Business
Art's-Way Manufacturing Announces Second Straight Profitable Quarter And $1.8 Million Improvement In Operating Income For The First Nine Months Of Fiscal 2021
ARMSTRONG, Iowa, Oct. 13, 2021 /PRNewswire/ -- Art's-Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, Iowa, Oct. 13, 2021 /PRNewswire/ -- Art's-Way Manufacturing Co., Inc. (Nasdaq: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for the third quarter and year to date fiscal 2021.\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended\n(Consolidated)\nAugust 31, 2021\nAugust 31, 2020\nSales\n$\n6,592,000\n$\n6,465,000\nOperating Income (Loss)\n$\n160,000\n$\n(513,000)\nNet Income (Loss)\n$\n56,000\n$\n(424,000)\nEPS (Basic)\n$\n0.01\n$\n(0.10)\nEPS (Diluted) \n$\n0.01\n$\n(0.10)\nWeighted Average Shares Outstanding:\nBasic\n4,529,026\n4,426,850\nDiluted\n4,529,026\n4,426,850\n \nFor the Nine Months Ended\n(Consolidated)\nAugust 31, 2021\nAugust 31, 2020\nSales\n$\n17,703,000\n$\n16,937,000\nOperating Loss\n$\n(60,000)\n$\n(1,908,000)\nNet Loss\n$\n(195,000)\n$\n(1,663,000)\nEPS (Basic)\n$\n(0.04)\n$\n(0.38)\nEPS (Diluted) \n$\n(0.04)\n$\n(0.38)\nWeighted Average Shares Outstanding:\nBasic\n4,508,986\n4,358,982\nDiluted\n4,508,986\n4,358,982\nSales: Our consolidated corporate sales for the three- and nine-month periods ended August 31, 2021 were $6,592,000 and $17,703,000, respectively, compared to $6,465,000 and $16,937,000 during the same respective periods in fiscal 2020, a $127,000, or a 2.0%, increase for the three months and a $766,000, or 4.5%, increase for the nine months. We saw sales growth of over 26% in both our Agricultural Products and Tools segments, respectively, while we saw approximately a 43% decrease in our Modular Buildings segment for Q3 of fiscal 2021. Year to date our Agricultural Products and Tools segments both saw increased sales from a year ago while the Modular Buildings segment was down approximately 32%. Consolidated gross margin for the three-month period ended August 31, 2021 was 26.4% compared to 14.3% for the same period in fiscal 2020. \nOur third quarter sales in the Agricultural Products segment were $4,660,000 compared to $3,671,000 during the same period of fiscal 2020, an increase of $989,000, or 26.9%. Our year-to-date Agricultural Product sales were $12,017,000 compared to $9,695,000 during the same period in fiscal 2020, an increase of $2,322,000, or 24.0%. We attribute the large increase in revenue to a strengthening agricultural economy that is producing five t...