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ART’S WAY MANUFACTURING EXPANDS SALES AND MARKETING EFFORTS BY ATTENDING 7 DIFFERENT SUMMER AG TRADE SHOWS IN 2013

FOR IMMEDIATE RELEASE

June 3, 2013

Summer Trade Shows are in the United States, Canada and Europe

ARMSTRONG, IOWA, June 3, 2013 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services is proud to announce it is expanding its sales and marketing efforts by attending and presenting at 7 agricultural shows in the Summer of 2013.

Date Show Location
June 5-7, 2013 World Pork Expo Des Moines, IA
July 22-25 The Royal Welsh Agricultural Society Show Builth Wells, Wales, UK
Aug 6-8, 2013 Empire Farm Days Seneca Falls, NY
Aug 13-15, 2013 Ag Progress Days State College, PA
Aug 20-22, 2013 Dakota Fest 2013 Mitchell, SD
Aug 21-22, 2013 North Am. Manure Expo London Ont., Canada
Aug 27-29, 2013 Farm Progress Show Decatur, IL

 

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “Trade shows are and have been our sales and marketing bread and butter for many years. It is an ideal opportunity to meet dealers and customers and really listen to their needs and desires as well as display our latest models and upgrades. This Summer we will be attending shows in 5 agricultural oriented states in the US, Canada and the premier European Ag equipment show – The Royal Welsh Agricultural Society Show in Wales, UK.”

About Art’s Way Manufacturing, Inc.

Art’s Way manufactures and distributes farm machinery and 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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

For More Information, Contact: Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

www.jdcreativeoptions.com

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

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs with respect to the current state of the agricultural sector of the economy and (ii) our expectations for growth, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the cost of raw materials, the management of growth, the availability of investment opportunities, and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

-END-

 

ART’S WAY MANUFACTURING SIGNS LETTER OF INTENT TO PURCHASE ASSETS OF AGRO TREND MANUFACTURING

ARMSTRONG, IOWA, April 23, 2013 – Art’s Way Manufacturing Co., Inc. (NASDAQ ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, and Rojac Industries, Inc. announce they have signed a letter of intent. The letter of intent calls for Rojac Industries, Inc. to sell to Art’s Way Manufacturing Co., Inc. the operating assets of its Agro Trend Manufacturing division, an agricultural machinery distributor and manufacturer of snow blowers, trailers, and running gears located in Clifford, Ontario, Canada. The transaction is pending final agreement with closing expected during May of 2013.

J. Ward McConnell Jr., Chairman of the Board of Directors said, “The synergies between the two companies will contribute to growth and expansion of Art’s Way business portfolio and asset base.”

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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments agricultural products; pressurized tanks and vessels; and modular buildings.

For More Information, Contact Jim Drewitz, Investor Relations

830-669-2466

jim@jdcreativeoptions.com

www.jdcreativeoptions.com

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

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 timing and completion of the acquisition of certain assets of Rojac Industries, Inc., (ii) our beliefs regarding the contribution of the assets purchased from Rojac Industries, Inc. to the growth of the Company; and (iii) our beliefs regarding other impacts that the acquisition of certain assets of Rojac Industries, Inc. will have on the Company, 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, delays in reaching or failure to reach an agreement to complete the execution of the acquisition of certain assets of Rojac Industries, Inc.; 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; 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 at the 2013 National Farm Machinery Show

Art’s Way joined over 850 vendors in showing their equipment to 307,906 visitors who attended the National Farm Machinery Show in Louisville, KY this year. Art’s Way featured their Miller Pro line of hay and forage equipment and the Roda Spreader line of material spreaders. Both lines are  manufactured and distributed through by Art’s Way dealer network nationwide.  Also introduced at the show was the new Rear Steer model of the Pull Type Graders.  The rear steer model offers a 5 ft. offset from the tractor giving the operator more room to work, especially around fence lines, trees and sloping areas near ditches and water ways.

During the show, Ron Bender – Sales Representative, explained the unique features of the Roda Spreader line to the editorial staff of Farm Equipment Dealer (a Lessiter publication). Ron explains that the beaters are engineered to provide one of the most uniform spread patterns in the industry while discharging all of the material in the box.  Listen as Ron continues to explain why Art’s Way ranks in the top 3 materials spreaders in the industry.

Watch Utube Video

Click below for more information on the Roda line of spreaders including

Roda H Series

Roda V Series

Roda HV Series

ART’S WAY MANUFACTURING ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR 2012

Net Income For Fiscal Year 2012 Increases 113.4% To $2.7 Million

Net Sales Increases 31.9% To $36.5 Million

Earnings Per Share Increases 112.9% to $0.66

Conference Call Scheduled For Tuesday, February 26, 2013 at 10:00 a.m. Central Time

ARMSTRONG, IOWA, February 25, 2012 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery, announced its financial results for the fiscal year ended November 30, 2012. Additionally, the Company has scheduled a conference call Tuesday, February 26, 2013 at 10:00 a.m. Central Time to discuss the results and other information material to the Company’s business.

What: Art’s Way Manufacturing Fiscal Year 2012 Financial Results Conference Call

When: Tuesday, February 26, 2013 – 10:00 a.m. Central Time

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

Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Art’s Way Manufacturing, will be leading the call and discussing fiscal year 2012 financial results, the current state of the Company’s operations and the long-term outlook for the balance of 2013.

 

Highlights:

 

    • Net income for fiscal year 2012 increases 113.4%.

 

    • Net Sales for fiscal year 2012 increases 31.9%

 

    • Earnings per basic and diluted share for fiscal year 2012 were $0.66, a $0.35 increase from fiscal year 2011.

 

For the Fiscal Year Ended
November 30
(Consolidated)
2012 2011 Change
Net Sales $ 36,456,830 $ 27,619,760 31.9%
Operating Income $ 4,327,825 $ 1,929,764 124.3%
Net Income $ 2,665,087 $ 1,248,895 113.4%
EPS (Basic) $ 0.66 $ 0.31 112.9%
EPS (Diluted) $ 0.66 $ 0.31 112.9%
Weighted Average Shares Outstanding:    
Basic   4,032,643 4,018,196
Diluted   4,049,516 4,049,268

 

Net Sales: Total net sales increased 31.9%, from $27.6 million in fiscal year 2011 to $36.5 million in fiscal year 2012. This was mainly due to increased revenues from our modular buildings segment. In late 2011 the Company secured a large job with Whiting Turner to produce a facility for Stanford University for approximately $9 million. That project significantly increased net sales in 2012.

 

Income: Total operating income increased from $1,930,000 in fiscal year 2011 to $4,328,000 in fiscal year 2012, while net income for the fiscal year ended November 30, 2012 increased from $1,249,000 to $2,665,000, an increase of 113.4%. The increase was primarily attributable to higher net sales and operating income in our modular buildings segment.

 

Earnings per Share: Earnings per basic and diluted share for the fiscal year ended November 30, 2012 were $0.66, an increase of $0.35 from the fiscal year 2011 earnings per basic and diluted share.

 

J. Ward McConnell, Jr., Chairman of the Board, said, “We are delighted with our 2012 results. Our year-end results were exceptional and capped off a year during which we produced outstanding top and bottom-line results every quarter. Full year earnings per share grew 112.9% over 2011 and we returned over $400,000 in dividends to our shareholders.

 

“Net sales for our agricultural products segment were up nearly 9.3% due primarily to the acquisition of Universal Harvester Co., Inc. Our pressurized vessels segment’s net sales were up 16.4%. The Company as a whole had a net income increase of 113.4%. I am delighted to report that our agricultural products and pressurized vessels segments continued to show revenue improvements and we have made solid progress with customer growth initiatives at our pressurized vessels segment.

 

“Our modular buildings segment had a phenomenal year and continues to drive a significant part of our business. After having a down year in 2011 due to the contraction in governmental and institutional spending, securing the 24 modular units, 21,350 square foot research facility with Whiting Turner Contracting Co. and Stanford University – one of the world’s leading research and teaching institutions – was revitalizing. Although we can not expect to maintain our sales levels from 2012 in the coming year, we do expect new growth as a result of our relationship with Whiting Turner Contracting Co. and Stanford University, as well as expanding our modular building offerings into new and growing markets.

 

“Our consolidated balance sheet indicates a strong financial position. To punctuate that, during fiscal year 2012, we were able to pay off our line of credit.

 

“A very healthy farm income has encouraged farmers to purchase new equipment and to expand operations and this bodes well for Art’s Way Manufacturing in the coming quarters. Art’s Way’s performance in 2012 was outstanding and we look forward to executing our 2013 growth strategy to return greater shareholder value.

 

“I want to thank all of our dedicated and hard working employees and our loyal shareholders for their support.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs regarding improvements in sales and operating results and our position for growth opportunities; (ii) our belief that new and growing markets exist for modular buildings, and our intent to expand into such markets and (iii) our continued efforts to pursue growth, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; the strength of agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; the unexpected impediments to integrating our acquisition of Universal Harvester Co., Inc.; the risk that the revenues attributable to the acquired Universal Harvester Co., Inc. assets will not be consistent with that company’s historical revenues, or that the acquisition will not otherwise yield the benefits that we expect; unexpected contract breaches by us or counter-parties; and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.

-END-

 

Art’s Way Manufacturing Co., Inc. Fourth Quarter and Year-End Earnings Call Scheduled for February 26, 2013

FOR IMMEDIATE RELEASE NEWS
February 21, 2013 NASDAQ:ARTW

ARMSTRONG, IOWA, February 21, 2013– Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces it will report financial results for its fourth quarter and 2012 fiscal year on Monday, February 25, 2013.

Art’s Way expects to issue a press release regarding its results on Monday, February 25, 2013 and to host a live conference call at 10:00 a.m. Central Time on Tuesday, February 26, 2013. J. Ward McConnell Jr., Chairman of the Art’s Way Board of Directors, and Carrie Majeski, President and CEO will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

Following the conference call, a replay will be available on Tuesday, February 26, 2013 on the Investor Relations page of the Art’s Way website. The replay will remain available for 12 months.

What: Art’s Way Manufacturing 2012 Fourth Quarter and Year-End Financial Results Conference Call

When: February 26, 2013 10:00 a.m. Central Time.

How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing.

Participants to the conference call should call in at least 5 minutes prior to the start time.

About Art’s Way Manufacturing, Inc.

Art’s Way manufactures and distributes farm machinery and 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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

For More Information, Contact: Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

www.jdcreativeoptions.com

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

-END-

ART’S WAY MANUFACTURING LAUNCHES NEW WEB SITE FOR WHOLLY-OWNED SUBSIDIARY UNIVERSAL HARVESTER.

FOR IMMEDIATE RELEASE

January 24, 2013

New Site Features Easy Navigation, Eye-Catching Design, Dealer Locator Page, Reel Features, Diagrams and Parts Listing

 

ARMSTRONG, IOWA, January 24, 2013 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services is proud to announce it has launched a new web site for its wholly-owned subsidiary Universal Harvester – www.uhcreels.com

 

In May 2012, Art’s Way Manufacturing, Co. Inc. completed the acquisition of assets from Universal Harvester Co., Inc. forming a wholly-owned subsidiary, Universal Harvester by Art’s Way Manufacturing, Co., strengthening Art’s Way’s agricultural product offerings and leaving all key Universal Harvester Co. management in place serving existing and new customers.

 

“The new web site was developed with our dealers and customers in mind providing more information about our products, parts and fast, flexible service with a clean, easy-to navigate design,” said Ardis Heidebrink, General Manager of Universal Harvester by Art’s Way Manufacturing, Inc.

 

J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “The new site reveals a fresh look, an optimized navigation and a brand redesign. We wanted a simple, eye-catching, informative website to better reflect our long history in manufacturing patented niche farm equipment, our core focus on creating industry leading pickup reels for combines and swathers and providing outstanding customer service and support to dealers and customers.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery and 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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products pressurized tanks and vessels and modular buildings.

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

 

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

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs with respect to the current state of the agricultural sector of the economy and (ii) our expectations for growth, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the cost of raw materials, the management of growth, the availability of investment opportunities, and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES ADDITION TO THE BOARD OF DIRECTORS

ARMSTRONG, IOWA, January 7, 2013 – Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces an addition to its Board of Directors.

 

On January 1, 2013, the Board of Directors of Art’s-Way Manufacturing Co., Inc. elected David R. Castle as a director of the Company, effective on the same date. Mr. Castle will stand for election by Stockholders at the Company’s 2013 Annual Meeting.

 

J. Ward McConnell Jr., Chairman of the Board of Directors said, “I am very pleased that David will be rejoining the Board of Directors. We look forward to having his experience and his leadership on the Board.”

 

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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

-END-

 

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

FOR IMMEDIATE RELEASE

November 9, 2012

ARMSTRONG, IOWA, November 9, 2012 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment and services announces the Board of Directors of the Company approved a cash dividend on the Company’s common stock. The dividend of $0.10 is payable on November 30, 2012, to shareholders of record on November 19, 2012. Art’s Way Manufacturing has paid a dividend each year since 2005.

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

“We have had a strong year, our business fundamentals remain strong and we believe the Company is well positioned to aggressively move forward into 2013. We again, want to thank all of our loyal shareholders for their support.”

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery and 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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

 

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

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs with respect to the current state of the agricultural sector of the economy and (ii) our expectations for growth, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the cost of raw materials, the management of growth, the availability of investment opportunities, and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES 155% INCREASE IN NET INCOME OVER THE NINE MONTHS OF 2011

Conference Call Scheduled For October 15, 2012 At 10:00 AM Central

 

ARMSTRONG, IOWA, October 15, 2012 – 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, 2012.

 

In conjunction with the release, the Company has scheduled a conference call for Monday, October 15, 2012 at 10:00 AM Central. J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing, and Carrie Majeski, President, Chief Executive Officer and interim Chief Financial Officer will be leading the call to discuss the third quarter and nine month financial results, and will also provide an outlook for the balance of 2012.

 

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

 

When: October 15, 2012 10:00 AM Central.

 

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, 2012:

 

 

    • Net sales for the three months ended August 31, 2012 were $11,534,000, a 24.7% increase over the same period in 2011.

 

    • Operating income for the three months ended August 31, 2012 was $1,607,000, an 11.8% increase over the same period in 2011.

 

    • Net sales for the nine months ended August 31, 2012 were $29,531,000, a 35.7% increase over the same period in 2011.

 

    • Net income for the nine months ended August 31, 2012 was $2,109,000, a 155.3% increase over the same period in 2011.

 

 

For the Three Months Ended
(Consolidated)
 
August 31, 2012 August 31, 2011 Change
Net Sales $ 11,534,000 $ 9,252,000 24.7%
Operating Income $ 1,607,000 $ 1,438,000 11.8%
Net Income $ 979,000 $ 1,020,000 -4.0%
EPS (Basic) $ 0.24 $ 0.25  
EPS (Diluted) $ 0.24 $ 0.25  
Weighted Avg. Shares Outstanding:      
Basic 4,035,852 4,019,874  
Diluted 4,052,246 4,042,135  

 

For the Nine Months Ended
(Consolidated)
 </TD
August 31, 2012 August 31, 2011 Change
Net Sales $ 29,531,000 $ 21,762,000 35.7%
Operating Income $ 3,463,000 $ 1,327,000 161.0%
Net Income $ 2,109,000 $ 826,000 155.3%
EPS (Basic) $ 0.52 $ 0.21  
EPS (Diluted) $ 0.52 $ 0.20  
Weighted Avg. Shares Outstanding:      
Basic 4,031,828 4,016,039  
Diluted 4,049,236 4,049,706  

 

Net Sales: Our consolidated corporate net sales for the three- and nine-month periods ended August 31, 2012 were $11,534,000 and $29,531,000, respectively, compared to $9,252,000 and $21,762,000 during the same respective periods in 2011, a $2,282,000, or 24.7%, increase for the quarter and a $7,769,000, or 35.7% increase year-to-date.

 

Agricultural Products: Our third fiscal quarter sales for our agricultural products segment were $8,176,000, compared to $7,771,000 during the same period of 2011, an increase of $405,000, or 5.2%. Year-to-date sales were up to $20,170,000, from $18,091,000 as of August 31, 2011, an increase of $2,079,000, or 11.5%. The year over year increase in revenue was primarily due to the additional sales of $2,011,000 attributable to the recent acquisition of Universal Harvester Co., Inc. Gross margin for the quarter ended August 31, 2012 was 28.1%, compared to 30.7% for the same period in 2011. The year-to-date gross margin was 28.8%, compared to 26.9% as of August 31, 2011.

 

Pressurized Vessels: Our third fiscal quarter sales for our pressurized vessels segment were $566,000, compared to $403,000 for the same period in 2011, an increase of $163,000, or 40.4%. Year-to-date sales were $1,512,000, compared to $1,368,000 for the nine-month period ended August 31, 2011, an increase of $144,000, or 10.5%. We have been working diligently to improve the consistency of our quality of goods and delivery of product. These improvements have helped us to capture additional sales as well as retain repeat customers. Gross margin for the quarter ended August 31, 2012 was 14.4% compared to 16.7% for the same period in 2011. Year-to-date gross margin was 5.9% compared to (6.0%) as of August 31, 2011. The production manager we hired during Q1 of 2011 has improved our ability to track cost and revenue on a per-job basis.

 

Modular Buildings: Our third fiscal quarter sales for our modular buildings segment were $2,792,000, compared to $1,078,000 for the same period in fiscal 2011, an increase of $1,714,000, or 159.0%. Year-to-date sales were $7,849,000, compared to $2,302,000 for the nine-month period ended August 31, 2011, an increase of $5,547,000, or 241.0%. The quarter and year-to-date increases were primarily attributable to revenue from an approximately $7 million fabrication and delivery contract executed in January 2012 and an approximately $1.7 million installation contract executed in April 2012. Scientific was hired to design, fabricate, and install twenty-four modular units over the course of approximately one year for one of the world’s leading research and teaching institutions. Scientific uses percent complete accounting to calculate revenue and gross margins for all contracts. Gross margin for the quarter ended August 31, 2012 was 37.4% compared to 23.9% for the same period in 2011. Year-to-date gross margin was 27.6% compared to 15.6% as of August 31, 2011. The gross margin increase was primarily due to the $7 million contract.

 

Income: Consolidated net income was $979,000 and $2,109,000 for the three- and nine-months ended August 31, 2012, compared to $1,020,000 and $826,000 for the same respective periods in 2011. The changes to net income were primarily attributable to an increase in consolidated sales and improved gross profit in our agricultural products and modular buildings segments.

 

Earnings per Share: Earnings per basic share during the third fiscal quarter ended August 31, 2012 were $0.24 compared to $0.25 for the same period during 2011. Earnings per basic share during the nine months ended August 31, 2012 were $0.52 compared to $0.21 for the same period during 2011.

 

J. Ward McConnell Jr., Chairman of the Board of Directors said, “I am very pleased with the continued strong financial results for the third quarter and the first nine months of fiscal 2012. Even with the drought in the Midwest this summer, our business is as robust as ever. Our third quarter net sales showed marked improvement across all business segments over the same time period in 2011. Our overall financial results reflect both the continued success of our core business model and a solid execution of our strategic initiatives. These results point to the strength of our product line, our diversification strategy, and to our consistent customer centric focus of all segments of our company. I believe the Company is well positioned to aggressively move forward into the balance of 2012 and beyond.”

 

 

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, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs regarding improvements in sales and operating results and our position for growth opportunities; (ii) expectations regarding the benefits of our business model; and (iii) the strength of our product line and improvements in our quality of goods and delivery of products; (iv) our ability to capture additional sales and retain customers; and (v) our continued efforts to pursue growth, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; the strength of agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; the unexpected impediments to integrating our acquisition of Universal Harvester Co., Inc.; the risk that, the revenues attributable to the acquired Universal Harvester Co., Inc. assets will not be consistent with that company’s historical revenues, or that the acquisition will not otherwise yield the benefits that we expect; unforeseen delays in production and installation; unexpected contract breaches by us or counter-parties; and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.

 

 

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Art’s Way Manufacturing Co., Inc. Third Quarter and Nine Months Earnings Call Scheduled for October 15, 2012

FOR IMMEDIATE RELEASE NEWS
October 10, 2012 NASDAQ:ARTW

 

UPDATE:

News Release Scheduled Before The Market Opens On Monday, October 15, 2012.

 

ARMSTRONG, IOWA, October 10, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces it will report financial results for its third quarter and nine months before the market opens on Monday, October 15, 2012.

 

Art’s Way will issue a press release regarding its results before the market opens on Monday, October 15, 2012 and will host a live conference call at 10:00 a.m. Central Time Monday, October 15, 2012. J. Ward McConnell Jr., Chairman of the Art’s Way Board of Directors, will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

 

Following the conference call, a replay will be available on Tuesday, October 16, 2012 on the Investor Relations page of the Art’s Way website. The replay will remain available for 12 months.

 

What: Art’s Way Manufacturing Third Quarter and Nine Months Financial Results Conference Call

 

When: October 15, 2012 10:00 a.m. Central Time.

 

How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing.

 

Participants to the conference call should call in at least 5 minutes prior to the start time.

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. The Company has three reporting segments. Art’s Way Manufacturing manufactures agricultural products; 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

 

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Corporate - Art's Way Mfg