Taylor Devices Announces Third Quarter And Nine-month Results

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported a net earnings drop for the 3rd quarter of fiscal year 2021, totaling $182,318, a significant decline from $782,752 in the same period last year. Sales also fell to $4,772,371 compared to $7,234,195 last year. For the first nine months, net earnings reached $1,003,619, down from $2,054,335 previously. Despite lower earnings, the company saw a rise in bookings and has a firm order backlog of $18,800,000, up from $14,600,000 last year.

Positive

• Bookings activity increased, with year-to-date bookings nearly $3,000,000 higher than last year.
• Firm order backlog improved to $18,800,000, compared to $14,600,000 a year ago.

Negative

• 3rd quarter net earnings decreased by 77% from the previous year.
• Sales for the 3rd quarter declined by 34% year-over-year.
• Net earnings for the first nine months dropped by 51% compared to last year.
• Sales for the first nine months fell by 26.5% from the previous year.

NORTH TONAWANDA, N.Y., March 26, 2021 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 3^rd quarter Net earnings of $182,318, down from last year's 3^rd quarter Net earnings of $782,752.  Net earnings for the 1^st nine months were $1,003,619, also down from last year's Net earnings for the 1^st nine months of $2,054,335.

Sales for the 3^rd quarter were $4,772,371, lower than last year's 3rd quarter sales of $7,234,195.  Sales for the 1^st nine months were $15,249,425, lower than last year's 1^st nine months sales of $20,645,259.

"Sales this quarter and YTD are significantly lower than this period last year with earnings likewise lower but not as low as they would have otherwise been due to the federal aid we received as an incentive to keep employees hired during the pandemic," stated Tim Sopko, CEO.  He further commented, "The accelerated progress made on our Continuous Improvement initiatives during this time of lower business volume positions us well to execute more efficiently at higher business volumes as our markets rebound from the negative impacts of the virus."  He concluded, "While it remains to be seen how the impacts of the pandemic will play out on our path forward, booking activity has been on the rise this past quarter with YTD bookings almost $3,000,000 better than this time last year, which is encouraging."  

The company's firm order backlog is $18,800,000 at the end of February as compared to $14,600,000 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 02/28/21 & 02/29/20)	F/Y 21	F/Y 20
Sales	$4,772,371	$7,234,195
Net Earnings	$  182,318	$  782,752
Earnings per Share	$        0.05	$        0.22
Shares Outstanding	3,487,599	3,478,914

 

1st Nine months (ended 02/28/21 & 02/29/20)	F/Y 21	F/Y 20
Sales	$15,249,425	$20,645,259
Net Earnings	$  1,003,619	$  2,054,335
Earnings per Share	$        0.29	$        0.59
Shares Outstanding	3,487,801	3,479,033

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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SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' net earnings for Q3 2021?

Taylor Devices reported net earnings of $182,318 for the 3rd quarter of fiscal 2021.

How did Taylor Devices' sales perform in Q3 2021?

Sales for Taylor Devices in Q3 2021 were $4,772,371, down from $7,234,195 in the same period last year.

What is the current order backlog for Taylor Devices?

As of the end of February 2021, Taylor Devices has a firm order backlog of $18,800,000.

How have Taylor Devices' year-to-date bookings changed?

Year-to-date bookings for Taylor Devices are nearly $3,000,000 higher compared to the same time last year.

What are the earnings per share for Taylor Devices for the first nine months of FY 2021?

The earnings per share for Taylor Devices for the first nine months of FY 2021 are $0.29.