NORTH TONAWANDA, N.Y.,
Dec. 31, 2020 /PRNewswire/
-- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced
today that it had 2nd quarter Net earnings of
$645,290, down from last year's
2nd quarter Net earnings of $917,006. Net earnings for the
1st six months were $821,301, also down from last year's Net earnings
for the 1st six months of $1,271,583.
Sales for the 2nd quarter were $4,717,597, lower than last year's 2nd
quarter sales of $7,702,425.
Sales for the 1st six months were $10,477,054, lower than last year's
1st six-month sales of $13,411,064.
"Our FY21 Q2 sales finished significantly lower than last year's
Q2 sales due primarily to the order placement delays we have been
experiencing since the onset of the COVID-19 Coronavirus Pandemic,
particularly for orders and resultant sales from our domestic
Construction customers," stated Tim
Sopko, CEO. He further commented, "This lower
sales volume combined with continued greater percentage of sales to
our Construction customers in Asia
where margins are more challenged resulted in lower net
earnings." He continued, "Earnings would have been lower
still if not for the favorable impact of a Paycheck Protection Plan
(PPP) loan received as part of the CARES Act which was forgiven in
the quarter." He added, "This has helped us keep our
experienced and dedicated work force intact during these trying
times which, when combined with lower business volume, has also
allowed us to accelerate progress on our business systems and
processes improvement initiatives that are critical to supporting
our profitable growth".
He concluded, "I continue to be thoroughly impressed by how well
our employees are managing the challenges of this very exceptional
year thus far and remain hopeful that this Pandemic ends sooner
rather than later with the recent release of vaccines to the
public".
The company's firm order backlog is $15,400,000 at the end of the 1st six months as
compared to $9,800,000 at the
beginning of the fiscal year.
Taylor Devices, Inc. is a 65-year old company engaged in the
design, development, manufacture and marketing of shock absorption,
rate control and energy storage devices for use in various types of
vehicles, machinery, equipment and structures. The company
continues to target growth in the domestic Aerospace and Defense
market as well as global Structural Construction and Industrial
markets.
|
2nd
Quarter (3 months ended 11/30/20 &
11/30/19)
|
F/Y 21
|
F/Y 20
|
|
|
|
|
Sales
|
$4,717,597
|
$7,702,425
|
|
|
|
|
Net
Earnings
|
$
645,290
|
$
917,006
|
|
|
|
|
Earnings per
Share
|
$
0.19
|
$
0.26
|
|
|
|
|
Shares
Outstanding
|
3,487,192
|
3,478,716
|
|
|
|
|
|
|
|
1st Half
(6 months ended 11/30/20 &
11/30/19)
|
F/Y
21
|
F/Y 20
|
|
|
|
|
Sales
|
$10,477,054
|
$13,411,064
|
|
|
|
|
Net
Earnings
|
$
821,301
|
$
1,271,583
|
|
|
|
|
Earnings per
Share
|
$
0.24
|
$
0.37
|
|
|
|
|
Shares
Outstanding
|
3,487,299
|
3,478,795
|
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:http://www.prnewswire.com/news-releases/taylor-devices-announces-second-quarter-and-six-month-results-301199669.html
SOURCE Taylor Devices, Inc.
