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): April 13, 2016
ART’S-WAY MANUFACTURING CO., INC.
(Exact name of registrant as specified in its charter)
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Delaware | ||
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(State or other jurisdiction of incorporation) | ||
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000-05131 |
42-0920725 | |
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(Commission File Number) |
(IRS Employer | |
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Identification No.) | ||
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5556 Highway 9 Armstrong, Iowa 50514 | ||
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(Address of principal executive offices) (Zip Code) | ||
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(712) 864-3131 | ||
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(Registrant’s telephone number, including area code) | ||
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Not Applicable | ||
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(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 April 13, 2016, Art’s-Way Manufacturing Co., Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of fiscal year 2016. 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 April 13, 2016.
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: April 13, 2016
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ART’S-WAY MANUFACTURING CO., INC. | |
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| /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
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Date of Report: |
Commission File No.: |
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April 13, 2016 |
000-05131 |
Exhibit No. ITEM
99.1 Press Release dated April 13, 2016.
Exhibit 99.1
FOR IMMEDIATE RELEASE
April 13, 2016
ART’S WAY MANUFACTURING ANNOUNCES FIRST
QUARTER FISCAL 2016 FINANCIAL RESULTS
Conference Call Scheduled For Thursday, April 14th, 2016 at 10:00 AM CT
ARMSTRONG, IOWA, April 13, 2016 – 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 first quarter of fiscal 2016.
In conjunction with the release, the Company has scheduled a conference call for Thursday, April 14th, 2016 at 10:00 AM CT. Marc H. McConnell, Chairman of the Board of Directors of Art’s Way Manufacturing, J. Ward McConnell Jr., Vice Chairman of the Board of Directors of Art’s Way Manufacturing, and Carrie Majeski, President and Chief Executive Officer will be leading the call to discuss the first quarter fiscal 2016 financial results.
What: Art’s Way Manufacturing, Inc. First Quarter Fiscal 2016 Financial Results.
When: Thursday, April 14th, 2016 10:00 AM CT.
How: Live via phone by dialing (877) 358-7309. 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/
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For the Three Months Ended |
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February 29, 2016 |
February 28, 2015 |
Change |
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Sales |
$ | 6,392,000 | $ | 7,289,000 | -12.3 | % | ||||||
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Operating Income (Loss) |
$ | 149,000 | $ | 329,000 | -54.7 | % | ||||||
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Net Income (Loss) |
$ | 81,000 | $ | 168,000 | -51.7 | % | ||||||
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EPS (Basic) |
$ | 0.02 | $ | 0.04 | -50.0 | % | ||||||
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EPS (Diluted) |
$ | 0.02 | $ | 0.04 | -50.0 | % | ||||||
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Weighted Average Shares Outstanding: |
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Basic |
4,074,338 | 4,050,507 | ||||||||||
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Diluted |
4,074,338 | 4,051,754 | ||||||||||
Sales: Consolidated corporate sales for the three-month period ended February 29, 2016 were $6,392,000 compared to $7,289,000 during the same respective period in 2015, a decrease of $897,000, or 12.3% decrease year-to-date. The decrease in revenue was primarily due to the decreased demand for our agricultural products that we have been experiencing for the last year. Consolidated gross margin for the three-month period ended February 29, 2016 was 26.6% compared to 28.2% for the same respective period in fiscal 2015. While we have decreased our fixed costs to more closely match our current demand, decreased revenues are still pressuring our margin profile.
Income: Consolidated net income was $81,000 for the three-month period ended February 29, 2016, compared to $168,000 for the same period in 2015. The decrease was primarily due to the decreases in revenue described above.
Earnings per Share: Earnings per basic and diluted share for the first quarter of fiscal 2016 were $0.02, compared to $0.04 for the same period in fiscal 2015.
Chairman of the Art’s Way Board of Directors, Marc H. McConnell reports, “Our profitable first quarter of 2016 was aided in great part by the impact of streamlining initiatives and other cost-cutting measures we have focused on for many months. We are pleased with the progress we have made given the challenging environment in several of the markets we serve and continue to focus on improving our business and profitability going forward.”
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: (i) our business position; (ii) the impact of cost-cutting measures; (iii) future results; and (iv) the benefits of our business model, 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: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; 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.
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