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ART’S WAY MANUFACTURING ANNOUNCES DISCONTINUED OPERATIONS OF VESSELS BUSINESS SEGMENT

FOR IMMEDIATE RELEASE
August 11, 2016

ART’S WAY MANUFACTURING ANNOUNCES DISCONTINUED OPERATIONS OF VESSELS BUSINESS SEGMENT

ARMSTRONG, IOWA, August 11, 2016 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces it will be discontinuing the operations of its Art’s Way Vessels segment in the third quarter of its 2016 fiscal year.

Art’s Way Vessels, Inc., a wholly-owned subsidiary of Art’s Way Manufacturing Co., Inc., specializes in ASME code and non-code pressurized vessels and storage tanks for water treatment, petroleum, agriculture, food & beverage, marine and mining industries.

We plan to focus our efforts and resources on the parts of our business where we have historically been more successful and where we see greater opportunity for meaningful long-term shareholder return going forward. We will complete our current backlog to fulfill our commitment to customers and subsequently pursue an orderly sale of the assets associated with this segment including real estate, equipment, and inventory. We anticipate incurring charges associated with this divestiture until the process is complete, likely in fiscal 2017.

Chairman of the Art’s Way Board of Directors, Marc H. McConnell reports, “After careful consideration of the possible outcomes for the Vessels segment that would serve our business and shareholders best, the decision was ultimately made to discontinue the operations of Art’s Way Vessels. We would like to thank our Vessels employees for their work over the past eleven years and regret that this decision impacts them negatively. This decision was difficult but is a necessary step in positioning our business for the long-term stability and profitability we are pursuing. Our focus on the activities that have made Art’s Way a strong, enduring, and profitable company for the past 60 years will help ensure that we remain in a position to benefit from the opportunities we see coming forth in the Agricultural, Modular Building, and Tool segments.”

About Art’s Way Manufacturing, Inc.

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

For more information contact: Carrie Majeski, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.com

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

Cautionary Statements

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including our expectations regarding: (i) our business position; (ii) the impact of cost-cutting measures; (iii) future results; and (iv) the benefits of our business model, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.
-END-

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

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

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing Co., Inc.

 

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

 

FOR MORE INFORMATION CONTACT:

Carrie Majeski

President and Chief Executive Officer

Art’s Way Manufacturing Co., Inc.

investorrelations@artsway-mfg.com

Phone:  712-864-3131

 

 

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

-END-

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

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

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

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

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

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

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

 

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

 

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

 

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

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

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

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

About Art’s Way Manufacturing, Inc.

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

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

712-864-3131

investorrelations@artsway-mfg.com

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

Cautionary Statements

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including our expectations regarding: (i) our business position; (ii) the impact of cost-cutting measures; (iii) future results; and (iv) the benefits of our business model, are forward-looking statements.  Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.  We do not intend to update forward-looking statements other than as required by law.

-END-

 

 

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

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

 

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

 

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

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

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

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

 

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

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

About Art’s Way Manufacturing, Inc.

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

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

712-864-3131

investorrelations@artsway-mfg.com

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

Cautionary Statements

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding the strength of the agricultural and livestock markets; (ii) our expectations regarding future results, product offerings and markets;  and (iii) the benefits of our growth strategy and business model, are forward-looking statements.  Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: obstacles related to the integration of our acquired companies; economic conditions that affect demand for our products; the ability of our suppliers to meet our demands for raw materials and component parts; our ability to predict and meet the demands of each market in which our segments operate; our ability to predict and respond to any seasonal fluctuations in demand;  unexpected delays in product launches; the cost of raw materials; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.  We do not intend to update forward-looking statements other than as required by law.

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

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

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

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

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

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

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

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


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


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

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

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

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

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

About Art’s Way Manufacturing Co., Inc.

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

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

712-864-3131

investorrelations@artsway-mfg.com

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

Cautionary Statements

This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including our expectations regarding the impact of our management initiatives and cost-cutting measures, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.

-END-



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

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

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

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

What: Art’s Way Manufacturing year-end 2014 Financial Results.
When: Tuesday, January 27, 2015 10:00 AM CT.
How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months.
www.artsway-mfg.com

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


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

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

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

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

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

 

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

For more information contact:
Carrie Majeski, Chief Executive Officer
712-864-3131
investorrelations@artsway-mfg.com
Or visit the Company’s website at www.artsway-mfg.com

 

Cautionary Statements
This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding the strength of the agricultural and livestock markets; (ii) our expectations regarding future results, product offerings and markets; and (iii) the benefits of our growth strategy and business model, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: obstacles related to the integration of our acquired companies; economic conditions that affect demand for our products; the ability of our suppliers to meet our demands for raw materials and component parts; our ability to predict and meet the demands of each market in which our segments operate; our ability to predict and respond to any seasonal fluctuations in demand; unexpected delays in product launches; the cost of raw materials; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.

 

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

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

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

 

About Art’s Way Manufacturing, Inc.

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

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

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

ART’S WAY MANUFACTURING ANNOUNCES THIRD QUARTER 2014 FINANCIAL RESULTS

Conference Call Scheduled For Thursday, October 9, 2014 at 10:00 AM CT

 

ARMSTRONG, IOWA, October 7, 2014 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its financial results for the three and nine months ended August 31, 2014.

 

In conjunction with the release, the Company has scheduled a conference call for Thursday, October 9, 2014 at 10:00 AM CT. J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing, Marc H. McConnell, Vice 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 financial results and will also provide an outlook for the balance of 2014.

 

What: Art’s Way Manufacturing Third Quarter and Year to Date 2014 Financial Results.

 

When: Thursday, October 9, 2014 10:00 AM CT.

 

How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months. www.artsway-mfg.com.

For the Three Months Ended
(Consolidated)
August 31, 2014 August 31, 2013 Change
Net Sales $ 11,585,000 $ 9,350,000 23.9%
Operating Income $ 908,000 $ 54,000 1581.5%
Net Income $ 558,000 $ 26,000 2046.2%
EPS (Basic) $ 0.14 $ 0.01 1300.0%
EPS (Diluted) $ 0.14 $ 0.01 1300.0%
Weighted Average Shares Outstanding:
Basic 4,048,552 4,041,682
Diluted 4,053,129 4,057,773

 

For the Nine Months Ended
(Consolidated)
August 31, 2014 August 31, 2013 Change
Net Sales $ 27,291,000 $ 27,016,000 1.0%
Operating Income $ 1,057,000 $ 1,566,000 -32.5
Net Income $ 553,000 $ 1,360,000 -59.3%
EPS (Basic) $ 0.14 $ 0.34 -58.8%
EPS (Diluted) $ 0.14 $ 0.34 -58.8%
Weighted Average Shares Outstanding:
Basic 4,047,544 4,038,118
Diluted 4,053,152 4,050,819

 

Net Sales:

 

Our consolidated corporate sales for the three- and nine-month periods ended August 31, 2014 were $11,585,000 and $27,291,000, respectively, compared to $9,350,000 and $27,016,000 during the same respective periods in 2013, a $2,234,000 or 23.9%, increase for the quarter and a $275,000 or 1.0% increase year-to-date. The increase in revenue for the three month period ended August 31, 2014 was primarily due to increases in revenue at Manufacturing and revenues generated from our new tools segment, formed following the acquisition of Ohio Metals in the fourth quarter of 2013. For the nine-month period ended August 31, 2014, Manufacturing, Vessels and Scientific each experienced a decline in revenue, which was offset by the addition of revenue generated from Metals. Consolidated gross profit margin for the three- and nine-month periods ending August 31, 2014 was 23.3% and 23.3% compared to 18.5% and 24.7% during the same periods of 2013.

 

 

 

Manufacturing:

 

Our third quarter sales at Manufacturing were $9,362,000, compared to $8,005,000 during the same period of 2013, an increase of $1,357,000, or 17.0%. The nine-month sales for 2014 at Manufacturing were $21,366,000, compared to $22,727,000 for the same period in 2013, a 6.0% decrease. The decrease in revenue year to date is primarily due to decreased demand for the Universal Harvester reels and reduced sugar beet harvester sales in fiscal 2014 as compared to 2013, but was offset somewhat by sales from our acquisition of certain Canadian assets from Agro Trend and increased demand for our grinder mixers. Manufacturing’s gross margin for the quarter ended August 31, 2014 was 25.0%, compared to 19.4% for the same period in 2013. For the year to date period ending August 31, 2014 gross margin was 24.8% as compared to 24.3% in the same period for 2013.

 

 

 

Vessels:

 

Our three- and nine-months sales at Vessels were $606,000 and $1,504,000, respectively, compared to $635,000 and $1,671,000 for the same periods in 2013, a decrease of $29,000, or 4.5% and $166,000, or 9.9%. Gross margin for the quarter ended August 31, 2014 was 6.8% compared to 16.4% for the same period in 2013. Gross margin for the nine-months ended August 31, 2014 was 6.4% as compared to 10.0% for the first nine-months of fiscal 2013.

 

 

Scientific:

 

Our third fiscal quarter and year-to-date sales at Scientific were $820,000 and $1,818,000, respectively, compared to $710,000 and $2,618,000 for the same periods in fiscal 2013, an increase of $111,000, or 15.6% and a decrease of $800,000, or 30.5%, respectively. The year to date decrease was primarily attributable to the 2013 first quarter finalization of 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 the percentage of completion accounting method to calculate revenue and gross margins for all contracts. Gross margin for the quarter ended August 31, 2014 was 20.2% compared to 10.1% for the same period in 2013, while gross margin for the nine-month period ended August 31, 2014 was 15.5% as compared to 37.3% for the same period in 2013. The margins reported in first two quarters of 2013 were a result of the finalization of costs as compared to estimates on the major projects described above and did not reflect normal operating margin for the business. The lower margin year to date for 2014 is primarily attributable to the lower revenue relative to steady overhead costs.

 

 

Metals:

 

Metals had sales of $797,000 and $2,603,000 for the three- and nine-months ended August 31, 2014, respectively. Gross margin at Metals was 19.8% for the third fiscal quarter, and 26.9% for the nine months ended August 31, 2014.

 

 

Income: Consolidated net income was $558,000 for the three-month period ended August 31, 2014, compared to a net income of $26,000 for the same respective period in 2013. This increase is due to increased operating income of $889,000 at our Manufacturing segment, but was offset by operating losses at our Vessels and Metals divisions. Our consolidated net income for the nine-month period ended August 31, 2014 was $553,000 as compared to $1,360,000 for the same period in 2013. The sale of land described previously and the 2014 year-to-date decrease in revenue at Scientific and Vessels account for the majority of this reduction, but were partially offset by incremental revenues at our new Metals entity.

 

 

Earnings per Share:

 

Earnings per basic and diluted share during the third fiscal quarter ended August 31, 2014 were $0.14 compared to $0.01for the same period during 2013. Earnings per basic and diluted share during the nine months ended August 31, 2014 were $0.14 compared to $0.34 for the same period in 2013. These changes were attributable to the changes in net income discussed above.

 

Chairman of the Art’s Way Board of Directors, J. Ward McConnell Jr., reports, “After a challenging first two quarters in fiscal 2014, we are pleased to show an increase in revenues on both a quarterly and year to date basis over the prior year. Our agricultural sales are strong, and we’ve seen an increase in backlog over last year in every segment. Our products serving the livestock and dairy sectors have been very strong and are providing the counter-cyclical strength and stability we seek during times of weak row-crop commodity prices.”

 

About Art’s Way Manufacturing, Inc.

 

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

 

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

 

712-864-3131

 

investorrelations@artsway-mfg.com

 

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

 

Cautionary Statements

 

This news release includes “forward looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding the benefits of our recent acquisitions; (ii) our beliefs regarding the strength of our agricultural sales and benefits of our product mix; and (iii) expectations regarding the fulfillment of backlog orders and future results are forward looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth and integration of acquired assets; the availability of investment opportunities; unexpected changes to performance by our operating segments; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward looking statements. We do not intend to update forward looking statements other than as required by law.

 

 

-END-

ART’S WAY MANUFACTURING ANNOUNCES CONFERENCE CALL TO REVIEW THIRD QUARTER AND YEAR TO DATE 2014 FINANCIAL RESULTS

FOR IMMEDIATE RELEASE:

October 2, 2014

Conference Call Scheduled For Thursday, October 9, 2014
at 10:00 AM CT

ARMSTRONG, IOWA, October 2, 2014 – Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces a conference call for Thursday, October 9, 2014 at 10:00 AM CT. Carrie Majeski, President, Chief Executive Officer and interim Chief Financial Officer, J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing, and Marc H. McConnell, Vice Chairman of the Board of Directors of Art’s Way Manufacturing will be leading the call to discuss the third quarter and year to date financial results and will also provide an outlook for the balance of 2014.

What: Art’s Way Manufacturing Third Quarter and Year to Date 2014 Financial Results

When: Thursday, October 9, 2014 10:00 AM CT

How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months. www.artsway-mfg.com

About Art’s Way Manufacturing Co., Inc.

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

FOR MORE INFORMATION CONTACT:

Carrie Majeski
President, Chief Executive Officer and interim Chief Financial Officer
Art’s Way Manufacturing Co.,Inc.

investorrelations@artsway-mfg.com
Phone: 712-864-3131

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

 

-END-

Art’s Way Scientific Inc., Announces Two Medical Research Contracts

Armstrong, Iowa, July 1, 2014 — Art’s Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces that Art’s Way Scientific, Inc (www.buildingsforscience.com) was awarded a sole source contract for a “High Output Swine Behavioral Unit” for the University of Illinois Department of Agricultural Nutritional Sciences Division. The testing unit, valued at $620,000, will support Dr. Ryan Dilgers work to study the nutritional effects of infant formula in brain development.

Art’s Way Scientific recently signed contracts for an additional $290,000 in business, including a swine research unit for Recombinetics, a company that develops genetic lines of swine bred to duplicate human diseases like heart disease, diabetes and cancer.

Dan Palmer, President of Art’s Way Scientific said, “We are pleased by this uptick in business. The University of Illinois is a valued and repeat customer. These orders demonstrate the strength of our team and our unique capabilities within the Modular Animal Housing industry. These buildings fit our clients need’s perfectly because they create the ideal environment for swine, the research, and the people who work in them. Our ability to design, construct and install “ready to use” animal units in a short period of time, is a strong selling feature for us.”

J. Ward McConnell, Jr., Chairman of the Board, said, “We are beginning to see an increased interest for our modular buildings, particularly in the hog and dairy industries. As a result of these contracts and other bids in the pipeline, we are anticipating Art’s Way Scientific’s revenue, income, and gross margins to improve in the balance of fiscal 2014.”

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

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

About Art’s Way Manufacturing, Inc.

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

For more information contact: Carrie Majeski, Chief Executive Officer

712-864-3131

investorrelations@artsway-mfg.com

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

Cautionary Statements

This news release includes “forward looking statements” within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding the benefits of our recent acquisitions; (ii) our expectations regarding new contracts in the modular buildings segment; (iii) our intended marketing efforts at Scientific; (iv) our expectations regarding future results, product offerings and markets; and (v) the benefits of our growth strategy and business model; and (vi) the cyclical nature of the agricultural market and our expectations regarding the strength of certain agricultural markets, are forward looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; unexpected changes to performance by our operating segments; obstacles related to integrating our acquisitions of Agro Trend and Ohio Metal Working Products Company; 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.

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