Way Manufacturing Announces Financial Results For The Fiscal Year 2011

Download Results

Art’s Way Manufacturing Co., Inc. Fourth Quarter and Year-End Earnings Call Scheduled for February 24, 2012

FOR IMMEDIATE RELEASE NEWS
February 17, 2012 NASDAQ:ARTW

 

ARMSTRONG, IOWA, February 17, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces it will report financial results for its fourth quarter and 2011 fiscal year on Wednesday, February 22, 2012.

 

Art’s Way expects to issue a press release regarding its results on Wednesday, February 22, 2012 and to host a live conference call at 10:00 a.m. Central Time on Friday, February 24, 2012. J. Ward McConnell Jr., Chairman of the Art’s Way Board of Directors, will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

 

Following the conference call, a replay will be available on Monday, February 27, 2012 on the Investor Relations page of the Art’s Way website. The replay will remain available for 12 months.

 

What: Art’s Way Manufacturing 2011 Fourth Quarter and Year-End Financial Results Conference Call

 

When: February 24, 2012 10:00 a.m. Central 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.

 

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, 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 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 jim@jdcreativeoptions.com
Or visit the Company’s website at www.artsway-mfg.com

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES RAMPED UP PRODUCTION TO FILL ORDER BACKLOG OF $21.8 MILLION

FOR IMMEDIATE RELEASE For More Information, Contact:
January 6, 2012 Jim Drewitz, Investor Relations
830-669-2466

Backlog For fiscal year end in 2012 Is Up 47% Over Fiscal Year 2011

 

ARMSTRONG, Iowa, January 6, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services today announces it is ramping up production to fill order backlog of $21.8 million for fiscal year 2012, a 47% increase in backlog over the previous years backlog of $14.8 million.

 

The growth in backlog is primarily due to the increase orders at Art’s Way Scientific, Inc. www.buildingsforscience.com. The recently announced $7 million order will significantly improve the backlog deep into 2012 along with the increased activity in ag buildings.

 

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “We are very excited and bullish about our current backlog and growth prospects in 2012. Art’s Way continues to drive on a fundamental strategy to serve our growing customer base with market leading products and service while delivering solid financial performance. Additionally, Art’s Way Scientific is going to have a record year, the North American agricultural sector is robust, farmers have money and are spending it, our business fundamentals remain exceptionally strong and we believe the Company is well positioned to aggressively move into 2012 and beyond. With little or no operating debt, this will allow the Company to improve cash flow, continue organic growth and pursue select opportunities in the marketplace.”

 

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 confinement buildings and modular laboratories.

 

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

 

Art’s Way Scientific, Inc. is a wholly owned subsidiary of Art’s Way Manufacturing Co., 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.

 

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. 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.

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES THEY WERE A FEATURE PRESENTER AT THE SIDOTI & COMPANY, LLC MICRO-CAP CONFERENCE

FOR IMMEDIATE RELEASE For More Information, Contact:
January 9, 2012 Jim Drewitz, Investor Relations
830-669-2466

Conference Was Held In New York City With Over 300 Institutional Investors In Attendance

 

ARMSTRONG, Iowa, January 9, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services today announces it was one of the featured presenters at Sidoti & Company, LLC semiannual New York Micro-Cap Conference held at the Grand Hyatt New York, Hotel in midtown Manhattan.

 

Sidoti & Company, LLC, founded in 1999, is Wall Street’s preeminent provider of equity research focused on undiscovered, profitable companies at a market capitalization of less than $3 billion. Sidoti & Company has made it their mission to shed light on the sub-$200 million micro-cap space and its trove of neglected gems. Sidoti’s collaborative and informative Micro-Cap Conferences contribute greatly to this enlightenment process, as they introduce companies that boast sound fundamentals and intriguing stories, show fast growth and profitability, or otherwise hold great promise, yet are largely unknown to investors. At Sidoti’s last conference, nearly every major institutional investor in the micro-cap sector was present.

 

Art’s Way’s presentation that was given at this conference will be archived on the Art’s Ways Manufacturing web site www.artsway-mfg.com under the Investor Relations tab.

 

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 confinement buildings and modular laboratories.

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. 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.

-END-

Download PowerPoint Presentation

 

ART’S WAY MANUFACTURING ANNOUNCES $7 MILLION CONTRACT FOR A MODULAR BUILDING COMPLEX.

FOR IMMEDIATE RELEASE For More Information, Contact:
January 4, 2012 Jim Drewitz, Investor Relations
830-669-2466


Art’s Way Scientific, Inc., Has Designed and Will Manufacture 24 Modular Units.

 

ARMSTRONG, Iowa, January 4, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary, Art’s Way Scientific, Inc., www.buildingsforscience.com has designed, and is under contract to manufacture 24 modular units. The modular units are expected to be constructed and installed over the course of approximately one year and will make one 21,350 square foot research facility. The research facility is being built for one of the world’s leading research and teaching institutions. Art’s Way also expects to procure an installation contract, which could yield additional revenue of approximately $2 million. The anticipated value of the combined contracts would be approximately $9 million over the term of the contracts.

 

Dan Palmer, President of Art’s Way Scientific said, “We are very pleased…to have the opportunity to produce and complete this critical project”.

 

Mr. Palmer continued, “Over the last year we have, along with a team of design professionals developed various ideas and concepts for this facility. We signed a design agreement several months ago and the design is complete. This allowed us to prepare for a quick start on fabrication and site work upon approvals. Fabrication on the first of the 24 modular sections started recently. Fabrication and delivery is being coordinated to coincide with completion of the foundation work during the spring and summer months. The team is targeting occupancy of the building by the end of 2012.”

 

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “We are excited to be working on this significant project. I want to thank our hardworking, dedicated employees who have worked tirelessly to bring this contract to fruition. Art’s Way Scientific’s modular laboratories will allow faculty, students and staff to carry out critical research procedures in the buildings. Our labs will help train students with diverse backgrounds for careers in the biological and biomedical sciences.”

 

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 anticipated revenues and timeframes discussed in this release, are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, unforeseen delays in production unforeseen contract disputes, our ability to procures the installment contract discussed in this release, events affecting others that are beyond our control 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.

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES INCREASED SALES ORDERS FOR ART’S WAY SCIENTIFIC FOR FOURTH QUARTER 2011.

FOR IMMEDIATE RELEASE For More Information, Contact:
January 3, 2012 Jim Drewitz, Investor Relations
830-669-2466

 

Interest and sales can be attributed to IRS tax incentives on agricultural buildings

 

ARMSTRONG, Iowa, January 3, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary; Art’s Way Scientific, Inc. www.buildingsforscience.com has experienced an increase in sales orders in the fourth quarter 2011. In addition, Art’s Way Scientific has also seen a meaningful spike in inquiries of modular Ag buildings as a result of Congressional enacted tax incentives on agricultural buildings. Recently the Company received orders for several Ag related buildings, totaling approximately $400,000.

 

Dan Palmer, General Manager of Art’s Way Scientific said, “Many of these new orders have come from existing customers, and repeat business is always gratifying. The tax incentives will last through 2012 and make it attractive for farmers and ranchers to expand their operations…. so we anticipate the demand to continue through 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 Co., 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 confinement 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 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.

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES CASH DIVIDEND ON THE COMPANY’S COMMON STOCK

ARMSTRONG, IOWA, November 8, 2011 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services announces the Board of Directors of the corporation approved a cash dividend on the Company’s common stock. The dividend of $0.06 is payable on November 30, 2011, to shareholders of record on November 11, 2011. Art’s Way Manufacturing has paid a dividend each year since 2005.

 

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “We are very pleased to be continuing our legacy of dividend payouts. We have a track record of paying dividends and delivering long-term value to our shareholders is a top priority of the Company.

 

“The agricultural sector is robust, our business fundamentals remain strong and we believe the Company is well positioned to aggressively move forward into 2012. We want to thank all of our loyal shareholders for their support.”

 

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, 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 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 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 made in this release that are not strictly statements of historical facts, including: (i) our beliefs with respect to the current state of the agricultural sector of the economy and (ii) our expectations for growth, are forward-looking statements. 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 cost of raw materials, the management of growth, the availability of investment opportunities, and other factors 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.

 

ART’S WAY MANUFACTURING ANNOUNCES 13.1% INCREASE IN OPERATING INCOME OVER THE THIRD QUARTER OF 2010

Conference Call Scheduled For October 13, 2011 at 10:00 AM CDT

 

ARMSTRONG, IOWA, October 12, 2011 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services is pleased to announce its financial results for the three and nine months ended August 31, 2011.

 

In conjunction with the release, the Company has scheduled a conference call for October 13, 2011 at 10:00 AM CDT. J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call and discussing third quarter and nine month financial results and an outlook for the balance of 2011.

 

What: Art’s Way Manufacturing Third Quarter & Nine Month Financial Results.

 

When: October 13, 2011 10:00 AM CT.

 

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.

 

Financial Highlights For the Three and Nine Months Ended August 31, 2011:

 

  • Operating income for the three months ended August 31, 2011 increased 13.1% over 2010.
  • Net sales for the three months ended August 31, 2011 totaled $9.25 million.
  • Earnings Per Basic and Diluted Share for the three months ended August 31, 2011 were $0.25 versus $0.19 for the same period in 2010.

 

For the Three Months Ended
(Consolidated)
 
August 31, 2011 August 31, 2010 Change
Revenue $ 9,252,063 $ 10,581,783 -12.6%
Income from Operations $ 1,437,907 $ 1,270,882 13.1%
Net Income $ 1,019,836 $ 751,802 35.7%
EPS (Basic) $ 0.25 $ 0.19
EPS (Diluted) $ 0.25 $ 0.19
Weighted avg. shares outstanding:  
Basic 4,019,874 3,992,182
Diluted 4,042,135 4,003,766
 

 

For the Nine Months Ended
(Consolidated)
 
August 31, 2011 August 31, 2010 Change
Revenue $ 21,761,551 $ 22,909,802 -5%
Income from Operations $ 1,327,126 $ 1,606,163 -17.4%
Net Income $ 826,002 $ 886707 -6.8%
EPS (Basic) $ 0.21 $ 0.22
EPS (Diluted) $ 0.20 $ 0.22
Weighted avg. shares outstanding:  
Basic 4,016,039 3,991,381
Diluted 4,049,706 4,000,863
 

 

Revenue: Our consolidated corporate sales for the three and nine month periods ending August 31, 2011 were $9,252,000 and $21,762,000 respectively, compared to $10,582,000 and $22,910,000 during the same respective periods in 2010, which is a $1,330,000 decrease for the quarter and $1,148,000 decrease year-to-date, or -12.6%, and -5.0% respectively. Our Agricultural Products segment had the largest increase in year-to-date sales, while our Modular Buildings segment experienced the greatest loss.

 

Art’s Way Manufacturing, our agricultural products segment, had sales for the third fiscal quarter of $7,771,000, compared to $7,725,000 during the same period of 2010, a 0.60% increase. Year-to-date sales were $18,091,000, which is up from $15,927,000 as of August 31, 2010, a 13.6% increase. Gross margin for the quarter ended August 31, 2011 was 30.7% compared to 27.8% for the same period in 2010. The increase in margin during Q3 2011 compared to 2010 was due to our change in product mix. The year-to-date gross margin was 26.9% compared to 27.3% as of August 31, 2010. The year-to-date margin decrease is attributable to higher steel costs that impacted the margin on sales from prior year whole goods sales orders.

 

Art’s Way Vessels, our pressurized tank segment, had sales for the third fiscal quarter of $403,000, compared to $502,000 for the same period in 2010, a 19.7% decrease. Year-to-date sales were $1,368,000 in fiscal 2011, compared to $1,245,000 for the same period in 2010, a 9.9% increase. We hired a new Production Manager on February 17, 2011 which has resulted in improvements to our overall shop flow and cleanliness, and has improved our ability to control costs and increase net revenue on a per-job basis. While we have not seen an immediate financial impact, we are pleased with both the physical and procedural changes that have been made in the factory and believe that the changes will be beneficial to this segment. Over time, we anticipate manufacturing costs will decline and that our margins will subsequently increase. Gross margin for the quarter ended August 31, 2011 was 16.7% compared to -5.0% for the same period in 2010. Year-to-date gross margin was -6.0% compared to -4.4% as of August 31, 2010

 

Art’s Way Scientific, our modular buildings segment, had third fiscal quarter sales of $1,078,000, compared to $2,355,000 for the same period in fiscal 2010, a 54.2% decrease. Year-to-date sales were $2,302,000 in fiscal 2011, compared to $5,738,000 for the same period in 2010, a 59.9% decrease. We believe generally weak economic conditions and government budget cuts have made sales in this segment sluggish thus far. A majority of our customers have applied for federal grant money, but have not received the necessary award amounts to proceed with the projects as quoted. We are now working with those customers who either are scaling their projects back or looking at leasing to meet their funding requirements. We currently have three leased facilities and are building more with the expectation of leasing. We intend to focus our sales activities on entities that do not rely on governmental funding. Our backlog in Scientific remains lower when compared to last year but continues to climb. Gross margin for the quarter ended August 31, 2011 was 23.9% compared to 19.4% for the same period in 2010. Year-to-date gross margin was 15.6% compared to 20.6% as of August 31, 2010, which was attributable to the lower sales volume.

 

Income: Consolidated operating income increased 13.1%, from $1,271,000 for the three months ended August 31, 2010 to $1,438,000, for the three months ended August 31, 2011, while net income for the three months ended August 31, 2011 increased 35.7%, from $752,000 in 2010 to $1,020,000 in 2011. Operating income for the nine months ended August 31, 2011 decreased 17.4%, to $1,327,000 from $1,606,000 for the same period in 2010. Net income for the nine months ended August 31, 2011 decreased 6.8% to $826,000 from $887,000 for the same period in 2010. The changes to net income were primarily attributable to the decrease in consolidated sales for the three and nine month periods, offset by a decrease in consolidated expenses and lower tax expense in 2011 due to recognition of a tax provision reduction during the quarter ended August 31, 2011.

 

Earnings per Share: Basic and diluted earnings per basic share increased 31.6% for the three months ended August 31, 2011 to $0.25 per share from $0.19 per share for the same period in 2010. Basic and diluted earnings per basic share decreased 4.5% and 9.0%, respectively, for the nine months ended August 31, 2011 to $0.21 and $0.20 per share from $0.22 and $0.22 per share, respectively, for the same period in 2010. The changes in earnings per share were primarily attributable to the changes to net income.

 

Income Taxes: During the quarter ended August 31, 2011 we completed our fiscal year ending November 30, 2010 tax filings for both Federal and State Taxing Authorities. We calculated a tax provision reduction for the year ending November 30, 2010. The tax provision reduction was recognized during the quarter ended August 31, 2011 and brought our effective tax rate down during the quarter and year to date ending August 31, 2011, to 25.2% and 23.7%, respectively. The tax provision effective tax rate for the comparative quarter and year to date ending August 31, 2010 was 35.6% and 35.0%, respectively. The tax provision benefit was due to taking advantage of additional tax deductions and credits for the fiscal year ended November 30, 2010.

 

J. Ward McConnell Jr., Chairman of the Board of Directors said, “While we are disappointed with our revenue growth for the three and nine months, we are pleased with our net income and earnings per share increases. Sales in the Company’s core manufacturing business continued to grow, but the Company continued to struggle with revenue shortfall at both Art’s Way Vessels and Art’s Way Scientific.

 

Domestic and global economic indicators continue to signal a fragile and slow economic recovery. Despite the difficult macro environment, we believe the Company’s core manufacturing segment remains strong. We intend to continue to execute our business plan for fiscal year 2011 which includes continued pursuit of additional acquisitions of complementary businesses or product lines, sourcing and product cost management initiatives to partially offset commodity cost increases, and implementation of numerous productivity initiatives to reduce operating expense – particularly at Art’s Way Vessels.

 

The Company’s balance sheet remains strong with working capital at a level consistent with our business activity. Moving forward for the balance of the year, we will continue to support our organic and strategic growth opportunities while closely monitoring our spending. We are mindful of the importance of continuing to invest in key growth initiatives, while still delivering returns to our shareholders.

 

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, 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 the Company’s business. The Company has two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

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

 

Cautionary Statements

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs regarding the strength of our manufacturing segment; (ii) the anticipated benefits from hiring a Production Manager for our pressurized vessels segment; (iii) our belief that demand for our modular buildings will increase if economic conditions improve ; (iv) our intent to pursue acquisitions, invest in growth opportunities, and implement cost management and production initiatives; (v) our expectations relating to projects and sales for our modular buildings segment; and (vi) our expected returns to shareholders, are forward-looking statements. 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 cost of raw materials, the management of growth, the availability of investment opportunities, our ability to implement cost-management and production initiatives, and other factors 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. The company does not intend to update or publicly revise any forward-looking statement.

 

-END-

 

ART’S WAY MANUFACTURING CO., INC. ANNOUNCES THIRD QUARTER EARNINGS RELEASE DATE AND CONFERENCE CALL SCHEDULE

FOR IMMEDIATE RELEASE NEWS
October 6, 2011 NASDAQ: ARTW

 

Armstrong, Iowa – October 6, 2011 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces the Company expects to issue a press release containing financial results information for the third quarter on Wednesday, October 12, 2011.

 

In conjunction with that announcement, Art’s Way will host a live conference call to review the financial results for its third fiscal quarter of 2011 at 10:00 a.m. Central Time on Thursday, October 13, 2011. J. Ward McConnell Jr., Executive Chairman of the Art’s Way Board of Directors, will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

 

Following the conference call, a replay will be available on Friday, October 14, 2011 on the Investor Relations page of the Art’s Way website. The replay will remain available for 12 months.

 

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, 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 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 jim@jdcreativeoptions.com

 

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

 

Safe Harbor Statement

Some of the statements contained in this news release that are not purely historical statements discuss future expectations or state other forward-looking information. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements. The “forward-looking” information is based on management’s current intent, belief, expectations, estimates and projections regarding our company and our industry. You should be aware that those statements only reflect our predictions. Actual events or results may differ substantially. Important factors that could cause our actual results to be materially different from the forward-looking statements are disclosed under the heading “Forward Looking Statements” in our annual report on Form 10-K for the year ended November 30, 2010 and our quarterly reports on Form 10-Q for the quarters ended February 28, 2011 and May 31, 2011. The forward-looking statements in this release are made only as of the date hereof and we undertake no obligation to update publicly any forward-looking statement unless required by law.

 

-END-

 

Corporate - Art's Way Mfg