NORTH TONAWANDA, N.Y.,
Jan. 12, 2017 /PRNewswire/
-- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD")
announced today that it had 2nd quarter Net earnings of
$938,280, up from last year's
2nd quarter earnings of $924,658. Net earnings for the
1st six months were $1,148,114, down from last year's earnings of
$1,934,307.
Sales for the second quarter were $7,807,465, lower than last year's 2nd
quarter sales of $8,819,548. Sales for the
1st six months were $13,563,178, down from last year's sales of
$18,292,962.
"Fiscal year 2017 is progressing at a slower pace than the
previous record setting year," stated Douglas P. Taylor, President. He further
commented, "Shipments were down in the first quarter, because the
Company had scheduled production on three large defense contracts
for which we expected funding in April
2016, but which were delayed until November 2016." He
continued, "U.S. sales of our seismic dampers slowed due to delays
in the U.S. construction markets which appear to be the result of
building owners being uncertain about the 2017-2018 U.S. economy."
He concluded, "This affected the Company's second quarter sales,
with funding delayed to mid-2017 on two major seismic damper orders
which, previously, we had expected to be in production in the
second quarter."
The company's firm order backlog is $20.6
million as compared to $21.5
million at the beginning of the fiscal year.
Taylor Devices, Inc. is a 61-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 11/30/16 &
11/30/15)
|
F/Y
17
|
F/Y 16
|
|
|
|
|
|
Sales
|
$
7,807,465
|
$
8,819,548
|
|
|
|
|
|
Net
Earnings
|
$ 938,280
|
$ 924,658
|
|
|
|
|
|
Earnings per
Share
|
$ .27
|
$ .27
|
|
|
|
|
|
Shares
Outstanding
|
3,415,683
|
3,370,018
|
|
Six Months (6 months
ended 11/30/16 &
11/30/15)
|
F/Y
17
|
F/Y 16
|
|
|
|
|
|
Sales
|
$
13,563,178
|
$
18,292,962
|
|
|
|
|
|
Net
Earnings
|
$
1,148,114
|
$
1,934,307
|
|
|
|
|
|
Earnings per
Share
|
$ .34
|
$ .57
|
|
|
|
|
|
Shares
Outstanding
|
3,418,508
|
3,374,214
|
Taylor's website can be visited at:
www.taylordevices.com
Taylor Devices, Inc.
Contact: Artie Regan
Regan & Associates, Inc.
(212) 587-3005 (phone)
(212) 587-3006 (fax)
info@reganproxy.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/taylor-devices-announces-second-quarter-and-six-month-results-300390156.html
SOURCE Taylor Devices, Inc.