Taylor Devices Announces Fourth Quarter And Full Year Results

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Aug 02, 2019, 16:23 ET

NORTH TONAWANDA, N.Y., Aug. 2, 2019 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had net earnings for the 4^th quarter of $982,390, up from last year's 4^th quarter profit of $112,893. Net income for the full fiscal year was $2,544,525 up substantially from last year's full fiscal year net income of $443,370.

Sales for the 4^th quarter were $9,013,282, up from last year's 4^th quarter sales of $6,410,815. Sales of $33,619,031 for the full year were up from last year's level of $24,363,967 and represents the second highest revenue in corporate history.

"The execution and delivery this past year of the second highest annual sales volume with concurrent third best net income in the company's history is an accomplishment that the team is to be commended on," said Tim Sopko, CEO. He concluded, "Additionally, we were able to concurrently progress the lean improvement initiatives in play that will not only positively impact fiscal year 2020 but enable the continued growth of the company path forward."

"After an exciting year with many new initiatives, significant challenges and setting some higher corporate goals, we are happy to announce dramatic improvements in revenue and net income. We were targeting 2019 to be an improved and profitable year and our team has delivered," said Alan Klembczyk, President. He continued, "Furthermore, we are continuing to build the team at all levels of the Company to sustain that momentum and reach our long-term goals as well."

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.

4^th Quarter (3 months ended 5/31/19 & 5/31/18)		F/Y 19		F/Y 18
Sales	$	9,013,282	$	6,410,815
Net Earnings	$	982,390	$	112,893
Earnings per Share	$	.28	$	.04

Fiscal Year		F/Y 19		F/Y 18
Sales	$	33,619,031	$	$24,363,967
Net Earnings	$	2,544,525	$	$ 443,370
Earnings per Share	$	.73	$	.13
Shares Outstanding		3,478,559		3,466,267

Taylor's website can be visited at: www.taylordevices.com ; with company newsletters and other pertinent information at www.taylordevices.com/investors.