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ART’S WAY MANUFACTURING NAMES DEAN DROGEMUELLER, DIRECTOR OF FINANCE

PRESS RELEASE September 20, 2012
FOR IMMEDIATE RELEASE

 

ARMSTRONG, IOWA, September 20, 2012 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery in the United States and internationally, names Mr. Dean Drogemueller, Director of Finance.

Mr. Drogemueller has over 20 years of experience in financial and accounting positions in numerous industries. Prior to joining the Company, he served as Controller for WuXi AppTec, Inc. from 2008 to 2011. Mr. Droegemueller’s previous positions were with Millennium Import LLC, as Assistant Controller from 2002 to 2010, and American Medical Systems, Inc. as Staff Accountant from 1998 to 2002.

Mr. Droegemueller holds a Bachelor of Science degree in accounting St. Cloud State University.

J. Ward McConnell Jr., Chairman of the Board of Directors said, “Dean brings an outstanding skill set of financial knowledge, personality and team leadership. We are confident Dean’s experience, proven track record and his commitment to integrity in financial reporting and accounting control will be invaluable to the Company and our shareholders. We are honored to welcome Dean to the Art’s Way family.”

About Art’s Way Manufacturing, Inc.

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. The Company has three wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories. Universal Harvester by Art’s Way Manufacturing Co. manufactures reels for combines and swathers.

 

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

 

Safe Harbor Statement

 

Some of the statements contained in this news release are not purely historical statements. Such statements discuss future expectations or state other forward-looking information related to the Company’s intent to pursue acquisition opportunities and the impact of acquisition opportunities on the Company’s growth and financial results. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements. The “forward-looking” information is based on management’s current intent, belief, expectations, estimates and projections regarding our company and our industry. You should be aware that those statements only reflect our predictions. Actual events or results may differ substantially. Important factors that could cause our actual results to be materially different from the forward-looking statements are disclosed under the heading “Forward Looking Statements” in our annual report on Form 10-K. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the availability of viable acquisition opportunities or our future results. The forward-looking statements in this release are made only as of the date hereof and we undertake no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future.

 

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Art’s Way Manufacturing’s CEO featured in The Messenger

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ART’S WAY MANUFACTURING ANNOUNCES SECOND QUARTER AND SIX MONTHS FINANCIAL RESULTS AND CONFERENCE CALL

Conference Call Scheduled For July 12, 2012 At 10:00 AM CDT

 

ARMSTRONG, IOWA, July 11, 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 six months ended May 31, 2012.

 

In conjunction with the release, the Company has scheduled a conference call for Thursday, July 12, 2012 at 10:00 AM CT. Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call to discuss the second quarter and six month financial results, and will also provide an outlook for the balance of 2012.

 

What: Art’s Way Manufacturing Second Quarter & Six Month Financial Results

 

When: July 12, 2012 10:00 AM CDT.

 

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 Six Months Ended May 31, 2012:

 

 

    • Net Income for the three months ended May 31, 2012 was $936,000, a 221.9% increase over the same period in 2011.

 

    • Net sales for the three months ended May 31, 2012 were $11.685 million, a 48.9% increase over the same period in 2011.

 

    • Operating Income for the three months ended May 31, 2012 was $1.49 million, a 172.5% increase over the same period in 2011.

 

    • Net sales for the six months ended May 31, 2012 were $17.997 million, a 43.9% increase over the same period in 2011.

 

For the Three Months Ended
(Consolidated)
 
May 31, 2012 May 31, 2011 Change
Net Sales $ 11,685,169 $ 7,845,150 48.9%
Operating Income $ 1,493,766 $ 548,175 172.5%
Net Income $ 935,981 $ 290,749 221.9%
EPS (Basic) $ 0.23 $ 0.07  
EPS (Diluted) $ 0.23 $ 0.07  
Weighted Avg. Shares Outstanding:      
Basic 4,031,439 4,017,852  
Diluted 4,047,787 4,047,678  

 

For the Six Months Ended
(Consolidated)
 
May 31, 2012 May 31, 2011 Change
Net Sales $ 17,997,383 $ 12,509,488 43.9%
Operating Income (Loss) $ 1,856,021 $ (110,781)  
Net Income (Loss) $ 1,129,479 $ (193,828)  
EPS (Basic) $ 0.28 $ (0.05)  
EPS (Diluted) $ 0.28 $ (0.05)  
Weighted Avg. Shares Outstanding:      
Basic 4,029,825 4,014,102  
Diluted 4,047,346 4,014,102  

 

Net Sales: Our consolidated corporate sales for the three- and six-month period ended May 31, 2012 were approximately $11,685,000 and $17,997,000, respectively, compared to $7,845,000 and $12,509,000 during the same respective periods in 2011, a $3,840,000 increase for the quarter and $5,488,000 increase year-to-date, or 48.9% and 43.9% increases, respectively.

 

Agricultural Products: Our second fiscal quarter sales for our agricultural products segment were $8,006,000 compared to $6,664,000 during the same period of 2011, an increase of $1,342,000, or 20.1%. Year-to-date sales were up to $11,994,000, from $10,321,000 as of May 31, 2011, an increase of $1,673,000, or 16.2%. Gross margin for the quarter ended May 31, 2012 was 30.7% compared to 28.3% for the same period in 2011. The year-to-date gross margin was 29.2%, compared to 24.0% as of May 31, 2011. The gross margin increase is attributable to increased manufacturing efficiencies at our Armstrong plant during the quarter ended May 31, 2012.

 

Pressurized Vessels: Our second fiscal quarter sales for our pressurized vessels were $617,000, compared to $402,000 for the same period in 2011, an increase of $215,000, or 53.5%. Year-to-date sales were $946,000, compared to $965,000 for the six-month period ending May 31, 2011, a decrease of $19,000, or 2.0%. Gross margin for the quarter ended May 31, 2012 was 8.1% compared to (10.8%) for the same period in 2011. Year-to-date gross margin was 0.9% compared to (15.4%) as of May 31, 2011. The production manager hired during Q1 of 2011 has improved our ability to track cost and revenue on a per-job basis.

 

Modular Buildings: Our second fiscal quarter sales for our modular buildings segment were $3,062,000, compared to $779,000 for the same period in fiscal 2011, an increase of $2,283,000, or 293.0%. The increase was 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. Our modular buildings segment 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. Gross margin for the quarter ended May 31, 2012 was 21.3% compared to 14.7% for the same period in 2011. Year-to-date gross margin was 22.2% compared to 8.3% as of May 31, 2011. The gross margin increase was primarily due to the $7 million contract.

 

Income: Consolidated net income was $936,000 and $1,129,000 for the three and six months ended May 31, 2012, compared to net income of $291,000 and a net loss of ($194,000) 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 across all segments for the three-month period ended May 31, 2012.

 

Earnings per Share: Earnings per basic share during the second fiscal quarter ended May 31, 2012 were $0.23 compared to $0.07 for the same period during 2011. Earnings per basic share during the six months ended May 31, 2012 were $0.28 compared to a loss per basic share of $0.05 for the same period during 2011.

 

J. Ward McConnell, Jr., Chairman of the Board, said, “I am extremely pleased to report strong revenue of $11.7million, net income of $935,980 and earnings per share of $0.23 for the second fiscal quarter ended May 31, 2012. Our business momentum has continued into 2012 with strong sales performance from each of our business segments and this is an excellent example of our balanced business model in action.

 

Agricultural Products had an 16.2% increase in sales, Modular Buildings improved 293% in sales year over year, and Pressurized Vessels grew 53.5% in sales, during the second quarter year over year. The financial strength of our business model is reflected in a consolidated increase in sales of 43.9%, and an increase in net income of approximately $1,300,000, year-over-year.

 

I remain optimistic about the future of Art’s Way and we intend to continue to pursue disciplined, profitable growth. Our momentum is strong, and we are excited about the prospects for delivering another year of improved revenue and earnings to our shareholders.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, 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; 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) 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; the risk that, the revenues attributable to the acquired Universal Harvester 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 effects from changes to our production schedule; 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.

 

-END-

 

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

FOR IMMEDIATE RELEASE News
July 5, 2012 NASDAQ:ARTW

 

Armstrong, Iowa – July 5,2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces the Company expects to issue a press release containing financial results information for the second quarter on Wednesday, July 11, 2012.

 

In conjunction with that announcement, Art’s Way will host a live conference call to review the financial results for its second fiscal quarter of 2012 at 10:00 a.m. Central Time on Thursday, July 12, 2012. Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

 

Following the conference call, a replay will be available on Friday, July 13, 2012 on the Investor Relations page of the Art’s Way website (www.artsway-mfg.com). The replay will remain available for 12 months.

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, 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

 

-END-

 

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

PRESS RELEASE 5/14/2012
FOR IMMEDIATE RELEASE

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

 

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

 

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

 

About Art’s Way Manufacturing Co., Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of Art’s Way’s business. Art’s Way Manufacturing has three wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories, and [Universal Harvester by Art’s Way Manufacturing Co.] manufactures reels for combines and swathers.

 

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

 

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

 

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

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements in this release relate to the expected impact of the UHC acquisition, expectations for the integration of UHC operations, and our intent to pursue strategic acquisitions. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, unexpected problems or delays with integration of UHC operations, fluctuations in demand for combine reels and Art’s Way’s other products, the management of growth, the availability of investment opportunities, and other factors detailed from time to time in Art’s Way’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. Art’s Way cautions readers not to place undue reliance upon any such forward-looking statements.

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment and top and bottom drive augers. After market service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels and Art’s Way Scientific, Inc. manufactures modular animal housing buildings and modular laboratories.

 

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

 

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

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements of anticipated future results, including but not limited to the anticipated revenues and timeframes discussed in this release and expected consolidated results of operations, are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, unforeseen delays in production and installation, unforeseen contract disputes, customer demand for the Company’s products, domestic and international economic conditions and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

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ART’S WAY MANUFACTURING FISCAL YEAR 2011 ANNUAL SHAREHOLDER MEETING

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

 

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

 

ARMSTRONG, Iowa, April 13, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), fiscal year 2011 annual meeting of shareholders will be held at 9:00 am Central Time on Thursday, April 26, 2012 at The Hotel Julien, 200 Main Street, Dubuque, Iowa, 52001, 800-798-7098. www.hoteljuliendubuque.com . Registration begins at 8:45 am. The record date for purpose of shares to be voted is close of business on Monday, March 5, 2012.

 

For all interested shareholders, Art’s Way will provide a bus tour of their manufacturing facilities in eastern Iowa including Art’s Way Vessels in Dubuque, Art’s Way Manufacturing in West Union, and Art’s Way Scientific in Monona. Lunch and refreshments will be served during the tour. If you plan on attending the bus tour, you must call Amanda at 712-864-3131 Ext 287 for reservations by 12:00 pm Central Time, April 19, 2012. We look forward to hosting you on a tour of three of our manufacturing facilities.

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels and Art’s Way Scientific, Inc. manufactures modular animal housing buildings and modular laboratories.

 

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

 

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

 

-END-

 

ART’S WAY MANUFACTURING ANNOUNCES 35.3% INCREASE IN YEAR OVER YEAR FIRST QUARTER NET SALES

Conference Call Scheduled For Thursday, April 12, 2012 at 10:00 AM CT

 

ARMSTRONG, IOWA, April 11, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services is pleased to announce its financial results for the three months ended February 29, 2012.

 

In conjunction with the release, the Company has scheduled a conference call for Thursday, April 12, 2012 at 10:00 AM CT. Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call to discuss the first quarter financial results, and will also provide an outlook for the balance of 2012.

 

What: Art’s Way Manufacturing First Quarter Financial Results.

 

When: Thursday, April 12, 2012 10:00 AM CT.

 

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

 

Financial Highlights For the Three Months Ended February 29, 2012:

 

Net sales for the three months ended February 29, 2012 increased 35.3% over the same quarter in 2011.
Operating income for the three months ended February 29, 2012 increased to $362,000 from an operating loss of $659,000 during the same quarter in 2011.
Net income for the three months ended February 29, 2012 increased to $193,000 from a net loss of $485,000 during the same quarter in 2011.
Earnings per basic and diluted share for the three months ended February 29, 2012 were $0.05 per share versus a loss of $0.12 per share for the same quarter in 2011.

 

For the Three Months Ended
(Consolidated)
February 29,
2012
February 28,
2011
Change
Net Sales $ 6,312,000 $ 4,664,000 35.3%
Operating Income $ 362,000 $ (659,000)
Net Income $ 193,000 $ (485,000)
EPS (Basic) $ 0.05 $ (0.12)
EPS (Diluted) $ 0.05 $ (0.12)
Weighted Average Shares Outstanding:
Basic 4,028,852 4,010,068
Diluted 4,046,125 4,010,068

 

Net Sales: Our consolidated corporate sales for the three-month period ended February 29, 2012 were $6,312,000, compared to $4,664,000 during the same period in 2011, a $1,648,000 increase for the quarter, or 35.3%. Art’s Way Manufacturing Co., Inc. and Art’s Way Scientific, Inc. increased their three-month revenue by 9.1% and 348.4%, respectively. These increases were offset by a 41.4% decrease in revenue for Art’s Way Vessels, Inc. during this same time period.

 

Art’s Way Manufacturing, our agricultural products segment, had sales for the first fiscal quarter of $3,988,000, compared to $3,656,000 during the same period in 2011, an increase of $332,000, or 9.1%. Gross margin for the quarter ended February 29, 2012 was 26.3% compared to 16.3% for the same period in 2011.

 

Art’s Way Vessels, our pressurized tank segment, had sales for the first fiscal quarter of $330,000, compared to $563,000 for the same period in 2011, a 41.4% decrease. Gross margin for the quarter ended February 29, 2012 was (12.6%), compared to (18.8%) for the same period in 2011.

 

Art’s Way Scientific, our modular buildings segment, had first fiscal quarter sales of $1,994,000, compared to $445,000 for the same period in 2011, an increase of $1,549,000, or 348.4%. During the first fiscal quarter of 2012, Art’s Way Scientific signed a $7.0 million contract to manufacture twenty-four modular units. The modular units are expected to be constructed over the course of approximately one year. In accordance with our accounting policy for revenue recognition, we expect to recognize revenue related to this contract as the work is performed. Gross margin for the quarter ended February 29, 2012 was 23.5% compared to (2.9%) for the same period in 2011.

 

Income: Consolidated operating income was $362,000 during the three months ended February 29, 2012 compared to an operating loss of $659,000 for the three months ended February 28, 2011.

 

Earnings per Share: We incurred a gain per basic and diluted share of $0.05 for the three months ended February 29, 2012 as compared to a loss per basic and diluted share of $0.12 for the three months ended February 28, 2011. The changes in earnings per share were primarily attributable to the changes to net income.

 

J. Ward McConnell Jr., Chairman of the Board of Directors said, “These solid first quarter results reflect our continued growth in our core manufacturing business and Art’s Way Scientific securing contracts during the fourth quarter of fiscal 2011 and first quarter of 2012. The hard work and never give up attitude of the Scientific team has proved to be essential to our success in this quarter… and we expect ongoing revenue from the contracts procured this quarter in future quarters as well.

 

“The Company is heading into the balance of 2012 with strong momentum which we expect to allow us to deliver superior results and increased shareholder value.”

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. The Company has two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466

 

jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

 

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

 

Cautionary Statements

 

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our beliefs regarding the growth of our manufacturing segment; (ii) our expectations relating to contracts for our modular buildings segment; (iii) our belief regarding the future success of Art’s Way Scientific; (iv) our expected results in the remainder of fiscal 2012, and (v) our expected returns to shareholders, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, unexpected contract breaches by us or counter-parties, domestic and international economic conditions, the cost of raw materials, the management of growth, the availability of investment opportunities, our ability to implement cost-management and production initiatives, and other factors detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. The company does not intend to update or publicly revise any forward-looking statement.

 

-END-

 

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

FOR IMMEDIATE RELEASE NEWS
April 5, 2012 NASDAQ: ARTW

 

Armstrong, Iowa – April 5,2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces the Company expects to issue a press release containing financial results information for the first quarter on Wednesday, April 11, 2012.

 

In conjunction with that announcement, Art’s Way will host a live conference call to review the financial results for its first fiscal quarter of 2012 at 10:00 a.m. Central Time on Thursday, April 12, 2012. Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call. Participants should dial 800-624-7038 and reference Conference Code Art’s Way Manufacturing. Participants should call in at least 5 minutes prior to the start time.

 

Following the conference call, a replay will be available on Friday, April 13, 2012 on the Investor Relations page of the Art’s Way website. The replay will remain available for 12 months.

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. The Company has two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact: Jim Drewitz, Investor Relations
830-669-2466 jim@jdcreativeoptions.com
   Or visit the Company’s website at www.artsway-mfg.com

 

Safe Harbor Statement

 

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

 

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

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

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment and top and bottom drive augers. After-market service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels, Inc. manufactures pressurized tanks and vessels and Art’s Way Scientific, Inc. manufactures modular animal housing buildings and modular laboratories.

 

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

 

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

 

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