Arts Way Reports FY 2011 Results
Art’s Way Manufacturing Co., Inc. announced its financial results for the fiscal year ended November 30, 2011.
The company’s total revenue decreased 4.6%, from $28.9 million in fiscal year 2010 to $27.6 million in fiscal year 2011. This was mainly due to decreased revenues from Art’s Way Scientific, which continued to be impacted by economic conditions and fluctuations in government funding during fiscal year 2011. Total net revenue from Art’s Way Manufacturing increased 9.9% from fiscal year 2010 to 2011.
Total Operating income increased from $1,895,000 in fiscal year 2010 to $1,930,000 in fiscal year 2011, while net income for the fiscal year ended November 30, 2011 increased from $1,053,000 to $1,249,000, an increase of 18.5%. The increase was primarily attributable to higher net sales and operating income in their ag segment.
J. Ward McConnell, Jr., Chairman of the Board, said, “Art’s Way Manufacturing and Art’s Way Vessels continued to show sales revenue improvements. Art’s Way Manufacturing sales revenue was up nearly 10% due to sales increases in grinder mixers, land maintenance, and potato harvester equipment. Service part sales increased by 8.8% from 2010. Art’s Way Vessels net sales were up over 17%. Art’s Way Scientific had a decrease in net sales by 53%. Yet, the Company as a whole had a net income increase of 18.5%.”