NORTH
TONAWANDA, N.Y., March 31,
2022 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ
SmallCap: "TAYD") announced today that it had a 3rd
quarter Net loss of $117,293, down
from last year's 3rd quarter Net earnings of
$182,318. Net earnings for the
1st nine months were $724,388, also down from last year's Net earnings
for the 1st nine months of $1,003,619.
Sales for the 3rd quarter were $6,143,329, up from last year's 3rd quarter sales
of $4,772,371. Sales for the
1st nine months were $21,209,052, also up from last year's
1st nine months sales of $15,249,425.
"Sales for this quarter and the 1st nine months of
the year are up significantly from last year's levels; 29% and 39%
respectively, but still down slightly from our pre-pandemic average
levels," stated Tim Sopko,
CEO. He further commented, "This lower sales volume
concurrent with the unprecedented pandemic driven escalation of
material and labor costs stressed profits, particularly in the
3rd quarter." He continued, "Last year's results
included significant US Government COVID-19 financial assistance
that is no longer available to us; $634,000 in the 3rd quarter and
$2,096,000 in the 1st nine
months, thereby masking the relatively improved profitability of
the business this year at the relatively higher sales
volumes."
He concluded, "We remain confident that our continued investment
in our people, technologic differentiators and operational
capabilities has us well positioned to support the needs of our
customers as the recovery from the pandemic continues."
The company's firm order backlog is $17,400,000 at the end of the February as
compared to $18,800,000 at this time
last year.
Taylor Devices, Inc. is a 66-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.
3rd Quarter
(3 months ended 02/28/22 & 02/28/21)
|
F/Y 22
|
|
|
F/Y 21
|
Sales
|
$
6,143,329
|
|
|
$
4,772,371
|
Net Earnings
|
$
-117,293
|
|
|
$
182,318
|
Earnings per
Share
|
$
-0.03
|
|
|
$
0.05
|
Shares
Outstanding
|
3,496,833
|
|
|
3,487,599
|
|
|
|
|
|
|
|
|
|
|
1st Nine
months (ended 02/28/22 & 02/28/21)
|
F/Y 22
|
|
|
F/Y 21
|
Sales
|
$
21,209,052
|
|
|
$
15,249,425
|
Net Earnings
|
$
724,388
|
|
|
$
1,003,619
|
Earnings per
Share
|
$
0.21
|
|
|
$
0.29
|
Shares
Outstanding
|
3,496,968
|
|
|
3,487,801
|
|
|
|
|
|
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-third-quarter-and-nine-month-results-301514786.html
SOURCE Taylor Devices, Inc.