TAYLOR DEVICES ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS INCLUDING RECORD HIGH SALES AND EARNINGS

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Mar 28, 2024, 08:27 ET

NORTH TONAWANDA, N.Y., March 28, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 3^rd quarter sales of $12,254,093, up 24% from last year's 3^rd quarter sales of $9,891,272 while sales for the 1^st nine months were $32,517,596, up 10% from last year's 1^st nine-month sales of $29,479,337.

Net earnings for the 3^rd quarter were $2,696,921, up significantly from last year's 3^rd quarter net earnings of $1,658,887 with net earnings for the 1^st nine months finishing at $6,526,132, also up significantly from last year's net earnings for the 1^st nine months of $4,220,766.

"Our FY24 3^rd quarter and 1st nine-month sales finished significantly better than last year's levels respectively with the benefit of our market diversity demonstrated by increased sales to our Aerospace/Defense product group customers more than offsetting a decrease in sales to our Structural product group customers," stated Tim Sopko, CEO. He continued, "Additionally, these sales levels establish new company highs for sales in a quarter as well as the 1^st nine months of a fiscal year." He further commented, "Similarly, net earnings for the 3^rd quarter and 1^st nine months are also significantly improved over last year's levels both in total dollars as well as a percentage of sales; 63% better for the quarter and 55% better for the 1^st nine months, while also establishing new company highs for net earnings in a quarter as well as the 1^st nine months of a fiscal year." He further commented, "We continue to reap the benefits of our team's disciplined adherence to our growth strategies as well as their excellent work on continuous improvements implemented over the past several years across all functions in our business." He concluded, "As we enter the 4^th and final quarter of our FY24, we will continue to focus on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities which we expect will continue to support our profitable growth going forward."

The company's firm order backlog was $30,200,000 at the end of this February as compared to $27,800,000 at the end of February last year.

Taylor Devices, Inc. is a 68-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.

3^rd Quarter (3 months ended 02/29/24 & 02/28/23)	F/Y 24	F/Y 23
Sales	$ 12,254,093	$ 9,891,272
Net Earnings	$ 2,696,921	$ 1,658,887
Earnings per Share	$ 0.82	$ 0.47
Shares Outstanding	3,302,497	3,505,849

1^st Nine months (ended 02/29/24 & 02/28/23)	F/Y 24	F/Y 23
Sales	$ 32,517,596	$ 29,479,337
Net Earnings	$ 6,526,132	$ 4,220,766
Earnings per Share	$ 1.91	$ 1.20
Shares Outstanding	3,411,703	3,502,982

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