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Art’s Way Manufacturing Launches New Web Site For Art’s Way Vessels

FOR IMMEDIATE RELEASE
May 6, 2009
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

ARMSTRONG, Iowa, May 6, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW),a leading manufacturer and distributor of niche agricultural machinery, equipment and services, announces the launch of a new web site for their wholly-owned subsidiary, Art’s Way Vessels, Inc. The www.artsway-vessels.com web site has been designed to provide the latest information about the Company’s unique and diversified Carbon Steel, Stainless Steel, ASME Code, Non-Code, Standard or Custom Configurations tanks and vessels.
Art’s Way Vessels produces tanks and vessels for such markets as: Water Treatment, Food & Beverage, Petrochemical, Agricultural, Storage Tanks, Refineries, Chemical, Irrigation and Mining to name a few.

Pat O’Neill, General Manager of Art’s Way Vessels, Inc said, “I am very excited and pleased with our new site. It will enable Art’s Way Vessels to provide an even greater level of product information and service to our customers. Art’s Way Vessels is committed to providing our valued customers with carbon and/or stainless steel pressure vessels that are built with consistent quality, delivered in a timely manner, and priced to keep them competitive in the marketplace. The new web site incorporates best practices for web site layout and design, making it easier for visitors to get a quote in a quick and timely manner or to order a specific tank or vessel made to exact ASME, API, and UL standards.”

About Art’s Way Vessels, Inc.

Art’s Way Vessels, Inc. is a wholly owned subsidiary of Art’s Way Manufacturing Company, Inc. (NASDAQ: ARTW) It is a manufacturing company developing A.S.M.E. Code and Non-Code Vessels and Tanks. The Company is headquartered in Dubuque, Iowa.
 
 Art’s Way Vessels, Inc, has helped businesses grow by offering cost effective vessels and on-time delivery. Our above ground product line is our specialty. These tanks service a wide variety of industries with capabilities in stainless steel and carbon steel. Our design and manufacturing capabilities enable us to produce a variety of configurations in accordance with State and Federal codes.

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; 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

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.

ART’S WAY MANUFACTURING ANNOUNCES FIRST QUARTER REVENUE

FOR IMMEDIATE RELEASE NEWS
April 13, 2009 NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES FIRST QUARTER REVENUE

DESPITE DIFFICULT ECONOMIC CONDITIONS

 

Conference Call Scheduled For Wednesday, April 15, 2009 At 9:00 AM Central

 

ARMSTRONG, IOWA, April 13, 2009 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services announces its First Quarter Financial Results for the three months ended February 28, 2009.

 

In conjunction with the release, the Company has scheduled a conference call for Wednesday, April 15 at 9:00 AM Central Time. J. Ward McConnell, Jr., Executive Chairman of the Board of Directors of Art’s Way Manufacturing, will be leading the call and discussing first quarter financial results, the status of the Company and an outlook for the balance of 2009.

 

What: Art’s Way Manufacturing First Quarter Financial Results

When: Wednesday, April 15, 2009 at 9:00 AM 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.

 

Financial Highlights For the Three Months Ended February 28, 2009:

 

&nbsp&nbsp&nbsp • Net sales for the three months ended February 28, 2009 were $6.69 million.

&nbsp&nbsp&nbsp • As of March 2009, order backlog is $13.1 million

 

&nbsp For the Three Months Ended &nbsp
&nbsp February 28, 2009 February 29, 2008 Change
Revenue $ 6,690,866 $ 6,748,514 -0.9%
Operating Income $ 97,637 $ 813,925 -88.0%
Net Income $ 3,595 $ 476,831 -99.3%
EPS (Basic) $ 0.00 $ 0.12 -100.0%
EPS (Diluted) $ 0.00 $ 0.12 -100.0%
Weighted avg. shares outstanding: &nbsp &nbsp &nbsp &nbsp &nbsp
Basic &nbsp 3,986,352 &nbsp 3,970,110 &nbsp
Diluted &nbsp 3,986,352 &nbsp 3,991,490 &nbsp

 

Revenue: Total revenue decreased 0.9% from $6.75 million to $6.69 million for the three months ended February 28, 2009. Art’s Way Vessels, Inc. increased their three month revenue by 31.5%, while Art’s Way Manufacturing Co., Inc. increased revenue by 14.1% during the same period. These increases were offset by the decrease in the revenue of Art’s Way Scientific, Inc. by 26.9%

 

Income: Operating income decreased 88% from $814,000 to $98,000 for the three months ended February 28, 2009 compared to February 29, 2008, while net income for the same period decreased 99.3%, from $477,000 to $3,600. The most significant reason for these reductions in income is due to reduced gross profit margins.

 

Consolidated gross profit margin for the first quarter of 2009 was 19.7% compared to 32.2% for the same period one year ago, primarily due to decreases in gross profit margin at Art’s Way Manufacturing and Art’s Way Scientific. The gross profit margin of Art’s Way Manufacturing decreased from 38.4% in the first quarter of 2008 to 21.5% for the same period in 2009. After the purchase of the Miller Pro product line, we had many orders we were unable to produce in a timely fashion. In order to satisfy our customers, we agreed to sell these goods at the lower prices quoted in 2007. As a result of our production delays, we shipped goods in the first quarter of 2009 that were priced at the end of 2007 and manufactured with materials purchased at higher prices of 2008. We expect to complete our commitments on the 2007 pricing during the second quarter of 2009, and do not anticipate additional production delays after that time.

 

The gross profit margin of Art’s Way Scientific decreased from 28.6% in the first quarter of 2008 to 20.6% for the same period in 2009. The decrease in gross profit margin at Art’s Way Scientific was primarily due to the decrease in revenue explained above. In addition, gross profit margins at Art’s Way Scientific were negatively impacted during the first quarter by unanticipated cost overruns on a project that was substantially completed during the period.

 

Earnings per Share: Earnings per basic share for the three months ended February 28, 2009 decreased to $0.00 as compared to $0.12, a decrease of 100% or $0.12 over the earnings per share for the three months ended February 29, 2008.

 

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “This has been a challenging quarter for the Company as we continue to execute our growing backlog.

 

“I am pleased with our revenue growth in 2 of our 3 divisions, particularly during these very difficult economic times. Art’s Way Vessels had a significant increase in revenue this past quarter. Art’s Way Scientific did have a decline, but we have many projects we are bidding on and I feel certain we will get our share of orders in the quarters to come.

 

“It is unfortunate that first quarter results were impacted by production delays of the Miller Pro orders. In order to satisfy our loyal customers, we agreed to sell those goods at the lower prices that were quoted in 2007. As a result of those production delays, we shipped goods in the first quarter of 2009 that were priced at the end of 2007 and manufactured with materials purchased at higher prices of 2008.

 

“We have a strong customer service reputation and it just made good sense to fulfill these orders in this manner with these specific customers. We expect to complete our commitments on the 2007 pricing during the second quarter of 2009 and I do not anticipate additional production delays. We have a reputation of manufacturing quality products and strong customer service and I feel these actions will serve us well in the long run and prove fruitful as we cement our relationship with these customers for years to come. relationship with these customers for years to come.

 

“We are facing some very difficult and challenging global financial times, but we are in a relatively stable business sector.

 

“We are committed to our strategy and business model and we are forecasting even stronger revenue growth in the balance of 2009.”

 

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

 

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. Forward-looking statements made in this release are those that are not strictly statements of historical facts, including but not limited to those relating to: (i) our ability to complete pricing commitments, (ii) our ability to meet our production schedule; (iii) future orders for modular buildings; (iv) the strength of our relationships with customers; (v) the stability of the industries in which we compete; and (vi) revenue for the balance of 2009. 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.

 

-END

Art’s Way Manufacturing Announces 26% increase in revenue for fiscal year 2008

FOR IMMEDIATE RELEASE

NEWS February 27, 2009

NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES A 26% INCREASE IN

REVENUE FOR THE FISCAL YEAR 2008

 

Conference Call Scheduled For Monday, March 2, 2009 At 10:00 AM Eastern

 

ARMSTRONG, IOWA, February 27, 2009 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW), a leading manufacturer and distributor of farm machinery in theUnited States and internationally, announced its financial results for the fiscal year ended November 30, 2008. Additionally, the Company has scheduled a conference call Monday, March 2, 2009 at 10:00 AM Eastern Time.

 

What: Art’s Way Manufacturing Fiscal Year 2008 Financial Results Conference Call

 

When: Monday, March 2, 2009 -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 beleading the call and discussing fiscal year 2008 financial results, the status of the Company and the long term outlook for the balance of 2009.

 

Highlights:

• Net sales increased $6,523,388 compared to the same period a year ago.

• As of February 2009, order backlog is $15,012,284.

 

For the Fiscal Year Ended November 30
2008 2007 Change
Revenue $32,041,138 $25,517,750 25.6%
Operating Income $2,766,260 $3,756,850 -26.4%
Net Income $1,829,567 $2,233,681 -18.1%
EPS (Basic) $0.46 $0.56 -17.9%
EPS (Diluted) $0.46 $0.56 -17.9%
Weighted avg. shares outstanding:
Basic 3,973,816 3,957,864
Diluted 3,990,500 3,968,614

 

Revenue: Total revenue increased 25.6%, from $25.52 million to $32.04 million for the fiscal year ended November 30, 2008. A large portion of the increase is due to the full year of Art’s Way Scientific revenue, and also to the addition of the Miller Pro product line.

 

Income: Operating income decreased from $3.76 million to $2.77 million for the fiscal year ended November 30, 2008, while net income for the fiscal year ended November 30,2008 decreased from $2.23 million to $1.83 million. These decreases are due to reduced gross margins, along with increased administrative costs.

 

Earnings per Share: Earnings per diluted and basic share decreased $0.10 for the year ended November 30, 2008 to $0.46.

 

J. Ward McConnell, Jr., Executive Chairman of the Board of Directors said, “Worldwide economic conditions have changed, and the Company and the Agricultural sector have not been immune to these conditions. Increasing agriculture sector demand paired with simultaneous volatility in commodity markets created a very challenging environment to maintain profit levels consistent with our historical performance. During the last two quarters, our overtime wage expense increased over the same period in 2007. Also, with the increased need for production due to the acquisition of the Miller Pro product line, Art’s Way Manufacturing outsourced many items that are traditionally made in-house. These two factors, along with the rising costs of our inputs, such as steel and freight, have negatively impacted our gross profits. That said, and despite the fact that 2008 was a challenging year including a disappointing fourth quarter, Art’s Way delivered annual revenue growth of 25.6%. Given the current market conditions, the growth is a testament to our superior manufacturing abilities, dedication to customer service, and responsiveness to our market and economic environment.

 

“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 long-term expected financial results. Our strong financial position including our excellent backlog will allow us to continue making strategic improvements to our product line to enhance our global presence for years to come,” concluded Mr. McConnell.

 

 

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

 

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 agricultural sector demand, (ii) statements regarding the impact of growth management measures 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 inresults, 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 LAUNCH OF NEW WEB SITE FOR ART’S WAY SCIENTIFIC – BUILDINGS FOR SCIENCE

Latest News Releases

FOR IMMEDIATE RELEASE
February 4, 2009
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

ART’S WAY MANUFACTURING ANNOUNCES LAUNCH OF NEW WEB
SITE FOR ART’S WAY SCIENTIFIC – BUILDINGS FOR SCIENCE

 

ARMSTRONG, Iowa, February 4, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary, Art’s Way Scientific, Inc. – Buildings For Science – has launched a new web site – http://www.buildingsforscience.com/ The new site, reflective of the company’s new brand image, is graphically enhanced, clean and more user-friendly.

Art’s Way Scientific http://www.buildingsforscience.com/ is a leading supplier of custom-designed modular laboratories for biocontainment, animal science, public health, and biomedical & security requirements.

Dan Palmer, General Manager of Art’s Way Scientific – Buildings For Science – said, “Many of our clients and prospective customers we have looking at our website are scientific researchers and academic facility managers who tend to be very internet savvy when it comes to finding the appropriate suppliers for their specific building needs. It was important for us to develop a website that showcases our product knowledge, current information and competitive edge. One very important element of the new web site is that it hosts an improved technical library, which includes case studies and references.”

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “The goal of Art’s Way Scientifics’ new web site is to provide a one-stop technology resource that will enhance information exchange, continue industry education, and initiate a running dialogue about advancements in modular laboratory technology, design and construction. We are committed to providing our customers with a simple site providing the latest information to help them make informed decisions.”

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 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.

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

 

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.

ART’S WAY MANUFACTURING UNVEILS NEW WEB SITE

Latest News Releases

FOR IMMEDIATE RELEASE
January 27, 2009
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

ART’S WAY MANUFACTURING
UNVEILS NEW WEB SITE

 

ARMSTRONG, Iowa, January 27, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW),a leading manufacturer and distributor of niche agricultural machinery, equipment and services, announces the launch of a re-designed web site to better serve the worldwide agricultural equipment marketplace. The http://www.artsway-mfg.com/ web site has been enhanced to provide easier access to all of the company’s unique and diversified farming equipment and improves information about the equipment to individual farmers, farming co-ops and the Company’s growing list of independent farm equipment dealers in the United States.

J. Ward McConnell, Jr., Chairman of the Board, said, “These latest web enhancements enable Art’s Way to provide a superior level of product information and service to ourcustomers. Our goal is to meet our client’s unique needs and informing them electronically about our distinctive pieces of agricultural equipment continues to be thepreferred method. It also incorporates best practices for web site layout and design,making it easier for visitors to find the specific piece of equipment they are looking forand its exact specifications, and a dealer located in their geographic region.”

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; 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

 

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.

ART’S WAY MANUFACTURING ANNOUNCES A 15% INCREASE IN REVENUE FOR THE THIRD QUARTER 2008

Latest News Releases

FOR IMMEDIATE RELEASE
October 7, 2008
NEWS
NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES A 15% INCREASE IN
REVENUE FOR THE THIRD QUARTER 2008

 

Conference Call Scheduled For Wednesday, October 8, 2008 At 9:00AM Central Time

 

ARMSTRONG, IOWA, October 7, 2008 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services announces its financial results for the three and nine months ended August 31, 2008.

 

In conjunction with the release, the Company has scheduled a conference call Wednesday, October 8 at 9:00 AM Central Time. J. Ward McConnell, Jr., Executive Chairman of the Board of Directors of Art’s Way Manufacturing, will be leading the call and discussing third quarter and nine months financial results, the status of the Company and an outlook for the balance of 2008.

 

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

When: Wednesday, October 8, 2008 at 9:00 AM 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.

 

Financial Highlights For the Three And Nine Months Ended August 31, 2008:

• Net sales for the three months ended August 31, 2008 increased 15% to $9.4 million compared to $8.2 million for the same period in 2007.

• Net sales for the nine months ended August 31, 2008 increased 24.5% to $23.4 million compared to $ 19.2 million for the same period a year ago.

• Year-to-date Earnings Per Share (Basic) are up 2.1% or $0.01 per share compared to 2007.

• As of September 2008, order backlog has increased to $17 million, compared to $12.5 million in September 2007.

 

For the Three Months Ended
August 31, 2008
August 31, 2007
Change
  Revenue
$
9,420,696  
$
8,191,523
15.0%
  Operating Income
$
870,484  
$
1,848,564
-52.9%
  Net Income
$
538,389  
$
930,048
-42.1%
  EPS (Basic)
$
0.14  
$
0.24
-41.7%
  EPS (Diluted)
$
0.13  
$
0.23
-43.5%
  Weighted avg. shares outstanding:
  Basic
3,972,548  
&nbsp
3,956,352
  Diluted
3,989,880  
3,975,904

 

For the Nine Months Ended
August 31, 2008
August 31, 2007
Change
  Revenue
$
23,855,763  
$
19,165,728
24.5%
  Operating Income
$
2,723,604  
$
3,093,826
-12.1%
  Net Income
$
1,904,275  
$
1,868,507
1.9%
  EPS (Basic)
$
0.48  
$
0.47
2.1%
  EPS (Diluted)
$
0.48  
$
0.47
2.1%
  Weighted avg. shares outstanding:
  Basic
3,971,676  
&nbsp
3,956,352
  Diluted
3,994,024  
3,966,850

 

Revenue: Total revenue increased 15%, from $8.2 million to $9.4 million for the three months ended August 31, 2008. Revenue increased 24.5%, from $19.2 million to $23.9 million for the nine month period ended August 31, 2008. Art’s Way Scientific, Inc. increased its nine month revenues by 66%, while Art’s Way Manufacturing Co., Inc. increased its revenues by 45.3% during the same period. These increases were offset by a 93.6% decrease in the revenues of Art’s Way Vessels, Inc.

 

Income: Operating income decreased 52.9% from $1,849,000 to $870,000 for the three months ended August 31, 2008, while net income for the three months ended August 31, 2008 decreased 42.1%, from $930,000 to $538,000. Operating income for the nine months ended August 31, 2008 decreased 12.1% from $3.1 million to $2.7 million, while net income increased 1.9% over the same period. The most significant reason for these reductions in income is due to reduced gross profit margins. Consolidated year-to-date gross profit decreased to 28.6% from 31.1% in 2007. This decrease is due to several different factors. The gross profit for Art’s Way Manufacturing decreased from 35.6% for the third quarter in 2007 to 24.4% for the same period in 2008. While we have been gearing up for full production of the Miller Pro product line, we outsourced many items due to the capacity limitations of our laser cutting machine. We have since purchased a plasma cutter to reduce these expenses. Our manufacturing wage expenses for the quarter were $938,000 compared to $675,000 for the same period in 2007. This increase is a result of hiring and training additional staff for our increased production. These factors, along with the rising costs of our inputs, such as steel and freight, have negatively impacted our gross profits. Art’s Way Vessels has a gross profit of -637.7% and 32.7% in the third quarter of 2008 and 2007, respectively. Certain manufacturing expenses, such as depreciation for manufacturing equipment, and inventory obsolescence, are consistent even while sales are reduced. Also during this time, we had to outsource our engineering work due to the loss of our staff engineer. This position has since been filled. A new general manager has been hired for Art’s Way Vessels as well, and we anticipate increased sales due to his reputation in the water treatment industry. Costs for steel and freight impact the gross profit of Art’s Way Vessels negatively also. Art’s Way Scientific’s gross profit for the third quarter of 2008 was 27.2% compared to 31.4%. The combination of these factors has resulted in a gross profit of 23.4% for the third quarter of 2008, compared to 33.9% for the same period in 2007.

 

Earnings per Share: Earnings per basic share for the three months ended August 31, 2008 decreased to $0.14 as compared to $0.24, a decrease of 41.7% or $0.10 over the earnings per share for the three months ended August 31, 2007. Earnings per basic and diluted share for the nine months ended August 31, 2008 increased 2.1% from $0.47 to $0.48.

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “We were able to continue to deliver solid financial results to our shareholders despite challenging economic conditions in the agricultural sector and the rise in raw material costs. As a result, everyone in our organization is keenly focused on productivity improvements and pricing actions critical to achieving our most important priority, which is maintaining margins at an acceptable level.

 

“We are encouraged by the sales increase we reported in the third quarter and nine months driven by strong sales at Art’s Way Scientific. We also continue to make excellent progress on our strategic initiatives to diversify our customer base and continue to grow our business into a global company centered on quality farm equipment and performance innovation. Company wide we are committed to growing our business and delivering shareholder value.”

 

About Art’s Way Manufacturing Co., Inc. (ARTW)

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. 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.

 

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.

 

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

ART’S WAY MANUFACTURING ANNOUNCES A 25.4% INCREASE IN NET INCOME FOR THE FIRST QUARTER 2008

Latest News Releases

FOR IMMEDIATE RELEASE
April 7, 2008
NEWS
NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES A 25.4% INCREASE IN NET
INCOME FOR THE FIRST QUARTER 2008

 

Conference Call Scheduled For 9:00AM CDT, Wednesday, April 9, 2008

 

ARMSTRONG, IOWA, April 7, 2008 – Art’s-Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services announces its financial results for the three months ended February 29, 2008. In conjunction with the release, the Company has scheduled a conference call Wednesday, April 9, 2008 at 9:00 AM Central Daylight Time.

 

What: Art’s-Way Manufacturing First Quarter Financial Results Conference Call

 

When: Wednesday, April 9, 2008 – 9:00 AM Central Daylight 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., Executive Chairman of the Board of Directors of Art’s-Way Manufacturing, will be leading the call and discussing first quarter financial results, the status of the Company, and an outlook for the balance of 2008.

 

Highlights:

• Net sales increased 27.9% to $ 6.7 million compared to $ 5.2 million for the same period a year ago.

• Year-to-date Earnings Per Share are up 26.3% or $0.05 per share compared to 2007.

• As of March 2008, order backlog has increased to $21 million, compared to $12.1 million in March 2007.

 

For the Three Months Ended
February 29, 2008
February 28, 2007
Change
  Revenue
$
6,748,514  
$
5,275,037
27.9%
  Operating Income
$
813,925  
$
506,999
60.5%
  Net Income
$
476,831  
$
380,329
25.4%
  EPS (Basic)
$
0.24  
$
0.19
26.3%
  EPS (Diluted)
$
0.24  
$
0.19
26.3%
  EBITDA
$
995,367  
$
765,645
30.0%
  Weighted avg. shares outstanding:
  Basic
1,985,055  
&nbsp
1,978,176
  Diluted
1,995,745  
1,978,430

 

Revenue: Total revenue increased 27.9%, from $5.28 million to $6.75 million for the three months ended February 29, 2008. A large portion of the increase is due to Art’s-Way Scientific having resumed normal operations after the fire that destroyed their manufacturing facility in January 2007.

 

Income: Operating income increased 60.5% from $507,000 to $814,000 for the three months ended February 29, 2008, while net income for the three months ended February 29, 2008 increased 25.4%, from $380,000 to $477,000. These increases are primarily due to increased sales and improved gross margins.

 

EBITDA: EBITDA (Earnings before interest, taxes, depreciation, and amortization) increased 30% to $995,000 for the three months ended February 29, 2008, as compared to $766,000 for the three months ended February 28, 2007.

 

Earnings per Share: Earnings per diluted and basic share for the three months ended February 29, 2008 increased to $0.24 as compared to $0.19, an increase of 26.3% or $0.05 over the earnings per share for the three months ended February 28, 2007.

 

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “I am very pleased our team delivered another quarter of improved financial results. Our first quarter operating results reflect continued robust demand for our products. Our revenue growth for the first quarter 2008 represents a 6%, or $396,000, increase over fourth quarter 2007.”

 

“We have a very strong niche in our markets, and continue to be a recognized and respected manufacturer and distributor of agricultural machinery, equipment and services, providing our customers with high quality products and reliable service. We are very pleased with the steady increase in net income we have seen this quarter. Our backlog has increased to $21 million, a significant improvement over last year.”

 

About Art’s-Way Manufacturing Co., Inc. (ARTW)

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. 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.

 

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.

 

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

ART’S-WAY ANNOUNCES A 139% INCREASE IN NET INCOME FOR THE FISCAL YEAR 2007

Latest News Releases

FOR IMMEDIATE RELEASE
February 18, 2007
NEWS
NASDAQ:ARTW

 

ART’S-WAY ANNOUNCES A 139% INCREASE IN NET INCOME
FOR THE FISCAL YEAR 2007

The Company Has Scheduled A Conference Call
For Wednesday, February 20, 2008

 

ARMSTRONG, IOWA, February 18, 2007 – Art’s-Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services in the United States and internationally, announces its financial results for the fiscal year ended November 30, 2007. The Company has scheduled a conference call for Wednesday, February 20, 2008 at 9:00 a.m. Central Time,10:00 a.m. Eastern Time.

 

Highlights:

• Net sales increased $5,663,938 compared to the same period a year ago.

• Year to date earnings per share are up $.66 over 2006.

• As of February 2008, order backlog has increased to $15,406,000 compared to $11,792,000 in February 2007.

 

For the Fiscal Year Ended
November 30
2007
2006
Change
  Revenue
$
25,517,750  
$
19,853,812
29%
  Operating Income
$
3,756,850  
$
1,772,840
112%
  Net Income
$
2,233,681  
$
933,540
139%
  EPS (Basic)
$
1.13  
$
0.47
140%
  EPS (Diluted)
$
1.13  
$
0.47
140%
  EBITDA
$
4,109,991  
$
2,129,218
93%
  Weighted avg. shares outstanding:
  Basic
1,978,932  
&nbsp
1,970,676
  Diluted
1,984,307  
1,978,108

 

Revenue: Total revenue increased 29%, from $19.85 million to $25.52 million for the fiscal year ended November 30, 2007. A large portion of the increase is due to the full year of Art’s Way Scientific revenues, versus only four months of revenue included in the same period ended November 30, 2006.

 

Income: Operating income increased from $1.77 million to $3.76 million for the fiscal year ended November 30, 2007, while net income for the fiscal year ended November 30, 2007 increased 139%, from $0.93 million to $2.23 million. These increases are due to an increase in sales and gross margin while holding the costs of operations, sales, and administration down.

 

EBITDA: EBITDA (Earnings before interest, taxes, depreciation, and amortization) increased 93% to $4.1 million for the fiscal year ended November 30, 2007, versus $2.1 million for the fiscal year ended November 30, 2006.

 

Earnings per Share: Earnings per diluted and basic share increased $.66 for the year ended November 30, 2007 to $1.13, which is a 140% increase over the earnings per share for the fiscal year ended November 30, 2006.

 

Ward McConnell, Chairman of the Board of Directors said, “We are very pleased to report these record results for the Company. Our 2007 revenues dramatically increased when compared to 2006 due to our continual quarterly growth from our primary revenue sources and the increasing revenue growth of Art’s Way Scientific, Inc. Our success further validates our client-driven model and our ability to provide high value added services. Our backlog is strong and we also continue to realize incremental operational efficiencies that will contribute to improved results and margins for the coming quarters.”

 

The Company has scheduled a conference call Wednesday, February 20 at 9:00 a.m., Central Time, 10:00 Eastern Time to discuss fiscal year 2007 Twelve Months Financial Results.

 

What: Art’s Way Manufacturing, Inc. Fiscal Year 2007 Twelve Months Financial Results Conference Call

 

When: Wednesday, February 20, 2008 at 9:00 a.m. Central Time- 10:00 a.m. Eastern Time

 

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

 

Ward McConnell, Chairman of The Board, will lead the call and discuss the Company’s twelve months financial results.

 

About Art’s Way Manufacturing Co., Inc. (ARTW)

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. 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

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.

ART’S-WAY MANUFACTURING CO INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS RELEASE AND CONFERENCE CALL

Latest News Releases

FOR IMMEDIATE RELEASE
February 4, 2008
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

ART’S-WAY MANUFACTURING CO INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS RELEASE AND CONFERENCE CALL

 

ARMSTRONG, Iowa, February 4, 2008 – Art’s-Way Manufacturing Co. Inc., (NASDAQ: ARTW), a leading manufacturer and distributor of farm machinery in the United States and internationally, plans to release its 2007 fourth quarter and year-end financial results at 8:25 AM Central Time on Thursday, February 7, 2008. In conjunction with the release, the Company has scheduled a conference call Thursday, February 7 at 10:00 AM Central Time.

 

What: Art’s-Way Manufacturing 2007 Fourth Quarter and Year-End Financial Results Conference Call

 

When: Thursday, February 7, 2008 at 10:00 AM 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.

 

Ward McConnell, Chairman of the Board of Art’s-Way Manufacturing will be leading the call and discussing fourth quarter and year-end financial results, the status of the Company and an outlook for 2008.

 

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. 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

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.

ART’S-WAY MANUFACTURING INTRODUCES THERMOPLASTIC POLYETHYLENE-BASED ROTOLINING FOR INTERIOR LINING OF TANKS AND VESSELS

Latest News Releases

FOR IMMEDIATE RELEASE
March 26, 2008
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

ART’S-WAY MANUFACTURING INTRODUCES THERMOPLASTIC
POLYETHYLENE-BASED ROTOLINING FOR INTERIOR LINING OF
TANKS AND VESSELS

 

Rotolining Meets FDA Specifications For Use of Poly Products In Food Use!

 

ARMSTRONG, Iowa, March 26, 2008 – Art’s-Way Manufacturing, Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary, Art’s Way Vessels, Inc., is now offering superior interior tank lining capabilities that will give customers the options of using a lower cost carbon steel tank in many food products applications, instead of a high priced stainless steel tank. The lining materials meets ALL requirements of the U.S. Food & Drug Administration specification 21CFR 177,1520, covering safe use of polyolefin articles intended for direct food contact.

 

The Art’s Way Vessels Rotolining is a modified thermoplastic polyethylene-based coating resin. It is heated and baked to conform to the inside dimensions of the vessel. It is available as a 35-mesh powder and offers exceptional stress crack resistance and excellent adhesion to metals and selected polymers. The material is used in lining applications for pipes, drums, tanks and vessels. It also provides resistance to a wide range of chemicals and is designed for use in applications requiring corrosion resistance, insulation, abrasion resistance, and impact resistance.

 

Art’s Way Vessels is showcasing their Rotolining tanks and vessels at the 2008 Water Quality Association Aquatech Exhibition at the Mandalay Bay Convention Center in Las Vegas, NV this week.

 

J. Ward McConnell, Jr., Chairman of the Board, said, “There is a great need for Art’s-Way Vessels’ new, thermoplastic, rotolining coating in the marketplace. Now vessel and tank owners can upgrade and modernize their current vessel fleet and expand their intended use by implementing our rotolining. The lining application is quick and simple, cost effective and can extend the life of the vessel as well as greatly expand its application. We are excited about this new product and think it will be a great complement to the pressure or atmospheric vessels, skids, piping, vessel components and steel fabrication already offered by Art’s-Way Vessels, Inc.”

 

About Art’s-Way Vessels, Inc.

 

Manufacturer of A.S.M.E. Code & Non-Code Vessels and Tanks, we build in carbon steel and stainless steel, ranging from atmospheric (0 PSI) storage vessels up to any PSI pressure rating required. Sizes ranging in diameter from 4″ to 14’ and vary in lengths up to 40’. We now offer an interior tank Thermoplastic Polyethylene based Rotolining for vessels with a maximum diameter of 48” and maximum length of 72”. We offer customers greater cost efficiencies and wider range of applications. We focus on Service. Quality. On Time Delivery. Saving You Money.

For more information visit our web site: http://www.artsway-vessels.com/ For sales or pricing information, please call 563-557-8265. Or Fax 563-557-7443.

 

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. 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

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.

Corporate - Art's Way Mfg