TAYLOR DEVICES ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported a net loss of $117,293 in the 3rd quarter, compared to net earnings of $182,318 last year. However, quarterly sales rose to $6,143,329, up 29% year-over-year. For the first nine months, net earnings decreased to $724,388 from $1,003,619, while sales increased 39% to $21,209,052. CEO Tim Sopko highlighted challenges due to increased material and labor costs, alongside the absence of prior government financial assistance. The firm order backlog is currently $17,400,000.

Positive

• Quarterly sales increased by 29% to $6,143,329.
• Sales for the first nine months rose by 39% to $21,209,052.

Negative

• 3rd quarter net loss of $117,293 compared to net earnings last year.
• Net earnings for the first nine months dropped to $724,388 from $1,003,619.

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. 

 

3rd Quarter (3 months ended 02/28/22 & 02/28/21)	F/Y 22			F/Y 21
Sales	$    6,143,329			$   4,772,371
Net Earnings	$      -117,293			$      182,318
Earnings per Share	$            -0.03			$            0.05
Shares Outstanding	3,496,833			3,487,599
1st Nine months (ended 02/28/22 & 02/28/21)	F/Y 22			F/Y 21
Sales	$  21,209,052			$ 15,249,425
Net Earnings	$       724,388			$   1,003,619
Earnings per Share	$             0.21			$            0.29
Shares Outstanding	3,496,968			3,487,801

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-third-quarter-and-nine-month-results-301514786.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' earnings for the 3rd quarter of 2022?

Taylor Devices reported a net loss of $117,293 for the 3rd quarter of 2022.

How did sales perform for Taylor Devices in the 3rd quarter of 2022?

Sales for the 3rd quarter of 2022 were $6,143,329, a 29% increase from the same period last year.

What are the net earnings for Taylor Devices for the first nine months of 2022?

Net earnings for the first nine months of 2022 were $724,388, down from $1,003,619 in the previous year.

What is the current order backlog for Taylor Devices?

As of February 2022, Taylor Devices has a firm order backlog of $17,400,000.

How did Taylor Devices' sales compare to last year?

Sales increased by 39% for the first nine months of 2022, totaling $21,209,052.