Arts Way Reports Fiscal Year Net Income
Art’s Way Manufacturing, Co. Inc., Armstrong, IA, recently announced its financial results for the fiscal year ended November 30, 2012. Total net sales for the company increased 31.9%, from $27.6 million in fiscal year 2011 to $36.5 million in fiscal year 2012.
The increase was mainly due to increased revenues from the company’s modular buildings segment. In late 2011 the company secured a large job with Whiting Turner to produce a facility for Stanford University for approximately $9 million. That project significantly increased net sales in 2012.
Total operating income increased from $1,930,000 in fiscal year 2011 to $4,328,000 in fiscal year 2012, while net income for the fiscal year ended November 30, 2012 increased from $1,249,000 to $2,665,000, an increase of 113.4%. The increase was primarily attributable to higher net sales and operating income in the company’s modular buildings segment.
J. Ward McConnell, Jr., Chairman of the Board said, “We are delighted with our 2012 results. Our year-end results were exceptional and capped off a year during which we produced outstanding top and bottom-line results every quarter. Full year earnings per share grew 112.9% over 2011 and we returned over $400,000 in dividends to our shareholders.”
Ward added, “Net sales for our agricultural products segment were up nearly 9.3% due primarily to the acquisition of Universal Harvester Co., Inc. Our pressurized vessels segment’s net sales were up 16.4%. The company as a whole had a net income increase of 113.4%. I am delighted to report that our agricultural products and pressurized vessels segments continued to show revenue improvements and we have made solid progress with customer growth initiatives at our pressurized vessels segment.”
Art’s Way, Regular Member since 1961; artsway-mfg.com.