Despite Challenging 2015, Art’s Way Optimistic in 2016
Art’s Way Manufacturing Co., Inc., has announced its financial results for the year ended November 30, 2015.
The company’s consolidated sales were down by 22.8% in 2015, a decrease attributed to a drop in sales of agricultural products.
A statement from Art’s Way Manufacturing said the lower numbers do not represent a loss of market share but rather lower demand in the overall marketplace.
Marc McConnell, Chairman of the Art’s Way Board of Directors, said the company is “cautiously optimistic” that the new fiscal year will bring success.
“As has been the case for our peers in the agricultural and energy industries, 2015 was clearly a challenging year for us,” he said. “Poor market conditions impacted demand for several of our business units, most notably our row-crop oriented agricultural products. From April through the end of the fourth quarter, we implemented substantial cost-cutting measures to adapt to market conditions and prepare us for a new day in 2016. These measures continue and are allowing us to remain competitive in the marketplace. We are very pleased that despite the current economic headwinds, we were able to not only maintain our gross margins, but improve them through cost-saving initiatives.”