TAYLOR DEVICES ANNOUNCES STRONG FOURTH QUARTER AND RECORD FULL YEAR RESULTS

Rhea-AI Summary

Taylor Devices, Inc. reports strong 4th quarter and full year sales, with significant increases compared to last year. Net income also improved dramatically. Firm order backlog reaches $32.5 million, a new record for the company. Market diversity remains favorable. The company plans to continue investing for future growth.

Positive

• 4th quarter sales: $10,720,017 (up from $9,657,530 last year)
• Full year sales: $40,199,354 (significantly up from $30,866,582 last year)
• 4th quarter net income: $2,066,592 (up from $1,515,035 last year)
• Full year net income: $6,287,358 (dramatically up from $2,239,423 last year)
• Firm order backlog: $32.5 million (improved from $23.7 million last year)

Negative

• None.

NORTH TONAWANDA, N.Y., Aug. 15, 2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 4^th quarter sales of $10,720,017, up from last year's 4^th quarter sales of $9,657,530.  Sales for the full year of $40,199,354 were significantly up from last year's level of $30,866,582.

Net income for the 4^th quarter of $2,066,592 was up from last year's 4^th quarter net income of $1,515,035 with net income for the fiscal year of $6,287,358, up dramatically from last year's fiscal year net income of $2,239,423.

"Our FY23 4^th quarter and full year sales finished well ahead of last year's levels with the full year sales of $40.2 million setting a new high record exceeding the prior record of $35.7 million set in FY16", said Tim Sopko, CEO.  He continued, "Year-on-year net income for both the 4^th quarter and full year improved substantially with the full year net income of $6.3 million or 15.6% of sales also setting a new high record exceeding our prior record of $4.2 million or 11.8% of sales set in FY16."  He further commented, "The excellent performance of our team in the execution of our profitable growth strategies, resulted in a firm order backlog of $32.5 million as we enter FY24. This is a significant improvement over the prior year's backlog of $23.7 million, and establishes a new record for the company compared to the prior record of $25.2 million set at the start of FY16."  He further commented, "The favorable market diversity we enjoy continued with all three of our customer facing product groups; Aerospace/Defense, Structural and Industrial, improving year on year and hence, contributing to the overall profitable growth of our business."  He concluded, "As we enter FY24, we will continue to invest in our team, technologies and facilities which we expect will continue to support our profitable growth going forward."

Taylor Devices, Inc. is a 68-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 05/31/23 & 5/31/22)	F/Y 23	F/Y 22
Sales	$    10,720,017	$     9,657,530
Net Earnings	$      2,066,592	$     1,515,035
Earnings per Share	$               0.59	$              0.43
Shares Outstanding	3,514,797	3,497,157

 

Fiscal Year	F/Y 23	F/Y 22
Sales	$    40,199,354	$   30,866,582
Net Earnings	$      6,287,358	$     2,239,423
Earnings per Share	$               1.79	$              0.64
Shares Outstanding	3,506,474	3,497,345

 

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:https://www.prnewswire.com/news-releases/taylor-devices-announces-strong-fourth-quarter-and-record-full-year-results-301900922.html

SOURCE Taylor Devices, Inc.