NORTH TONAWANDA, N.Y.,
Sept. 30, 2021 /PRNewswire/ -- Taylor
Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had
1st quarter sales of $7,307,737, up from last year's 1st
quarter sales of $5,759,457.
Net earnings for the 1st quarter were $181,877, up slightly from last year's
1st quarter earnings of $176,011.
"FY22 Q1 sales are up significantly compared to last year's Q1
sales although net profit finished only slightly improved despite
the higher volume", stated Tim
Sopko, CEO. He continued, "Profit was adversely
impacted predominantly by greater than expected COVID-19 driven
material and labor cost increases exacerbated by lower margin
projects with customers in Asia
that we are still working through in our firm order backlog."
He further commented, "The markets and customers we serve continue
to show signs of recovery from the negative impacts of the pandemic
as our favorable firm order backlog level at the end of FY22 Q1
indicates." He concluded, "This coupled with the continuing
high level of investment in our people, technologies (R&D) and
operational capabilities positions us well to take advantage of the
opportunities in our chosen markets as the global economies
continue to recover from the negative impacts of the pandemic."
The company's firm order backlog was $19,400,000 at the end of August 2021 as compared to $10,300,000 at the end of August 2020.
Taylor Devices, Inc. is a 66-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.
|
1st
Quarter (3 months ended 8/31/21 &
8/31/20)
|
F/Y
22
|
F/Y 21
|
|
|
|
|
Sales
|
$7,307,737
|
$5,759,457
|
|
|
|
|
Net
Earnings
|
$
181,877
|
$
176,011
|
|
|
|
|
Earnings per
Share
|
$
0.05
|
$
0.05
|
|
|
|
|
Shares
Outstanding
|
3,496,522
|
3,487,085
|
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
View original
content:https://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-301388936.html
SOURCE Taylor Devices, Inc.
