Business
Art's Way Manufacturing Announces 18.9% Increase in Agricultural Products Segment Revenue over Prior Year for First Quarter of Fiscal 2022, 3.9% Increase for Consolidated Operations
ARMSTRONG, IA / ACCESSWIRE / April 4, 2022 / 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, IA / ACCESSWIRE / April 4, 2022 / 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 first quarter of fiscal 2022. For the Three Months Ended (Consolidated) February 28, 2022 February 28, 2021 Sales$5,613,000 $5,401,000 Operating (Loss)$(437,000) $(369,000)Net (Loss)$(406,000) $(315,000)EPS (Basic)$(0.09) $(0.07)EPS (Diluted)$(0.09) $(0.07) Weighted Average Shares Outstanding: Basic 4,569,720 4,475,279 Diluted 4,569,720 4,475,279 Sales: Our consolidated corporate sales for the three-month period ended February 28, 2022 were $5,613,000 compared to $5,401,000 during the same period in fiscal 2021, an increase of $212,000, or 3.9%. The increase in consolidated revenue is due to increased sales in our Agricultural Products segment.Our first quarter sales in our Agricultural Products segment were $4,161,000 compared to $3,500,000 for the same period in fiscal 2021, an increase of $661,000, or 18.9%. The increase in revenue is due to increased demand for our grinder mixers, beet equipment and manure spreaders. For the second year in a row, we have experienced historic early order program success and are carrying record backlog numbers. Strong commodity prices have created demand that is struggling to be met within the agriculture industry because of labor and supply chain shortages, which has in turn increased the number of early orders we are seeing. We have taken steps to combat workforce labor shortages including the installation of robotic weld cells and other new equipment that makes our existing workforce more efficient and increases shop output.Our first quarter sales in our Modular Buildings segment were $868,000 compared to $1,291,000 for the same period in fiscal 2021, a decrease of $423,000, or 32.8%. Our decrease in revenue is due largely to the progress on a large construction contract that neared completion at the end of the first quarter of fiscal 2021. We continue to see strong demand for business in this segment despite the slow start to fiscal 2022.Our Tools segment had sales of $584,000 during the first quarter compared to $610,000 for the same period in fiscal 2021, a decrease of $26,000, or 4.3%. The Tools segment struggled with labor shorta...