Art's Way Manufacturing Announces Year End 2013 Financial Results
Conference Call Scheduled For Wednesday, February 26, 2014 at 10:00 AM CT
ARMSTRONG, Iowa, Feb. 25, 2014
ARMSTRONG, Iowa, Feb. 25, 2014 /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, 2013.
In conjunction with the release, the Company has scheduled a conference call
for Wednesday, February 26, 2014 at 10:00 AM CT. Carrie Majeski, President,
Chief Executive Officer and interim Chief Financial 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 year-end 2013 financial results and
will also provide an outlook for 2014.
What: Art's Way Manufacturing year-end 2013 Financial Results.
When: Wednesday, February 26, 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 Year Ended
November 30, November 30,
Net Sales $ 34,227,000 $ 36,457,000 -6.1%
Operating Income $ 1,817,000 $ 4,328,000 -58.0%
Net Income $ 1,551,000 $ 2,665,000 -41.8%
EPS (Basic) $ 0.38 $ 0.66 -42.4%
EPS (Diluted) $ 0.38 $ 0.66 -42.4%
Weighted Average Shares Outstanding:
Basic 4,039,530 4,032,643
Diluted 4,049,791 4,049,516
Net Sales: Total net sales decreased 6.1%, from $36,457,000 in fiscal year
2012 to $34,227,000 in fiscal year 2013. As anticipated, this contraction in
sales comes primarily from the Modular Buildings segment and is attributable
to the completion 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. The 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. Most of the revenue for the contract was recognized
Income: Total operating income decreased from $4,328,000 in fiscal year 2012
to $1,817,000 in fiscal year 2013, while net income for the fiscal year ended
November 30, 2013 decreased from $2,665,000 to $1,551,000, a decrease of
41.8%. This decrease is primarily a result of the decrease in net sales and
operating income in the Modular Buildings segment.
Earnings per Share: Earnings per basic and diluted share for the fiscal year
ended November 30, 2013 were $0.38, a decrease of $0.28 from the fiscal year
2012 earnings per basic and diluted share.
Chairman of the Art's Way Board of Directors, J. Ward McConnell Jr., reports,
"Our future remains bright despite a downturn in net sales last year. First
and third quarter financials were not as robust as we would like due to the
completion of a large Modular Buildings contract and labor inefficiencies at
Manufacturing which are currently being addressed. Our businesses are poised
for growth and profit improvement in 2014."
"The Scientific team is taking an aggressive approach to sales and marketing.
The recently announced acquisitions of Agro Trend and Ohio Metal Working
Products Company are expected to bring additional product offerings and
expansion into new markets. Targeted agricultural niche products present
significant opportunities for revenue this year."
"To realize the full potential of these and other opportunities, we are
sharply focused on driving growth through accretive acquisitions, innovative
product development, advancement into new business sectors, and effective
labor and cost management. We remain confident our customer-focused,
diversified business model will help us efficiently manage through cyclical
periods of slower growth. We are optimistic that with the global expansion of
our brands into Canada, combined with the sound execution of our business
strategies will continue to drive long term growth and shareholder value."
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: David Drewitz, Investor Relations
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 expectations
regarding the benefits of our recent acquisitions; (ii) our expectations
regarding the strength of the agricultural sector; (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, 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.
For More Information, Contact:
David Drewitz, Investor Relations
SOURCE Art's Way Manufacturing Co., Inc.
Press spacebar to pause and continue. Press esc to stop.