Art’s Way Reports 2010 Fiscal Year Results

Art’s Way Manufacturing, Armstrong, IA, reported that operating income increased from $708,000 in fiscal 2009 to $1,895,000 for the fiscal year ended November 30, 2010, while net income for the fiscal year ended November 30, 2010 increased from $762,000 to $1,054,000. The increase was primarily attributable to the strong operating income in the company’s ag segment.

J. Ward McConnell, Jr., Chairman of the Board said, “Art’s Way Manufacturing’s outstanding results in 2010 reflect strong execution of our strategy as we achieved annual revenue growth of 10% and income growth of 38%. Operationally, we successfully integrated our acquisitions, which contributed to recognizing revenue. Looking forward, the global agricultural sector is in turmoil which provides an outstanding opportunity for North American farmers. As the economy continues to shows signs of recovery, the North American agricultural sector is robust, our business fundamentals remain exceptionally strong and we believe the company is well positioned to aggressively move forward into 2011 and beyond.”