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FULL YEAR: ART'S WAY MANUFACTURING SALES DOWN 6%, NET INCOME DROPS 41%
Source: Art's Way Manufacturing news release

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Art's Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research, water treatment and steel cutting needs, announces its financial results for the year ended November 30, 2013.

In conjunction with the release, the Company has scheduled a conference call for Wednesday, February 26, 2014 at 10:00 AM CT. Carrie Majeski, President, Chief Executive Officer and interim Chief Financial Officer, and J. Ward McConnell, Jr., Chairman of the Board of Directors of Art's Way Manufacturing will be leading the call to discuss the year-end 2013 financial results and will also provide an outlook for 2014.

Net Sales:
Total net sales decreased 6.1%, from $36,457,000 in fiscal year 2012 to $34,227,000 in fiscal year 2013. As anticipated, this contraction in sales comes primarily from the Modular Buildings segment and is attributable to the completion of an approximately $7 million fabrication and delivery contract executed in January 2012 and an approximately $1.7 million installation contract executed in April 2012. The Modular Buildings segment was hired to design, fabricate, and install twenty-four modular units over the course of approximately one year for one of the world's leading research and teaching institutions. Most of the revenue for the contract was recognized during 2012.

Income:
Total operating income decreased from $4,328,000 in fiscal year 2012 to $1,817,000 in fiscal year 2013, while net income for the fiscal year ended November 30, 2013 decreased from $2,665,000 to $1,551,000, a decrease of 41.8%. This decrease is primarily a result of the decrease in net sales and operating income in the Modular Buildings segment.


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