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

FOR IMMEDIATE RELEASE

January 24, 2013

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

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

 

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

 

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

 

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

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

-END-

 

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

FOR IMMEDIATE RELEASE

November 9, 2012

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

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

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

About Art’s Way Manufacturing, Inc.

 

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

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

 

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

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

 

-END-

 

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

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

 

ARMSTRONG, IOWA, October 15, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces its financial results for the three and nine months ended August 31, 2012.

 

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

 

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

 

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

 

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

 

 

Financial Highlights For the Three and Nine Months Ended August 31, 2012:

 

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

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

 

 

-END-

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

FOR IMMEDIATE RELEASE NEWS
October 10, 2012 NASDAQ:ARTW

 

UPDATE:

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

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

 

-END-

 

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

PRESS RELEASE September 20, 2012
FOR IMMEDIATE RELEASE

 

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

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

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

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

About Art’s Way Manufacturing, Inc.

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

www.jdcreativeoptions.com

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

 

Safe Harbor Statement

 

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

 

-END-

 

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

View Here

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

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

 

ARMSTRONG, IOWA, July 11, 2012 – Art’s Way Manufacturing Co., Inc. (NASDAQ:ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services announces its financial results for the three and six months ended May 31, 2012.

 

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

 

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

 

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

 

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

 

Financial Highlights For the Three and Six Months Ended May 31, 2012:

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Modular Buildings: Our second fiscal quarter sales for our modular buildings segment were $3,062,000, compared to $779,000 for the same period in fiscal 2011, an increase of $2,283,000, or 293.0%. The increase was primarily attributable to revenue from an approximately $7 million fabrication and delivery contract executed in January 2012 and an approximately $1.7 million installation contract executed in April 2012. Our modular buildings segment was hired to design, fabricate, and install twenty-four modular units over the course of approximately one year for one of the world’s leading research and teaching institutions. Gross margin for the quarter ended May 31, 2012 was 21.3% compared to 14.7% for the same period in 2011. Year-to-date gross margin was 22.2% compared to 8.3% as of May 31, 2011. The gross margin increase was primarily due to the $7 million contract.

 

Income: Consolidated net income was $936,000 and $1,129,000 for the three and six months ended May 31, 2012, compared to net income of $291,000 and a net loss of ($194,000) for the same respective periods in 2011. The changes to net income were primarily attributable to an increase in consolidated sales and improved gross profit across all segments for the three-month period ended May 31, 2012.

 

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

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 Jim Drewitz

 

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

 

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

 

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

FOR IMMEDIATE RELEASE News
July 5, 2012 NASDAQ:ARTW

 

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

 

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

 

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

 

About Art’s Way Manufacturing, Inc.

 

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

 

For More Information, Contact: Jim Drewitz, Investor Relations

 

830-669-2466 jim@jdcreativeoptions.com

 

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

 

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

PRESS RELEASE 5/14/2012
FOR IMMEDIATE RELEASE

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

 

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

 

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

 

About Art’s Way Manufacturing Co., Inc.

 

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

 

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

 

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

 

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

 

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

 

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