NORTH TONAWANDA, N.Y.,
Sept. 26, 2019 /PRNewswire/
-- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced
today that it had 1st quarter sales of $5,708,639, down from last year's 1st
quarter sales of $7,314,094.
Net earnings for the 1st quarter were $354,577, also down from last year's
1st quarter earnings of $740,832.
"FY20 Q1 sales are down from last year's level due primarily to
a dip in sales to our aerospace/defense customers resulting from
natural delivery cycle gaps in the production schedules of the
mature platforms/products that we support," stated Tim Sopko, CEO. He continued, "Our FY20 Q1
backlog of $18,300,00, which is up
38% from the $13,300,000 at the end
of the prior year, includes recently received sales orders from our
aerospace/defense customers that we expect to positively flatter
future sales the remainder of this fiscal year." He
concluded, "Our focus on lean initiatives to reduce lead times
while realizing efficiencies continues and is expected to help us
achieve our goal of profitable growth this year."
Taylor Devices, Inc. is a 64-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 achieve growth in the
developing seismic protection field and in the isolation of
wind-induced vibrations.
1st
Quarter (3 months ended 8/31/19 & 8/31/18)
|
F/Y 20
|
F/Y 19
|
|
|
|
Sales
|
$5,708,639
|
$7,314,094
|
|
|
|
Net
Earnings
|
$
354,577
|
$
740,832
|
|
|
|
Earnings per
Share
|
$
0.10
|
$
0.21
|
|
|
|
Shares
Outstanding
|
3,478,636
|
3,466,589
|
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-first-quarter-results-300926157.html
SOURCE Taylor Devices, Inc.