Arts-Way Revenue Up
Art’s-Way Manufacturing Co., Inc., Armstrong, IA, announced its financial results for the three and six months ended May 31, 2011. The company said its consolidated corporate sales for the period was approximately $7,845,000 and $12,509,000, respectively, compared to $6,748,000 and $12,328,000 during the same respective periods in 2010. This shows a $1,100,000 increase for the quarter and $181,000 increase year-to-date, or 16.3% and 1.50% increases, respectively.
The company’s agricultural products segment had revenue for the three months ended May 31, 2011 of $6,664,000, compared to $4,606,000 during the same period of 2010, a 44.7% increase. Year-to-date sales were up to $10,321,000, from $8,202,000 as of May 31, 2010, an increase of $2,119,000, or 25.8%.
The quarter ended May 31, 2011 and year-to-date beet harvester sales increased by approximately $1,500,000 and $1,800,000, respectively. This was due to a change in their production schedule, which moved the beet harvesting equipment onto dealer lots earlier in the selling season, the company said. Total beet harvester sales for fiscal 2011 are expected to be comparable to total beet harvester sales in fiscal 2010.
Other various increases to whole goods and service part items contributed to the residual changes in sales for the quarter ended May 31, 2011 and year-to-date 2011. Gross margin for the quarter was 28.3%, compared to 25.8% for the same period in 2010. The quarter’s gross margin increase was due to increased service parts sales, which have higher margins, the company said.
The year-to-date gross margin was 24.0% compared to 26.8% as May 31, 2010. The year-to-date margin decrease was attributable to higher steel costs that impacted the margin on sales from prior year whole goods sales orders.
Art’s-Way has been a member of this Association since 1961. For more information about the company, please go to artsway-mfg.com. ◆