ARMSTRONG, Iowa, Jan. 26, 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 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, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/arts-way-manufacturing-announces-year-end-2014-financial-results-300025835.html
SOURCE Art's Way Manufacturing Co., Inc.