ARMSTRONG, Iowa, June 29, 2015 /PRNewswire/ -- 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 six months ended
May 31, 2015.
In conjunction with the release, the Company has scheduled a
conference call for Tuesday, June 30,
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 second quarter of 2015 financial results and will also
provide an outlook for the balance of 2015.
What: Art's Way Manufacturing Second Quarter and Year to
Date 2015 Financial Results.
When: Tuesday, June 30,
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/
Financial Highlights for the Three and Six Months Ended
May 31, 2015
- Gross margin improved to 28.3% in the second quarter of 2015
from 24.6% in the same period in 2014.
- Earnings per share for the first six months of 2015
increased $0.10 over the same period
in 2014.
|
For the Three
Months Ended
(Consolidated)
|
|
|
May 31,
2015
|
May 31,
2014
|
Change
|
Sales
|
$
|
7,804,000
|
$
|
9,469,000
|
-17.6%
|
Operating
Income
|
$
|
414,000
|
$
|
444,000
|
-6.8%
|
Net Income
|
$
|
232,000
|
$
|
253,000
|
-8.3%
|
EPS
(Basic)
|
$
|
0.06
|
$
|
0.06
|
0.0%
|
EPS
(Diluted)
|
$
|
0.06
|
$
|
0.06
|
0.0%
|
Weighted Average
Shares Outstanding:
|
|
|
|
|
|
Basic
|
|
4,060,775
|
|
4,047,487
|
|
Diluted
|
|
4,062,294
|
|
4,053,747
|
|
|
For the Six Months
Ended
(Consolidated)
|
|
|
May 31,
2015
|
May 31,
2014
|
Change
|
Sales
|
$
|
15,093,000
|
$
|
15,706,000
|
-3.9%
|
Operating
Income
|
$
|
743,000
|
$
|
149,000
|
398.7%
|
Net Income
(Loss)
|
$
|
400,000
|
$
|
(5,000)
|
|
EPS
(Basic)
|
$
|
0.10
|
$
|
0.00
|
|
EPS
(Diluted)
|
$
|
0.10
|
$
|
0.00
|
|
Weighted Average
Shares Outstanding:
|
|
|
|
|
|
Basic
|
|
4,055,698
|
|
4,047,025
|
|
Diluted
|
|
4,057,073
|
|
4,047,025
|
|
Sales: Consolidated corporate sales for the three-
and six-month periods ended May 31,
2015 were $7,804,000 and
$15,093,000, respectively, compared
to $9,469,000 and $15,706,000 during the same respective periods in
2014, a $1,665,000, or 17.6%,
decrease for the quarter and a $613,000 or 3.9% decrease year-to-date. The
decreases in revenue are primarily due to decreased sales of our
Universal Harvester line of reels and at our tools segment.
Consolidated gross margin for the three- and six-month periods
ended May 31, 2015 was 28.3% and
28.2%, respectively, compared to 24.6% and 23.4% for the same
respective periods in fiscal 2014.
Income: Consolidated net income was $232,000 for the three-month period ended
May 31, 2015, compared to
$253,000 for the same period in
2014. This decrease is due to the decreased revenue levels in
the second quarter of fiscal 2015. Consolidated net income
for the six-month period ended May 31,
2015 was $400,000 compared to
a net loss of $5,000 in the same
period of 2014. This increase in income is due to a
$622,000 increase in operating income
in our agricultural products segment in the first six months of
2015 compared to 2014, but was offset by operating losses at our
tools and modular buildings segments.
Earnings per Share: Earnings per basic and diluted share
for the second quarter ended May 31,
2015 were $0.06, unchanged
from the second quarter of 2014. Earnings per basic and diluted
share for the six months ended May 31,
2015 were $0.10, compared to
$0.00 from the same period in
2014.
Chairman of the Art's Way Board of Directors, Marc H. McConnell commented, "We are pleased to
report another healthy and profitable quarter to our shareholders.
With several of our business units experiencing challenging
market conditions, we have focused on managing our way through the
down-cycle profitably. While expense control is a key part of
this effort we continue to make decisions and investments for the
long term to enhance our position as the cycle progresses. We
are not in a position to predict with any accuracy how the quarters
ahead will play out but will continue being proactive and
aggressive on all fronts to continue our profitable
performance."
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, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/arts-way-manufacturing-announces-second-quarter-2015-revenue-and-earnings-300105088.html
SOURCE Art's Way Manufacturing Co., Inc.