NORTH TONAWANDA, N.Y.,
April 13, 2018 /PRNewswire/
-- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD")
announced today that it had third quarter sales of $6,573,658, up from last year's third quarter
sales of $5,672,720.
Sales for the first nine months were $17,953,152, down from last year's first nine
months' sales of $19,235,898.
Net earnings for the third quarter were ($23,417), down from last year's third quarter
earnings of $338,203. Net
earnings for the first nine months were $330,477, also down from last year's earnings of
$1,486,317.
"The Tax Cuts and Jobs Act (the 2017 Act) became law in December
of 2017. Due to changes in the corporate tax rates, the
Company was required to record a non-cash write down of deferred
tax assets and recognized incremental deferred tax expense of
$164,000 during the quarter ending
February 28, 2018" stated
Douglas P. Taylor, President.
He continued, "This eliminated our entire third quarter pre-tax
income of $145,583 and resulted in
the net loss reported for the quarter. While this one-time
adjustment required by the new tax law hurt this quarter's
earnings, the reduction in corporate tax rates should be a benefit
to the Company in the future." He continued, "Our firm order
backlog at the end of the third quarter was $18.8 million, down a bit from $19.5 million exactly one year ago."
He continued, "Sales to industrial customers were up by 31% and
aerospace sales were up by 8% from the levels recorded in our
previous year. Construction product sales to Asian customers
have increased 40% for the year to date and proposal activity to
U.S. seismic customers has increased as well." He concluded,
"Our sales and profitability have been impacted by a slowdown in
the U.S. construction business and we expect seismic and wind
damper sales to improve when that sector does."
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.
TAYD:04/13/18
Third Quarter
(3 months ended 02/28/18 & 02/28/17)
|
F/Y 18
|
F/Y 17
|
|
|
|
Sales
|
$6,573,658
|
$5,672,720
|
|
|
|
Net
Earnings
|
($23,417)
|
$
338,203
|
|
|
|
Earnings per
Share
|
($.01)
|
$
.10
|
|
|
|
|
|
|
Nine Months (9 months
ended 02/28/18 & 02/28/17)
|
F/Y 18
|
F/Y 17
|
|
|
|
Sales
|
$17,953,152
|
$19,235,898
|
|
|
|
Net
Earnings
|
$
330,477
|
$1,486,317
|
|
|
|
Earnings per
Share
|
$
.09
|
$
.43
|
|
|
|
Shares
Outstanding
|
3,451,348
|
3,424,192
|
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
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content:http://www.prnewswire.com/news-releases/taylor-devices-announces-third-quarter-and-nine-month-results-300629542.html
SOURCE Taylor Devices, Inc.