Arts Way Announces Financial Results Showing A 16.2% Increase In Ag Sales
Art’s Way Manufacturing Co., Inc., Armstrong, IA, recently announced its financial results for the three and six months ended May 31, 2012.
Consolidated corporate sales for the three- and six-month period ended May 31, 2012 were approximately $11,685,000 and $17,997,000, respectively, compared to $7,845,000 and $12,509,000 during the same respective periods in 2011, a $3,840,000 increase for the quarter and $5,488,000 increase year-to-date, or 48.9% and 43.9% increases, respectively.
Second fiscal quarter sales for the company’s agricultural products segment were $8,006,000 compared to $6,664,000 during the same period of 2011, an increase of $1,342,000, or 20.1%. Year-to-date sales were up to $11,994,000, from $10,321,000 as of May 31, 2012, an increase of $1,673,000, or 16.2%. Gross margin for the quarter was 30.7% compared to 28.3% for the same period in 2011. The year-to-date gross margin was 29.2%, compared to 24.0% as of May 31, 2011. The gross margin increase is attributable to increased manufacturing efficiencies at the Armstrong plant during the quarter, the company said.
Consolidated net income for the company was $936,000 and $1,129,000 for the three and six months, compared to net income of $291,000 and a net loss of $194,000 for the same respective periods in 2011. The changes to net income were primarily attributable to an increase in consolidated sales and improved gross profit across all segments for the three-month period ended May 31, 2012.
“I am extremely pleased to report strong revenue of $11.7 million, net income of $935,980 and earnings per share of $0.23 for the second fiscal quarter ended May 31, 2012. Our business momentum has continued into 2012 with strong sales performance from each of our business segments and this is an excellent example of our balanced business model in action,” said J. Ward McConnell, Jr., chairman of the Board. “I remain optimistic about the future of Art’s Way and we intend to continue to pursue disciplined, profitable growth. Our momentum is strong, and we are excited about the prospects for delivering another year of improved revenue and earnings to our shareholders.”
Art’s Way, Association member since 1961; artsway-mfg.com.