Weak harvest
CEO Carrie Majeski stands by Art's Way.
When FSB last spoke to Carrie Majeski, CEO of agricultural equipment maker Art's-Way Manufacturing in Armstrong, Iowa, her company's 2007 sales were up 28% over 2006, to $25 million, helping it grab the No. 57But Art's-Way struggled to work the seasonal Miller Pro line into its production process, leading to manufacturing delays. "All of our major problems were growth-related," says Majeski.
To compensate for late shipments, Art's-Way offered dealers last year's prices, contributing to a 0.9% drop in sales and an 88% dip in first-quarter 2009 profits. Since then Majeski has hired a manufacturing manager, hoping to smooth processes going forward.
Art's-Way didn't make the 2009 FSB 100. But Joseph Dancy, manager of LSGI Technology Venture Fund in Dallas, which has a 5% interest in Art's-Way, says it's still his top buy, recently trading at $5.30 per share. Art's-Way has seen a major uptick in queries from government agencies, thanks to federal stimulus funds allocated for scientific projects. Notes Dancy: "Labs will be in huge demand."
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LAST UPDATE: Jul 06 2009 | 9:43 AM ET
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