Art’s Way Manufacturing Co., Inc. (ARTW) Reports Increase in First Fiscal Quarter Net Income

Art’s Way Manufacturing Co., Inc. reported net income of $34,000 in the first fiscal quarter of 2010, a large increase from the $3,600 reported in the same quarter a year earlier.

Art’s Way Manufacturing Co., Inc. reported revenue of $5.58 million in the first fiscal quarter of 2010, a decline from the $6.9 million reported in the first fiscal quarter of 2009. Gross margin increased to 23.8% in the quarter, compared to 19.7% last year.

The company’s backlog of orders increased to $17.5 million in the first quarter of fiscal 2010, from $13.1 million in the same quarter last year.

J. Ward McConnell Jr., the CEO of Art’s Way Manufacturing Co., Inc., said, “We are very pleased with our strong start to the fiscal year, particularly with our net income and gross margins. Despite coming out of an extremely challenging year following one of the industry’s worst economic downturns, our operating results are improving based on our ability to deliver quality products with a customer service focus.”

Art’s Way Manufacturing Co., Inc. designs and sells farm machinery equipment. The company also has two wholly owned operating subsidiaries. Art’s Way Vessels, Inc. sells pressurized tanks and vessels, and Art’s Way Scientific, Inc. makes animal confinement facilities for use in laboratories.