NORTH
TONAWANDA, N.Y., Aug. 19,
2022 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ
SmallCap: "TAYD") announced today that it had 4th
quarter sales of $9,657,530, up from
last year's 4th quarter sales of $7,260,216. Sales for the full year of
$30,866,582 were significantly up
from last year's level of $22,509,641.
Net income for the 4th quarter of $1,515,034 was significantly up from last year's
4th quarter net income of $59,276 with net income for the fiscal year of
$2,239,423, also significantly up
from last year's fiscal year net income of $1,062,895.
"The post pandemic market recovery that we started to see at the
end of FY21 continued in FY22, particularly in the markets that our
Structural products serve where $6.1
million or 73% of the $8.4
million increase in sales over last year was realized," said
Tim Sopko, CEO. He continued,
"All three of our customer product groups; Aerospace/Defense,
Structural and Industrial, finished at levels greater than their
respective averages over the prior five years for bookings, sales
and backlog which is indicative of the overall relative improvement
across the business." He continued, "Full year net profit finished
at $2.2 million or 7.3% of sales vs.
last year's $1.1 million or 4.7% of
sales." He added, "As FY21 net profit included almost $3 million of U.S. federal government financial
assistance due to the COVID-19 pandemic vs the $54 thousand received this year, the improvement
in FY22 over FY21 is significantly better as can be seen at the
operating profit level." He continued, "Unprecedented escalation of
material costs, particularly steels, challenged our profitability
in FY22 with the negative impact more significant for orders that
were in our backlog at the start of the year as they were priced
prior to the unprecedented increases." He concluded, "We
enter FY23 with a very strong firm order backlog of $23.7 million as compared to $22.0 million the prior year. This,
supported by our continued investments in our people, technology,
processes and facilities positions us well to continue successfully
on our profitable growth journey in FY23."
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.
|
4th Quarter
(3 months ended 5/31/22 & 5/31/21)
|
F/Y 22
|
F/Y 21
|
|
|
|
|
Sales
|
$
|
9,657,530
|
$
|
7,260,216
|
|
Net Earnings
|
$
|
1,515,034
|
$
|
59,276
|
|
Earnings per
Share
|
$
|
0.43
|
$
|
0.02
|
|
Fiscal Year
|
|
F/Y 22
|
|
F/Y 21
|
|
|
|
|
|
|
Sales
|
$
|
30,866,582
|
$
|
22,509,641
|
|
Net Earnings
|
$
|
2,239,423
|
$
|
1,062,895
|
|
Earnings per
Share
|
$
|
0. 64
|
$
|
0.30
|
|
Average Number of
Shares Outstanding
|
|
3,497,345
|
|
3,490,213
|
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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content:https://www.prnewswire.com/news-releases/taylor-devices-announces-fourth-quarter-and-full-year-results-301609135.html
SOURCE Taylor Devices, Inc.