Note 1 - Description of the Company

12 Months Ended

Nov. 30, 2011

Nature of Operations [Text Block]

(1) Description of the Company

Unless otherwise specified, as used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Art’s-Way,” and the “Company,” refer to Art’s-Way Manufacturing Co., Inc., a Delaware corporation headquartered in Armstrong, Iowa, and its wholly-owned subsidiaries.

We began operations as a farm equipment manufacturer in 1956.  Since that time, we have become a major worldwide manufacturer of agricultural equipment.  Our principal manufacturing plant is located in Armstrong, Iowa.

We have organized our business into three operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies.  Our agricultural products segment manufactures farm equipment under the Art’s-Way Manufacturing label and private labels.  Our pressurized vessels segment ("Art's-Way Vessels") manufactures pressurized vessels and our modular buildings segment ("Art's-Way Scientific") manufactures modular buildings for various uses, commonly animal containment and research laboratories. For detailed financial information relating to segment reporting, see Note 13, “Segment Information.”

On May 10, 2012, the Company acquired the assets of Universal Harvester Co., Inc. consisting of inventory, equipment, land, building, goodwill, and intangible assets.  Universal Harvester Co., Inc. manufactured pickup reels for combines and swathers.  The existing Universal Harvester Co., Inc. operational team was hired on May 11, 2012 to continue the manufacturing of pickup reels.  The acquired assets and operations are reported with our agricultural products segment.  For detailed financial information related to the acquisition, see Note 10, “Acquisitions.”