Arts Way Reports Quarterly Results
Art’s Way Manufacturing Co. Inc. has announced that consolidated corporate sales for the three-month period ended February 28 were $4.1 million compared to $5.4 million during the same period in fiscal 2018, a decrease of about 23 percent.
The company said the decline is due to decreased demand across its grinder, manure spreader and OEM blower product lines, as well as the liquidation of its Canadian subsidiary from its agricultural products segment.
Marc H. McConnell, chairman of the Art’s Way Board of Directors, cited low commodity prices, trade concerns, severe uncertainty, elevated steel prices, and other factors as having created an environment not conducive to robust equipment sales.
“We have continued to position the company to withstand these conditions going forward by continuing to reduce inventory, reduce borrowings, simplify operations, support lean initiatives, and develop compelling new product offerings,” McConnell said. “We will continue to focus on these fundamentals and feel that we are improving our business as a result of our efforts, even if present-day circumstances don’t yet allow that to translate to the bottom line.”
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