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<SEC-DOCUMENT>0001144204-09-021403.txt : 20090420
<SEC-HEADER>0001144204-09-021403.hdr.sgml : 20090420
<ACCEPTANCE-DATETIME>20090420150424
ACCESSION NUMBER:		0001144204-09-021403
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090413
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090420
DATE AS OF CHANGE:		20090420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTS WAY MANUFACTURING CO INC
		CENTRAL INDEX KEY:			0000007623
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				420920725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05131
		FILM NUMBER:		09758989

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 288
		CITY:			ARMSTRONG
		STATE:			IA
		ZIP:			50514
		BUSINESS PHONE:		7128643131

	MAIL ADDRESS:	
		STREET 1:		P O BOX 288
		CITY:			ARMSTRONG
		STATE:			IA
		ZIP:			50514
</SEC-HEADER>
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<TYPE>8-K
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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    <div>&#160;</div>
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        <div id="FTR">
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</font></div>
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</font></div>
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</font></div>
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          <tr valign="top">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      2.02</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Results
      of Operations and Financial
Condition</font></div>
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          </tr>
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    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
13, 2009, Art&#8217;s-Way Manufacturing Co., Inc. (the &#8220;Company&#8221;), issued a press
release announcing its first quarter financial results for the three months
ended February&#160;28, 2009. On April 15, 2009, the Company hosted a conference
call discussing the same.</font></div>
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text of the press release and a transcript of the conference call are attached
hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by
reference in this Current Report on Form 8-K as if fully set forth herein.
Please note that although the transcript attached hereto as Exhibit 99.2
indicates otherwise, the Company&#8217;s 2009 Annual Meeting of Stockholders will
commence at 10:00 a.m. Central Daylight Standard Time, as stated in the
Company&#8217;s Definitive Proxy Statement filed with the Securities and Exchange
Commission on March 26, 2009.</font></div>
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information contained in this Current Report on Form 8-K, including Exhibits
99.1 and 99.2 attached hereto and incorporated herein, shall not be deemed
&#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that Section, and shall
not be incorporated by reference into any registration statement pursuant to the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing.</font></div>
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      9.01&#160;</font></div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
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            </td>
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            </td>
          </tr>
      </table>
    </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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          <tr valign="top">
            <td style="WIDTH: 36pt">
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information:&#160;&#160;None</font></div>
            </td>
          </tr>
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    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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      Company
Transactions:&#160;&#160;None</font></div>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated April 13, 2009</font></div>
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            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transcript
      of the Art&#8217;s-Way Manufacturing Co., Inc. conference call&#160;&#160;held
      April 15, 2009</font></div>
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to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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20, 2009</font></div>
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          </tr>
          <tr>
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      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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            </td>
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      </font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      L. Majeski</font></div>
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          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="25%">
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          </tr>
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        </div>
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AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;&#160;20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ART&#8217;S-WAY
MANUFACTURING CO., INC.</font></div>
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INDEX TO FORM 8-K</font></div>
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      of Report:</font></div>
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      File No.:</font></div>
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      13, 2009</font></div>
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      No.</font></font></div>
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      of the Art&#8217;s-Way Manufacturing Co., Inc. conference call&#160;&#160;held
      April 15, 2009</font></div>
              </td>
            </tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v146692_ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div>
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        <div style="TEXT-ALIGN: center"> <IMG SRC="logo.jpg"> </div>
        <div style="TEXT-ALIGN: center">&#160;</div>
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      IMMEDIATE RELEASE</font></div>
                </td>
                <td align="right" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NEWS</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
      13, 2009</font></div>
                </td>
                <td align="right" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NASDAQ:ARTW</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ART&#8217;S
WAY MANUFACTURING ANNOUNCES FIRST QUARTER REVENUE DESPITE DIFFICULT ECONOMIC
CONDITIONS</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conference
Call Scheduled For Wednesday, April 15, 2009 At 9:00 AM Central</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">ARMSTRONG, IOWA, April 13,
2009</font> &#8211; Art&#8217;s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading
manufacturer and distributor of agricultural machinery, equipment and services
announces its First Quarter Financial Results for the three months ended
February 28, 2009</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
conjunction with the release, the Company has scheduled a conference call for
Wednesday, April<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#160;</font>15
at 9:00 AM Central Time. J. Ward McConnell, Jr., Executive Chairman of the Board
of Directors of Art&#8217;s Way Manufacturing, will be leading the call and discussing
first quarter financial results, the status of the Company and an outlook for
the balance of 2009.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What:
Art&#8217;s Way Manufacturing First Quarter Financial Results</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">When: Wednesday, April 15, 2009 at
9:00 AM Central Time</font>.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">How:
Live via phone by dialing (800) 624-7038. Code: Art&#8217;s Way Manufacturing.
Participants to the conference call should call in at least 5 minutes prior to
the start time.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
Highlights For the Three Months Ended February 28, 2009:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
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      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Net sales for the three months
      ended February 28, 2009 were $6.69
  million.</font></font></div>
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            </tr>
        </table>
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      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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              <td>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="64%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="1%" style="BORDER-TOP: #000000 0.5pt solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            </tr>
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              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
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      Income</font></div>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">97,637</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">813,925</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d0ffd0">
              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,595</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">476,831</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: #000000 0.5pt solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EPS
      (Basic)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.00</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: #000000 0.5pt solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></td>
            </tr>
            <tr bgcolor="#d0ffd0">
              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EPS
      (Diluted)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Weighted
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              </td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: #000000 0.5pt solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d0ffd0">
              <td align="left" valign="bottom" width="64%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Basic</font></div>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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ended February 28, 2009.&#160;&#160;&#160;Art&#8217;s Way Vessels, Inc. increased
their three month revenue by 31.5%, while Art&#8217;s Way Manufacturing Co., Inc.
increased revenue by 14.1% during the same period.&#160;&#160;These increases
were offset by the decrease in the revenue of Art&#8217;s Way Scientific, Inc. by
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income decreased 88% from $814,000 to $98,000 for the three months ended
February 28, 2009 compared to February 29, 2008, while net income for the same
period decreased 99.3%, from $477,000 to $3,600.&#160;&#160;The most significant
reason for these reductions in income is due to reduced gross profit
margins.</font></div>
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gross profit margin for the first quarter of 2009 was 19.7% compared to 32.2%
for the same period one year ago, primarily due to decreases in gross profit
margin at Art&#8217;s Way Manufacturing and Art&#8217;s Way Scientific.&#160;&#160;The gross
profit margin of Art&#8217;s Way Manufacturing decreased from 38.4% in the first
quarter of 2008 to 21.5% for the same period in 2009.&#160;&#160;After the
purchase of the Miller Pro product line, we had many orders we were unable to
produce in a timely fashion.&#160;&#160;In order to satisfy our customers, we
agreed to sell these goods at the lower prices quoted in 2007.&#160;&#160;As a
result of our production delays, we shipped goods in the first quarter of 2009
that were priced at the end of 2007 and manufactured with materials purchased at
higher prices of 2008.&#160;&#160;We expect to complete our commitments on the
2007 pricing during the second quarter of 2009, and do not anticipate additional
production delays after that time.</font></div>
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profit margin of Art&#8217;s Way Scientific decreased from 28.6% in the first quarter
of 2008 to 20.6% for the same period in 2009. The decrease in gross profit
margin at Art&#8217;s Way Scientific was primarily due to the decrease in revenue
explained above. In addition, gross profit margins at Art&#8217;s Way Scientific were
negatively impacted during the first quarter by unanticipated cost overruns on a
project that was substantially completed during the period.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Earnings per
Share:&#160;&#160;</font>Earnings per basic share for the three months ended
February 28, 2009 decreased to $0.00 as compared to $0.12, a decrease of 100% or
$0.12 over the earnings per share for the three months ended February 29,
2008.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J. Ward
McConnell Jr., Executive Chairman of the Board of Directors said, &#8220;This has been
a challenging quarter for the Company as we continue to execute our&#160;growing
backlog.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;I am
pleased with our revenue growth in 2 of our 3 divisions, particularly during
these very difficult economic times. Art&#8217;s Way Vessels had a significant
increase in revenue this past quarter. Art&#8217;s Way Scientific did have a decline,
but we have many projects we are bidding on and I feel certain we will get our
share of orders in the quarters to come.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;It is
unfortunate that first quarter results were impacted by production delays of the
Miller Pro orders. In order to satisfy our loyal customers, we agreed to sell
those goods at the lower prices that were quoted in 2007. As a result of those
production delays, we shipped goods in the first quarter of 2009 that were
priced at the end of 2007 and manufactured with materials purchased at higher
prices of 2008.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We have
a strong customer service reputation and it just made good sense to fulfill
these orders in this manner with these specific customers. We expect to complete
our commitments on the 2007 pricing during the second quarter of 2009 and I do
not anticipate additional production delays. We have a reputation of
manufacturing quality products and strong customer service and I feel these
actions will serve us well in the long run and prove fruitful as we cement our
relationship with these customers for years to come.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We are
facing some very difficult and challenging global financial times, but we are in
a relatively stable business sector.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We are
committed to our strategy and business model and we are forecasting even
stronger revenue growth in the balance of 2009.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">About Art&#8217;s Way
Manufacturing, Inc.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 confinement buildings and modular
laboratories.</font></div>
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            <tr valign="top">
              <td style="WIDTH: 252pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      More Information, Contact:&#160;&#160;</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jim
      Drewitz, Investor Relations</font></div>
                <div align="left"><font size="2">830-669-2466
      jim@jdcreativeoptions.com</font></div>
              </td>
            </tr>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Or visit
the Company's website at www.artsway-mfg.com/</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This news
release includes "forward-looking statements" within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements made in this release are those that are not strictly
statements of historical facts, including but not limited to those relating to:
(i) our ability to complete pricing commitments, (ii) our ability to meet our
production schedule; (iii) future orders for modular buildings; (iv) the
strength of our relationships with customers; (v) the stability of the
industries in which we compete; and (vi) revenue for the balance of
2009.&#160;&#160;Such statements of anticipated future results are based on
certain assumptions by management and 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.</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>v146692_ex99-2.htm
<TEXT>
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    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
99.2</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Art&#8217;s
Way Manufacturing Co., Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
Quarter 2009 Financial Results Conference Call</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">04-15-09</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:&#160;&#160;</font>Good
morning, ladies and gentlemen.&#160;&#160;Today is Wednesday, April 15, 2009,
and welcome to the Art&#8217;s Way Manufacturing Company, Inc. First Quarter 2009
Financial Results Conference Call.&#160;&#160;At this time, all participants are
in a listen-only mode.&#160;&#160;Operator assistance is available at any time
during this conference by pressing *0.&#160;&#160;Your Call Leaders for today&#8217;s
call are Jim Drewitz, Investor and Press Relations Representative, and J. Ward
McConnell, Jr., Executive Chairman of the Board of Directors.&#160;&#160;I would
now like to turn this call over to Mr. Jim Drewitz.&#160;&#160;Mr. Drewitz, you
may begin.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Jim Drewitz, Investor and Press
Relations Representative, Art</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8217;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s Way Manufacturing Co.,
Inc.:</font>&#160;&#160;Thank you, Erica.&#160;&#160;Ladies and gentlemen, we
apologize for the inconvenience.&#160;&#160;We seem to be having a little bit of
difficulty.&#160;&#160;Hopefully, you can hear me and will be able to hear Ward
when he begins to speak.&#160;&#160;If I can, let me draw your attention to the
fact that, except for historical information contained herein, the statements in
this Conference Call are forward-looking and made pursuant to the Safe Harbor
Provisions as outlined in the Private Securities Litigation Reform Act of
1995.&#160;&#160;Forward-looking statements involve known and unknown risks and
uncertainties, which may cause Art&#8217;s Way Manufacturing actual results and future
periods to differ materially from forecasted results.&#160;&#160;Those risks
include, among other things: the loss of market share through competition or
otherwise; the introduction of competing technologies by other companies;
and&#160;new Governmental safety, health, and environmental regulations, which
could require Art&#8217;s Way Manufacturing to make significant capital
expenditures.&#160;&#160;The forward-looking statements included in this
Conference Call are made only as of the date of this call.&#160;&#160;And Art&#8217;s
Way Manufacturing undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.&#160;&#160;Important factors that could cause actual results to
differ materially from the expectations reflected in the forward-looking
statements include but are not limited to factors described under the &#8220;Risk
Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K filed with the Securities
and Exchange Commission.&#160;&#160;With that completed, I would like to turn
the Call over to Mr. J. Ward McConnell.&#160;&#160;Mr. McConnell, it is all
yours, Sir.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">J. Ward McConnell Jr., Executive
Chairman of the Board of Directors, Art</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8217;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s Way Manufacturing Co.,
Inc.:&#160;&#160;</font>OK, thank you, Jim.&#160;&#160;Hopefully, by now, most
of you have had a chance to review the press release that we issued on April 13,
and have read the Form 10-K filing issued on the same date.&#160;&#160;I would
like to go over some of the pertinent financial information and then open it up
for questions.&#160;&#160;First of all, I am not very proud of the First
Quarter.&#160;&#160;But the revenue was about the same as it was in the prior
year, for the same first three months of the year, and the operating income was
rather significantly lower.&#160;&#160;The basic reason for that is because we
had a number of orders from a year ago now that we received for our Miller Pro
product line that we had just purchased in September of the prior year, in
2007.&#160;&#160;And the production difficulties that we had in getting that
integrated into our system and into our manufacturing caused us to have&#160;a
lot of manufacturing problems.&#160;&#160;In addition, we had scheduled as
though we were able to produce it at a faster rate than we were able to do, and
this also resulted in our having a ballooned inventory.&#160;&#160;That
particular problem caused us to go to the dealers and say, &#8220;OK, dealers, we
cannot get to you on time.&#160;&#160;But we will deliver to you after the
seasons are over, which are in the harvest season of the fall, and we will hold
the price on these products to the price for which we took these
orders.&#160;&#160;In addition to that, we will give you terms until the
following season.&#8221;&#160;&#160;All of the Miller Pro equipment is
seasonal.&#160;&#160;It is harvest time for hay, for corn, and so
on.&#160;&#160;So we ended up with those delays in delivering in this First
Quarter that we are talking about now at old pricing, some of it as old as
2007.&#160;&#160;We sent out a couple of price increases, and we have that issue
behind us.&#160;&#160;And we have since delivered that material.&#160;&#160;We
finished delivering it mostly in the First Quarter.&#160;&#160;But as you can
imagine, our gross margins were squeezed badly.&#160;&#160;But we thought that
it was better to retain dealerships in the long-term than it was to try to raise
prices on them.&#160;&#160;That is the biggest reason for the drop-off in gross
margin.&#160;&#160;Our other expenses stayed relatively constant.&#160;&#160;So
we ended up with quite a huge drop in earnings.&#160;&#160;Going forward, with
that behind us, we now have pricing in place.&#160;&#160;We also have our
efficiencies much improved and are able to deliver within the proper time
periods for this season and at proper pricing.&#160;&#160;I am going to just
review each of our four divisions.&#160;&#160;I call them divisions, but they
are the four different locations.&#160;&#160;First of all, I would like to talk
about our newest one &#8211; the Auger Division &#8211; over in Salem, South
Dakota.&#160;&#160;We have cranked that up and made our first product there, and
we are going to start our deliveries in May.&#160;&#160;We have a significant
backlog for a startup, I think, as we have about a $1.5 million backlog there
now.&#160;&#160;We have completed the first products.&#160;&#160;We haven&#8217;t
shipped them yet, but we have completed them, so we are actually a couple of
weeks ahead of where we thought that we would be at this time of
year.&#160;&#160;Our Vessels Division in Dubuque, Iowa, continues to increase
its volume.&#160;&#160;Its backlog is now $268,000 versus a year ago with
$83,000.&#160;&#160;We are increasing about 30 percent per month.&#160;&#160;So
far this year, each month has been better than the prior including March and now
into April.&#160;&#160;We assume that we will be back on track there, I
believe.&#160;&#160;The Scientific Division in Monona,&#160;Iowa, has changed
dramatically with the current stimulus packages and budgets.&#160;&#160;The
Federal Government budgets have allocated a lot of money for science, and we are
seeing a tremendous increase in inquiry and projects now being released that
were not funded back to 2005 and are now being funded and being
released.&#160;&#160;There has been a tremendous increase of inquiry to us as
well as requests to update those quotes that we did in 2005.&#160;&#160;We see
that as being very, very good going forward this year and into next
year.&#160;&#160;Art&#8217;s Way Manufacturing at Armstrong, Iowa, is now pretty well
caught up.&#160;&#160;We do still have a significant backlog, but it is of newer
product and at proper pricing and so on.&#160;&#160;But it is not as strong as
it has been.&#160;&#160;Our order intake the last couple&#160;of months is not
as strong as we have had in the prior year.&#160;&#160;But we still think that,
because we are not outsourcing and because we have right-sized our production
and watched our overheads going forward, we will be looking a lot
better.&#160;&#160;In other words,&#160;what I am trying to say, I think, is
that we&#8217;ve got these bad couple of quarters behind us and are looking just a
whole lot better going forward.&#160;&#160;So, with that, I am ready to try and
answer some questions.</font></div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Drewitz:</font>&#160;&#160;All right,
Erica, let&#8217;s open it up for Q and A.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:</font>&#160;&#160;Ladies
and gentlemen, at this time, we will conduct the Question-and-Answer
Session.&#160;&#160;If you would like to ask a question, then please press *1 on
your phone now, and you will be placed into the queue in the order
received.&#160;&#160;You can press # at any time to remove yourself from the
queue.&#160;&#160;Once again, if you would like to ask a question, please press
*1 on your phone now.&#160;&#160;Our first question comes from <font style="DISPLAY: inline; FONT-WEIGHT: bold">Lance Rodveld</font>, a private
investor.&#160;&#160;Please state your question.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Lance Rodveld</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">, Private Investor</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">: </font>Hi, Ward, this is
Lance.&#160;&#160;I have been concerned about the increase in inventories over
the Company as a whole.&#160;&#160;I see that we are up around $15 million now
and have been, up until recently, $6 million &#8211; or, a couple of years ago, $6
million was pretty standard.&#160;&#160;So I wonder if you could explain where
the inventory is lying.&#160;&#160;Thank you.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Yes, I
certainly can.&#160;&#160;First of all, significant events are
happening.&#160;&#160;In the month of March, we reduced our inventory by $1
million.&#160;&#160;So far, this month, it looks like it is down about
$500,000.&#160;&#160;We are in the process of reducing it.&#160;&#160;The reason
that is happening is because, for those orders that we had last year, we had the
inventory in stock to finish even though we weren&#8217;t able to finish it. &#160;So
now we are shipping that a working it down significantly, and expect to see some
more work done on that inventory.&#160;&#160;We have targeted a number that I&#8217;m
not sure that we can reach, but we have targeted getting it down to $10
million.&#160;&#160;One issue with it is that &#8211; well, one other thing that
causes it is that we have opened up the Art&#8217;s Way Auger Division and, so far, we
have $300,000- to $400,000-worth of inventory over there that we didn&#8217;t have
last year.&#160;&#160;But it is on the way down and will continue down. &#160;It
is on our target.&#160;&#160;We are going to try to get that
reduced.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rodveld</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">:</font>&#160;&#160;I don&#8217;t know if I
am still on, but thank you.&#160;&#160;That is the only question that I have
right now.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Thank
you.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:</font>&#160;&#160;Our next
question comes from Joe Dancy from LCGI Advisors.&#160;&#160;Please state your
question.</font></div><br>
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        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Joe Dancy, LCGI
Advisors:</font>&#160;&#160;Hi, Ward, I am glad that the technical problems were
on your end.&#160;&#160;I thought that they were on
mine.&#160;&#160;(Laughter)&#160;&#160;That is one good think this
morning.&#160;&#160;My question is actually on the Auger
Business.&#160;&#160;Can you refresh my recollection?&#160;&#160;Are you selling
those through dealers?&#160;&#160;How are you building backlog on a new business
like this?&#160;&#160;How is the word getting out?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Well,
the Auger Business is pretty much in four states: Nebraska, Iowa, Minnesota, and
South Dakota.&#160;&#160;We turned that loose to our Art&#8217;s Way salesmen back
when we first started, which was in December.&#160;&#160;Almost immediately,
because there was some pent-up demand from a company that had been in Salem,
South Dakota, whose employees we had hired because they closed, there was a
pent-up demand, I think, for those augers.&#160;&#160;And we immediately got
about $1 million-worth of orders for them through our own Art&#8217;s Way
salesmen.&#160;&#160;In February of this year, we turned it over to all of our
salesmen.&#160;&#160;We have four direct and about 10 reps.&#160;&#160;We turned
it over to them, explained it to them, and had a sales meeting with them in
February, and they are now beginning to write some orders.&#160;&#160;Currently,
our backlog is up to about $1.5 million.&#160;&#160;The people that are working
in South Dakota are the same people, the same names that they would have called
at the old company that had been there, so they knew each other.&#160;&#160;I
think that helped us.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;OK, are
these customized augers, or are they standardized where you&#8217;re just turning them
out like car tires?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Not
quite, but they are standard even though there are a number of
sizes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:&#160;&#160;</font>OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;They are
all very, very similar but not all exactly alike.&#160;&#160;But they&#8217;re not
custom, either.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;OK, that&#8217;s
understood.&#160;&#160;I was just curious.&#160;&#160;On the acquisition <font style="DISPLAY: inline; FONT-WEIGHT: bold">all-par</font> guide, last time, you
were sort of cooling your heels, so to speak, as far as looking at any addition
acquisitions was concerned, just based on the environment and everything else
with regard to the Art&#8217;s Way financial situation.&#160;&#160;Are you looking at
all for any acquisitions, divestitures, or anything substantial with regard to
corporate structure?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Not now,
Joe.&#160;&#160;But, obviously, I&#8217;m on a lot of radar, and if something came
along, then I would certainly approach it within the means that we
have.&#160;&#160;But I think that we have had a lot of work to do in trying to
get this inventory squared away and in trying to get our gross margin up, and I
am concentrating hard on that&#160;right now.&#160;&#160;I&#8217;m doing some
realigning of jobs so on in trying to get that gross margin
restored.&#160;&#160;I think that is our first order of business right now, not
buying something else.&#160;&#160;The auger thing is just getting going, and
that keeps us occupied, as well.&#160;&#160;But our first sales from the auger
thing won&#8217;t be until May.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:&#160;&#160;</font>OK,
interesting.&#160;&#160;The other question is that the scientific is sort of
interesting.&#160;&#160;It sounded like that was sort of the &#8211; maybe I just read
that wrong or interpreted it wrong &#8211; negative surprises, or one of the negative
surprises for the Quarter.&#160;&#160;And it sounds like the scientific &#8211; with
the Government stimulus and everything, Ward, how soon do you think that you
will see any results?&#160;&#160;I know that you have described them in the past
as sort of a funnel where these take forever to get contracted and approved,
designated, and to finally get the order for you guys to start up your
plant.&#160;&#160;Do you think that you&#8217;re going to see something relatively
quickly, or is this something that is going to take another 12
months?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;No, I
don&#8217;t think that it&#8217;s going to take 12 months.&#160;&#160;The reason that I
don&#8217;t think so is because a lot of these things were originally quoted and
didn&#8217;t get financial approval, and almost all of them are, in some way or
another, tied to the Government.&#160;&#160;So bringing them out, and now they
want them approved in a hurry, I think, is going to &#8211; just this morning, I have
one.&#160;&#160;We just did a $3.5 million job for Cancer Institute in
Washington.&#160;&#160;This morning, they have released another one that has to
be bid in May, which is right up our alley; we just did one there.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:&#160;&#160;</font>OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:&#160;&#160;</font>I think
that some of it&#8217;s going to &#8211; that&#8217;s not going to yield a lot of sales,
though.&#160;&#160;But I think that the Fourth Quarter is going to show
it.&#160;&#160;And I think that the next year &#8211; 2009, I think, is going to be,
frankly, wide open.&#160;&#160;I think that we are going to see a real, real
increase in orders in business.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;Tell me
about the capacity &#8211; and that&#8217;s a new facility.&#160;&#160;And as I recall, if
you get the orders, the amount of capacity that you have to blow those things
out the door, assuming that you have the labor, is pretty
substantial.&#160;&#160;Is that right?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Yes, we
think that we could push out of that building $50 million a year if we had the
orders.&#160;&#160;Now, there is another caveat to that, and that is that most
of them also require some fieldwork.&#160;&#160;We did one this past year that
had 27 units in it, and they all had to be attached onsite and joined together
to be a much bigger building.&#160;&#160;So, right now, the caveat would be do
we have enough field for us.&#160;&#160;And we are exploring the possibility
right now of using local contractors rather than our own people to do some of
this because we think that it is going to be that strong in 2010.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;OK,
interesting.&#160;&#160;Here&#8217;s the last question: I know that you have
periodically been looking at the export markets, and I assume that things are
probably pretty slow with regard to all of the financial volatility and
everything else, Ward, with regard to any of your activities in looking to
export anything to Europe, China, or anywhere else.&#160;&#160;Is that correct
or not?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;I
thought that, too.&#160;&#160;But, you know, we just shipped a container of our
grinders to France last week.&#160;&#160;We just recently shipped a container of
our forage blowers to Finland.&#160;&#160;I thought that it would be much worse,
but England remains strong for us, and Australia.&#160;&#160;I don&#8217;t
know.&#160;&#160;I don&#8217;t see it declining like I thought that it
might.&#160;&#160;Now, we do see something.&#160;&#160;We had an order for a
container of grinders to Russia, and they can&#8217;t get the money
together.&#160;&#160;They want them and have ordered them, in fact, but we have
taken it off of our backlog because they haven&#8217;t been able to get it
funded.&#160;&#160;In talking to a number of the farm machinery manufacturers at
a recent convention that we were at, they are all suffering that same
problem.&#160;&#160;And some of them had some stuff on the water and so on, and
they&#8217;re having collection problems and so on.&#160;&#160;China is the same
thing.&#160;&#160;China has backed off on this stuff, too, although, we did have
an inquiry again for a couple of harvesters within the past week.&#160;&#160;So
I don&#8217;t know.&#160;&#160;I think that the big jobs were sugar beet harvesters,
and China and Russia&#160;&#8211; both places have kind of backed off.&#160;&#160;We
went to some shows.&#160;&#160;We did a German show in November.&#160;&#160;We
did <font style="DISPLAY: inline; FONT-WEIGHT: bold">Agrotechnica</font> in
Germany the prior fall.&#160;&#160;We are getting some play on
that.&#160;&#160;And I think that we may be able to overcome whatever drop-off
that we may have (fingers crossed).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;OK, thank
you.&#160;&#160;Those were my only questions.&#160;&#160;I appreciate your help,
and I appreciate the Call.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;See you
on the thirtieth.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dancy:</font>&#160;&#160;I hope
so.&#160;&#160;Thank you.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:</font>&#160;&#160;Our next
question comes from Sam Rabotski, from Art&#8217;s Way.&#160;&#160;Please state your
question.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sam Rabotski, SER Asset
Management:</font>&#160;&#160;Yes, Sam Rabotski.&#160;&#160;That&#8217;s SER Asset
Management.&#160;&#160;Good morning, Ward.&#160;&#160;I am new to the
Company.&#160;&#160;As far as the price increases are concerned, are there any
further materials that you are shipping in the quarter that began in March, that
has your lower prices that you did not pass along your cost
increases?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Very,
very minor.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;Very
minor, OK.&#160;&#160;And as far as contract manufacturing outside is concerned,
based on the space available and your availability to do all of the work
in-house, so there is no need for that?&#160;&#160;And, presumably, you did just
a negligible amount, or was that significant?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;None.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;None.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;We
brought it all back.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;You
brought it all back.&#160;&#160;And of the capacity that you have in-house, what
is the percentage of capacity?&#160;&#160;Are you working on one
shift?&#160;&#160;What capacity do you have to increase the
production?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;We are
working on one shift.&#160;&#160;We have more capacity than we have orders right
now.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK.&#160;&#160;And
the pressurized vessels &#8211; are those the scientific vessels?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;No,
scientific is modular laboratories.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;I see, I
see.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:&#160;&#160;</font>They are
pressure vessels -- stainless steel-type, welded-together pressure
vessels.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:&#160;&#160;</font>Yes, and
I was looking over the previous year where there was &#8211; I mean, for the year that
just ended in November, there were $331,000 compared to $4 million, and there
were significant losses.&#160;&#160;You have had losses on the pressurize
vessels, and you say that the backlog has increased.&#160;&#160;So they expect
to be profitable in the year going forward?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Frankly,
if we could break even then I would be quite pleased.&#160;&#160;But we are
building back.&#160;&#160;Our backlog is 200-something, which I just mentioned,
versus last year when it was 83.&#160;&#160;What happened &#8211; and you may not be
aware &#8211; is that we lost a lease on the building and ended out in the street with
no place to make anything, and it took us several months to get back and
going.&#160;&#160;We are&#160;now back and going, but, in the meantime, we have
lost customers.&#160;&#160;There is something going on, though.&#160;&#160;We
have a new, large customer, who looks very good for a couple million
dollars-worth of business over the next 12 months.&#160;&#160;So that is a
single customer.&#160;&#160;He has just placed his first orders this
week.&#160;&#160;It is going to come back, but it is going to take us a bit of
time.&#160;&#160;And we are going to have to eat up some losses that we have had
so far this year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK, and
as far as your international business is concerned, what percentage of your
total sales is international?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Less
than five.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK, but I
guess that you are looking to grow that.&#160;&#160;Is there a cost to shipping
a significant value, a part preventing you from selling overseas?&#160;&#160;Or
are the products that they want significant that the cost of shipping is not a
problem?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;The
biggest issue is the exchange rates.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK,
OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;It took
two dollars to buy a pound a year ago.&#160;&#160;Now it is taking $1.50,
$1.47.&#160;&#160;It&#8217;s a significant change in the cost of them over
there.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK, and
as far as your relationship with the bank, I guess that there were additional
charges on the negotiation?&#160;&#160;Do you expect to meet the requirements
with your negotiated relationships with your bank?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Well, we
have a wonderful relationship with our bank.&#160;&#160;We don&#8217;t have any extra
charges at all.&#160;&#160;We increased our line of credit at no additional
cost.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK, that
sounds good.&#160;&#160;Well, good luck going forward.&#160;&#160;I&#8217;m just
getting more familiar with your Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Where
are you located?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;In New
York.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;So we&#8217;ll
be talking.&#160;&#160;I&#8217;ll get to know it a little better.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Thank
you.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rabotski:</font>&#160;&#160;OK.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:</font>&#160;&#160;Once
again, ladies and gentlemen, if you would like to ask a question, please press
*1 on your phones now.&#160;&#160;Gentlemen, at this time, we have no further
questions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Drewitz:</font>&#160;&#160;Ward, why
don&#8217;t you close it off and invite everyone to the Shareholders&#8217; Meeting, and
thank them for their participation?</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">McConnell:</font>&#160;&#160;Yes,
thank you all for participating in our Call.&#160;&#160;We look forward to
keeping you updated on our next call and appreciate your continued support of
Art&#8217;s Way.&#160;&#160;Goodbye and have a great day.&#160;&#160;But come to our
Annual Meeting on April 30, in Armstrong, Iowa, starting at eight o&#8217;clock in the
morning.&#160;&#160;We would love to have nice participation in that if you
could make it.&#160;&#160;We appreciate your participation on the
Call.&#160;&#160;Thank you.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator:</font>&#160;&#160;This
concludes today&#8217;s Conference Call.&#160;&#160;Thank you for
attending.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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