ARMSTRONG, Iowa, Feb. 2, 2016 /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, 2015.
In conjunction with the release, the Company has scheduled a
conference call for Wednesday, February 3, 2016 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, Carrie
Majeski, President and Chief Executive Officer and
Dan Palmer, President of Art's Way
Scientific will be leading the call to discuss the year-end 2015
financial results.
What: Art's Way Manufacturing, Inc. year-end 2015
Financial Results.
When: Wednesday, February 3,
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 Year
Ended
(Consolidated)
|
|
|
November
30,
2015
|
November
30,
2014
|
Change
|
Sales
|
$
|
27,936,000
|
$
|
36,170,000
|
-22.8%
|
Operating Income
(Loss)
|
$
|
(404,000)
|
$
|
1,665,000
|
|
Net Income
(Loss)
|
$
|
(558,000)
|
$
|
935,000
|
|
EPS
(Basic)
|
$
|
(0.14)
|
$
|
0.23
|
|
EPS
(Diluted)
|
$
|
(0.14)
|
$
|
0.23
|
|
Weighted Average
Shares Outstanding:
|
|
|
|
|
|
Basic
|
|
4,058,382
|
|
4,047,796
|
|
Diluted
|
|
4,058,382
|
|
4,052,703
|
|
Sales: Consolidated sales decreased 22.8%, from
$36,170,000 in fiscal year 2014 to
$27,936,000 in fiscal year
2015. This decrease was primarily attributable to a decrease
in sales of our agricultural products, in particular our Universal
Harvester product line, but we experienced decreased sales volume
across all of our agricultural product lines. We do not
believe that the sales decreases in fiscal 2015 represent a loss of
market share, but rather lower demand in the overall market place
for agricultural equipment. Our pressurized vessels and tools
segments also experienced lower net sales in fiscal 2015. The
decrease in sales by our pressurized vessels segment was largely
due to a sizable project that used significant shop capacity during
the fourth quarter that will not be delivered or invoiced until the
first quarter of fiscal 2016, and our tools segment was affected by
a decrease in market demand, most notably in the energy
industry. Net sales by our modular buildings segment
increased slightly over fiscal 2014.
Income (Loss): Consolidated operating loss for the
2015 fiscal year was ($404,000)
compared to operating income of $1,665,000 in fiscal year, while net loss for the
2015 fiscal year was ($558,000)
compared to net income of $935,000
for fiscal 2014. These decreases are largely attributable to
the $619,000 noncash charge for the
impairment of goodwill related to our Universal Harvester product
line, which was incurred in the third fiscal quarter of fiscal
2015, as well as decreased sales volume, offset somewhat by
increased sales oat our modular buildings segment.
Earnings per Share: Earnings per basic and diluted share
for the fiscal year ended November 30,
2015 were ($0.14), a decrease
of $0.37 from the fiscal year 2014
earnings per basic and diluted share.
Chairman of the Art's Way Board of Directors, Marc H. McConnell reports, "As has been the case
for our peers in the agricultural and energy industries, 2015 was
clearly a challenging year for us. Poor market conditions
impacted demand for several of our business units, most notably our
row crop oriented agricultural products. From April through
the end of the fourth quarter, we implemented substantial cost
cutting measures to adapt to market conditions and prepare us for a
new day in 2016. These measures continue and are allowing us
to remain competitive in the marketplace. We are very pleased
that despite the current economic headwinds, we were able to not
only maintain our gross margins, but improve them through costs
savings initiatives. While many of our peers have forecasted
further reductions in demand for 2016, we believe our diverse model
will be somewhat more stable in the year ahead. We are
cautiously optimistic that we have put ourselves into a position to
succeed in the new fiscal year, and are excited about numerous
opportunities we are pursuing."
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) the strength of the
agricultural sector and other markets; (ii) our business position;
(iii) the impact of cost-cutting measures (iv) future results; (v)
product offerings; and (v) 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 hire, train and retain qualified
employees to meet product demand; our ability to complete projects
in a timely and efficient manner in accordance with customer
specifications; domestic and international economic conditions;
factors affecting the strength of the agricultural sector; the cost
of raw materials; 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-year-end-2015-financial-results-300213368.html
SOURCE Art's Way Manufacturing Co., Inc.