Consolidated corporate sales for the three- and nine-month periods ended Aug. 31, 2021 were $6,592,000 and $17,703,000, respectively, compared to $6,465,000 and $16,937,000 during the same respective periods in fiscal 2020.
Third quarter sales in the Agricultural Products segment were $4,660,000 compared to $3,671,000 during the same period of fiscal 2020, an increase of $989,000, or 26.9%. Year-to-date Agricultural Product sales were $12,017,000 compared to $9,695,000 during the same period in fiscal 2020, an increase of $2,322,000, or 24%. The company attributes the large increase in revenue to a strengthening agricultural economy that is producing five to ten year highs in commodity and livestock prices along with government assistance programs that provided farmers with much needed government assistance during the COVID-19 pandemic.
The company saw a 71% increase in grinder mixer sales year on year, a 60% increase in beet equipment and is showing a 13% increase in manure spreader sales year on year. Art's Way is seeing continued demand in the fourth quarter with current ag backlog up 269% from a year ago. Supplier delays have improved but are not gone completely. Further price increases before the company's early order program will be necessary to maintain strong margins on products.
Consolidated net income was $56,000 for the three-month period ended Aug. 31, 2021 compared to net loss of $(424,000) for the same period in fiscal 2020. Consolidated net loss for the nine months ended Aug. 31, 2021 was $(195,000) compared to $(1,663,000) for the same period in fiscal 2020. Art's Way has now reported two straight quarters with net income. The overall health of the agricultural economy has stabilized its primary business segment while operational improvements have increased productivity in this time of high demand.
President and CEO of Art's-Way, David King reports, "I am very pleased with our third quarter performance as the company continues to see positive results from our operational improvements. Our team continues to show impressive execution despite the challenges of supply chain disruptions, shortages of skilled labor and inflationary pressures. To address these ongoing issues our team is working closely with suppliers to ensure delivery of critical parts, deploying industrial robots to alleviate labor shortages and implementing new pricing to offset escalating costs. Favorable market conditions, increased sales and a strong backlog support our positive outlook for the fourth quarter of 2021 and the first half of 2022."