NORTH
TONAWANDA, N.Y., Sept. 29,
2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ
SmallCap: "TAYD") announced today that it had first quarter sales
of $9,923,628, up slightly from last
year's first quarter sales of $9,090,699.
Net earnings for the first quarter were $1,847,863, up significantly from last year's
first quarter earnings of $1,002,371.
"The very strong execution by our team in FY23 continued this
first quarter of FY24 with sales finishing just shy of the
$10M mark thus extending our run of
consecutive quarters greater than $9M
to six while also improving by 9% year on year," stated
Tim Sopko, CEO. He continued,
"Additionally, our team's proactive management and control of costs
combined with the benefits from continuous improvements over the
past several years is evidenced by the net income for the quarter
finishing at 18.6% of sales vs. the 11.0% of sales achieved in Q1
last year." He further commented, "Once again, all three of
our customer product groups; Aerospace/Defense, Structural and
Industrial contributed to these results thus showing the benefits
of our market diversity." He concluded, "As our FY24
continues, we remain focused on our growth strategies supported by
our continued investments in our team, technologies (R&D) and
facilities."
The company's firm order backlog was $28,300,000 at the end of August 2023 up 23% from the $23,000,000 level at the end of August 2022.
Taylor Devices, Inc. is a 68-year-old company engaged in the
design, development, manufacture & marketing of shock
absorption, rate control and energy storage devices for use in
various types of vehicles, machinery, equipment &
structures. The company continues to target growth in the
domestic Aerospace and Defense market as well as global Structural
Construction and Industrial markets.
|
First Quarter (3 months ended 08/31/23 &
8/31/22)
|
|
Fiscal 2024
|
|
Fiscal 2023
|
|
Sales
|
|
$
9,923,628
|
|
$
9,090,699
|
|
Net Earnings
|
|
$
1,847,863
|
|
$
1,002,371
|
|
Earnings per
Share
|
|
$
0.52
|
|
$
0.29
|
|
Shares
Outstanding
|
|
3,520,910
|
|
3,499,023
|
Taylor's website can be visited at: www.taylordevices.com,
with company newsletters and other pertinent information at
www.taylordevices.com/investors.
Taylor Devices, Inc.
|
Contact:
|
Artie Regan
|
|
Regan & Associates,
Inc.
|
|
(212) 587-3005
(phone)
|
|
(212) 587-3006
(fax)
|
|
main@reganproxy.com
|
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content:https://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-301942591.html
SOURCE Taylor Devices, Inc.
