Taylor Devices Announces First Quarter Results
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.
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SOURCE Taylor Devices, Inc.
