Business
Art's Way Manufacturing Announces 21.9% Increase in Revenue Over Prior Year for First Quarter of Fiscal 2020
ARMSTRONG, Iowa, April 13, 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, April 13, 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 first quarter of fiscal 2020.\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended\n(Consolidated)\nFebruary 29, 2020\nFebruary 28, 2019\nSales\n$\n5,026,000\n$\n4,124,000\nOperating (Loss)\n$\n(470,000)\n$\n(723,000)\nNet (Loss)\n$\n(437,000)\n$\n(606,000)\nEPS (Basic)\n$\n(0.10)\n$\n(0.14)\nEPS (Diluted) \n$\n(0.10)\n$\n(0.14)\nWeighted Average Shares Outstanding:\nBasic\n4,315,481\n4,243,707\nDiluted\n4,315,481\n4,243,707\nSales: Our consolidated corporate sales for the three-month period ended February 29, 2020 were $5,026,000 compared to $4,124,000 during the same period in fiscal 2019, an increase of $902,000, or 21.9%. The increase in consolidated sales is due to increased sales across all three of our segments. \nOur first quarter sales in our Agricultural Products segment were $2,953,000 compared to $2,610,000 for the same period in fiscal 2019, an increase of $343,000, or 13.1%. The increase in revenue is due to increased demand across our manure spreader, dump box and grinder product lines. The successful release of new products at the beginning of 2019 has proved to complement our grinder business well. We also acquired market share of dump boxes at the end of fiscal 2019 and have continued to sell dump boxes into the first quarter of fiscal 2020. We are working to replace lost revenue from a decrease in sales to our OEM blower customer and our major OEM reel customers in fiscal 2019. We have continued to develop and eliminate products from our diverse product offering to ensure our products remain relevant. \nOur first quarter sales in our Modular Buildings segment were $1,457,000 compared to $1,022,000 for the same period in fiscal 2019, an increase of $435,000, or 42.6%. Our increase in revenue is due largely to the progress on a large construction contract that will continue into the third quarter of fiscal 2020. However, even without this large construction contract our backlog at February 29, 2020 would still be up by more than $1 million from the same period in fiscal 2019. \nOur Tools segment had sales of $616,000 during the first quarter compared t...