Business
Art’s Way Reports Q1 Improvement for Fiscal 2023 Year on Year; 40.7% Revenue Increase, $986,000 Increase in Operating Income
ARMSTRONG, IA / ACCESSWIRE / April 6, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq:ARTW) (the "Company"), a diversified, international manufacturer and
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, IA / ACCESSWIRE / April 6, 2023 / Art's Way Manufacturing Co., Inc. (Nasdaq:ARTW) (the \"Company\"), 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 2023. For the Three Months Ended(Consolidated) February 28, 2023February 28, 2022Sales$7,895,000$5,613,000Operating Income (Loss)$549,000$(437,000)Net Income (Loss)$342,000$(406,000)EPS (Basic)$0.07$(0.09)EPS (Diluted)$0.07$(0.09) Weighted Average Shares Outstanding: Basic 4,976,955 4,569,720Diluted 4,976,955 4,569,720Sales: The Company's consolidated corporate sales for the three-month period ended February 28, 2023 were $7,895,000 compared to $5,613,000 during the same period in fiscal 2022, an increase of $2,282,000, or 40.7%. The Company had increased sales across all three of its business segments for the three months ended February 28, 2023 compared to the same period of fiscal 2022.The Company's first fiscal quarter sales in its Agricultural Products segment were $5,445,000 compared to $4,161,000 for the same period in fiscal 2022, an increase of $1,284,000, or 30.9%. Because of strong demand and continued manufacturing efficiency improvements, this segment was able to build on recent success and significantly increase sales. This included increased first fiscal quarter sales in its portable feed, manure spreader, land maintenance, top spread and defoliator products. The availability of its products allowed the Company to successfully capitalize on a recent period of heightened demand, a testament to the manufacturing improvements it recently made. In addition, the Company believes its rebranding efforts and improved customer experience processes are being noticed within the industry.The Company's first quarter sales in its Modular Buildings segment were $1,642,000 compared to $868,000 for the same period in fiscal 2022, an increase of $774,000, or 89.2%. This segment had a light first quarter of fiscal 2022 as the approval process for some large research projects extended beyond initial expectations. The first quarter of fiscal 2023 was met with a steady stream of project work in both the agriculture and research sectors and led to the increase in sales. The Company's fiscal 2022 revenue was dominated by agricultural buildi...