Taylor Devices Announces Third Quarter And Nine-Month Results
NORTH TONAWANDA, N.Y., March 30, 2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 3rd quarter sales of $9,891,272, up 61% from last year's 3rd quarter sales of $6,143,329 while sales for the 1st nine months were $29,479,337, up 39% from last year's 1st nine-month sales of $21,209,052.
Net earnings for the 3rd quarter were $1,658,887, up significantly from last year's 3rd quarter net loss of $117,293 with net earnings for the 1st nine months finishing at $4,220,766, also up substantially from last year's net earnings for the 1st nine months of $724,388.
"Our FY23 3rd quarter and 1st nine-month sales finished significantly better than last year's levels respectively with all three of our customer product group: Aerospace/Defense, Structural and Industrial sales levels improved year-on-year," stated Tim Sopko, CEO. He continued, "This also sets a new high record for sales in the first nine months of a fiscal year concurrent with sales in the quarter exceeding the $9 million threshold for the 4th consecutive quarter, another first for our company." He further commented, "Earnings for the 3rd quarter and 1st nine months are also significantly improved over last year's levels both in total dollars as well as a percentage of sales; 1,514% better for the quarter and 483% better for the 1st nine months. Additionally, the year-to-date net earnings of $4.22 million on $29.5 million of sales (14.3% of sales} exceeds the record for net earnings which was set in FY16 at $4.21 million on $35.7 million of sales (11.8% of sales)." He further commented, "We continue to reap the benefits of our team's disciplined adherence to our growth strategies as well as their excellent work on continuous improvements implemented over the past several years across all functions in our business." He concluded, "As we enter the 4th and final quarter of our FY23, we will continue to focus on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities which we expect will continue to support our profitable growth going forward."
The company's firm order backlog is $27,800,000 at the end of this February as compared to $18,100,000 three months ago and $17,400,000 at the end of February last year.
Taylor Devices, Inc. is a 67-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 02/28/23 & 02/28/22) | F/Y 23 | F/Y 22 |
Sales | $ 9,891,272 | $ 6,143,329 |
Net Earnings | $ 1,658,887 | $ -117,293 |
Earnings per Share | $ 0.47 | $ -0.03 |
Shares Outstanding | 3,505,849 | 3,496,833 |
1st Nine months (ended 02/28/23 & 02/28/22) | F/Y 23 | F/Y 22 |
Sales | $ 29,479,337 | $ 21,209,052 |
Net Earnings | $ 4,220,766 | $ 724,388 |
Earnings per Share | $ 1.20 | $ 0.21 |
Shares Outstanding | 3,502,982 | 3,496,968 |
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.
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SOURCE Taylor Devices, Inc.
