Art's Way Manufacturing Announces Year End 2015 Financial Results

Conference Call Scheduled For Wednesday, February 3rd, 2016 at 10:00 AM CT

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 CTMarc 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."    

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