Business
Art's Way Manufacturing Announces 16% Growth In Revenue For Fiscal 2019, With Strengthening Revenue In The 4th Quarter
ARMSTRONG, Iowa, Feb. 4, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, Iowa, Feb. 4, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the fourth quarter and fiscal 2019.\nFor the Three Months Ended\n(Continuing Operations Consolidated)\nNovember 30, 2019\nNovember 30, 2018\nSales\n$\n7,514,000\n$\n3,787,000\nOperating (Loss)\n$\n(100,000)\n$\n(1,769,000)\nNet (Loss)\n$\n(168,000)\n$\n(1,388,000)\nEPS (Basic)\n$\n(0.04)\n$\n(0.33)\nEPS (Diluted) \n$\n(0.04)\n$\n(0.33)\nWeighted Average Shares Outstanding:\nBasic\n4,298,012\n4,216,640\nDiluted\n4,298,012\n4,216,640\n \nFor the Twelve Months Ended\n(Continuing Operations Consolidated)\nNovember 30, 2019\nNovember 30, 2018\nSales\n$\n22,889,000\n$\n19,727,000\nOperating (Loss)\n$\n(1,497,000)\n$\n(3,095,000)\nNet (Loss)\n$\n(1,420,000)\n$\n(3,336,000)\nEPS (Basic)\n$\n(0.33)\n$\n(0.80)\nEPS (Diluted) \n$\n(0.33)\n$\n(0.80)\nWeighted Average Shares Outstanding:\nBasic\n4,227,375\n4,202,836\nDiluted\n4,227,375\n4,202,836\nSales: Our consolidated net sales for continuing operations totaled $22,889,000 for the 2019 fiscal year, which represents a 16.0% increase from our consolidated net sales of $19,727,000 for the 2018 fiscal year. Our Agricultural Products segment's sales revenue for the 2019 fiscal year was $13,508,000 compared to $14,344,000 during the 2018 fiscal year, a decrease of $836,000, or 5.8%. We saw decreased demand for our portable feed equipment in the 2019 fiscal year. Continued struggles in the dairy market, coupled with market shifts to large cattle operations from the traditional small cattle farmer also contributed to this decrease. Additionally, we also saw a decrease in sales of UHC reels year over year due to a loss of our primary reel customer after a strategic decision to not offer such customer discounted prices at unfavorable margins to us. Moreover, OEM blower revenue in the 2018 fiscal year was not repeated in the 2019 fiscal year as our OEM blower customer elected not to purchase any blowers from us in 2019 due to slow-moving inventory on their dealer lots relating to poor agricultural market conditions. While we saw decreased demand in the above product lines, we saw increased demand in dump boxes, land maintenance equipment, bale p...