Iowa farmer Arthur Luscombe founded Art’s Way Manufacturing in 1956, to produce and sell a PTO powered grinder mixer he developed on his farm near Dolliver, Iowa. His first product was a great success that marked the beginning of his amazing career as an inventor and entrepreneur. In 1959, Luscombe moved the company from his original plant in downtown Armstrong to its present location, and the grinder mixer line was expanded to include OEM work for companies such as Massey Ferguson, Owatonna and Case or as it was known then, International Harvester.
Today, Art’s Way has approximately 200 employees and operates its 4 business units in 7 facilities. Arthur Luscombe’s dedication to innovation, quality and durability remains the central focus of our products and business practices. We take pride in the quality of our grinder mixers, sugar beet harvesters, graders, plows and other farm machinery, and continue to expand our product lines to meet the needs of our customers.

Art's Way Manufacturing was founded in 1956 and is headquartered in Armstrong, US

Art's Way Manufacturing has an office in Armstrong

Armstrong, US (HQ)

5556 IA-9

Art's Way Manufacturing's revenue was reported to be $4.7 m in Q2, 2017

USD

## Revenue (Q2, 2017) | 4.7 m |

## Gross profit (Q2, 2017) | 811.5 k |

## Gross profit margin (Q2, 2017), % | 17% |

## Net income (Q2, 2017) | (527.6 k) |

## EBIT (Q2, 2017) | (721.4 k) |

## Market capitalization (17-Aug-2017) | 9.1 m |

## Cash (31-May-2017) | 212.8 k |

Art's Way Manufacturing's current market capitalization is $9.1 m.

USD | FY, 2013^{} | FY, 2014^{} | Y, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 34.2 m | 36.2 m | 27.9 m | 21.6 m |

## Revenue growth, % | 6% | (23%) | (23%) | |

## Cost of goods sold | 25.9 m | 27.4 m | 21 m | 16.2 m |

## Gross profit | 8.4 m | 8.7 m | 7 m | 5.3 m |

## Gross profit Margin, % | 24% | 24% | 25% | 25% |

## General and administrative expense | 3.4 m | |||

## Operating expense total | 6.5 m | 7.1 m | 7.4 m | 5.8 m |

## EBIT | 1.8 m | 1.7 m | (403.7 k) | |

## EBIT margin, % | 5% | 5% | (1%) | |

## Interest expense | 296.6 k | 351.9 k | 329.5 k | 248.6 k |

## Pre tax profit | 2.2 m | 1.3 m | (865.1 k) | |

## Income tax expense | 367.3 k | (222.3 k) | ||

## Net Income | 1.6 m | 935.2 k | (557.8 k) | (821.3 k) |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 11.6 m | 7.3 m | 7.8 m | 6.9 m | 6.4 m | 5.7 m | 6.4 m | 4.4 m | 4.7 m |

## Cost of goods sold | 8.9 m | 5.2 m | 5.6 m | 5.6 m | 4.7 m | 4.2 m | 5.2 m | 3.3 m | 3.9 m |

## Gross profit | 2.7 m | 2.1 m | 2.2 m | 1.3 m | 1.7 m | 1.5 m | 1.2 m | 1.1 m | 811.5 k |

## Gross profit Margin, % | 23% | 28% | 28% | 18% | 27% | 26% | 19% | 25% | 17% |

## General and administrative expense | 1.1 m | 1 m | 1.1 m | 972.3 k | 953.1 k | 990.7 k | 879.2 k | 848.2 k | 917.5 k |

## Operating expense total | 1.1 m | 1 m | 1.1 m | 972.3 k | 953.1 k | 990.7 k | 879.2 k | 848.2 k | 917.5 k |

## EBIT | 907.8 k | 329.1 k | 414.1 k | (1 m) | 149.2 k | (33.1 k) | (217.2 k) | (352.4 k) | (721.4 k) |

## EBIT margin, % | 8% | 5% | 5% | (15%) | 2% | (1%) | (3%) | (8%) | (15%) |

## Interest expense | (94.1 k) | (79.5 k) | (81.6 k) | (85.5 k) | (74 k) | (60.2 k) | (60.5 k) | (63.8 k) | (79.3 k) |

## Pre tax profit | 844.5 k | 244.8 k | 354 k | (1.2 m) | 120.2 k | (75.5 k) | (223.8 k) | (364.6 k) | (737.4 k) |

## Income tax expense | 76.6 k | 122.4 k | (389.5 k) | 39.2 k | (18.9 k) | (74.1 k) | (110.9 k) | (228.5 k) | |

## Net Income | 558.2 k | 168.2 k | 231.6 k | (795.6 k) | 81 k | (56.6 k) | (288.3 k) | (250 k) | (527.6 k) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 208 k | 511.7 k | 447.3 k | 1.1 m |

## Inventories | 13.5 m | |||

## Current Assets | 19.8 m | 20.1 m | 20 m | 17.6 m |

## PP&E | 11.9 m | 11.7 m | 9.7 m | 7.4 m |

## Goodwill | 993.7 k | 993.7 k | 375 k | 375 k |

## Total Assets | 32.8 m | 32.8 m | 31.3 m | 27.2 m |

## Accounts Payable | 806.2 k | 874.7 k | 522.4 k | 469.5 k |

## Total Debt | 5.1 m | |||

## Current Liabilities | 7.3 m | 6.5 m | 7.3 m | 7.1 m |

## Total Liabilities | 9.8 m | |||

## Additional Paid-in Capital | 2.6 m | 2.6 m | 2.7 m | 2.7 m |

## Retained Earnings | 15.6 m | 16.6 m | 15.8 m | 15 m |

## Total Equity | 18.5 m | 17.5 m | ||

## Debt to Equity Ratio | 0.3 x | |||

## Debt to Assets Ratio | 0.2 x | |||

## Financial Leverage | 1.7 x | 1.6 x |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 237.1 k | 902 k | 601.7 k | 643.5 k | 629.3 k | 267.5 k | 501.1 k | 750.8 k | 212.8 k |

## Inventories | 15 m | 16.1 m | 16 m | 16.5 m | 14.7 m | 14.5 m | 13.7 m | 13.2 m | 14 m |

## Current Assets | 22.2 m | 21.6 m | 21.4 m | 21 m | 19.9 m | 18.1 m | 19.2 m | 16.3 m | 17.1 m |

## PP&E | 11.8 m | 11.5 m | 11.4 m | 11.2 m | 9.5 m | 9.4 m | 7.4 m | 7.4 m | 6.2 m |

## Goodwill | 993.7 k | 993.7 k | 993.7 k | 375 k | 375 k | 375 k | 375 k | 375 k | 375 k |

## Total Assets | 35.1 m | 34.2 m | 33.8 m | 32.7 m | 30 m | 28 m | 29 m | 26.3 m | 27.3 m |

## Accounts Payable | 998.4 k | 1 m | 939 k | 1.2 m | 629.8 k | 616.7 k | 1.1 m | 550.1 k | 1.4 m |

## Current Liabilities | 8.8 m | 8.2 m | 7.9 m | 8 m | 6.8 m | 6.3 m | 7.7 m | 8.7 m | 10.2 m |

## Additional Paid-in Capital | 2.6 m | 2.7 m | 2.7 m | 2.7 m | 2.7 m | 2.7 m | 2.7 m | 2.8 m | 2.8 m |

## Retained Earnings | 16.2 m | 16.5 m | 16.8 m | 16 m | 15.9 m | 15.8 m | 15.5 m | 14.7 m | 14.2 m |

## Total Equity | 19.5 m | 18.7 m | 18.6 m | 18.6 m | 18.3 m | 17.3 m | 16.8 m | ||

## Financial Leverage | 1.7 x | 1.8 x | 1.6 x | 1.5 x | 1.6 x | 1.5 x | 1.6 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 1.6 m | 935.2 k | (557.8 k) | |

## Depreciation and Amortization | 704.5 k | 906.7 k | 929.2 k | 672 k |

## Accounts Receivable | (229.4 k) | 33.5 k | 908.7 k | 458.5 k |

## Inventories | 769.6 k | (166.8 k) | (609.8 k) | 1.7 m |

## Accounts Payable | 151.9 k | 68.4 k | (352.3 k) | (26.4 k) |

## Cash From Operating Activities | (2.3 k) | 1.9 m | 285 k | 2.4 m |

## Purchases of PP&E | (842.1 k) | (633.1 k) | (292.5 k) | (274.1 k) |

## Cash From Investing Activities | (3.3 m) | (617.2 k) | (253.6 k) | 916.5 k |

## Cash From Financing Activities | 2 m | (1 m) | ||

## Interest Paid | 296.6 k | 356.5 k | 328.5 k | 274.8 k |

## Income Taxes Paid | 1.6 m | 300 k | 282.6 k | 4.9 k |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 558.2 k | 168.2 k | 231.6 k | (795.6 k) | 81 k | (56.6 k) | (288.3 k) | (250 k) | (527.6 k) |

## Accounts Payable | 998.4 k | 1 m | 939 k | 1.2 m | 629.8 k | 616.7 k | 1.1 m | 550.1 k | 1.4 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 51 k |

## Financial Leverage | 1.6 x |

July 15, 2016

* Art's Way Manufacturing announces second quarter and year
to date fiscal 2016 financial results