Business
Art’s Way Manufacturing Announces Ten Year High Agricultural Product Sales and $1.2 Million of Operating Income in Agricultural Products Segment
ARMSTRONG, IA / ACCESSWIRE / February 15, 2023 / 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 15, 2023 / 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 2022. For the Twelve Months Ended(Consolidated) November 30, 2022November 30, 2021Sales$28,400,000$24,965,000Operating Income$333,000$523,000Net Income$98,000$213,000EPS$0.02$0.05EPS$0.02$0.05 Weighted Average Shares Outstanding: Basic 4,707,384 4,515,229Diluted 4,707,384 4,515,229Agricultural Products: Our Agricultural Products segment's net sales for the 2022 fiscal year were $20,912,000 compared to $16,826,000 during the 2021 fiscal year, an increase of $4,086,000, or 24.3%. We continued to see strong commodity prices in fiscal 2022 which contributed to increased sales in grinder mixers, manure spreaders and our beet harvesting equipment for the second straight fiscal year. Our procurement team was able to navigate the difficult supply chain environment in fiscal 2022 and our production crew delivered on the increased demand. While the price of steel began to drop near the end of fiscal 2022, we saw component prices and manufacturing overhead increase in fiscal 2022. We utilized price increases to stay ahead of these rising costs in fiscal 2022 and maintain margins consistent with fiscal 2021. We also purchased three robotic weld cells and a high-definition plasma cutter in fiscal 2022 that we expect will increase manufacturing efficiencies, increase output and improve the quality of our products. We are focused on additional capital expenditures in fiscal 2023 to improve our operations as cash flow allows. We added some key personnel to our sales team in fiscal 2022 including a new director of sales, an inside salesman and an equipment support technician. We expect these roles to allow us to expand our dealer network and provide better customer support moving forward. We reported $1,205,000 in income from operations for the 2022 fiscal year compared to $599,000 in fiscal 2021 in this segment. While the increase in revenue largely drove the increase in operating income for fiscal 2022, our efforts to improve the business over the last few years put us in position to take advantage of better economic conditions. We focused heavily on improving our image in the agr...