ARMSTRONG, Iowa — Art's Way Mfg. Co. Inc., 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 Nov. 30, 2014.
|For the Year Ended (Consolidated)|
|Nov. 30, 2014||Nov. 30, 2013||% Change|
|Weighted Average Shares Outstanding|
Consolidated sales increased 5.7%, from $34,227,000 in fiscal year 2013 to $36,170,000 in fiscal year 2014. This increase was largely due to the revenues from our acquisition of Ohio Metal Tools in September 2013. The added sales of our Tools segment were somewhat offset by decreased sales at our Vessels and Modular Buildings segments.
Total operating income decreased from $1,817,000 in fiscal year 2013 to $1,665,000 in fiscal year 2014, while net income for the fiscal year ended Nov. 30, 2014, decreased from $1,551,000 to $935,000, a decrease of 39.7%. This decrease is largely attributable to the gain on sale of land in fiscal 2013 of $630,000.
Earnings Per Share
Earnings per basic and diluted share for the fiscal year ended Nov. 30, 2014 were $0.23, a decrease of $0.15 from the fiscal year 2013 earnings per basic and diluted share.
Chairman of the Art's Way Board of Directors, J. Ward McConnell Jr., reports, "Our core agricultural product lines are poised for growth in 2015. We are excited about our new agricultural product launches scheduled in 2015 that will satisfy a wider range of customer needs. We also believe the strength in the current livestock markets will drive sales growth in our various product lines that serve the industry. We have increased distribution points throughout the continental U.S., and we are excited about the opportunities to increase our agricultural export sales in fiscal 2015."