Taylor Devices Announces Second Quarter and Six-Month Results

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported a decline in both sales and net earnings for its 2nd quarter and the first six months of fiscal year 2021. Net earnings dropped to $645,290 for Q2, down from $917,006 last year. Sales decreased to $4,717,597 in Q2 compared to $7,702,425 from the previous year. For the first half, net earnings were $821,301, down from $1,271,583, with total sales at $10,477,054. The company attributes lower sales to order delays due to the COVID-19 pandemic, while a PPP loan helped maintain workforce stability.

Positive

• Firm order backlog increased to $15,400,000 from $9,800,000 at the start of the fiscal year.
• PPP loan received was forgiven, aiding in workforce retention.

Negative

• Net earnings decreased by 30% in Q2 compared to last year.
• Sales decreased by 39% in Q2 compared to last year.
• Earnings per share fell to $0.19 from $0.26 in Q2 last year.

NORTH TONAWANDA, N.Y., Dec. 31, 2020 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 2^nd quarter Net earnings of $645,290, down from last year's 2^nd quarter Net earnings of $917,006.  Net earnings for the 1^st six months were $821,301, also down from last year's Net earnings for the 1^st six months of $1,271,583.

Sales for the 2^nd quarter were $4,717,597, lower than last year's 2^nd quarter sales of $7,702,425.  Sales for the 1^st six months were $10,477,054, lower than last year's 1^st six-month sales of $13,411,064.

"Our FY21 Q2 sales finished significantly lower than last year's Q2 sales due primarily to the order placement delays we have been experiencing since the onset of the COVID-19 Coronavirus Pandemic, particularly for orders and resultant sales from our domestic Construction customers," stated Tim Sopko, CEO.   He further commented, "This lower sales volume combined with continued greater percentage of sales to our Construction customers in Asia where margins are more challenged resulted in lower net earnings."  He continued, "Earnings would have been lower still if not for the favorable impact of a Paycheck Protection Plan (PPP) loan received as part of the CARES Act which was forgiven in the quarter."  He added, "This has helped us keep our experienced and dedicated work force intact during these trying times which, when combined with lower business volume, has also allowed us to accelerate progress on our business systems and processes improvement initiatives that are critical to supporting our profitable growth".

He concluded, "I continue to be thoroughly impressed by how well our employees are managing the challenges of this very exceptional year thus far and remain hopeful that this Pandemic ends sooner rather than later with the recent release of vaccines to the public".

The company's firm order backlog is $15,400,000 at the end of the 1st six months as compared to $9,800,000 at the beginning of the fiscal year.  

Taylor Devices, Inc. is a 65-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.

2nd Quarter  (3 months ended 11/30/20 & 11/30/19)	F/Y 21	F/Y 20
Sales	$4,717,597	$7,702,425
Net Earnings	$   645,290	$   917,006
Earnings per Share	$         0.19	$         0.26
Shares Outstanding	3,487,192	3,478,716
1st Half  (6 months ended 11/30/20 & 11/30/19)	F/Y 21	F/Y 20
Sales	$10,477,054	$13,411,064
Net Earnings	$     821,301	$  1,271,583
Earnings per Share	$           0.24	$           0.37
Shares Outstanding	3,487,299	3,478,795

 

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

View original content:http://www.prnewswire.com/news-releases/taylor-devices-announces-second-quarter-and-six-month-results-301199669.html

SOURCE Taylor Devices, Inc.

FAQ

What were the Q2 earnings for Taylor Devices, Inc. (TAYD) for fiscal year 2021?

Taylor Devices, Inc. reported Q2 net earnings of $645,290 for fiscal year 2021.

How much did Taylor Devices (TAYD) earn in the first six months of fiscal year 2021?

In the first six months of fiscal year 2021, Taylor Devices earned $821,301.

What was the sales figure for Taylor Devices (TAYD) in Q2 of fiscal year 2021?

In Q2 of fiscal year 2021, Taylor Devices reported sales of $4,717,597.

What is the order backlog for Taylor Devices, Inc. (TAYD)?

As of the end of the first six months, Taylor Devices has an order backlog of $15,400,000.

What factors affected Taylor Devices (TAYD) sales in fiscal year 2021?

Sales were impacted by order placement delays due to the COVID-19 pandemic.