NORTH TONAWANDA, N.Y.,
Sept. 25, 2020 /PRNewswire/ -- Taylor
Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had
1st quarter sales of $5,759,457, up slightly from last year's
1st quarter sales of $5,708,639.
Net earnings for the 1st quarter were $176,011, down from last year's 1st
quarter earnings of $354,577.
"FY21 Q1 sales are on par with last year's Q1 sales although net
earnings are lower due primarily to an increase in sales to our
construction and industrial customers in Asia where tariffs and local competitive
dynamics typically drive lower margins", stated Tim Sopko, CEO. He further commented,
"Additionally, order placement delays by our customers due to the
COVID-19 Coronavirus Pandemic that started over 6 months ago had a
negative impact on sales volume in Q1 which further stressed
margins." He continued, "While we do not know when the
COVID-19 related challenges will subside, our workforce response to
these challenges has been outstanding thus far and we remain well
positioned with our diversified portfolio and strong balance sheet
to manage them path forward." He concluded, "Our top
priorities continue to be the health and safety of our employees
and their families along with supporting our customers."
Taylor Devices, Inc. is a 65-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.
1st
Quarter (3 months ended 8/31/20 &
8/31/19)
|
F/Y
21
|
F/Y 20
|
Sales
|
$5,759,457
|
$5,708,639
|
Net
Earnings
|
$
176,011
|
$
354,577
|
Earnings per
Share
|
$
0.05
|
$
0.10
|
Shares
Outstanding
|
3,487,085
|
3,478,636
|
Taylor's website can be visited at: www.taylordevices.com,
with company newsletters and other pertinent information at
www.taylordevices.com/investors.
Contact:
|
Artie Regan
|
|
Regan &
Associates, Inc.
|
|
(212) 587-3005
(phone)
|
|
(212) 587-3006
(fax)
|
|
main@reganproxy.com
|
View original
content:http://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-301138202.html
SOURCE Taylor Devices, Inc.