Note 12 - Related Party Transactions

3 Months Ended

May 31, 2012

Related Party Transactions Disclosure [Text Block]

(12) Related Party Transactions

The financial statements of Art’s-Way Manufacturing Inc. include a purchase by our Manufacturing division from Bauer Corporation for $1,100 and $1,400 during the six-months  ended May 31, 2012 and 2011, respectively.  The terms of this purchase were consistent with those of an arm’s length transaction.  Bauer Corporation is wholly-owned and operated by J. Ward McConnell Jr., the Chairman of the Board of Directors.

The financial statements of Art’s-Way Manufacturing, Inc. include a sale by our Vessels division to Adamson Global Technology for $17,000 during the six-months ended May 31, 2011. The terms of this sale were consistent with those of an arm’s length transaction. Adamson Global Technology is wholly-owned and operated by J. Ward McConnell, Jr., the Chairman of the Board of Directors.