UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 30, 2015
ART’S-WAY MANUFACTURING CO., INC.
(Exact name of registrant as specified in its charter)
|
Delaware | ||
|
(State or other jurisdiction of incorporation) | ||
|
000-05131 |
42-0920725 | |
|
(Commission File Number) |
(IRS Employer | |
|
Identification No.) | ||
|
5556 Highway 9 Armstrong, Iowa 50514 | ||
|
(Address of principal executive offices) (Zip Code) | ||
|
(712) 864-3131 | ||
|
(Registrant’s telephone number, including area code) | ||
|
Not Applicable | ||
|
(Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On March 30, 2015, Art’s-Way Manufacturing Co., Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of fiscal year 2015, ended February 28, 2015. The full text of the press release is set forth in Exhibit 99.1 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herein.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto and incorporated herein, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements: None
(b) Pro forma financial information: None
(c) Shell Company Transactions: None
(d) Exhibits:
99.1 Press Release dated March 30, 2015.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 30, 2015
|
|
ART’S-WAY MANUFACTURING CO., INC. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Carrie L. Majeski |
| |
|
|
Carrie L. Majeski |
| |
|
|
President and Chief Executive Officer |
| |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ART’S-WAY MANUFACTURING CO., INC.
EXHIBIT INDEX TO FORM 8-K
|
Date of Report: |
Commission File No.: |
|
March 30, 2015 |
000-05131 |
|
Exhibit No. |
ITEM |
|
99.1 |
Press Release dated March 30, 2015. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
March 30, 2015
ART’S WAY MANUFACTURING ANNOUNCES IMPROVED FIRST QUARTER 2015 REVENUE AND EARNINGS
Conference Call Scheduled For Tuesday, March 31st, 2015 at 10:00 AM CT
ARMSTRONG, IOWA, March 30, 2015 – 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 quarter ended February 28, 2015.
In conjunction with the release, the Company has scheduled a conference call for Tuesday, March 31st, 2015 at 10:00 AM CT. J. Ward McConnell, Jr., Chairman of the Board of Directors of Art’s Way Manufacturing, Marc McConnell, Vice Chairman of the Board of Directors of Art’s Way Manufacturing, Carrie Majeski, President and Chief Executive Officer of Art’s Way Manufacturing, and Dan Palmer, President of Art’s Way Scientific will be leading the call to discuss the first quarter of 2015 financial results and will also provide an outlook for the balance of 2015.
What: Art’s Way Manufacturing First Quarter 2015 Financial Results.
When: Tuesday, March 31, 2015 10:00 AM CT.
How: Live via phone by dialing (800) 624-7038. Code: Art’s Way Manufacturing. Participants to the conference call should call in at least 5 minutes prior to the start time. A replay of the call will be archived on the Company’s website for 12 months. www.artsway-mfg.com/
Financial Highlights for the Three Months Ended February 28, 2015
|
● |
Revenue increased 16.9% over the same period in 2014. |
|
● |
Gross margin improved to 28.2% in the first quarter of 2015 from 21.5% in the same period in 2014. |
|
● |
Earnings per share for the first quarter of 2015 increased $0.10 over the same period in 2014. |
|
For the Three Months Ended |
||||||||||||
|
February 28, 2015 |
February 28, 2014 |
Change |
||||||||||
|
Sales |
$ | 7,289,000 | $ | 6,237,000 | 16.9 | % | ||||||
|
Operating Income (Loss) |
$ | 329,000 | $ | (295,000 | ) | 211.5 | % | |||||
|
Net Income (Loss) |
$ | 168,000 | $ | (258,000 | ) | 165.1 | % | |||||
|
EPS (Basic) |
$ | 0.04 | $ | (0.06 | ) | 166.7 | % | |||||
|
EPS (Diluted) |
$ | 0.04 | $ | (0.06 | ) | 166.7 | % | |||||
|
Weighted Average Shares Outstanding: |
||||||||||||
|
Basic |
4,050,507 | 4,046,552 | ||||||||||
|
Diluted |
4,051,754 | 4,046,552 | ||||||||||
Sales: Our consolidated corporate sales for the three-month period ended February 28, 2015 were $7,289,000 compared to $6,237,000 during the same respective period in 2014, a $1,052,000, or 16.9%, increase for the quarter. The increase in revenue for the three-month period ended February 28, 2015 was primarily due to increases in revenue in our Agricultural Products segment. Consolidated gross profit margin for the three-month period ended February 28, 2015 was 28.2% compared to 21.5% in 2014.
Income: Consolidated net income was $168,000 for the three-month period ended February 28, 2015, compared to a net loss of $258,000 for the same respective period in 2014. This increase in income is due to a $641,000 increase in operating income in our agricultural products segment in the first quarter of 2015 compared to the first quarter of 2014, but was offset by operating losses at our Vessels and Scientific divisions.
Earnings per Share: Earnings per basic and diluted share for the quarter ended February 28, 2015 were $0.04, an increase of $0.10 over the first quarter of 2014.
Chairman of the Art’s Way Board of Directors, J. Ward McConnell Jr., reports, “We are pleased to report another strong quarter in our Agricultural Products segment, despite the sluggish conditions in the global farm economy. In this same period, our other segments have struggled, but we are optimistic that the next several months will deliver the positive results we have been working toward with our management initiatives for improving our customer focus and cost efficiencies."
About Art’s Way Manufacturing, Inc.
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, modular animal confinement buildings and laboratories and specialty tools and inserts. After-market service parts are also an important part of the Company's business. The Company has four reporting segments: agricultural products; pressurized tanks and vessels; modular buildings; and tools.
For more information, including an archived version of the conference call, contact: Carrie Majeski, Chief Executive Officer
712-864-3131
investorrelations@artsway-mfg.com
Or visit the Company's website at www.artsway-mfg.com/
Cautionary Statements
This news release includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including our expectations regarding the impact of our management initiatives, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to: quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; unexpected changes to performance by our operating segments; obstacles related to integrating our acquisitions of Agro Trend and Ohio Metal Working Products Company; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.
-END-
- 3 -