Taylor Devices Inc. TAYD

NORTH TONAWANDA, N.Y., March 31, 2022  /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had a 3^rd quarter Net loss of $117,293, down from last year's 3^rd quarter Net earnings of $182,318.  Net earnings for the 1^st nine months were $724,388, also down from last year's Net earnings for the 1^st nine months of $1,003,619.

Sales for the 3^rd quarter were $6,143,329, up from last year's 3rd quarter sales of $4,772,371.  Sales for the 1^st nine months were $21,209,052, also up from last year's 1^st nine months sales of $15,249,425.

"Sales for this quarter and the 1^st 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 3^rd 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 3^rd quarter and $2,096,000 in the 1^st 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. 

 

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.