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COMMERCIAL FORAGE BOX ADDED TO HAY & FORAGE LINEUP

Art's Way Commercial Forage BoxCombining size with strength, Art’s Way’s new heavy-duty commercial forage box is designed with the commercial farmer and livestock producer in mind.

“The new forage box has a rugged, robust design, the materials it’s made of are chosen for their durability,” said Guadalupe Diaz, design sales engineer at Art’s Way. “It will provide years of trouble free life.”

Stable, smooth ride

The forage box is designed for a stable, smooth ride as well. The chassis features three-ply springs for excellent stability when going up a hillside or along a highway. Cross members are integrated into both walls of the frame to eliminate twisting action.

In extremely wet conditions, 52-inch axle spacing accommodates larger tires with adequate clearance to prevent mud from locking up the tires.

A modified center spring rocker allows 50 percent more axle movement compared to conventional over-the-road spring ride systems found under competing boxes. Drum brakes on all four wheels deliver unsurpassed stopping capability. Hydraulically actuated, the brakes can be used with tractor brake valves or standard tractor remote.

A swivel hitch with adjustable height fits any drawbar configuration. An approximate 2,800-lb hitch weight when empty provides exceptionally smooth trailing and handling as well as eliminates drawbar “slapping” when loading the wagon from back to front.

Space between the chassis and the forage box was kept at a minimum to maintain a low center of gravity for better handling.

The forage box is an all-welded design for greater strength and features #4 polished stainless steel sides. Not only is the stainless steel much stronger than a corrugated steel design, it doesn’t rust in the acidic environment of forage harvest.

Made from ¾-inch Densilite poly, the floor is impervious to moisture and acid and expands and contract very little. The floor is fastened to the frame with stainless steel hardware. Epoxy primer extends the life of painted components.

The new commercial forage box has both front and rear unload.

Commercial Forage BoxThe front unload system has four aggressive spiral-type beater bars with long tines to deliver controlled crop flow and prevent the cross apron from filling during loading. This system allows more filling in the forage box front area.

Spring-loaded beater drive chains and apron chains make for smooth action. Greasable beater bearings are banked together for easy maintenance and long life.

An optional cross apron extension is integrated into front unload system with a sequence valve for automatic and convenient operation, preventing the cross apron from moving with the extension in transport position.

The scale option provides 4 point measuring for high accuracy product tracking. A hydraulic rear tailgate opens automatically when rear unload hydraulics are engaged. It pivots up away from crop to ensure unhindered discharge of material. Oil lines to rear unload are 3/4 –inch to provide high-speed discharge. Depending upon tractor capability, unloading can be done in 60 seconds or less.

The tailgate functions completely on hydraulics, eliminating the need for a latching mechanism. Poly bushings on the pivot arm provide a low maintenance durable connection for operation.

For more information about its new commercial forage box, please contact Art’s Way via phone, email 1-712-864-3131 • sales@artsway-mfg.com

HIGH DUMP CART IS DESIGNED TO SPEED UP BEET HARVEST

Art's Way 9016BT High Dump CartThe new 9016-BT High Dump Cart from Art’s Way was specifically designed to boost efficiency during the beet harvest.

The 9016-BT wheel base is set so the tires can run through the field without damaging unlifted beets.  The 15-inch wide tires, centered on 132 inches, straddle six rows of beets.  The cart features a large, 20-ton capacity and can be easily set to dump to the left or right side.  When combined, these features allow the 9016-BT to be pulled alongside the 6812D Harvester using a High Speed Defoliator when opening and dump back to the left when full.  This allows the harvester to run at a much more continuous pace, greatly reducing the amount of lost time.

The walking tandem is designed with 20 degree of total rotation for smooth transport over uneven terrain.  The cart is available with a scale system that includes a Wi-Fi antenna.  The Wi-Fi antenna allows the harvester operator to instantly monitor the load from any smart device.  This feature is very helpful when trying to maximize truck loads.

“The 9016-BT Cart was designed specifically for the beet harvest.” said Neil Whitman, a sales engineer at Art’s Way. “We worked directly with customers and dealers to get the most out of this design.  Improving efficiency without sacrificing durability was our main goal.”

Other features of the 9016-BT include a heavy duty, height adjustable, pivoting 2-inch hitch and three-position telescoping tongue. For safety, rear and side LED marker lights are standard.

In addition to sugar beets, the high dump cart can also be used for edible beans, peanuts, cotton, corn and soybeans.

The 9016-BT High Dump Cart is ruggedly built and easy to maintain for years of trouble-free use.

The new 9016-BT High Dump Cart by Art’s Way is competitively priced to make it a worthwhile investment for your beet operation.

For more information about the 9016-BT High Dump Cart, please contact Art’s Way via phone, email 1-712-864-3131 • sales@artsway-mfg.com

Watch 9016-BT in Action

 

ART’S WAY MANUFACTURING ANNOUNCES THIRD QUARTER AND YEAR TO DATE FISCAL 2016 FINANCIAL RESULTS

FOR IMMEDIATE RELEASE

October 5, 2016

Conference Call Scheduled For October 6, 2016

ARMSTRONG, IOWA, October 5, 2016 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the third quarter and year to date of fiscal 2016.

In conjunction with the release, the Company has scheduled a conference call for Thursday, October 6, 2016 at 10:00 AM CT.  Marc H. McConnell, Chairman of the Board of Directors of Art’s Way Manufacturing, and Carrie Gunnerson, President and Chief Executive Officer will be leading the call to discuss the third quarter and year to date fiscal 2016 financial results.

What: Art’s Way Manufacturing, Inc. Third Quarter and Year to Date Fiscal 2016 Financial Results.

When: Thursday, October 6th, 2016 10:00 AM CT.

How: Live via phone by dialing (877) 358-7309. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time.  A replay of the call will be archived on the Company’s website for 12 months.  www.artsway-mfg.com/

For the Three Months Ended
(Continuing Operations, Consolidated)
August 31, 2016 August 31, 2015
Sales $ 6,431,000 $ 6,514,000
Operating Income (Loss) $ (224,000) $ (1,072,000)
Net Income (Loss) $ (150,000) $ (716,000)
EPS (Basic) $ (0.04) $ (0.18)
EPS (Diluted) $ (0.04) $ (0.18)
Weighted Average Shares Outstanding:
Basic 4,105,704 4,061,052
Diluted 4,105,704 4,061,052

 

For the Nine Months Ended
(Continuing Operations, Consolidated)
August 31, 2016 August 31, 2015
Sales $ 17,442,000 $ 20,605,000
Operating Income $ 1,000 $ (395,000)
Net Income (Loss) $ 1,000 $ (262,000)
EPS (Basic) $ 0.00 $ (0.06)
EPS (Diluted) $ 0.00 $ (0.06)
Weighted Average Shares Outstanding:
Basic 4,093,993 4,057,496
Diluted 4,093,993 4,057,496

 

Sales:  Our consolidated corporate sales of continuing operations for the three and nine-month period ended August 31, 2016 were $6,431,000 and $17,442,000 compared to $6,514,000 and $20,605,000 during the same respective periods in 2015, a $83,000 or 1.3% decrease for the third fiscal quarter, and a $3,163,000 or 15.4% decrease year-to-date. The year-to-date decrease in revenue was primarily due to the decreased demand for agricultural products that we have been experiencing for the last year, but was offset by a 43.5% increase in revenue in our modular buildings segment. Quarterly revenue increased modestly at Manufacturing and Metals and was down by approximately 17.5% at Scientific. Consolidated gross margin for the three and nine-month periods ended August 31, 2016 was 19.3% and 25.0% compared to 19.4% and 26.3% for the same respective period in fiscal 2015.  We recognize the market conditions that negatively impact both our year-to-date results for Manufacturing and Metals, and as a result are focusing on gaining market share and improving our cash flow in the near term by reducing costs, inventories, and debt. In addition, we are actively repositioning our product suite to prepare us for future demand, as well as pursuing initiatives to position Art’s Way as an industry leader in customer responsiveness. We believe that the measures we are taking will lead to improved performance even at lower than normal market conditions.

Income from Continuing Operations:  Consolidated net (loss) was $(150,000) for the three-month period ended August 31, 2016, compared to $(716,000) for the same period in 2015.  Consolidated net income (loss) for the nine-month period ended August 31, 2016 was $1,000 compared to $(262,000) for the same period in 2015. The decreased loss in the three- and nine-month periods was largely due to the impairment of goodwill of $618,000 in the third quarter of fiscal 2015, offset by the reduction in revenues for the nine-month period.

Earnings per Share from Continuing Operations: Loss per basic and diluted share for the third quarter of fiscal 2016 was ($0.04), compared to loss per share of ($0.18) for the same period in fiscal 2015.  Loss per basic and diluted share for the first nine-months of fiscal 2016 were ($0.00) compared to ($0.06) for the same period in fiscal 2015.

Chairman of the Art’s Way Board of Directors, Marc H. McConnell reports, “While the headwinds we face in the agricultural equipment industry clearly persist we are seeing signs that the market is stabilizing, as demonstrated by our Manufacturing results for the third quarter.  Achieving profitability remains challenging under these circumstances but, while we remain very cost-focused, we maintain our long-term positive view and make decisions accordingly.

During the quarter, we announced our intention to discontinue the operations of our Vessels business, a necessary step in positioning our business for the long-term stability and profitability we are pursuing.  We see positive opportunities at both Art’s Way Scientific and Ohio Metal that we anticipate will be fruitful in future quarters and we believe that exiting the Vessels business helps us put further resources into growth opportunities in those businesses as well as the agricultural equipment business.

Going forward, we acknowledge that a rebound in the agricultural equipment business will take some time but are doing everything we can to position ourselves for future success by focusing on improving our balance sheet while making quality, customer service, and new product development top priorities for the company.”

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, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as modular animal confinement buildings and laboratories, and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; modular buildings; and tools.

For more information, including an archived version of the conference call, contact: Carrie Gunnerson, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.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 our expectations regarding: (i) our business position; (ii) the impact of cost-cutting measures; (iii) future results; and (iv) the benefits of our business model, 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: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; our ability to repay current debt, continue to meet debt obligations and comply with financial covenants; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; obstacles related to liquidation of product lines and segments; and other factors detailed from time to time in our 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.  We do not intend to update forward-looking statements other than as required by law.

-END-

ART’S WAY MANUFACTURING ANNOUNCES CONFERENCE CALL TO REVIEW SECOND QUARTER AND YEAR TO DATE FISCAL 2016 FINANCIAL RESULTS

Conference Call Scheduled For Monday, July 18, 2016 at 10:00 AM CT

 

ARMSTRONG, IOWA, July 12, 2016 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces a conference call for Monday, July 18, 2016 at 10:00 AM CT.  Marc H. McConnell, Chairman of the Board of Directors of Art’s Way Manufacturing and Carrie Majeski, President and Chief Executive Officer of Art’s Way Manufacturing will be leading the call to discuss the second quarter and year to date fiscal 2016 financial results.

 

What: Art’s Way Manufacturing Second Quarter and Year to Date Fiscal 2016 Financial Results

 

When: Monday, July 18, 2016 10:00 AM CT

 

How:  Live via phone by dialing (877) 358-7309. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months. www.artsway-mfg.com/

 

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, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories, and specialty tools and inserts. After-market service parts are also an important part of the Company’s business.  The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

 

FOR MORE INFORMATION CONTACT:

Carrie Majeski

President and Chief Executive Officer

Art’s Way Manufacturing Co., Inc.

investorrelations@artsway-mfg.com

Phone:  712-864-3131

 

 

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

-END-

ART’S WAY MANUFACTURING ANNOUNCES SECOND QUARTER AND YEAR TO DATE FISCAL 2016 FINANCIAL RESULTS

Conference Call Scheduled For Monday, July 18th, 2016 at 10:00 AM CT

ARMSTRONG, IOWA, July 15, 2016 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its financial results for the second quarter and year to date of fiscal 2016.

In conjunction with the release, the Company has scheduled a conference call for Monday, July 18th, 2016 at 10:00 AM CT.  Marc H. McConnell, Chairman of the Board of Directors of Art’s Way Manufacturing, and Carrie Majeski, President and Chief Executive Officer will be leading the call to discuss the second quarter and year to date fiscal 2016 financial results.

What: Art’s Way Manufacturing, Inc. Second Quarter and Year to Date Fiscal 2016 Financial Results.

When: Monday, July 18th, 2016 10:00 AM CT.

How: Live via phone by dialing (877) 358-7309. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time.  A replay of the call will be archived on the Company’s website for 12 months.  www.artsway-mfg.com/

 

For the Three Months Ended
(Consolidated)
May 31, 2016 May 31, 2015 Change
Sales $ 5,741,000 $ 7,804,000 -26.4%
Operating Income (Loss) $ (33,000) $ 414,000 -108.0%
Net Income (Loss) $ (57,000) $ 232,000 -124.6%
EPS (Basic) $ (0.01) $ 0.06 -116.7%
EPS (Diluted) $ (0.01) $ 0.06 -116.7%
Weighted Average Shares Outstanding:
Basic 4,101,810 4,067,775
Diluted 4,101,810 4,062,294

 

For the Six Months Ended
(Consolidated)
May 31, 2016 May 31, 2015 Change
Sales $ 12,133,000 $ 15,093,000 -19.6%
Operating Income $ 116,000 $ 743,000 -84.4%
Net Income $ 24,000 $ 400,000 -94.0%
EPS (Basic) $ 0.01 $ 0.10 -90.0%
EPS (Diluted) $ 0.01 $ 0.10 -90.0%
Weighted Average Shares Outstanding:
Basic 4,088,073 4,055,698
Diluted 4,088,073 4,057,073

 

Sales:  Our consolidated corporate sales for the three and six-month period ended May 31, 2016 were $5,741,000 and $12,133,000 compared to $7,804,000 and $15,093,000 during the same respective periods in 2015, a $2,063,000 or 26.4% decrease for the second fiscal quarter, and a $2,960,000 or 19.6% decrease year-to-date. The decreases in revenue are primarily due to the decreased demand for our agricultural products that we have been experiencing for the last year, but is somewhat offset by increases in revenues in our modular buildings segment. Consolidated gross margin for the three and six-month periods ended May 31, 2016 was 26.1% and 26.4% compared to 28.3% and 28.2% for the same respective period in fiscal 2015.  Our efforts to decrease fixed costs and more closely match our expense load with our current demand have helped to minimize the negative pressures on our gross margins with the decreased revenue levels in 2016 compared to the same periods in 2015.

Income:  Consolidated net income (loss) was $(57,000) for the three-month period ended May 31, 2016, compared to $232,000 for the same period in 2015.  Consolidated net income for the six-month period ended May 31, 2016 was $24,000 compared to $400,000 for the same period in 2015.  The decreases are primarily due to the decreases in revenue described above.

Earnings per Share: Loss per basic and diluted share for the second quarter of fiscal 2016 was ($0.01), compared to earnings per share of $0.06 for the same period in fiscal 2015.  Earnings per basic and diluted share for the first six-months of fiscal 2016 were $0.01 compared to $0.10 for the same period in fiscal 2015.

Chairman of the Art’s Way Board of Directors, Marc H. McConnell reports, “The continued weakness in the agricultural economy has resulted in decreased demand for products manufactured by us and our peers over the last several quarters.  While we have made very significant adjustments to our cost structure and business overall this year, generating adequate revenue to produce profitability has proven to be quite difficult.  We have, however, continued to improve our balance sheet, reduce borrowings, and ultimately further prepare our business for both a longer period of weakness in the agricultural sector and to better position us for opportunity we see ahead of us thereafter.  We continue to focus every day on the initiatives that will improve both our company and its enduring profitability going forward.”

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, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

For more information, including an archived version of the conference call, contact: Carrie Majeski, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.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 our expectations regarding: (i) our business position; (ii) the impact of cost-cutting measures; (iii) future results; and (iv) the benefits of our business model, 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: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our 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.  We do not intend to update forward-looking statements other than as required by law.

-END-

 

 

ART’S WAY MANUFACTURING CO., INC. ANNOUNCES SHOW SCHEDULES FOR 2016

ARMSTRONG, IOWA, January 28, 2016 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its show schedules for our Agricultural Products, Pressure Vessels, Tools, and Modular Buildings divisions for the 2016 season.

 

Dates Show Division Attending Location
January 30 – February 3 14th CDC International Biosafety Symposium Modular Buildings Atlanta, GA
February 2 – 4 Iowa Power Farms Show Agricultural and Modular Des Moines, IA
February 9 – 11 World Ag Expo Agricultural and Modular Tulare, CA
February 10 – 11 National Farm Machinery Show Agricultural Products Louisville, KY
February 17 – 19 Texas Branch Meeting Modular Buildings Arlington, TX
February 25 – 27 New York Farm Show Agricultural and Modular Syracuse, NY
March 16 – 17 International Sugarbeet Show Agricultural Products Grand Forks, ND
March 17 – 20 World of Modular Modular Buildings San Diego, CA
April 16 – 18 Industrial Supply Association Tools Chicago, IL
April 20 – 22 LAMA Meeting Modular Buildings Cape Coral, FL
April 29 – May 1 AALAS District 6 Meeting Modular Buildings
May 24 – 26 2016 Turnkey Conference Modular Buildings Washington DC
June 6 – 9 2016 APHL Conference Modular Buildings Albquerque, NM
June 8 – 10 World Pork Expo Agricultural and Modular Des Moines, IA
June 11 – 14 CALAS 55th Symposium Modular Buildings Toronto, Canada
July 19 – 21 Wisconsin Farm Technology Days Agricultural Products Lake Geneva, WI
August 2 – 4 Minnesota Farmfest Agricultural Products Redwood County, MN
August 3 – 4 North American Manure Expo Agricultural Products London, OH
August 9 – 11 Empire Farm Days Agricultural Products Seneca Falls, NY
August 18 – 20 Ag Progress Days Agricultural Products Penn State
August 30 – September 1 Farm Progress Days Agricultural Products Boone, IA
September 12 – 17 International Manufacturing Technology Show Tools Chicago, IL
September 13 – 15 Canada’s Outdoor Farm Show Agricultural Products Woodstock, Ontario
September 25 – 27 I2SL Annual Conference Modular Buildings Kansas City, MO
September 30 – October 5 ABSA Modular Buildings Grapevine, TX
October 4 – 8 World Dairy Expo Agricultural and Modular Madison, WI
October 17 – 18 Tradeline Animal Research Facilities Modular Buildings Scottsdale, AZ
October 30 – November 3 National AALAS 2016 Modular Buildings Charlotte, NC
November 6 – 10 International Water Conference Pressure Vessels San Antonio, TX

 

Dan Palmer, President of Art’s Way Scientific said “Our number one lead source at Scientific continues to be from trade events and conventions.   The associations that we support through our membership in Public Health, BioSafety, Modular Construction, Animal Laboratory Research and Agriculture continue to show good attendance numbers, so we have elected to attend those that have produced the best results for us.

An added benefit from the conferences is the training and learning opportunities for our staff.   And we are always looking for products to integrate into our buildings from the other vendors exhibiting at these events.”

Glen Parret, Director of Sales and Marketing of Art’s Way Manufacturing Co., Inc. commented “Trade Shows are a key component to the success of our company and are a powerful platform for product awareness, meeting new customers, reaching out to existing customers and promoting our brand.

Our company has been a staple in the agriculture industry since 1956 and trade shows have been an important aspect of our sales and marketing strategy, therefore, we look forward to the 2016 show season.  We are excited to exhibit our newest innovative products and above all else look forward to the opportunity to connect with customers old and new.”

 

About Art’s Way Scientific, Inc. – Building for Science

Art’s Way Scientific, Inc. is a wholly owned subsidiary of Art’s Way Manufacturing, Inc.  It is recognized leading supplier of modular laboratories for biocontainment, animal husbandry science, public health, and food safety, hog and calf care 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, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

For more information, including an archived version of the conference call, contact: Carrie Majeski, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.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 expectations regarding the strength of the agricultural and livestock markets; (ii) our expectations regarding future results, product offerings and markets;  and (iii) the benefits of our growth strategy and business model, 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: obstacles related to the integration of our acquired companies; economic conditions that affect demand for our products; the ability of our suppliers to meet our demands for raw materials and component parts; our ability to predict and meet the demands of each market in which our segments operate; our ability to predict and respond to any seasonal fluctuations in demand;  unexpected delays in product launches; the cost of raw materials; and other factors detailed from time to time in our 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.  We do not intend to update forward-looking statements other than as required by law.

Art’s Way Manufacturing Announces Third Quarter 2015 Revenue And Earnings

Conference Call Scheduled For Thursday, October 1st, 2015 at 10:00 AM CT

ARMSTRONG, IOWA, September 30, 2015 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its financial results for the three and nine months ended August 31, 2015.

In conjunction with the release, the Company has scheduled a conference call for Thursday, October 1, 2015 at 10:00 AM CT. Marc H. McConnell, Chairman of the Board of Directors of Art’s Way Manufacturing, J. Ward McConnell, Jr., Vice Chairman of the Board of Directors of Art’s Way Manufacturing, and Carrie Majeski, President and Chief Executive Officer of Art’s Way Manufacturing will be leading the call to discuss the third quarter of 2015 financial results and will also provide an outlook for the balance of 2015.

What: Art’s Way Manufacturing Third Quarter and Year to Date 2015 Financial Results.

When: Thursday, October 1, 2015 10:00 AM CT.

How: Live via phone by dialing (877) 358-7309. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months. www.artsway-mfg.com/

For the Three Months Ended
(Consolidated)
 
August 31, 2015 August 31, 2014 Change
Sales $ 6,886,000 $ 11,585,000 -40.6%
Operating Income (Loss) $ (1,004,000) $ 908,000
Net Income (Loss) $ (796,000) $ 558,000
EPS (Basic) $ (0.20) $ 0.14
EPS (Diluted) $ (0.20) $ 0.14
Weighted Average Shares Outstanding:
Basic 4,061,052 4,048,552
Diluted 4,061,052 4,053,129


For the Nine Months Ended
(Consolidated)
 
August 31, 2015 August 31, 2014 Change
Sales $ 21,979,000 $ 27,291,000 -19.5%
Operating Income (Loss) $ (260,000) $ 1,057,000
Net Income (Loss) $ (396,000) $ 553,000
EPS (Basic) $ (0.10) $ 0.14
EPS (Diluted) $ (0.10) $ 0.14
Weighted Average Shares Outstanding:
Basic 4,057,496 4,047,544
Diluted 4,057,496 4,053,152


Sales: Our consolidated corporate sales for the three- and nine-month periods ended August 31, 2015 were $6,886,000 and $21,979,000, respectively, compared to $11,585,000 and $27,291,000 during the same respective periods in 2014, a $4,699,000, or 40.6%, decrease for the quarter and a $5,312,000 or 19.5% decrease year-to-date. The decreases in revenue are primarily due to decreased sales of our agricultural products segments. We are experiencing decreased demand for nearly all agricultural products, but our Universal Harvester reel sales were down nearly 70% during the year-to-date as compared to the prior year. Consolidated gross margin for the three- and nine-month periods ended August 31, 2015 was 18.4% and 25.1%, respectively, compared to 23.3% and 23.4% for the same respective periods in fiscal 2014. The decreased revenue amounts coupled with relatively static fixed costs has put negative pressure on our gross margins both quarterly and year-to-date.

Income: Consolidated net income (loss) was $(796,000) for the three-month period ended August 31, 2015, compared to net income of $558,000 for the same period in 2014. The decrease was primarily due to the decreases in revenue described above and a noncash charge for impairment of the goodwill from our UHC subsidiary, part of the Agricultural Products segment. During the third quarter of fiscal 2015, we evaluated our goodwill for impairment based on economic factors related to that particular product line. As a result of our evaluation, we incurred a noncash impairment charge for the full amount of goodwill associated with our acquisition of the UHC product line of $618,729. The remaining portion of the decreased net income is directly attributable to our decreased sales volume. Consolidated net income (loss) for the nine-month period ended August 31, 2015 was $(396,000) compared to a net income of $553,000 in the same period of 2014. This decrease in income reflects the noncash impairment charge along with decreased operating income across all our segments.

Earnings per Share: Earnings per basic and diluted share for the third quarter ended August 31, 2015 were ($0.20), down from $0.14 from the third quarter of 2014. Earnings per basic and diluted share for the nine months ended August 31, 2015 were ($0.10), compared to $0.14 from the same period in 2014.

Chairman of the Art’s Way Board of Directors, Marc H. McConnell commented, “Our third fiscal quarter of 2015 was challenging to say the least. Several of our business units are experiencing poor market conditions, but most notably in our agricultural products segment. We have implemented various cost cutting measures aimed at scaling our operational size to match the current market conditions. We will continue being proactive in managing through this difficult time. Fortunately, our capital position remains very strong, and we are in the process of adjusting our cost structure in such a way that we will be able to weather the broader agricultural economy’s down cycle without significant degradation of capital until the market improves, however long that may take.

In the meantime, we continue to seek opportunities in the various markets we serve, and have a lot of reason for optimism about projects that may come forth in the months ahead.”

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, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

For more information, including an archived version of the conference call, contact: Carrie Majeski, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.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 our expectations regarding the impact of our management initiatives and cost-cutting measures, 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 our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our 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. We do not intend to update forward-looking statements other than as required by law.

-END-



Art’s Way Mfg. Announces Year End 2014 Financial Results

Conference Call Scheduled For Tuesday, January 27th, 2015 at 10:00 AM CT

ARMSTRONG, IOWA, January 27, 2015 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its financial results for the year ended November 30, 2014.

In conjunction with the release, the Company has scheduled a conference call for Tuesday, January 27, 2015 at 10:00 AM CT. J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing, Marc McConnell, Vice Chairman of the Board of Directors of Art’s Way Manufacturing, Carrie Majeski, President, Chief Executive Officer of Art’s Way Manufacturing, and Dan Palmer, President of Art’s Way Scientific will be leading the call to discuss the year-end 2014 financial results and will also provide an outlook for 2015.

What: Art’s Way Manufacturing year-end 2014 Financial Results.
When: Tuesday, January 27, 2015 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. A replay of the call will be archived on the Company’s website for 12 months.
www.artsway-mfg.com

For the Year Ended 
(Consolidated)
November 30, 
2014
November 30, 
2013
Change
Sales $ 36,170,000 $ 34,227,000 5.7%
Operating Income $ 1,665,000 $ 1,817,000 -8.4%
Net Income $ 935,000 $ 1,551,000 -39.7%
EPS (Basic) $ 0.23 $ 0.38 -39.5%
EPS (Diluted) $ 0.23 $ 0.38 -39.5%
Weighted Average Shares Outstanding:    
Basic   4,047,796 4,039,530
Diluted   4,052,703 4,049,791


Sales:
 Consolidated sales increased 5.7%, from $34,227,000 in fiscal year 2013 to $36,170,000 in fiscal year 2014. This increase was largely due to the revenues from our acquisition of Ohio Metal Tools in September 2013. The added sales of our Tools segment were somewhat offset by decreased sales at our Vessels and Modular Buildings segments.

Income: Total operating income decreased from $1,817,000 in fiscal year 2013 to $1,665,000 in fiscal year 2014, while net income for the fiscal year ended November 30, 2014 decreased from $1,551,000 to $935,000, a decrease of 39.7%. This decrease is largely attributable to the gain on sale of land in fiscal 2013 of $630,000.

Earnings per Share: Earnings per basic and diluted share for the fiscal year ended November 30, 2014 were $0.23, a decrease of $0.15 from the fiscal year 2013 earnings per basic and diluted share.

Chairman of the Art’s Way Board of Directors, J. Ward McConnell Jr., reports,

“Our core agricultural product lines are poised for growth in 2015. We are excited about our new agricultural product launches scheduled in 2015 that will satisfy a wider range of customer needs. We also believe the strength in the current livestock markets will drive sales growth in our various product lines that serve the industry. We have increased distribution points throughout the continental United States, and we are excited about the opportunities to increase our agricultural export sales in fiscal 2015.”

 

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, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

For more information contact:
Carrie Majeski, Chief Executive Officer
712-864-3131
investorrelations@artsway-mfg.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 expectations regarding the strength of the agricultural and livestock markets; (ii) our expectations regarding future results, product offerings and markets; and (iii) the benefits of our growth strategy and business model, 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: obstacles related to the integration of our acquired companies; economic conditions that affect demand for our products; the ability of our suppliers to meet our demands for raw materials and component parts; our ability to predict and meet the demands of each market in which our segments operate; our ability to predict and respond to any seasonal fluctuations in demand; unexpected delays in product launches; the cost of raw materials; and other factors detailed from time to time in our 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. We do not intend to update forward-looking statements other than as required by law.

 

Art’s Way Mfg. Announces Cash Dividend on the Company’s Common Stock

ARMSTRONG, IOWA, January 26, 2015 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a diversified, international manufacturer and distributor of equipment serving agricultural, research, steel cutting and water treatment needs, announces the Board of Directors of the Company approved a cash dividend on the Company’s common stock. The dividend of $0.05 per share is payable on March 2, 2015 to shareholders of record on February 12, 2015.

“Our Board of Directors has decided to review our dividends on a semi-annual basis due to the challenging beginning of our 2014 fiscal year. We had a strong second half of fiscal 2014, and we are very pleased to continue our legacy of dividend payouts to our shareholders at this time. We believe the Company is well positioned for a successful 2015 and will again review our dividend position in the third fiscal quarter of this year. We would like to thank our loyal shareholders for their continued support.”
J. Ward McConnell Jr., Chairman of the Board of Directors

 

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, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company’s business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.

For more information, including an archived version of the conference call, contact: Carrie Majeski, Chief Executive Officer

712-864-3131
investorrelations@artsway-mfg.com
Or visit the Company’s website at www.artsway-mfg.com

Corporate - Art's Way Mfg