ARMSTRONG, Iowa, April 30, 2012 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its wholly-owned subsidiary, Art's Way Scientific, Inc., - www.buildingsforscience.com - has executed an installation contract for 24 modular buildings, which will make up a 21,350 square foot research facility. The modular units are under construction and are expected to be installed before the end of the 2012 calendar year. The research facility is being built for one of the world's leading research and teaching institutions. As previously announced in a news release dated January 4, 2012, Art's Way procured a $7 million contract to design and manufacture the 24 modular units. The installation contract brings the total expected revenue from the combined contracts to $8.7 million over the term of the contracts.
Dan Palmer, President of Art's Way Scientific said, "We are honored to have the opportunity to design, manufacture and now install this significant project. It demonstrates the strength of our team and our unique capabilities within the industry. This contract award affirms our commitment to provide the highest quality design, manufacture and installation services. We believe this high profile project has the potential to open the doors to a lot of other opportunities."
J. Ward McConnell, Jr., Chairman of the Board, said, "We are grateful for the opportunity to continue providing critical services to this prestigious institution and valued client. As a result of these combined contracts and other smaller contracts recently awarded to Scientific, as well as a very healthy farm income which has encouraged farmers to purchase new equipment and expand operations, we expect consolidated Art's Way's revenue, income and gross margins to improve significantly in the balance of fiscal 2012."
About Art's Way Scientific, Inc. –Buildings For Science -
Art's Way Scientific, Inc. is a wholly-owned subsidiary of Art's Way Manufacturing, Inc. It is the recognized leading supplier of modular laboratories for biocontainment, animal husbandry science, public health and security requirements. Art's Way Scientific custom designs, manufactures, delivers, and installs laboratories and research facilities to meet customers' critical requirements. For more information, visit our website at www.buildingsforscience.com.
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 and top and bottom drive augers. 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 housing buildings and modular laboratories.
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, including but not limited to the anticipated revenues and timeframes discussed in this release and expected consolidated results of operations, are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, unforeseen delays in production and installation, unforeseen contract disputes, customer demand for the Company's products, domestic and international economic conditions 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.
SOURCE Art's Way Manufacturing Co., Inc.