TAYLOR DEVICES ANNOUNCES STRONG FOURTH QUARTER AND RECORD FULL YEAR RESULTS
NORTH TONAWANDA, N.Y., Aug. 15, 2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 4th quarter sales of $10,720,017, up from last year's 4th 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 4th quarter of $2,066,592 was up from last year's 4th 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 4th 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 4th 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
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SOURCE Taylor Devices, Inc.
