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FULL YEAR: ART'S WAY MANUFACTURING SALES UP 31%, NET INCOME RISES 113%
Feb. 26, 2013
Source: Art's Way Manufacturing news release
To view complete report, click here.
Art's Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery, announced its financial results for the fiscal year ended November 30, 2012. Additionally, the Company has scheduled a conference call Tuesday, February 26, 2013 at 10:00 a.m. Central Time to discuss the results and other information material to the Company's business.
Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Art's Way Manufacturing, will be leading the call and discussing fiscal year 2012 financial results, the current state of the Company's operations and the long-term outlook for the balance of 2013.
Net Sales: Total net sales increased 31.9%, from $27.6 million in fiscal year 2011 to $36.5 million in fiscal year 2012. This was mainly due to increased revenues from our modular buildings segment.
In late 2011 the Company secured a large job with Whiting Turner to produce a facility for Stanford University for approximately $9 million. That project significantly increased net sales in 2012.
Income: Total operating income increased from $1,930,000 in fiscal year 2011 to $4,328,000 in fiscal year 2012, while net income for the fiscal year ended November 30, 2012 increased from $1,249,000 to $2,665,000, an increase of 113.4%. The increase was primarily attributable to higher net sales and operating income in our modular buildings segment.
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