NORTH
TONAWANDA, N.Y., Sept. 30,
2022 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ
SmallCap: "TAYD") announced today that it had first quarter sales
of $9,090,699, up from last year's
first quarter sales of $7,307,737.
Net earnings for the first quarter were $1,002,371, up significantly from last year's
first quarter earnings of $181,877.
"The positive market trends and momentum that we experienced
last fiscal year continued in the first quarter of FY23 as
evidenced by the year-on-year sales increase of 24% as compared to
first quarter FY22 with all three of our customer product groups;
Aerospace/Defense, Structural and Industrial sales respectively up
over last year's Q1 levels," stated Tim
Sopko, CEO. He continued, "This is also the first time in
our company's history that quarterly sales have exceeded the
$9 million threshold in two
consecutive quarters." He further commented, "Our team has been
able to manage the continuing supply chain challenges well this
past quarter as evidenced not only by the higher sales volume but
also the year-on-year net profit increase of 451% as compared to
first quarter FY22." He concluded, "As our FY23 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 $23,000,000 at the end of August 2022 up 19% from the $19,400,000 level at the end of August 2021.
Taylor Devices, Inc. is a 67-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 8/31/22 & 8/31/21)
|
|
Fiscal 2023
|
|
Fiscal 2022
|
Sales
|
$
|
9,090,699
|
$
|
7,307,737
|
Net Earnings
|
$
|
1,002,371
|
$
|
181,877
|
Earnings per
Share
|
$
|
0.29
|
$
|
0.05
|
Average Number of
Shares Outstanding
|
|
3,499,023
|
|
3,496,522
|
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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SOURCE Taylor Devices, Inc.