Taylor Devices Announces Second Quarter and Six Month Results

PR Newswire 12-Jan-2018 9:27 AM

NORTH TONAWANDA, N.Y. , Jan. 12, 2018 /PRNewswire/ --Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 2nd quarter Net earnings of $52,147, down from last year's 2nd quarter earnings of $938,280. Net earnings for the 1st six months were $353,894, down from last year's earnings of $1,148,114.

Sales for the second quarter were $4,811,774, lower than last year's 2nd quarter sales of $7,807,465. Sales for the 1st six months were $11,379,494, down from last year's sales of $13,563,178.

"The lack of approval on the 2018 Federal Budget in Washington, DC is delaying new orders, " stated Douglas P. Taylor, President . He continued, "While our aerospace sales remain strong, the funding for continued production on existing long-term contracts has been postponed. Domestic sales of our seismic dampers remain slow due to delays on major building projects, particularly those involving significant U.S. Government funding. Similarly, major bridge projects are stalled while owners wait to see if increased infrastructure spending is included within the new budget." He concluded, "While these delays are impacting our numbers, we continue to expect a profitable fiscal year."

The company's firm order backlog is $20.6 million, as compared to $21.6 million at the end of the first quarter.

Taylor Devices, Inc. is a 63-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.

2nd Quarter (3 months ended 11/30/17 & 11/30/16)

F/Y 18

F/Y 17

Sales

$ 4,811,774

$ 7,807,465

Net Earnings

$ 52,147

$ 938,280

Earnings per Share

$ .02

$ .27

Shares Outstanding

3,445,429

3,415,683

Six Months (6 months ended 11/30/17 & 11/30/16)

F/Y 18

F/Y 17

Sales

$ 11,379,494

$ 13,563,178

Net Earnings

$ 353,894

$ 1,148,114

Earnings per Share

$ .10

$ .34

Shares Outstanding

3,447,383

3,418,508

Taylor's website can be visited at: www.taylordevices.com ; with company newsletters at www.taylordevices.com/press-releases.html . Additional information can also be found at www.seismicdamper.com .

Taylor Devices, Inc.

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

View original content:http://www.prnewswire.com/news-releases/taylor-devices-announces-second-quarter-and-six-month-results-300581972.html

SOURCE Taylor Devices, Inc.

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