TAYLOR DEVICES ANNOUNCES FIRST QUARTER RESULTS

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Taylor Devices, Inc. reports first quarter sales of $9.9M, slightly higher than last year. Net earnings increase significantly to $1.8M. Firm order backlog grows by 23% to $28.3M. CEO highlights proactive cost management and market diversity as key factors. Company continues to target growth in aerospace, defense, and construction markets.

NORTH TONAWANDA, N.Y., Sept. 29, 2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had first quarter sales of $9,923,628, up slightly from last year's first quarter sales of $9,090,699.

Net earnings for the first quarter were $1,847,863, up significantly from last year's first quarter earnings of $1,002,371.

"The very strong execution by our team in FY23 continued this first quarter of FY24 with sales finishing just shy of the $10M mark thus extending our run of consecutive quarters greater than $9M to six while also improving by 9% year on year," stated Tim Sopko, CEO.  He continued, "Additionally, our team's proactive management and control of costs combined with the benefits from continuous improvements over the past several years is evidenced by the net income for the quarter finishing at 18.6% of sales vs. the 11.0% of sales achieved in Q1 last year."  He further commented, "Once again, all three of our customer product groups; Aerospace/Defense, Structural and Industrial contributed to these results thus showing the benefits of our market diversity."  He concluded, "As our FY24 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 $28,300,000 at the end of August 2023 up 23% from the $23,000,000 level at the end of August 2022.

Taylor Devices, Inc. is a 68-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 08/31/23 & 8/31/22)		Fiscal 2024		Fiscal 2023
Sales		$   9,923,628		$   9,090,699
Net Earnings		$   1,847,863		$   1,002,371
Earnings per Share		$            0.52		$            0.29
Shares Outstanding		3,520,910		3,499,023

 

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.