Business
Art’s Way Manufacturing Announces Positive Earnings In Fiscal 2021 Despite Supply Chain Challenges In Recovering Economy
ARMSTRONG, IA / ACCESSWIRE / February 8, 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 / February 8, 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 fiscal 2021. For the Twelve Months Ended (Consolidated) November 30, 2021 November 30, 2020 Sales $24,965,000 $22,409,000 Operating Income (Loss) $523,000 $(3,910,000)Net Income (Loss) $213,000 $(2,103,000)EPS (Basic) $0.05 $(0.48)EPS (Diluted) $0.05 $(0.48) Weighted Average Shares Outstanding: Basic 4,515,229 4,393,887 Diluted 4,515,229 4,393,887 Sales: Our consolidated net sales totaled $24,965,000 for the 2021 fiscal year, which represents a 11.4% increase from our consolidated net sales of $22,409,000 for the 2020 fiscal year.Our Agricultural Products segment's net sales for the 2021 fiscal year were $16,826,000 compared to $13,085,000 during the 2020 fiscal year, an increase of $3,741,000, or 28.6%. The sales increase is attributable to favorable agriculture market conditions as commodity prices hit five year highs. We saw increased demand for our grinder mixers, manure spreaders and beet harvesting equipment in fiscal 2021. We are carrying even higher backlog numbers than we saw in fiscal 2021 as we transition to fiscal 2022.Our Modular Buildings segment's net sales for the 2021 fiscal year were $5,678,000 compared to $6,993,000 for the 2020 fiscal year, a decrease of $1,315,000, or 18.8%. The decrease in sales was attributable to a large construction project spanning the last three fiscal years that reached completion in fiscal 2021.Our Tools segment's net sales for the 2021 fiscal year were $2,461,000 compared to $2,331,000 for the 2020 fiscal year, an increase of $130,000, or 5.6%. This segment has not fully recovered from the drop in oil prices at the start of the pandemic in fiscal 2020 that flattened our sales.Net Income: Consolidated net income for the 2021 fiscal year was $213,000 compared to net loss of $(2,103,000) in the 2020 fiscal year, an improvement of $2,316,000.Agricultural Products. Despite continued margin pressure from increasing material and component costs in fiscal 2021, our Agricultural Products segment was able to combat margin erosion through multiple price increases to customers. Much of the net income improvement year on year was due to $99...