<SEC-DOCUMENT>0001437749-12-001607.txt : 20120222
<SEC-HEADER>0001437749-12-001607.hdr.sgml : 20120222
<ACCEPTANCE-DATETIME>20120222105237
ACCESSION NUMBER:		0001437749-12-001607
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120222
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120222
DATE AS OF CHANGE:		20120222

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:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05131
		FILM NUMBER:		12629211

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>artsway_8k022212.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
    <title>artsway_8k022212.htm</title>
    <!--Licensed to: RDG Filings-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, DC 20549</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">FORM 8-K</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Current Report Pursuant to Section 13 OR 15(d)</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">of The Securities Exchange Act of 1934</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">February 22, 2012</font></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">ART&#8217;S-WAY MANUFACTURING CO., INC.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation)</font></div>
</td>
</tr><tr>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="36%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">000-05131</font></div>
</td>
<td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">42-0920725</font></div>
</td>
</tr><tr>
<td valign="top" width="36%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Commission File Number)</font></div>
</td>
<td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(IRS Employer</font></div>
</td>
</tr><tr>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Identification No.)</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5556 Highway 9</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Armstrong, Iowa 50514</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Address of principal executive offices)&#160;&#160;(Zip Code)</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(712) 864-3131</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Not Applicable</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="78%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Former name or former address, if changed since last report.)</font></div>
</td>
</tr><tr>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the 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>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">o </font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">o </font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">o </font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(17 CFR 240.14d-2(b))</font></div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">o </font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(17 CFR 240.13e-4(c))</font></div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
<hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 81pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.02&#160;</font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results of Operations and Financial Condition.</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 22, 2012, Art&#8217;s-Way Manufacturing Co., Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the fiscal year ended November 30, 2011.&#160;&#160;The full text of the press release is set forth in Exhibit 99.1 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herein.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information contained in this Current Report on Form 8-K, including the Exhibit 99.1 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>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 81pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01&#160;</font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits.</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 81pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)</font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financial statements:&#160; None</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 81pt">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pro forma financial information:&#160; None</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 81pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shell Company Transactions:&#160; None</font></div>
</td>
</tr></table>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 81pt">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibits:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 126pt">&#160;</td>
<td align="right" style="WIDTH: 45pt">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press Release dated February 22, 2012</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant 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>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated:&#160;&#160;February 22, 2012</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>ART&#8217;S-WAY MANUFACTURING CO., INC.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font><font style="TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Carrie L. Majeski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>Carrie L. Majeski</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 189pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>President and Chief Executive Officer</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><br>
&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C.&#160;&#160;20549</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ART&#8217;S-WAY MANUFACTURING CO., INC.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT INDEX TO FORM 8-K</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date of Report:</font></td>
<td width="50%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Commission File No.:</font></td>
</tr><tr>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 22, 2012</font></td>
<td width="50%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">000-05131</font></td>
</tr></table>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 90pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit No.</font></font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ITEM</font></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 90pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.1&#160;</font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press Release dated February 22, 2012</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
    <title>ex99-1.htm</title>
    <!--Licensed to: RDG Filings-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font></div>

<div style="TEXT-ALIGN: right">&#160;</div>

<div style="TEXT-ALIGN: center"><img src="logo.jpg" alt=""></div>

<div style="TEXT-ALIGN: left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">ART&#8217;S WAY MANUFACTURING ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR 2011</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Income For Fiscal Year 2011 Increases 18.5%</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conference Call Scheduled For Friday, February 24, 2012 at 10:00 a.m. Central Time</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ARMSTRONG, IOWA, February 22, 2012 </font>&#8211; Art&#8217;s Way Manufacturing Co., Inc., (NASDAQ:ARTW) a leading manufacturer and distributor of farm machinery, announced its financial results for the fiscal year ended November 30, 2011. Additionally, the Company has scheduled a conference call Friday, February 24, 2012 at 10:00 a.m. Central Time to discuss the results and other information material to the Company&#8217;s business.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">What: Art&#8217;s Way Manufacturing Fiscal Year 2011 Financial Results Conference Call</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">When: Friday, February 24, 2012 - 10:00 a.m. Central Time</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Carrie Majeski, President and Chief Executive Officer, and J. Ward McConnell, Jr., Chairman of the Board of Art&#8217;s Way Manufacturing, will be leading the call and discussing fiscal year 2011 financial results, the current state of the Company&#8217;s operations and the long-term outlook for the balance of 2012.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Highlights:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Net income for fiscal year 2011 increases 18.5%.</font></font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Earnings per diluted and basic share for fiscal year 2011 were $0.31, a $0.05 increase from fiscal year 2010.</font></font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">As of February 14, 2012, consolidated gross order back log was approximately $21,000,000, an increase of 41% over last&#160;&#160;year.</font></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">For the Fiscal Year Ended</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November 30</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Consolidated)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#c0ffff">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net Sales</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,619,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,951,378</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-4.6</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating Income</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,929,764</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,895,028</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.8</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#c0ffff">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net Income</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,248,895</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,053,497</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.5</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EPS (Basic)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">0.31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.2</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#c0ffff">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EPS (Diluted)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">0.31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.2</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted Average Shares Outstanding:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#c0ffff">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,018,196</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,993,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Diluted</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,049,268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,011,754</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="4%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="4%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="logo.jpg" alt=""></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Revenue:</font> Total revenue decreased 4.6%, from $28.9 million in fiscal year 2010 to $27.6 million in fiscal year 2011. This was mainly due to decreased revenues from Art&#8217;s Way Scientific, which continued to be impacted by economic conditions and fluctuations in government funding during fiscal year 2011.&#160;&#160;Total net revenue from Art&#8217;s Way Manufacturing increased 9.9% from fiscal year 2010 to 2011.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income:</font> Total Operating income increased from $1,895,000 in fiscal year 2010 to $1,930,000 in fiscal year 2011, while net income for the fiscal year ended November 30, 2011 increased from $1,053,000 to $1,249,000, an increase of 18.5%. The increase was primarily attributable to higher net sales and operating income in our agriculture segment.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Earnings per Share:</font> Earnings per diluted and basic share for the fiscal year ended November 30, 2011 were $0.31, an increase of $0.05 from the fiscal year 2010 earnings per diluted and basic share.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">J. Ward McConnell, Jr., Chairman of the Board, said, &#8220;This past fiscal year has been challenging for the Company. Art&#8217;s Way Manufacturing and Art&#8217;s Way Vessels continued to show sales revenue improvements. Art&#8217;s Way Scientific unfortunately, continued to be impacted by lingering economic volatility.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Art&#8217;s Way Manufacturing sales revenue was up nearly 10% due to sales increases in grinder mixers, land maintenance, and potato harvester equipment.&#160;&#160;Service part sales increased by 8.8% from 2010. Art&#8217;s Way Vessels net sales were up over 17%. Art&#8217;s Way Scientific had a decrease in net sales by 53%. Yet, the Company as a whole had a net income increase of 18.5%.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#8220;As for Art&#8217;s Way Scientific, we saw improvement in this segment&#8217;s sales activity and backlog during late 2011 and, in January 2012, announced a $7 million order for a modular building complex. We anticipate sales will improve during the 2012 fiscal year.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Additionally, I believe our consolidated balance sheet indicates a strong financial position.&#160;&#160;During fiscal year 2011, we decreased our current liabilities by 25.8%, and long-term liabilities by 6.6% for a total decrease of approximately $2 million.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;I am very enthusiastic about our future in 2012. Based on a recent market survey of farmers, bankers and analysts, we expect that high 2012 corn prices will prompt farmers to plant the biggest corn crop since World War II.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Very healthy farm income has encouraged farmers to purchase new equipment and to expand operations and this bodes well for Art&#8217;s Way Manufacturing. I believe the Company is entering 2012 with excellent momentum and we are well positioned to aggressively move forward into 2012 and beyond.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;I want to thank all of our dedicated and hard working employees and our loyal shareholders for their support.&#8221;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><img src="logo.jpg" alt=""></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">About Art&#8217;s Way Manufacturing, Inc.</font></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company's business. The Company has two wholly owned subsidiaries. Art's Way Vessels, Inc. manufactures pressurized tanks and vessels; Art's Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investors and shareholders are invited to send their email to jim@jdcreativeoptions.com to be added to the Company&#8217;s email database for future news releases.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td align="right" style="WIDTH: 144pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For More Information, Contact:&#160;</font></div>
</td>
<td align="left">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Jim Drewitz, Investor Relations</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">830-669-2466</font></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">jim@jdcreativeoptions.com</font></font></font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">www.jdcreativeoptions.com</font></font></font></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Or visit the Company's website at www.artsway-mfg.com</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This news release includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectation that demand for farming equipment will increase; (ii) our beliefs about our financial position; (iii) our expectations relating to sales and backlog for Art&#8217;s Way Scientific; and (iv) our belief that we are well-positioned for market opportunities, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, quarterly fluctuations in results, customer demand for the Company's products, domestic and international economic conditions, the cost of raw materials, the management of growth, the availability of investment opportunities, and other factors 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>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-END-</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`""`5X#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_*"<`T5Y
MA^VM\9IOV>/V0OB9XWM+[3].U+PSX9O[[39KTKY'VU;=_LJ$,0&+S^6@3.69
M@HY(H,ZU6-.$JDMDF_N/YI/^"C'[1L?[6?[<7Q,\?VUU;7NF:WK<L>E7,%O)
M;K<:?;A;:SD,<F'5FMH82VX`[BV57[H\5H)R?2C/-9G\RXBM*M5E5GO)MOU>
MH5_1[_P;Y?%ZW^*O_!+SP5:#4KW4]2\&WE_H&HM<^86MW2Y>X@A5G^\B6EQ:
MA=I*JN$&-N!_.%7[/_\`!JE\>/MG@KXJ_#&ZN].C.GWMKXGTZVSB\N!.GV:[
M?&?FBC^SV0X'RM-R3N`#1];P'BO99JH/[<6OU_0_76BBBK/W$****`"BBB@#
MQG]I/_@H3\&_V0?%=AH?Q(\<V'A;5=4M/MUK;SVUQ*TT.]DW@Q1L`-R,.3GB
MO.O^'WG[*_\`T5_1O_!???\`QBOS7_X.H?\`D[[X>?\`8G#_`-+;FOR^J6S\
MNSKC?&X/'5,-3A!J+LKIW_\`2D?U)_!+_@J=\`?VC?BAI?@OP5\1]-U_Q/K7
MFBRL(;*[C>?RH7FD^9XE48CC=N2/NXZD"OH&OYL/^"`XS_P5L^$W_<8_],U]
M7])]-,^KX5SJMF>$EB*Z2:DUI>UK)]6^Y\V?\%"_^"I/P^_X)JCPC_PG6D>,
M-6_X30W@LAH-I;S^5]E\CS/,\Z>+&?M";<;LX;.,#/S[X-_X.8_@C\0_&&E:
M!HG@/XT:EK.N7D.GV%I%I.F^9=7$KK''&N;_`!EG90/<U\`?\')?QPNOB5_P
M4>O?#!CNK:P^'>B6.E1QM=M)#<RSQ"^DN%CP%C9EN8HFQDL+9"3C"KUW_!ME
M^PE!\=OVBM2^+?B&SFET#X721#28Y[0/:W^K2H^UM[HR,UJF)=JE9$DEM'R!
MPROJ?.5>)<QKYT\OP=N52MJMDOB=_D_R/WF!R,^M%`&!15'Z2%%%%`'P7_P<
M??!Y_B=_P3.U75H[IX&\!:]IVO\`E+"9#=!G>Q*'!&T*+XR%N>(B.^1_._7]
M;G[37PHN/CQ^S?\`$#P/:W4-C<^,O#>HZ'#<S(7CMWNK62!9&`Y(4N"0.PK^
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M5([?:)[ASGD-(P[8'Q52>Y\AQ/7]MFM>?]YK_P`!]W]#]"O^#:'XPV_P\_X*
M+/X>NI;_`&^/?#5[I=K#$<P-=0F*]#RC('RPVMR%;!(,F.`Q-?T%5_+S_P`$
MB/BK<?!O_@I?\&-7MK2"\DO/$L&AF.5BJJFHAM/>0$?Q(ERS@="5`[U_3#\9
MOBAI_P`$?@_XJ\::JMQ)I7A'1[O6KQ8%W2M#;0O,X0=VVH<#UJH['Z1X?XI/
M+9PF_@D_N:3_`#N?RK_MB_$#2OBS^UU\5/%6A3FZT3Q-XPU?5M/F*%#-;SWL
MTL3[2`1E'4X(R,UYQ2LVYB<`>P[4E0?CU6HZDY5'NVW]Y^[_`/P:[_`8>!OV
M/O&'CVYL[VVOO'OB#[-!+*_[B\L+&/9%)&O;%S/?(Q[F,#^')_36OFO_`((]
M_"@_!G_@F7\&M'-[_:'VOP_'KGF^5Y>W^T7?4/+QDY\O[5LW9^;9G`S@?2E6
MC^B.'\,L/EM"E_=3?J]7^+"BBBF>P%%%%`!1110`4444`%%%%`!7YZ_\'*_Q
M\M_AA_P3T/A!7TZ74?B5KEIIPMY;@)<I:VSB]EN(DZN$E@MHV.,+]I7)R5!_
M0JOPX_X.I?B[/K_[3?PT\#"*T^Q^&/#<VLK.C$S&:^N6B>-QG`"I80LO&?WK
M9XQ2>Q\SQ?B_J^4U6MY+E^_1_A<_+*O4/@7\)X/''P;^-/B&[L;F:/P5X6L[
MVTNE7]U;7<^NZ7:J&..&:":ZP`03M;L#7E]?H[_P21^!O_"P/^"6O[;5[K>F
MW$GAZZ\-6TUC<D[(I;_2[:_OPH(Y)BD:T=ACHZ^M0?BN48/ZSB/9?W9O[H2:
M_&Q^<5?>7_!N#\6Y?AQ_P4VT?1X[)+M?'F@ZEH4DC2E#9A(AJ'F*,'<2;!4Q
MQQ(3GY<'X-KT']DWXX2?LU?M.>`/'Z?;FB\(Z]9ZG<Q6<OE375O'*IG@5N@\
MR+?&<\$.0>":#/*<6L-C:6(>T9)OTOK^!_6G7S5_P4,_X*E_#_\`X)J'P@/'
M6C^,=6_X33[9]A_L&TMI_*^R^1YGF>=/%C/VA-NW=G#9Q@9^E$;<N:_'7_@[
M*^_\`OIXA_\`<76CV/W?B7,*N"RZIB:'Q1M:_G)+]3V/_B*4^`'_`$)_QB_\
M%6F__)]>D?LB_P#!?'X0?MH_M#^'OAGX5\-_$FPU[Q+]I^RSZKI]E%:1^1;2
MW+[VCNY'&4A8#"'YB.@R1_.77KG[&'Q[G_98^*>H_$;2=6@TWQ9X6T*^/AN.
M6`RBZO[N+^SP1^[=`88;N>Z`E&QC:A#G>`9YC\TP?'>8NO#V\ER77-ITZV\[
M;>9^[/\`P42_X+K_``O_`&#_`!%/X5L;.Y^(OCR!-TVE:9>1PVFFL)%4QW=U
M\_E2;/,81I%(V4`<1AU8I^SG_P`%L=!^*_\`P3X\<_M#>*?`NK^&M!\"^(4T
M&ZTK2K^/5KRYW_8525&D6V0?/?("I/"QL<DD*/YRSR2<`9)/`Q7Z3_LR?\JR
M?[0__90K3_T?X>H3N=V`XQQ^*Q-:5U&$83DHV3LXIM7=KOSV7D>0?\%I/^"A
MO@O_`(*-?'?PKXH\$Z7XHTO3]#T$:7/'KEM!!,\OVB67<HAFE!7;(!DD'.>/
M7XWHHJ3\_P`;C*F*KRQ%;XI:L][_`."8G[4OA_\`8L_;B\$?$SQ39ZS?Z%X:
M^W_:8-*BCENY//L+FV38LDD:'#S*3EQP#C)P#_0'_P`$]/\`@J5X`_X*5_\`
M"8?\(-H_C#25\%BS^W?V]:6T'F_:OM'E^7Y,\N<?9WW;MN,KC.3C^8&OTI_X
M(<1^(+S]B3]M"P\*:)K7B'Q)K7AO2M(TVQTK'VMY[N+5K9)%)9<",RB1CG(6
M-B,G`-19]=P9G>(P]=8..M-\TFK:MJ#>G_@*/B3]I3XA7/[6G[87C?Q+X>LM
M>U2?X@^*[R[T;3Y(3/J,JW-TQM;41H7+2A6CC$:%N0%7(Q7]"?PEN/@U_P`$
M3?V)/"WAKQGXH\.>&7MK;[3?S+AKWQ+J3&);J>&!%$]SMDEB4$(QBA6(.51,
MC\V?^"6'["'B7]@;X@^,?VC/C]X6U?P?X:^#FA37VF6=V8TN-9U"Y1[>..)6
M)1SM=XU#.G[ZXML'`;'P;^UC^UEXW_;4^->I^//'NJ'4=8O\1001@I9Z5;*2
M8[2VC)/EPIN.!DLQ9G=GD=W9+0>`Q\LFI2QM6%\16O9-6M&^K:WU>RTVW/UF
M^*/_``=:>#](U^.+P7\(/$NOZ68`TEQK6M0:1<)-N;*"**.Z5D"A"&,@)+,-
MHV@MS]E_P=C0R7\*W/P'EBM6<"5X_&0DD1<\E5-BH8@9(!89/&1UK\<**+LX
M9<;YPY756WERQ_57_$_I%_9>_P""]W[.?[3FKMII\2WWP_U1I"D%OXPABTY+
MD!-Q9;A)9+=0>5"R2J[$8"G(S]GCD5_,'_P2-_8O/[<W[<7A7PK>VWVCPMI#
MG7O$N0"AT^W92T3#S$;$\K0V^8R707!?!"&OZ?!TJDS]-X1SC&9CAI5L5%))
MV36E^^GEIJOT"OY8_P#@I[\`8OV8_P!O[XK>#;:+2[;3['7I;W3[;3D*6UG9
M7BK>6L"J0-OEP7$2$`8!0@$C!/\`4Y7X&_\`!SU\&E\#?MV:#XLM-&DLK+QS
MX8@DN=0RQCU'4+662"4#)(#1VPL5(4`8*'J222//\0L+[3+XUDM827W/3\['
MYNU_0W_P;;?%9_B'_P`$R=/TA[-;9?`GB+4M#219-QNP[IJ'F$?PD&^*8Y_U
M8/?`_GDK]:O^"`W[37B'X7?\$[OVKH](CL([CX:Z7-XSTF:6,R$WLNF761(N
M0&C!TV`@<9W/STJ8[GPW!&+5#,[O9QE^"YOT/S,_:8^*\7QY_:/^('CBWM9K
M"W\9>)-1UR*UE</);)<W,DRQLPX)4.!D<<5Q%!.37>^'/AA9:Q^S%XQ\9O).
M-2\/^*-#T6&-?]6T-[::Q-(S>X:PB`_WFI'RWOUJDI=7=O\`%LY;P-XRU/X=
M>-='\0Z+=RZ?K&A7T.HV%U&</;3PR+)'(ONKJ"/I7])'_!7'X^C3_P#@D%\2
MO&O@^]LM0L/%'ANS@LKLJ7AN;#5)[:U:1>ARUO=,5/8E3@XQ7\T9&17ZZ_M]
M?M(77C7_`(-N?@5+HPFTW3]>N](\':G!)M<W<6F07D;8('`:YTR*0>P`]::/
MKN%L?['!XVG?>G=>NJ_]N5S\BJZ+X0?#+4/C5\6O"_@W26M4U7Q;J]IHMDUT
MY2!9KF9(8R[`$A-SC)`.!G@USM?4O_!%3X6:?\8/^"H?PATO4UNS:6.JR:X#
M;MM99K"VFO8"QP?D\ZWB##N"1D$YI(^6P&'^L8FG0_FDE][L?T;^-?'7@7]D
M#X"R:MK=[I?@SP%X'TR.+>PV6^GVL2+'%#&B@LQP$C2-`7=BJJK,0#^9'Q#_
M`.#KKPWIOBF6'PG\&-;UK1`B&*[U;Q%%IET[%1O#0107"*`V0")3D#.%Z#YG
M_P"#B3]O34?VBOVLKSX7:5>J/`WPKN3:F.VNV>+4]5,:BXFE3"J'MV9[95.X
MH4G8-B8J/SRJF^Q^@<1\:XFEB7ALO:C&&C=D[M;VNFK+;\;G]"/_``3^_P"#
MA7X;?MF?$NP\#^)=`O?ACXMUN=X=*6[U".]TO4'PGEP"ZVQ,ES(3(%C>((Q1
M561I)$C/1_M=?\%\?A!^Q=^T/XA^&GBGPW\2;_7?#1M_M,^E:?92VC^?;17*
M;&DNXW.$F4'*#Y@<9&"?YRP=I!'45VGQ]^.NN?M(?$,>*_$T\MYX@GTS3]/O
MKN69YI+YK.SALTG=I"SM+)%!&TC,QW2-(W`8*IS'GPX^QZPO([>T37O6W5G=
M-;7O;8_;C_B*4^`'_0G_`!B_\%6F_P#R?7H?P=_X+[?"?XZ_#7XC>)_#W@OX
MM75K\,-)BUO5K4:39/=2VKSK$\D2I=L"(@S2R%V0+'&[9.W%?SH5^HO_``;#
M>#],^(?Q/^-F@:U8P:GHVN>$XK"_LYANCN[>69DDC8=U9&(/L:$V=N2<79GC
M<;#"RE%<UUMUL[?B?4[?\'2?P`5B/^$/^,)Q_P!0K3?_`)/H_P"(I3X`?]"?
M\8O_``5:;_\`)]?AW\</A;=_`WXU>,/!.H75K>ZAX.UN]T.ZN+;/DS2VMP\#
MNF<':60D9`.",BN7I79YD^.<WA)PDXW7D?UW_!GXHV'QP^#_`(4\:Z5#>6VE
M^+]'M-;LXKM%2XBAN84FC6159E#A7`(5F&<X)'-?.W[?_P#P6)^%?_!.7XAZ
M)X6\::?XRUC6M<TXZJD&A6,$XMK<RO$CR--/"/G>.0`+N/[ML[<KF'_@AO\`
M%ZY^,?\`P2\^%EU?ZE9ZAJ6B6<^@SB`H&M([.YEM[:&15^ZXM4MS\WS,&5CG
M=D_CE_P7_P#V@E^/?_!3#Q=!;75A>:7X"M;;PI9RVT;*V8`TMRDA)^9TO)[J
M,D`#"*.<;C3>A][GO$-3"Y32QE!KGJ<MK^:N]#]&?^(I3X`?]"?\8O\`P5:;
M_P#)]=W^SS_P7V^'W[6'C6Z\.?#GX4?&_P`6:W963ZE/9VNG:1&\=NDD<;2$
MR:BJX#RQCKGYQQUK^=BOVA_X-8_V7Y-)\&_$3XOZC90HVLS1>&-#N&\U9Q#%
MB>](4@1M%)(UHH8%COM95^7!W)-GS/#_`!1FN88Z&&<ERN[;2V27]+YGZY]*
M_EN_X*N?&.?X[_\`!1SXQ^()Q8;4\2W&D6[V3%H9[>PQ8P2@DG)>&VC9B#M+
M,Q``(`_I;_:3^,]K^SI^S[XU\>WL"7=OX.T2[U@VK3B#[8T$+2+`'((5I&4(
M.#RPX/2OY(2"&.1@]Z)'5XCXNT*.%3W;D_EHOS85^_G_``0G_9>TGQ5_P1EU
M'0K_`%"^DL/C/-KK:D$Q&]BDP;262)L?\\[0."<D-(>P%?@'7[S?\$\O^"N_
M[)G[+7[#OPP\!7/Q'ETK4]$T"W;5K1_#^KW!M]1G!N+U=ZVS*P^TRS8VL5QC
M:2,4D?/<#3PU/&SJ8J<8QY6O>:6K:[^5S\&:*WOBII6@Z%\4/$EEX6U637/#
M%IJES#I&HO`\#7]FLK+!,8W`9"\85MK`$;L$`@BL&D?%RC9M,_JV_8!^,3?'
M_P#8C^%/B^?6H?$6HZUX7L'U34(RA\_4$@6.\W;`%#K<I,K*``&5A@8K\TO^
M#LK[_P``OIXA_P#<77OO_!LQ\5+WQY_P3JNM$OKBUD3P3XJOM+L(8P%DAM98
MX;S+XY.9[JYPQ[#'\->!?\'97W_@%]/$/_N+J^A^S9YBOK/"_M^\87]>:-_Q
M/QVHHKVS_@G'^SI%^UA^W+\,O`5W:VU]I>M:W'+JMM/<20)<Z?;AKF\C#QX=
M6:VAF5=I!W%>5ZB#\>P]"5:K&C#>327JW8D^$?\`P38^/'QV^&E]XP\*?"SQ
M=JWARQMOMGVQ;,Q"]BYYM4<J]V?E(VVZR-GC%?J-_P`$8?V($_:)_P""3WQ=
M^"WQ+L_%G@]=4^(KIJMLL(L-6LC#:Z-=HNRXB;828TSOC.5;CJ#7ZM6UK'9V
MZ0Q(J11J%15``4#H`!V`IZH$Z`#Z"K2/VC*N"</@JJJ\[E>+C)-*SNK/T7WG
M\VG_``6E_P"">7@S_@G+\>?"OA?P1J?B;5-.US0!JD\FN7,$\Z2_:)HL*888
ME";8UX*DYSSV'QO7ZA?\'47_`"=]\._^Q/'_`*6W-?E[4L_*^(\/3H9E6HT5
M:*>B^2/>_P#@F'^RUX>_;4_;B\$_#/Q3>:S8:%XE^W_:9]*FBBNX_(L+FY78
MTD<B#+PJ#E#P3T/(_H$_X)Y?\$M/`/\`P34D\8'P+K/C#5E\:BR^VC7KJVG,
M1M?M'E^7Y,$6,_:7SNW=%QCG/XB_\$!O^4MGPF_[C'_IFOJ_I/IQ/T'P]P&'
MGA98J4%[2,VD^J7+'_-GQI_P<`>=_P`.F_BCY:HR%](\TLQ!5?[7LB"..3NV
M^G!)SQ@_S;5_6C^U?^S=H7[7O[.OBSX;^)!(-)\567V=I8V(DM95=98)UP1E
MHIDCD"GY6*`,"I(/\OG[6W[(/CO]B3XQ7G@CX@:3_9NK6X\ZWGB<RV>J6^YE
M2YMY,#?$^TXR%=<%75'5E!(\WQ$P%;ZS#&)7AR\M^S3;U];Z?,\Q`!//([U_
M0-\&_P!G[]@W_@J+\`;;PUX&\,>!-*U$:>)1::7;PZ+XOT5UMUC,LNW]]<&%
MIUW22&XMI)0I8S8!K^?DC!JSHFM7GAG5[74--N[G3[^QF2YMKFVE:*:WE1@R
M2(ZD%65@""#D$9%),^2R3.8X"4U4I1J1G:Z?EV>MM^W;L?TE?\$@/^"8#?\`
M!-'X>>.;#4]2TS7_`!#XJUXR_P!JV7GQBXTNW4I8QR1.=D<H\RXD8)G!N-N^
M0(I'V#7X@?\`!)W_`(."?%O@OQEH/PX^.%^WBKP[K.H06%KXPU&^CM[SP\C*
M8PUV[*%N8?,\HM+*ZR1J9G9Y0%1?V^5MPS5(_9^&<?@<1@U'`*T8Z.+W77\=
M[]?6XM?F3_P='_!B/Q?^QQX+\:P:7?7FI>#/$XM9+N$2-%86-[`ZS-*!\H5K
MB"R0.PX8JH(WX/Z;5\V?\%A/A.OQG_X)D_&;2&OFTX67AZ37?-$7F[_[.=-0
M$6,C'F?9?+W9^7?NP<8(SJS_``OUC+JU+JXNWJM5^*/Y?J^IOV!_VE]<^"O[
M*W[5WA_28X/L_BGP%:-=2.,NH.K6FF,J\'@P:O<Y]"J_4?+-:_AOQUJGA+1M
M?T_3[IK>T\3V"Z9J48`(N;=;J"Z5#Z8FMH&X_N5!_/F#Q+H5/:1WM)??%K]3
M(KZ[^$/[+%WXI_X(K_&+XG0:C#%;Z/\`$30OM%H^2TB6D$UM\N!P2^OQMDGI
M`W`XS\B5^W/[!?[.OAW5O^#:OQZ9=-DU.3Q?H?B;Q/<0,SMOU&R>>.U=`ISE
M&TVT8*."R<@Y(+2/7X;P'UNM5AVIS?SM9?BS\1J^MOCQ^TW=^+?^".OP"^'-
MM;?9]-T'QGXECO7?;FZN+?[-=0R+W"B/7)4(]4SZ5\DDY)XQ[>E='J?Q/U'5
MOA'HG@R5;?\`LK0-7U#6;9E0B4S7L-E#,&;."H6P@VC`P2_)R,(\K"XET858
MK[<>7_R:+_0YROTT_P"#9#P\OA;X]_%[XH:M=V.G^$/`G@A[?5[J=R&M?/N(
M[E9-H!RBQ:?<ECV^7@YX_,NOV+_X)&?"+_A#O^"#?[3'BJ[T1;*^\9:1XF^S
MZ@R`/J=A;:.T48#=XX[DWJC/1C)ZTT>SPG2<LQC5_P"?:E+[D[?C8_([XC^/
M]6^*_P`0]>\4Z_<B]UWQ+J-QJNI7`C6,3W,\K2ROM0!5R[,<*`!G@`5BT#IU
MS12/FY2<FY2W9^CW_!&3_@BCX8_X*$?!SQ)X[^(&N>*-&T6VU3^R-(AT26*W
MGGDCC22>5VG@E1H_WL:+LYW)*#C`S\7?ME?LS:I^QQ^U#XU^&FKS"ZN?"FHM
M;Q7.$7[;;.JRVUP55F"&6"2*0IN)3?M)R#7]`/\`P0$C5/\`@DI\*,!<DZQN
M([G^V;X?T_2OQV_X+\(%_P""M7Q7Q_%_9!_\H]C3:T/N\\R7"X;(\-BJ<??E
MRW??FBY:^EM#XZK]6?\`@U1_Y.!^*W_8OVO_`*4FORFK]6?^#5'_`).!^*W_
M`&+]K_Z4FA;GC\(?\C>AZO\`])9Y[_P<Q?LYO\+/V[K+QQ;6MZNF?$[18;J2
MYED1H7O[0"UGBB4`,H6!;%SNSEIF(;JJ_G17[\?\'-?[.T?Q-_85TWQW;VMJ
MVI_#+6X9I+F69U>/3[TK:S1QH,J[-<&Q8[@"%B8AAR&_`>A[FO&6!^K9K4LK
M*?O+Y[_C<_:S_@U2^+E[?_!GXP^"YX;*/2_#FKV&NP3@,)GEO8)89E<D[=BK
MI\)7`!R[Y)XQ^//QI^*5]\<OC'XM\;:I!:VVI^,-9O-;NX;4,((IKF=YG5`Q
M)"AG(`))P!R>M?1'_!*CXTZ=\*+S]H#3]1UN31W\7?!CQ-IFEIYCHEUJ"VZW
M$2Y7A9!%#<;&..3M!W.`?E&@Y\QS%ULLPN'O\'/?[U;[D%?U2_\`!-S]G&;]
MDO\`86^&7@&\@N[35-&T9)M5M[B>.=[6_N6:ZNX@\?R,B7$\JKM+#:J_,WWC
M_/)_P2?_`&9+?]KC]O[X=>$-1MS<:$+\ZMK"/9&Z@EM+1&N7AF`("QSF);?>
M3@&=>&.%/]15.)]GX<X!I5<;);^ZOS?Z'P1_P<C?%<?#O_@F5JFD&P-Y_P`)
MYX@TW0A-YWE_8?+D;4/-QM._/V#R]N5QYN[/R[6_GBK]:?\`@ZQ^,$&I_%3X
M2>`83?)=:+I5[K]V"V+:9+N6."#`!YD0V5QG(X$HP?F-?DM2>Y\UQSB_;9M.
M*V@E']7^+845Z5^R#^RWK_[:?[1/A[X9^%[S1]/UWQ+]I^RW&J2R16D?D6LM
MR^]HTD<92%@,(>2.@Y'V[_Q"V?M`_P#0W_!W_P`&NI?_`"#0DSQ,%DN.QD'5
MPU-RBG:Z[_TS\V**]U_;[_X)[>.?^"<WQ0TCPKXXNM!U*ZUO2UU:VO-%DN)K
M)D,TD1B\R:&(F53'EE`.%DC)/S8KPJD<.(PU6A4=&LK26Z/U?_X-3?BK:Z/\
M<?BWX(:TN7O?$6AV.N172[?)ACL)Y(7C;G.YCJ*%<#&(WSCC/5?\'97W_@%]
M/$/_`+BZ^,O^"%?QZ'P$_P""FOP[EN-0N+#2O%TTOA>^$49D^U_;(REM"P`)
M"F]%HQ/;9DG`-?9O_!V5]_X!?3Q#_P"XNJ6Q]]A\4JO"56EUA)+[YQ?ZL_':
MOL3_`(($?\I:_A-_W%__`$S7U?'=?8G_``0'_P"4MGPF_P"XO_Z9KZDCY#(_
M^1EA_P#'#_TI']*%%%%6?T>?A;_P=1?\G??#O_L3Q_Z6W-?E[7ZA?\'47_)W
MWP[_`.Q/'_I;<U^7M0]S^>^*_P#D;5_7]$?8O_!`;_E+9\)O^XQ_Z9KZOZ3Z
M_FP_X(#?\I;/A-_W&/\`TS7U?TGTXGZ-X=?\BV?^-_\`I,0KXOU?]NC]FC]N
MWX\?$3]G+XA6?AZ]O?"^K?V391>(XECMM;O"GV286$L@1XKZ&XFFMU\LK*P(
MD@=P6,?H/_!5G]N!/V`OV,O$'C6V$$OB:^D31?#=O,&\N;49PQ5F(1QB*))I
MRK[5<0&/<I=37\O>XAMV3G.<TVR^+>)_[/JT\/3BIWUDGLX[)?/?Y+HS]D?^
M"GO_``;M>!?`OP>\8_$_X0ZY=^%8O"6CW.N7GAG4F>]L;B"VA221;:X8F>%O
M+BG?$IG$DCHH:%.1^-M>@>)?VL?BGXS^'`\':Q\2O'VJ^$1!#;?V'>>(+N?3
MO*A9&AC^SM(8]J&.,J-N%*+C&!7G]2S\NSK&8/$UE4P='V:MJKZ7\ELOE]P$
M9%?U=?L#:[>^*/V%_@QJ>I7MWJ.HZAX%T2YNKJZE:6>YE>P@9Y'=B69F8DEB
M2222:_EW_9[^!/B#]IKXV^%_`/A>V-QKGBO48M/MR8I7BM]Y^>>7RT=UAB0-
M)(X4[(XW8C`-?U>?!7X5Z?\``SX.^$_!.DS7ESI7@_1[31+.6[=7N)(;:!(4
M:0JJJ7*H"2%4$DX`'%.)]MX<8>ISUJ]O=LE\]_P7YG355UK1;3Q'H]UI]_:V
M][8WT307%O<1B6*XC8%61U/#*P)!!X()%6J*H_5FK[G\C/[0'PGD^`OQX\;>
M!IKV/4IO!FO7VA/=I&8UNFM;B2`R!225#%,XR<9QDUR-?:'_``7^^#<_PB_X
M*@^.9QH]IH^E>,+>Q\0Z:+81*EXLEND5Q<%4/RN]Y!=EMP#,VYSD,&/Q?69_
M-&987ZMBZN'_`)9-?<PK^I7_`()9?#W2_AK_`,$WO@KIFDPF"TNO!]AJLBEM
MV;B]A%Y<-D]FFGD;';.*_EJ&,\G`]:_K\^'?@33/A;X`T/PQHELMGHWAW3X-
M,L+=>D%O!&L<:#Z(JC\*J)][X;T;UZ]7LDOO;?Z'\D'Q0^'>I_"'XE^(O"6M
MQ10:UX7U.YTB_BB<.D=Q;RM%(JL.H#H0#WK"KZI_X+;_``ZTWX7_`/!4WXOZ
M=I,,D%I=ZE;ZNZNQ8M/>V=O>7#`^C3SRD#MG':OE:I/@,?AOJ^)J4/Y9-?<[
M!7]*O_!/+]E*.?\`X(M^#OA?J&K2/!X[\"7?VB[2W\M[1-:CGNF0)N.6A%Z4
MSD;C'G"YP/YROA1\-]3^,GQ2\-^$-%6%]8\5:I;:/8+,X2-I[B588PS'HNYQ
MD]A7]>:H$0*H"J!@`=JJ)]_X=8)5)UZ\UI91^_5_DC^.P\D\8]J*^GO^"R/[
M.][^S=_P4>^*&FW`N'L/$.K2>)]-N'LC:Q36]^S7.V(9(=(97EM]ZG!:W?A3
ME1\PU)^?8S#2P]>=">\6U]Q^^W_!NW^U_P"$M5_X)UIX3UG6_#N@ZE\+;G59
M+N*ZU:*.8Z891>OJ4L;%3%;H]X\1D.4!A)+`D@?D!_P4Y_:/L/VM?V]OB=X^
MT@0'1M7U46VFRPE]MW:6L,=G!<8=593+%;I*5(!4R%>V:\(K8\3>`=7\':+X
M>U'4K06]GXKT]]5TJ03))]KMENKBT:3"DE,7%K<)M<!OW><;2I+N>SF'$%?&
M9?2P,HVC2MKWLN5>ED[>9CU^K/\`P:H_\G`_%;_L7[7_`-*37Y35^K/_``:H
M_P#)P/Q6_P"Q?M?_`$I-"W*X0_Y&]#U?_I+/V/\`CS\)[7X\_!#QCX'O;NXL
M+/QCH=[H<]S``9;>.YMW@9T#<%E#DC/&0,U_))XF\-ZCX-\1ZAH^KV-WIFK:
M5<R6=[9W4+0SVD\;%)(I$;!1U8$%2,@@@U_8.1D5_./_`,'"/P%B^!W_``4R
M\3W5I#IEII_C_3[3Q3;6]FA3RVE#6]PT@P!YLEU;7$S$9W>=N)W%@'(^X\1<
M#SX>EBX_9=GZ/;[FOQ/B/J***"<#G@5)^1G['?\`!JY^S*@L_B1\8[IH79W7
MP9IJ),WF1@""\NS)'MVX;=8[&#$_)*"H!!/[#5\]?\$JOV8;W]D#]@3X<^"-
M6C$>O6U@VHZLC6Z0R0W=W*]U)`^UF#M"91!OW'<(0>`0H^A:M']$\.8#ZGEU
M*BU9VN_5ZO[MOD?AI_P57_X)1?M+_M??M]_$/Q]X5^%5Y/X:U6YM[;3)9_$>
MD1FXAMK2&U$RHUT&1)#"TBJP5@)!N`;(KYY_X<$_M;?]$E;_`,*?1O\`Y+K^
MAWX;?'+1OB+XDUCP^DCV?B?PX^S4],FC='A&XJLJ%@!)$X"NKK_!)&6"E@M=
MI6=.4:BYHNZ/%QG`.!K5YUJLY\TFV]8]=?Y=NQ^-_P#P0_\`^"07Q>_9D_;?
MC\<_%SP#-X>TO0-!O7T6]77;"Z"ZC*8K?:T=O/(Q!M9KO[R[00#G<%S^R%%%
M:)'T&3Y/0RVA]7P]VKWUM>[]$NQ^:W_!PQ^P%\6OVY#\(F^%OA,^*&\+_P!L
M#4Q_:=G9?9A<?8?*_P"/B6/=N\B3[N<;><9&?S7_`.'!/[6W_1)6_P#"GT;_
M`.2Z_I1HH:/&S3@S`X_$RQ5:4E*5KV:MHDNL7V/YS_A+_P`$4OVQ_@U\5?#/
MC#1OA/"NL>%-5M=9L#/XCT:2(7%M,LT6]?M@W+O1<C(R,C-?H/\`\'#'[`GQ
M;_;D?X1?\*M\)'Q1_P`(N-9_M/\`XF=E9?9OM'V#RO\`CXFCW;O)E^[G&WG&
M1G]*:*+#H<'8.EA*N"C.?+4LWJKKE=]/=Z]=&?S7?\."?VMO^B2M_P"%/HW_
M`,EU]*?\$A?^"0_[1'[+W_!1'X>>.O'7P[;0_"NA_P!I?;K[^W=,N?(\W3+N
M"/\`=PW#R-F25%^53C=DX`)'[>T4N4YL)P'E^'KPQ$)SO!IJ[C:Z=_Y0HHHJ
MC[8_)_\`X+]_\$V/C9^VM^TCX,UWX8^"6\3:3I7AH6%U<#5["S$4_P!JGDV;
M;B>-C\KJ<@$<]<U\'?\`#@G]K;_HDK?^%/HW_P`EU_2C12L?'9AP1@<9B)XF
MK.:E)W=FK?\`I+/Q#_X)!_\`!(;]HC]E_P#X*(_#WQUXZ^'AT+PKH7]I?;;T
MZ[IMSY/G:9=P1_NX;AY&S)*@X4XSDX`)K]O**R?&'C[0_A[81W>O:SI6B6LK
M^4DU_=QVT;O@G:&<@$X!..O!I-J*NWH>WDN2T<MHO#X=MIN^MF[M)=$NQX?_
M`,%!_P#@FA\/?^"D7A/0=.\<3>(-.N_#$T\VF:AH]XL$]OYP02H4D1XG1_*B
M)W(6&P;67+9_(?\`:;_X-I/CK\*->C'P\GT3XK:/.RHDL%Q#HU]#^[!9YH+F
M41*N_<J^7/(Q`!(7.!^O?C3_`(*<_";PK:[[35-4\0RB7RGAT[3Y`R#G+[IO
M+0KD8^5B3D$#'->3>/O^"PJJUY#X7\%LP*@6MYJMYMPW&2\$8.1U&!-Z'/:O
M+KYU@:?Q5%\M?R%F?!6&S.7M*M-J3^TG9_CH_FC\/_''_!+O]HWX>^([G2K_
M`."'Q-N+JU.UWTS0+C5+9C_LSVRR1/\`57(KVKX`_P#!O3^TI\9->TU=:\+V
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M]IR>-V?EZ`8KLM`_81^+,FFVTNH_'[Q5:7^`TL-O+>74*-Z*[W*%A]4'TKMI
MYE7G\.'E\[+\V?8X;+,-A*2HT'&,5LE<^L**\"T/]FGXO^'K8Q6_Q\O9%/>Z
M\+V]TW`P/FEE8_KS5P_!'XV61,T7QPMKUXOG2WN/!UI%%,1R$=T;<JGH2O(!
MXKJ^M5>M&7WP_P#DC3V4>DU^/^1\9_\`!P9_P3-^(W[:OC;X9^)/A/X%C\2Z
MWIEE?Z;KUV-4M+)UMP\$EG&?M,T88!Y+PC9D@N<]5K\Z_P#AP3^UM_T25O\`
MPI]&_P#DNOW5UO6OVE/#NG&[72/A'KQA==UCI\U[%<3J6`;:T[I&I`R<L>W`
M)XK-\2?MYZS\(7G;XC?";Q9X;M$$?E7>G7$.J6SLV?E:8>7$IXZ!V/J!WSGF
M-&&M92CZQ=OOLU^)\EF7`6$Q^)EBISES2MI&4>B2V:;Z:^9^.?[,_P#P04_:
M+T_]H[X?W'COX3(/!$'B33I?$/F>(M*E3^SUN8S<Y2.Z,C#R@_"`L>@&:_H:
MKP[P#_P47^$WCQ+!#XC;1;R^)'V;5+:2`VY!./,E`:!<@9!\S'(&<\5[+H'B
M&P\5Z/!J&EWUGJ5A=`M#<VLRS0R@$@E74D'D$<'M75A\51K*]&:EZ.YWY/PW
M1RB,H4N;WGKS6Z>B1^3'_!>S_@EY\;OVS/VP/#WBSX8>!E\2:):^$+;3+NY7
M5["R*W27E[(RE;B:-CB.6+Y@".<9X(KXA_X<$_M;?]$E;_PI]&_^2Z_I'O=<
ML].O[6UN+JV@N;YBEM%)*JO<,%+$("<L0H)(&<`$U:K:R9XN/X'P&+Q$\34E
M-.3N[-6_&+/PC_X)G_\`!#KX[_#?]NWX:>)OB?\`#VXT'P7X8U7^V;J^A\0Z
M9,T,]M$\]I\D,\DC*;J.!6"J?E8Y(&2/W<HHII6/9R7(\/E=*5+#MN[NV[7[
M=$M#Y4_X*N_\$OM%_P""F/P?TZP?5)/#WC3PDTT_AS569Y+:-IO+\^WN(0<-
M%*(8OG'[R-D5ERN^.7\,OCG_`,$;_P!I7X!^(18ZA\)O%/B"&:::.VO?#-J=
M<M[E(VV^;_HV]XE<891.L;D'[H(8#^GBBAH\_.^$<'F53V\VXS[KKZI_\`_!
M/]A+_@V]^)WQE\8_;/C3#>_#/P;!!',L5M=6MSK&JL_(CC56D2V"KDLTPW*V
MU1$V6:/I_P#@JC_P1T_:#^-_[8VJ7/PT^'!U/X8^'M'TCP_X2VZ_IT"6MA:Z
M?;Q^0J7%RLP5)_/&9!D\G)!!/[BT46.=<#Y<L+]53DKM-RNN9VO9;-6UV2/Y
MKO\`AP3^UM_T25O_``I]&_\`DNOT$_X-^_\`@G)\9OV)/C!\0=5^)_@T^&+#
M6]'M[2RD_M:QO?/D68LRXMYI"N!W8`5^IM%"0\MX*P."Q,<52G-RCM=JVUND
M5^85^.'_``=<>+/#-S??!O0@SS>,;)-3OBL=T@6TL)3;H#+#L+L9983Y;B15
M7[/."KEP4_8^OYF?^"UW[44?[5G_``46\=:K87T]]X>\,2IX8T8R+#M2&SRD
MQC:(L'BDNVNI4<L6*3+]T8126QGQYC8T<L=)[U&E]VK?X+[SY1KV_P#X)M?L
MYQ?M8_MV?##P%=0V-SIFL:U'/JEO=RR11W5A;*UW=P[H_G#/;P2JN"/F9?F4
M?,/$*_77_@UA_9@CU;Q9\1?C!J-A.RZ3%%X7T.Y9X6@,LF)[W"$&194C%F`X
M*KLN9%^?)V2C\IX>P'US,:5![7N_1:O[[6/V?`P****L_HH^/O\`@I3\(-2\
M%7^E?&#P>YTK6-#=;?5;NU=89BC8BAF)X+D%O);J621%QL4X9^S%_P`%3-,U
MZTL=$^(T9TS4U58?[;A0&TNF^8;YD49A)&S)4,A8LW[I0`/KW5-+MM<TRXLK
MRW@N[2[C:&>":,21S(PPRLIX92"00>"#7Y2?MB?LN77[+7Q-735N)]1T/5(S
M<Z7>2QE7D0'#12$`(94XW;>"&1L+NVCY'-UB<!6>-PK]V7Q+I?O\^_?U/6PG
MLZ\/8U=ULS]6M*U:UU[3+>]L;FWO+.[C6:">"0213(P!5U89#*0001P0:L5^
M.WPH_:$\9_!*\CD\,^(=1TV!)6F:S64O9S.RA&9X&S&Q*@#<5R-H(((!'U#\
M.O\`@L%>PM##XL\'VUP'G_>W6DW)A\J+C[L$F[>PYZRJ#D=,<[X3BG"U%:LG
M!_>OP_R(JY75C\&J/NBBOGCP=_P5"^$WB:VFDO=0UCP\T3A5CU#3G=IA_>7[
M/YHQ_O$'VKT?1_VKOAEK>FPW47C[PA''<+N59]6A@E`_VDD974^S`&O;I9CA
M:BO"I%_-'%+#U8Z.+^X]`HKA_P#AIOX;8S_PL+P/@?\`4=M?_BZPO&/[;WPH
M\#&+[9XYT2?SON_V>[:CCZ_9UDV_CBKEC*$5>4TEZHE4:CT47]QZK17S7XK_
M`."JOPM\.ZB(+3_A(]=C*Y^T6-@$B!],3O&^?^`X]Z\T\7_\%AVQ?Q:!X'`Y
M9;*ZU#4L_P"ZTD"1_FJR_P#`N]<-7/<!3WJ)^EW^1O#`UY;1_0^WZAU#4(-*
ML9KJZFBMK:W1I)997")$@&2S,>```22>E?F/\1O^"EOQ6^(%J8(=3T_PW!)`
MT,J:/:>4TF[JPDD:21&'8HRD?7FO&/%_C_7?B#>Q7.OZWJ^N7,">5'+J%Y)<
MO&F2=H+DD#))P.Y->37XNH1THP<O73_,ZZ>4S?QNWXGZ<?$C_@H;\*?APMS'
M_P`)&FNWEL%(MM(B:Z,V['W)1B`X!R<R#&".O%>&_$C_`(+!L3=0>$/!X`^3
M[->ZQ<\]B^^WB_X$!B;T/JM?$5=A\+OV?O&OQIF5?"_AK5=7B:1XC<QQ;+1)
M$3>4:=\1*VTCAF!.X=R,^+4XCS#$2Y*.E^D5=_J=D<NP]-7GKZG7^/\`]O+X
MK?$5#'<^+]0TZ#[0;A(]*"V'E9W80/$%D9`&QM=VZ`G)&:\EU#4)]4OIKN[G
MEN+FX<R2S2N7>1B<EF8\DD\Y-?:7PL_X)!7,EPLWC7Q5#%$DCJUIHL9=I4V#
M:PGE4;#NSE?*;@?>YX^G_@]^R;X`^!L%JV@^'+!=0M#O74[J,7%]O*>6S"5L
MLFY<Y5-J_,V%&36M+(<PQ;YL3*R_O.[^[_AB9X_#TE:DK^FA^</P;_8F^(_Q
MOCM[C2_#\]EI=QL9=1U(_9+8HZ[ED7=\\B$8YB5^HKZ+^%W_``2`ABDM[CQG
MXLDE'EMYUCH\`0!]WRD7$F25VCD>4IR>",9/VS17OX7AC!TM:EYOSV^Y?K<X
M*N9UI?#HCS?X>_L@_#/X7E7T?P9HL<\=PMU'<741O+B&1<;6228NZ8P"`I`!
MYZDFO1PH7H*6BO>I4*=)<M.*2\E8X)3E)WD[A1116I(4444`%(RAL9`..12T
M4`>-_%[]@GX8_&%)9+CP_%HFH2`#[=HV+.4?/O)*`&)V;D%G1CAC@@@$?&WQ
MJ_87^)'[)L\OBCPUJUUJ>FV$3,^JZ.\EI?V481?,:2)6+*G+Y*.X"H2^P<5^
MEM!&17CX[(\+B/>2Y9=UI_P_Y^9V4<;5IZ7NNS/S!^$W_!2CXF?#DVT-_J$'
MBK2H5$;6VJ1!I63<"Q$ZXD+D9`:0N!G[IP*]/\(_M5?!3Q_97$-Q:^*_@MJE
MU`#->>%[V:WM"4ER!MM@%DD96;+R6W"Y&_*H:]#_`&RO^"<>G_%9M0\4>"5B
MTOQ1(/-FTX!8[/5'&2Q!X$4S#^+[C,!N"EFDK\]]7TFYT'5;FQO;>>TO+.5H
M9X)XS'+"ZG!5E/*L#U!Y%?(XNKC\OFJ==\\>C>J?H]UZ7/5HPP^(7-#1^7]6
M9]]:II7[07P[\/Z1J_@/X@Z-\7/#,"*`AM[8S7*KO#%GR7F4%`"R7!D+-C;@
M$USOA;_@K;J?AS4H]+\<>`V@OK:=HM0EL;AK>2VPQ^46LJE@ZC@JTHR?[O2O
MD'X<?%KQ-\(=7^W>&=;U'1KAG1Y/LTQ6.X*$E1*GW9%!)^5P1R>.37T=;?MM
M>!OVE;%M'^,WA"RM9YHV@M_$>C1'[1IX_@(4[Y`%+.WRF12V`8B,UK0S9S_@
MU73EVD^:+^;NU\_O)GA.7XXJ2\M']W4]HNOV_O`?QCTV--+^(WB'X9:J':"&
M.\T:WN(96;;LEFW1S)Y8.1Q-$<;MQ`PP[&\\7_&233;;5?".H?"KXBZ"L0)>
MU6>RNK]U8JZ1.)Y+<'C[Q<`'<-HP,_,'Q;_X)DWT?A=_$GPR\167CC16666.
MW1T-PZ*X7;%*A,4[`A]V/+^Y@*S'%?->G:KKOPO\5R26ESJWAW7-.>2!VBDD
MM+NU?E'0D8=#U4C@]0:VK9QC,/*V,@]=G%M?=O%_<1#"4:B_<R^37_#,^^?B
M)_P4:\5?!C6DM?&/P=U70X3,L1N/[9$T4F5#'RI%@\J5@IY"OP>"00<:&C?\
M%9?AEJFJV]O/8^+=.BF<*]S<64+10#^\PCE=R/\`=4GVKYI^%W_!33XB>!K&
M'3]9.G>,-+4I'(NI1D730CAD69",LP_CE60YP>>0>EMO%G[.?[3D]G:ZKHE]
M\)O$$^$^T:?Y:::6W%$C)5?+"G<'9VBBQM.9,#)NGG-:?\"NF^TTE^*T?X$R
MP<(_Q(?.+O\`@]3ZR\*_MX_"/QCJ/V6U\;Z9!*5+YOHYK&/`_P"FDZ(F?;.:
M].\/>)M.\7:3#?Z3?V>IV%P"8KFTF6:&0`X.UU)!Y!Z'M7YP_$C_`()H^+]$
MT`ZUX,U31_B%H;)YL4VG2!+F9`A+.L99D<!E*@1R.[$C"Y)`\!U_PYJ_@'7S
M9ZK8:CHNJ6Q5S!=P/;SQ$@,K;6`8<$$'W!K6?$6,PSMBZ/S6B^_5/[R8Y?1J
M+]U/^OP/U:_;4^)?B+X0_LG^/_$'A#3-=UCQ?9:+<)H-KH^E/JEV^H2KY5JR
MVZJQD59GC9_E(5%=B,`U_*-K^@7_`(6UR\TS5+*[TW4]/F:"ZM+J%H9[:120
MR.C`,K`@@@C((-?LSX1_;+^*G@B^EN;+QWXAFDE3RR+^Y.H1@9!R$GWJ#QU`
M!]^:](U7_@I%??%#P^-!^)GP[\`?$'PTZJ;C3[ZPREU(F#'(RR^;%D,-W$77
MIMKKH\582>E1./RO^7^1\9Q3P'B,T<)PJVY4[*U]_FK=/N/P3K^G#_@C/^S'
M:?LM?\$[OA[IB1@:MXGL$\4ZQ(ULUM*]U?(LVR1&8D/#"8;<GC=]G#;5)('R
M)KO[+G[&_P"VKXHT_3;SX5Z]\+_&/B>[M[/[;X3N4MK*V<.J1HD0/V<"0!59
MA9ALL22#\]?J_7NX3&4<1'GHRYD>'PUP=B,HQ52KB[-M6C;UU_)??N%%%%=9
M]N%<O\8_@]H?QT\`7WASQ!;&>RO%^61"%FM9`#MEB8@[77/!P0<D$%20>HHJ
M9PC.+C)73'&33NC\I/VH?V+O%7[,^JF2>&?6?#C@>5K-O`1$#\H*RJ"WDMN8
M`!CAOX2<$#QX'(R.17[:ZII=KK>FW%G>VT%Y9W<30SP3QB2.:-@0R,IX92"0
M0>"#7S/\:?\`@E?X&^(-W-?>&[J\\'7TS[FB@07%ADNS,1"Q5E)W8`1U10HP
MGK\/F/"LTW/".Z[/?Y/_`#/;P^:)KEK?>?G%1WKZ+\9_\$N/BOX7$!LK31/$
M7G%MW]GZBJ>1C&-WV@1=<G&W=T.<<5RNK_L!_%_1%0S>"KZ0/T^SW5O<?GY<
MC8_&OFYY9BX/WJ4ON9Z,<51>TE]YX\>:"<FO9=+_`."?/QAUBU$T7@NY1"2,
M3WUK`W_?+R@_I72>#O\`@ES\6/%'G_;+30O#WDXV_P!H:DK^=G/W?LXEZ8YW
M8ZC&>:(99C)Z*E+[F$L516\U]Y\[4`9-?<7PU_X(_1(+>;QAXNED+(WGVFC6
MX0(^?E*SRYW#'4&$=<9XR?;_`(=_\$]OA/\`#HVLJ>&8]:O;9&1KC5YFN_/S
MD$O"3Y!.#VC&.O7FO5P_"^-J:SM'U?\`E<Y:F9T8_#J?FA\/?A'XI^+-ZL'A
MGP]J^N-YR0.]I;-)#`[G"^9)C9&.OS.0``22`*^C?A+_`,$F?&'BNV%QXKU>
MP\)J0<6T:"_N00V,-L98@",D%9'Z@$`YQ^ABQJB@!0`HP`!TI:^@PO"F&AK6
MDY_@O\_Q."KFM26D%;\3Q#X1_P#!//X7_"42O_8G_"374VY3/KPCO=B':=JQ
M[%B&"N0VS?\`,1NP<5[<JA>@`^E+7X\?LH?\%@/&O[1W[;_C;PS\9_B_JW[-
MNAQ^;!HGA^VT;2(XM.NHFP]O>:CJ5K,T<JQQOGS(U261FVM`1'!+]#0PU&A'
MEI145Y(^;S3.Z>&J4XXAMNHVEM;3NVTE]^O1'[#T5\B>*/%_Q;_80UWXE?$O
MXE^.?$OQ6^#6CV-N-$TNRMM!MM6T]!!YEY>WK-#I\;%98_*ABMY9&D%P/W9?
M!7S/_@FY^WKXC\3_`+&WQ7^.'BSX@^/OC1X7\(3&$:?/X(T3PSJ>F)9VZW-[
M-$L%ZT-PAAN8G(>57'V5PBLS!6Z#!YS2C65"I%QDU)ZVT4>NC=T^EK^=C]!Z
M*^+/A5_P7/\`A=\;O@=XK\=>%O!WQ7UFU\$K-<ZWIT&B0&ZTZRBA\Y[R20W'
MV58MNX*AG$[F*0I$RHS#U_\`8V_X*'?#O]MK]G?5OB?X<N-0T'PQX?NKFTU:
M3Q%'%8MIC6\232O*PD>)8Q#(DF\2%0K<D$,`7-J&;8.M)1I5$VU=>:6[^1[I
M17R5X=_X+!^!_BCX2\8^*/ASX%^*?Q+\#^!+7[5JWB71=)M;33TQ"T\D<2ZA
M<VL\\D4:[G2*)F4/&<8D0M>/_!87X-Z;\$_"'B_6;KQ'H6J^/DE;P]X-N-*:
MX\4ZHRW$]O$J6-N92!/+`RQ2,RQL60%U)P"XEG&"?_+U6M>_2U[73V:OIH]S
MZGHKY>U?_@J?X;^'_P`:?AKX&\??#SXG?#G4OBQ<BS\/7&MV^F3033-Y:HDJ
MV=]<30LTDT,>)(QAI1NVJKLOU`2=A*X)QQF@Z</BZ-9R5-W<=ULUI?5/786B
MOR?_`."S_P#P4:_:M_8F_P"$2CM[KX8^!;+QI=W<NG'PZ)=>U"WBLXK99(Y[
MB^MXX'$DEUN`CM591&HWG+;K_P#P4`_X*8_'']BSX8_!?X/#5K6Q^-7C[2;+
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M8T2QR*7$C!R(F@'GT7*GG]&E356O%P3=HIN+<GUMRRDK+NWZV/TJKYG_`&^?
MV(X/CGH,_BGPU:K%XTL$4R11JH&M1+QY;YQB55^X_4A=AR-A27]B^Y;Q]-!>
MP_M8S?'2_P##JXURTT1/#2:3(TRRK"9(K.U:Y@'REE'VKYFA/++N2OI.N;%X
M2GB:3I55H_P\UYGM8'&N25:FK?-/_P!);7XGXA]1]:*^J/\`@J!^S6/AM\18
MO&NE6Y71O%4S?;,-D07YRS'IP)5!<<GYEEZ#`KY7K\GQN$GAJTJ,]U^/F?94
M:JJP4X]3OOV?OVE?%7[-/B2;4?#5U$8[J,QW-A=*TEG=C!VET5E.Y3R&4AAR
M,[68'[B\->(OA+_P4M\*RVNH6!L/%-A!&\L?R1:G9(">89L'S8`[L,$%<LI9
M%9DK\WZT_!WC#4_A_P"*;'6M&O);#5--F6>VGC`)C<>Q!!!Z$$$$$@@@XKLP
M&;3H+V55<]-[Q?Z=OZ]3'$815/>CI+N>K_M3?L/^*?V9[Q[LK)KWA8(A&L06
MY1(6.`4F3+>4=Q`!)*MN7#;LJOBH.1Z@U^I7[(_[66A?M<>`[K3-2CL4\26\
M#IJVDO%F&XA8E/,C5RV^%@0K`Y*EL,,,A?Y5_;A_8"G^"#R^)O"$%U>^$W8F
MXMOFFFTCJ<EN2T./XVY7@,3G<>[,LFA[+ZY@GS4WNNJ_X;KU1AAL9+F]C7TE
M^9X1\*OC;XK^".M-?^%M<OM(FD(,R1/F"YP&"^;$V4DVAVQN!P6R,'FOKKX8
M?\%(_!WQDL(-#^+WA?1XXHG\Y;W[&+ZP,H\S#&W<.\;!"JAE,F2[$[!7PY17
MEX/-,1AM(.\>J>J?R_R.JMA:=762U[]3[W^)/_!+'P;\1-*_MGX=>(SIL5W"
M9K6&247^GS_)B,)*"9%1F&2Y,I^8X'&*^1/C3^S-XV_9_O`GB?0KJTM9&V0W
M\0\ZSG)+A0)5RH9@C,$8A]HR5%7OV=OVKO%_[-&K^9H-Z)=*GD,EWI5R-]K=
M$KMW8X*.!@[D()**&W*-I_33X&_%O1OVH_@U!KD>E7$>FZO'+:75CJ5ME7QE
M)(^1LFC/(W+E3R#A@RK[V'PF`S1-4E[*HNBV?]>5OF<%2K7PK][WH_B?%O\`
MP2\_9PD\=?$Y_&VJVF[1_#)(L_-CRMQ>D$*0&0JPB&6R"&5S$1G!K]$*H^&_
M#&F^#=&AT[2-/L=*T^WW>5;6<"P0Q[F+-M10`,LQ)P.22>]7J^LRK+HX.@J2
MU>[?=GE8K$.M4YV%%%%>D<X4444`%%%%`!1110`4444`%%%%`!1110!XQ^W-
M\0/C3\./A+I][\"O`FA_$#Q=-J\,-W8:K?16D$%CLE:68-)-""^Y8T4!R09=
MVU@I%?)/_!67]G#Q3_P4`^!,VG>'/V4O$<'Q,:XM%L/%.MZOX;LI]*MHI69U
M\ZWU*66=&1Y4%NX\L&8R??C0']':*+'EX[*XXN,Z=6;Y9*UO=LM]5>+:>N_I
M8_+/]K'_`()T?M#>%_\`@D;X&_9Y\&R:I\3O$5QJZ77B:[CU+3[?3;'3X"98
MM.A:]DBF\E9_LSQ%5)_T63)B1DA-[X]_L1?&?1O^"(/P^_9\^&_PWU74O$VJ
M-$/%UOJVKZ2KZ4$NWU"X,<RW:1-YE]Y?D[?-(MPPDV28-?I]12L<+X9PUY-2
MDKP5/=:1[*Z;UZWON?G#\0?V"?BE\#?^"'.E?!'X3^$+G4?B/XPM[9/%:V^K
MV&FSV<ERWVG43+.9$BN5`0:?@2$M"R?,R)@\)X?_`."5'Q6MO^"$VI_!S1O#
M\WA7XH:CKS:[X@TB]OK&XB\4M'<HT<<<ZW$L5NODP615@T9,EGM9465V/ZLT
M46*GPUA9.[<K>S]FE=:1\M+W\[_(^)?^"?</Q@_93_8D\"?"ZV_9TU^P\5:!
M"UM<3ZCXRT<:!YLMW)+-<R74-Q/=JK>8\OEQV<FUF\H94"2O`_VOO^":/Q4^
M(G_!92R^,6K^`]<^)/PF6.TN8K?P[XNATO4]*>#3Q%$D+2W=G)#+'?I]J!AD
M"D,#OWLZ#]5J*+%UL@HU</3PU2<G&#BX_#IRZ+3ELUW33/B_X*_LB6VN_M<Z
M;XRU#]GJZL-,TK3(XI?$OQ2\=OXH\207*2R3VW]F0&[U*&)()$!9VG@DS=[D
M_P!4RR_6_C_Q/?>#/"5SJ.F^'-9\67EOL$>EZ5+:17=SE@IV-=300C:"6.^5
M>%.,G`.S13/2PV#A0@X4W:[O>T5^22_`_)#]L?\`8K^.W[:G_!4KP;\5?$WP
M(UO_`(5/X-_LZV32GU'P[<ZEJ-I:R/=O#<6\FJ&WD\ZZEEC/[P*(&7*LRD/]
MN?M'ZI/\7?`]D-:_9)U[XG:A!9S7FG:9XBE\*R6VGW>^2-8)I9M0E\HN(XW,
MD"3`1S)U=7B3Z3HI6//P^1TZ+JN,Y-U7=WY7K_X#;3HG<_+GX=_\$)KG]IC]
MH6Y^(GQT\+?#GX?^#UM89="^&_P\ABLOLNX[FMM2O(((O-=%&UWA9C))(Q22
M&.-(W^A_V8OCA^T%/X6NM1^./[,US-X]2XEM+.[\%W7A]K;^S2D16)WN]8\W
M>9O.+*#L*B/C.:^OZ*$@PV14,.[T).+>K?NOF?2]T]NB5DKO0_*S_@E/_P`$
MF?BO\)OVZ?%WQP\;:1:?!S1=1DU=-+\&Z%KEO<-$MY(K102K;QM;26,*2-L3
M<C>=:0-Y:JH#:7_!'S]CSXF?\$QK/XB6?B[]G_7_`!9XFU;4Q!9>*O"_B'0Y
MX[[3XUPL2QWE];201F0&4':'D\Q1(B&%17Z@T46,</PWAJ#ISI2DI0<FGH]9
M6O?2W32R5C\WO^"-'_!,'XD_LX?M+?$;XV_%#3/#?@S5?'%M=VMAX3T2:.6'
M2UN;\7,P(C+Q11KY%N(4CED^1R&VLH!_2&BBF>EEV74L%15"E=K5W>[;W;V_
M!(X7]I+X-6OQZ^#&N>&YX+26ZNK9WTZ2X)5;6[5289=P!90&P&*@DJ6&""0?
MQ]K]O*_*+]O+P/%X#_:Q\8VUO#<16U]=+J2-*#^]:XC6:1E.!E?->11CIMQV
MKXOB["+EAB5Z/\U^I]1E-75TWZGD%%26EI+?W,<,$4DTTK;$CC4LSMZ`#DGV
MKM;;]F+XDW<\<<?P_P#&A:5@JEM%N%7G@98H`![DX%?%PHU)_!%OT1[,I1C\
M3L9GP>^+>M?`[XAZ=XET&<0WVGR9*.-T5S&>'BD'=&'!Z$<$$,`1^O7A_5M+
M^+?PYL;\6RW6C>)=.CN!;W<2L)8)X@VR1#E3E6P5.1R1S7YR^$/^"7_Q:\2W
M4L=[IND>'TC3<LFH:E&ZRG.-H^S^:<]^0![]J^\/V3?A#J/P'^`.@^%-6GLK
MF_TOS_-DM&=H3YEQ)*-I95)P'QT'-?;<,4<52<J=:#4&KZ]_3S7Y'BYG.E-*
M4&FUV/SS_;J_9I'[-WQDDM].MY(_#.MJ;O2G:5I2@PHE@+,!S&YX&6/EO$2Q
M8FN+^$?[.?C;X[22_P#"*^';_58H"RR7`VPVR,`I*&:0K'OPZG;NW8.0"*_6
MCQK\+O#7Q*-H?$7A[1=>^PES;_VA91W/D;P`VW>#C.U<^NT>@K:M;6*QMHX8
M8TBAB4(B(-JHHX``'0`=JTGPG3GB)3Y[0;T2W^_IY:/0F.:RC34;7?<^3/V;
MO^"6&B>"98=4\?W%OXDU.)P\6GVS.NGPE7RI8D*\Q("_*P5.64JXP:^K]*TJ
MUT+3+>RL;:WL[.TC6&""",1Q0HH`5%48"J```!P`*L45]%@\!0PL>2C&WYOU
M9Y]:O.J[S84445V&(4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%,^RQ?:#-Y<?FLH0OM
M&XJ"2!GTR3^=%%9U-BHCMH]!2XQ115]2$%%%%,84444`%%%%`!1110`4444`
#?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
