Google PlusLinkedINYouTube

ART’S-WAY MANUFACTURING ANNOUNCES $3 MILLION CONTRACT FOR MODULAR BUILDING COMPLEX FOR CANCER RESEARCH FOUNDATION

FOR IMMEDIATE RELEASE
October 9, 2009
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

Company Will Design, Manufacture, and Install for Prime Contractor, Lockard Construction, Inc.

ARMSTRONG, Iowa, October 9, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary, Art’s Way Scientific, Inc. www.buildingsforscience.com will be providing design, manufacturing and installation of a 6,000 sq. ft. two story laboratory and office building for Lockard Construction, Inc. www.lockardonline.com who is the prime contractor on this complex for a well known, nationally respected cancer research center. The contract is valued at approximately $3 million.

Dan Palmer, General Manager of Art’s Way Scientific said, “We are very pleased to be associated with this prestigious cancer research institute. This site will be the center of an intensive new effort to bring together nonprofit partners; working side-by-side, utilizing technological resources second to none, to more rapidly translate the latest genetic and molecular discoveries about cancer into effective new treatments that benefit cancer patients.

“This is the second project we have completed for Lockard Construction. The first project was a 9,000 sq. ft. research facility we completed in 2008. “

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “We are gratified to be working again with Lockard Construction on this important program. Art’s Way Scientific’s combined experience and performance record with this renown cancer research center is proof our contribution is critical to their mission of discovering effective new treatments.”

About Art’s Way Manufacturing, Inc.

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

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

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

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

-END-

ART’S-WAY MANUFACTURING STRENGTHENS SENIOR MANAGEMENT TEAM

FOR IMMEDIATE RELEASE
September 21, 2009
For More Information, Contact:
Jim Drewitz, Investor Relations
830-669-2466

 

Appoints Roger Murdock As Director Of Sales & Marketing

ARMSTRONG, Iowa, September 21, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the Company has hired Roger S. Murdock as Director of Sales & Marketing.

Murdock brings more than 30 years of sales, customer support and marketing experience in the agricultural and farm equipment industry. His leadership will further enhance Art’s Way Manufacturing strategy to provide niche farm machinery products with a superior customer experience. He will be responsible for maximizing all the diverse product offerings of Art’s Way into an easy and profitable distribution through the current and an expanded dealer network.

Murdock was formerly Division Manager with Claas of America where he was responsible for operations, customer support, sales, and marketing. Prior to that position, Murdock spent 10 years with Miller St. Nazianz as Vice President of Sales and Marketing. During his time with Miller St. Nazianz, he significantly increased sales productivity, contributing to substantial growth in business and enterprise revenue. Murdock sits on the Board of Directors of the Farm Equipment Manufacturers Association.

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “Roger is a proven leader with considerable experience developing strong customer-focused sales organizations. We all look forward to the benefits Roger’s dedication to customer-centric values and teamwork will bring to Art’s-Way, our dealers and their customers.”

Roger Murdock commented, “In the current economic times dealers are looking for a way to increase income within their dealerships and Art’s-Way will provide the products to increase a dealer’s niche market opportunities. I am extremely pleased to be joining an organization with such a long and storied history as Art’s Way. The diverse and unique products which Art’s Way manufactures makes this a wonderful opportunity.”

About Art’s Way Manufacturing, Inc.

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

For More Information, Contact:         Jim Drewitz, Investor Relations

830-669-2466

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

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

-END-

ART’S WAY MANUFACTURING EXPANDS MANUFACTURING FACILITY TO PROVIDE STORAGE CAPACITY FOR SMALL RUN, SEASONAL FARM EQUIPMENT

FOR IMMEDIATE RELEASE                                  

August 17, 2009

For More Information,
Contact:
Jim Drewitz, Investor Relations

830-669-2466

The New Space Will Create A More
Efficient “Current Build” Product Line

 

ARMSTRONG, Iowa, August 17,
2009
– Art’s Way
Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of
niche agricultural machinery, equipment and services, is pleased to announce
the Company has increased the size of their manufacturing facility in
Armstrong, IA by over 9,000 sq. ft. The new space  will house raw materials,
pieces and parts used for manufacturing small run and seasonal farm equipment,
clearing the production floor and manufacturing lines for a more efficient
operation of products that are currently being produced.

The Company has also added
warehouse space in Bath, New York to distribute the Miller Pro line. In 2008,
the Miller Pro line did $ 2.8 million in sales to the Northeast and East Coast.
This warehouse space, in a
key market area, will allow the Company to ship full truckloads on the long
haul eastbound, making Art’s Way more competitive from a total cost-to-dealer
perspective.

J.
Ward McConnell, Jr., Executive Chairman of the Board, said,
“From our beginning, we
have manufactured quality, reliable farm machinery and were dedicated to
customer service. Today, in this economic turbulent period, our differentiator
is customer service.
To
better serve our customers, we added space to accommodate the increasing demand
for small run, seasonal equipment, while clearing the production lines for
“current build” products. We are now in a position to respond quickly to those
seasonal customer demands without disrupting the flow of our current build
products.

 

“With
the warehouse space added in the Northeast, we can now have
standing inventory on-hand for the
dealers to pull from which should unquestionably help sales, revenue and
customers service.

 

“With
the Company’s manufacturing strength, the skill of our employees and our
dedication to customer service, I am confident we will continue respond to our
customers specific needs and drive growth quarter after quarter.”

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information,
Contact:  Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

 

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

 

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

-END-

Art’s-Way Manufacturing Announces Global Sales Continue to Grow

FOR IMMEDIATE RELEASE

July 22, 2009

For More Information, Contact:

Jim Drewitz, Investor Relations830-669-2466

ART’S WAY MANUFACTURING ANNOUNCES GLOBAL SALES CONTINUE TO GROW

 

The Company’s 5165 Grinder-Mixer Shipped To Distributors in United Kingdom & Australia

 

ARMSTRONG, Iowa, July 22, 2009 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the Company’s popular and reliable 5165 Grinder-Mixer has been shipped to distributors in the United Kingdom and Australia. Theses are repeat sales to existing distributors and their customers.

J. Ward McConnell, Jr., Executive Chairman of the Board, said, “Even in a world-wide economic depression, we are very pleased our global sales remain quite active. Our Grinder-Mixer is not just the largest in the industry, it’s also the best. The portable 5165 Grinder-Mixer features a tremendous 165-bushel tank with a one-piece 26-inch hammermill. This 4-ton mixer is easily configured to meet the needs of specific livestock operation. In this day of global marketing, our family of products and the way we service our customers offer huge growth opportunities for the future and we believe will certainly 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, plows, hay and forage equipment and top and bottom drive augers. After market service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.

 

For More Information, Contact: Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

 

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

 

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

-END-

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

FOR IMMEDIATE RELEASE NEWS

July 7, 2009

NASDAQ:ARTW

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

 

Conference Call Scheduled For 9:00AM CDT,
Wednesday, July 8, 2009

 

ARMSTRONG, IOWA, July 7, 2009 – Art’s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a
leading manufacturer and distributor of agricultural machinery, equipment and
services announced its financial results for the three and six months ended May
31, 2009.  

In conjunction with the release, the Company has
scheduled a conference call Wednesday, July 8, 2009 at 9:00 AM Central Daylight
Time.

What: Art’s Way Manufacturing Second Quarter & Six
Months Financial Results Conference Call

When: Wednesday, July 8, 2009 – 9:00 AM Central Daylight Time

How: Live via phone by dialing 1 (800) 624-7038. Code:
Art’s Way Manufacturing.  Participants to the conference call should call
in at least 5 minutes prior to the start time.

J.
Ward McConnell, Jr., Executive Chairman of the Board of Directors of Art’s Way Manufacturing
will be leading the call and discussing second quarter and six month financial
results, the status of the Company and an outlook for the balance of 2009.

 

Financial Highlights
For the Three And Six Months Ended May 31, 2009:

  • Net sales
    for the three months ended May 31, 2009 were $7.1 million.
  • Net sales
    for the six months ended May 31, 2009 were $13.8 million.
  • As of
    June 2009, order backlog is $10.5 million, compared to $20.5 million in
    June 2008.

 

 

For the Three Months
Ended

 

 

May 31, 2009

May 31, 2008

Change

Revenue

$

7,115,645

$

7,686,553

-7.4%

Operating Income

$

291,227

$

1,039,195

-72.0%

Net Income

$

112,918

$

889,045

-87.3%

EPS (Basic)

$

0.03

$

0.22

-86.4%

EPS (Diluted)

$

0.03

$

0.22

-86.4%

Weighted avg. shares outstanding:

 

 

 

 

 

Basic

 

3,986,830

 

3,972,352

 

Diluted

 

3,989,086

 

3,984,908

 

 

 

 

 

 

 

 

 

For the Six Months
Ended

 

 

May 31, 2009

May 31, 2008

Change

Revenue

$

13,806,511

$

14,435,067

-4.4%

Operating Income

$

388,864

$

1,853,120

-79.0%

Net Income

$

116,513

$

1,365,886

-91.5%

EPS (Basic)

$

0.03

$

0.34

-91.2%

EPS (Diluted)

$

0.03

$

0.34

-91.2%

Weighted avg. shares outstanding:

 

 

 

 

 

Basic

 

3,986,594

 

3,971,238

 

Diluted

 

3,987,198

 

3,990,110

 

 

 

 

 

 

 

 

Revenue: Consolidated net
sales for the fiscal quarter ended May 31, 2009 were $7,116,000 compared to
$7,687,000 for the same period in fiscal 2008. Consolidated net sales for the
six months ended May 31, 2009 were $13,807,000 compared to $14,435,000 for the
same period in fiscal 2008.

Art’s Way Manufacturing, our
agricultural products segment, had revenue of approximately $6,165,000 and $10,874,000
for the three- and six-month periods ended May 31, 2009, respectively, compared
to $5,066,000 and $9,193,000 for the same respective periods in fiscal 2008,
which represents an increase of 21.7% and 18.3%, respectively. The quarter and six-month increase in sales
for Art’s Way Manufacturing was largely due to the sales of forage boxes and
rakes from the Miller Pro product line, which had minimal sales during the
first half of fiscal 2008 due to product integration.

Art’s Way Vessels, our pressurized vessels
segment, had revenue of approximately $226,000 and $375,000 for the three- and
six-month periods ended May 31, 2009, respectively, compared to $90,000 and
$203,000 for the same respective periods in fiscal 2008, which represents an
increase of 151.1% and 84.3%, respectively. This was an expected increase due
to the rebuilding of sales lost after moving to a new facility.

Art’s Way Scientific – Buildings for Science –, our modular
buildings segment, had a decrease of revenue of 71.3% and 49.2% for the three-
and six-month periods ended May 31, 2009, respectively. Art’s Way Scientific had revenue of
approximately $725,000 and $2,558,000 for the three- and six-month periods
ended May 31, 2009, respectively, compared to $2,531,000 and $5,039,000 for the
same respective periods in fiscal 2008. The decrease in revenue for Art’s Way
Scientific was the result of a decrease in demand for modular buildings, which
management believes was largely due to the impact of current economic
conditions on the capital budgets of potential customers.

 

Income: Operating income decreased 72% from $1,039,000 to
$291,000 for the three months ended May 31, 2009, while net income for the
three months ended May 31, 2009 decreased 87.3%, from $889,000 to
$113,000. Operating income for the six
months ended May 31, 2009 decreased 79% from $1,853,000 to $389,000. These
decreases are primarily due to decreased gross margins.

 

Consolidated
gross profit margin for the three- and six-month periods ended May 31, 2009 was
20.6% and 20.2%, respectively, compared to 31.7% and 32.0% for the same respective
periods in the 2008 fiscal year, primarily due to decreases in gross profit
margin at Art’s Way Manufacturing and Art’s Way Scientific. The gross profit margin of Art’s Way
Manufacturing decreased from 34.8% and 36.4% in the three- and six-month
periods ended May 31, 2008, respectively, to 25.7% and 23.9% for the same respective
periods in 2009. After the purchase of
the Miller Pro product line, we had many orders that we were unable to produce
in a timely fashion. In order to satisfy
our customers, we agreed to sell these goods at the lower prices quoted in
2007. As a result of our production
delays caused by the integration of this product line, we shipped goods in the
first and second quarters of 2009 that were priced at the end of 2007 and
manufactured with materials purchased at the higher prices of 2008. We have nearly completed our commitments on
the 2007 pricing, and do not anticipate any additional production delays.

The gross profit
margin of Art’s Way Scientific decreased from 29.6% and 29.1% in the three- and
six–month periods ended May 31, 2008, respectively, to 6.6% and 12.9% for the
same respective periods in 2009. The decrease in gross profit margin at Art’s
Way Scientific was primarily due to the decrease in revenue explained above. In
addition, gross profit margins at Art’s Way Scientific were negatively impacted
during the first and second quarter by unanticipated cost overruns on a project
that was substantially completed during the period.

Earnings Per Share: Earnings per diluted and basic share for the three
months ended May 31, 2009 decreased to $0.03 as compared to $0.22, a decrease
of 86.4% or $0.19 from the earnings per share for the three months ended May 31,
2008. Earnings per share basic and
diluted share for the six months ended May 31, 2009 decreased 91.2% from $0.34
to $0.03.

J. Ward McConnell Jr., Executive Chairman of the
Board of Directors said, “We are very encouraged by the increase in sales of
21.7% for three months and 18.3% for six months, ,
with Art’s Way Manufacturing, our core agricultural product business. Our
Miller Pro line is becoming very well accepted in the market place and, as
promised, we have completed our production delays of the product line and
fulfilled our commitments on 2007 pricing.

 

With
the ramping up of Art’s Way Vessels, we had a significant increase in revenue
for the quarter and six months ended May 31. It was completely expected and
anticipated and we hope to keep this growth progressing.

 

Even
with production and revenue improvement, t
his has been another challenging quarter for the
Company – especially Art’s Way Scientific.
As
we indicated last quarter, we continue to monitor closely our market
opportunities and our operating structure due to the changing and challenging
market conditions. Incoming orders for all divisions, but especially Scientific,
slowed in the first quarter and we have seen a continuation of that trend in
the second quarter. While our quotation levels have increased during the
quarter when compared to the fourth quarter of last fiscal year and first
quarter this year, we have not seen a corresponding increase in our incoming
order rate. Incoming orders continue to be slower than desired due to increased
customer deliberation on the release of new orders pertaining to projects. We
will continue our efforts to expand our served markets and product offerings,
and believe the strength of our historical operating performance, combined with
the excellent positioning of our core products and our new auger product
provides an excellent platform from which to grow once we do see market
recovery.”

 

About Art’s Way
Manufacturing, Inc.

 

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

 

For More Information,
Contact: Jim Drewitz, Investor Relations

830-669-2466
jim@jdcreativeoptions.com

 

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

 

 

This news release includes “forward-looking
statements” within the meaning of the federal securities laws. In this release, forward-looking statements
generally relate to: (i) the Company’s ability to
meet its production schedule; (ii) acceptance of the Company’s Miller Pro
product line; (iii) revenue expectations for Art’s-Way Vessels; (iv) the
Company’s plans to expand its served markets and product offerings; (v) intent
to monitor market opportunities and operating structure; and (vi) the Company’s
growth potential in its industry. 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 and acceptance of its product lines,
current domestic and international economic conditions, the Company’s ability
to manage growth, incorrect assumptions by management with respect to
production cycles and market conditions, unexpected production delays and other
risks detailed from time to time in the Company’s Securities and Exchange
Commission filings. Actual results may
differ markedly from management’s expectations.

The Company cautions readers not to place undue reliance upon any such
forward-looking statements.

 

 

 

 

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

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

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

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

About Art’s Way Vessels, Inc.

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

About Art’s Way Manufacturing, Inc.

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

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

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

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

ART’S WAY MANUFACTURING ANNOUNCES FIRST QUARTER REVENUE

FOR IMMEDIATE RELEASE NEWS
April 13, 2009 NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES FIRST QUARTER REVENUE

DESPITE DIFFICULT ECONOMIC CONDITIONS

 

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

 

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

 

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

 

What: Art’s Way Manufacturing First Quarter Financial Results

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

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

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

 

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

 

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made in this release are those that are not strictly statements of historical facts, including but not limited to those relating to: (i) our ability to complete pricing commitments, (ii) our ability to meet our production schedule; (iii) future orders for modular buildings; (iv) the strength of our relationships with customers; (v) the stability of the industries in which we compete; and (vi) revenue for the balance of 2009. Such statements of anticipated future results are based on certain assumptions by management and current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

 

-END

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

FOR IMMEDIATE RELEASE

NEWS February 27, 2009

NASDAQ:ARTW

 

ART’S WAY MANUFACTURING ANNOUNCES A 26% INCREASE IN

REVENUE FOR THE FISCAL YEAR 2008

 

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

 

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

 

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

 

When: Monday, March 2, 2009 -10:00 AM Eastern Time

 

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

 

J. Ward McConnell, Jr., Chairman of the Board, of Art’s Way Manufacturing will beleading the call and discussing fiscal year 2008 financial results, the status of the Company and the long term outlook for the balance of 2009.

 

Highlights:

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

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

 

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

 

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

 

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

 

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

 

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

 

“I want to assure our shareholders, we have taken aggressive measures to align our business with current market conditions. We are monitoring these initiatives closely to ensure we achieve our long-term expected financial results. Our strong financial position including our excellent backlog will allow us to continue making strategic improvements to our product line to enhance our global presence for years to come,” concluded Mr. McConnell.

 

 

About Art’s Way Manufacturing, Inc.

 

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

 

 

For More Information, Contact: Jim Drewitz, Investor Relations

830-669-2466 jim@jdcreativeoptions.com

 

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

 

 

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that are not strictly statements of historical facts, including: (i)statements relating to agricultural sector demand, (ii) statements regarding the impact of growth management measures on our long-term financial results and (iii) statements relating to future contemplated strategic improvements to our product lines, constitute forward-looking statements. Such statements of anticipated future results are based on certain assumptions by management and current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations inresults, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.

-END

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

Latest News Releases

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

 

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

 

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

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

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

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

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

Art’s Way Scientific, Inc. is a wholly owned subsidiary of Art’s Way Manufacturing, Inc. It is the recognized leading supplier of modular laboratories for biocontainment, animal science, public health and security requirements. Art’s Way Scientific custom designs, manufactures, delivers, and installs laboratories and research facilities to meet customers’ critical requirements.

About Art’s Way Manufacturing, Inc.:

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

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

 

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

 

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

ART’S WAY MANUFACTURING UNVEILS NEW WEB SITE

Latest News Releases

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

 

ART’S WAY MANUFACTURING
UNVEILS NEW WEB SITE

 

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

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

About Art’s Way Manufacturing, Inc.

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

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

 

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

 

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

Corporate - Art's Way Mfg