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| FOR IMMEDIATE RELEASE October 21, 2008 |
For More Information, Contact: Jim Drewitz, Investor Relations 830-669-2466 |
ART’S WAY MANUFACTURING NAMED TO FORBES MAGAZINE LIST OF AMERICA’S 200 BEST SMALL COMPANIES
The Company Ranked Number 54
ARMSTRONG, Iowa, October 21, 2008 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, announces it has been recognized by Forbes magazine as one of “America’s 200 Best Small Companies.” The Company ranked Number 54.
The America’s 200 Best Small Companies list is selected following a comprehensive evaluation of financial results plus additional operating factors of candidate companies having sales between $5 million and $750 million and a stock price of $5 as of Sept. 29, 2008. The ranking is based on return on equity, sales growth and profit growth over the past 12 months and also over five years. Forbes’ editors also compared the Company’s stock performance with that of its industry peers.
J. Ward McConnell, Jr., Chairman of the Board, said, “In this difficult economic time and market condition, we are pleased and gratified Forbes Magazine has recognized Art’s Way Manufacturing’s financial achievements and placed us on their prestigious list of America’s 200 Best Small Companies. We have worked very hard this past year to increase revenue and income by adding new global clients while supporting existing customers. Our ranking reflects the hard work of all of our employees.”
“Art’s Way continues to impress us with their products, positioning, growth, and valuation. While the current economic conditions have been difficult we think the agricultural sector will continue to perform well. The Company should see little impact from the financial issues facing capital-intensive firms in other industries,” said Joe Dancy, Portfolio Manager, LSGI Technology Venture Fund L.P. – a Morningstar 5-Star rated fund.
To learn more about “America’s Best 200 Small Companies,” visit http://www.forbes.com/lists/2008/23/biz_200smalls08_The-200-Best-Small-Companies_Rank_3.html. (Due to the length of URL, please copy and paste into browser.) The entire list appears in the October 27, 2008 issue of Forbes.
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, plows, hay and forage equipment. After market service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels and Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.
For More Information, Contact: Jim Drewitz, Investor Relations 830-669-2466
Or visit the Company’s website at www.artsway-mfg.com
This news release includes “forward-looking statements” within the meaning of the federal securities laws. 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 the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s 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.
