Highlights:
- Net income for fiscal year 2010 increases 38%
- Revenue increased 10.1%, from $26.3 million in fiscal 2009 to $28.9 million fiscal year 2010
- Earnings per diluted and basic share ended for fiscal 2010 were $0.26, an increase of $0.07 from 2009
- As of February 10, 2011, consolidated order back log was approximately $14,845
Art’s Way Manufacturing Co. (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery in the U.S. and internationally, announced its financial results for the fiscal year ended November 30, 2010.
Revenue: Total revenue increased 10.1%, from $26.3 million in fiscal 2009 to $29.0 million for the fiscal year ended November 30, 2010. The increase was mainly due to increased revenues from Art’s Way Scientific, which was heavily impacted by the economic conditions during fiscal year 2009.
Income: 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 agriculture segment.
Earnings per Share: Earnings per diluted and basic share ended November 30, 2010 were $0.26, an increase of $0.07 from 2009 earnings per diluted and basic share.
J. Ward McConnell Jr., Executive Chairman of the Board of Directors said, “Art’s Way Manufacturing 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. Art’s Way Scientific – Buildings For Science - saw significant growth as companies and universities found alternative funding for their laboratories and scientific buildings when the government stimulus funds were not distributed or not distributed in an expeditious manner.
“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.
“I want to thank all of our dedicated and hard working employees and our loyal shareholders for their support.”
About Art’s Way Manufacturing, Inc.
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay bailers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company's business. The Company has two wholly owned subsidiaries. Art's Way Vessels, Inc. manufactures pressurized tanks and vessels; Art's Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories.
For More Information, Contact: Jim Drewitz, Investor Relations, 830-669-2466 jim@jdcreativeoptions.com
Or visit the Company's website at www.artsway-mfg.com/
