Taylor Devices Announces Fourth Quarter And Full Year Results

Rhea-AI Summary

Taylor Devices, Inc. (NASDAQ: TAYD) reported a slight dip in net earnings for Q4 2020, with profits of $975,641 compared to $982,390 in Q4 2019. Despite this, the full fiscal year net income rose to $3,029,976, marking an increase from $2,544,525 the previous year. Q4 sales fell to $7,736,282 from $9,013,282, while annual sales also declined to $28,381,541 from $33,619,031. The CEO attributed these declines to tariffs and the impact of the COVID-19 pandemic but highlighted improved profit margins. The company remains optimistic due to diversified product offerings.

Positive

• Full year net income increased to $3,029,976, the second highest in history.
• Earnings per share improved to $0.87 from $0.73 year-over-year.

Negative

• Q4 earnings decreased to $975,641 from $982,390 the previous year.
• Q4 sales dropped to $7,736,282 from $9,013,282 in Q4 2019.
• Annual sales decreased to $28,381,541 from $33,619,031.

NORTH TONAWANDA, N.Y., Aug. 7, 2020 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: TAYD) announced today that it had net earnings for the 4^th quarter of $975,641, down slightly from last year's 4^th quarter profit of $982,390.  Net income for the full fiscal year was $3,029,976 up from last year's full fiscal year net income of $2,544,525 and the second highest net income in the corporation's history.

Sales for the 4^th quarter were $7,736,282, down from last year's 4^th quarter sales of $9,013,282.  Sales of $28,381,541 for the full year were also down from last year's level of $33,619,031.

"Our 4^th quarter and full year sales volumes were impacted by both tariffs on our exported products as well as the challenges presented by the Coronavirus Pandemic, particularly in our 4^th quarter," said Tim Sopko, CEO. He continued, "That said, the full year profit improvement vs. last fiscal year both as a percentage of sales and total dollars on 16% lower sales is an encouraging sign of the tangible benefits of our focus on lean improvements across the business."  He concluded, "With the continued extraordinary support of our dedicated workforce to the unprecedented challenges of the Coronavirus Pandemic combined with our favorably diversified product positions in both military and non-military markets, we are well positioned to manage these challenges that are likely to continue through fiscal year 2021."    

Taylor Devices, Inc. is a 65-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 achieve growth in the developing seismic protection field and in the isolation of wind-induced vibrations.

4th Quarter  (3 months ended 5/31/20 & 5/31/19)	F/Y 20	F/Y 19
Sales	$ 7,736,282	$ 9,013,282
Net Earnings	$    975,641	$    982,390
Earnings per Share	$            .28	$            .28
Fiscal Year	F/Y 20	F/Y 19
Sales	$ 28,381,541	$ 33,619,031
Net Earnings	$   3,029,976	$   2,544,525
Earnings per Share	$              .87	$              .73
Shares Outstanding	3,486,871	3,478,559

Taylor's website can be visited at:  www.taylordevices.com; with company newsletters and other pertinent information at www.taylordevices.com/about-us/investors/.

Taylor Devices, Inc.

Contact:  Artie Regan
Regan & Associates, Inc.
(212) 587-3005 (phone)
(212) 587-3006 (fax)
main@reganproxy.com

View original content:http://www.prnewswire.com/news-releases/taylor-devices-announces-fourth-quarter-and-full-year-results-301108355.html

SOURCE Taylor Devices, Inc.

FAQ

What were the fourth quarter earnings for Taylor Devices, Inc. (TAYD) in 2020?

Taylor Devices, Inc. reported fourth quarter earnings of $975,641 for the quarter ending May 31, 2020.

How did Taylor Devices' full year net income change from fiscal year 2019 to 2020?

The full year net income for Taylor Devices increased from $2,544,525 in fiscal year 2019 to $3,029,976 in fiscal year 2020.

What factors impacted Taylor Devices' sales in the fourth quarter of 2020?

Sales in the fourth quarter were affected by tariffs on exported products and challenges from the Coronavirus pandemic.

What were the total sales for Taylor Devices, Inc. (TAYD) for fiscal year 2020?

Total sales for Taylor Devices in fiscal year 2020 were $28,381,541.

Did Taylor Devices' earnings per share increase or decrease in fiscal 2020?

Earnings per share for Taylor Devices increased to $0.87 in fiscal year 2020, up from $0.73 in fiscal year 2019.