Agricultural equipment maker Art's-Way Manufacturing Co. Inc. (ARTW) Wednesday reported a 59.3% increase in second quarter profit on higher sales. The board approved a two-for-one stock split and declared a dividend for the quarter. Following the news, ARTW stocks rose 26.39% on the Nasdaq.
Second quarter net income for Armstrong, Iowa-based Art's-Way increased to $0.89 million from $0.56 million in the prior-year quarter. Earnings per share were up 60.7% to $0.45 from $0.28 in the same quarter a year ago.
Revenue for the quarter was $7.69 million, up 34.9% from $5.70 million in the year-ago quarter. The company noted that revenue increased largely due to the resumption of operation at Art's Way Scientific, which was destroyed in a fire in January 2007. Additional sales from the Miller Pro product line purchased in September 2007 also contributed to the revenue.
Ward McConnell, executive chairman of the board of directors, said, "We are encouraged by the sales increase we reported in the second quarter and six months driven by strong sales at Art's Way Scientific."
For the six-month period, net income increased 45.5% and revenue increased 31.5% from the prior-year period. Earnings per share increased 46.8% from the year-ago period.
The company also announced that the board approved a two-for-one split of the common stock and a proportional increase in the number of Art's Way Manufacturing common shares issued from 1,986,176 to 3,972,352. Each shareholder of record at the close of business on July 23, 2008 would receive one additional share for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on July 30, 2008.
The board has also declared a cash dividend of $0.06 per share, payable on or before November 30, to stockholders of record as of November 15, 2008.
ARTW is currently trading at $24.50, up $5.10 or 26.29%, on a volume of 98,383 shares.
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