NORTH
TONAWANDA, N.Y., Jan. 10,
2024 /PRNewswire/ -- Taylor Devices, Inc.
(NASDAQ SmallCap: "TAYD") announced today that it had
2nd quarter sales of $10,339,875, down slightly from last year's
2nd quarter sales of $10,497,366 while sales for the 1st
half of the fiscal year were $20,263,503, up from last year's 1st
half sales of $19,588,065.
Net earnings for the 2nd quarter were $1,981,348, up from last year's 2nd
quarter net earnings of $1,559,508
with net earnings for the 1st half finishing at
$3,829,211, up significantly from
last year's 1st half net earnings of $2,561,879.
"Our FY24 2nd quarter and 1st half sales
finished in line with and improved compared to last year's levels
respectively with all three of our customer product groups;
Aerospace/Defense, Structural and Industrial, contributing
favorably," stated Tim Sopko,
CEO. He continued, "This also sets a new high record for our
sales in the first six months of a fiscal year concurrent with
sales in the quarter exceeding the $9
million threshold for the 7th consecutive
quarter." He further commented, "Earnings for the
2nd quarter and 1st half are significantly
improved over last year's levels both in total dollars as well as a
percentage of sales; 27% better for the quarter and 49% better for
the 1st half." He continued, "This continuing
profitable growth is largely due to our team's disciplined
adherence to our strategic priorities 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 2nd half of our FY24, we will continue
to focus on our strategic priorities supported by continued
investments in our team, technologies (R&D) and facilities
which we expect will continue to support our profitable growth
going forward."
The company established a new record high firm order backlog of
$35,500,000 at the end of this
quarter, as compared to $18,1000,000
at the end of the 2nd quarter last fiscal year.
Additionally, the company's Board of Directors approved the
repurchase of 459,015 of the company's shares from Ira Sochet, following his unsolicited repurchase
offer to the company, at a price of $19.92 per share which is a 12.4% discount off
the average market price that TAYD shares traded on the day the
repurchase was finalized, January 8,
2024. "Our strong balance sheet condition continues with
ample working capital to support our continuing profitable growth
following this value-enhancing deployment of our shareholder's
cash," said Tim Sopko, CEO.
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.
2nd Quarter
(3 months ended 11/30/23 & 11/30/22)
|
F/Y 24
|
F/Y 23
|
Sales
|
$
10,339,875
|
$
10,497,366
|
Net Earnings
|
$ 1,981,348
|
$
1,559,508
|
Earnings per
Share
|
$
0.56
|
$
0.45
|
Shares
Outstanding
|
3,521,428
|
3,499,598
|
|
|
|
1st Half (6
months ended 11/30/23 & 11/30/22)
|
F/Y 24
|
F/Y 23
|
Sales
|
$
20,263,503
|
$
19,588,065
|
Net Earnings
|
$ 3,829,211
|
$
2,561,879
|
Earnings per
Share
|
$
1.09
|
$
0.73
|
Shares
Outstanding
|
3,521,099
|
3,500,172
|
Taylor's website can be visited at:
www.taylordevices.com ; with company newsletters and
other pertinent information at www.taylordevices.com/investors.
Taylor Devices,
Inc.
|
|
|
Contact:
|
Artie Regan
|
|
Regan & Associates,
Inc.
|
|
(212) 587-3005
(phone)
|
|
(212) 587-3006
(fax)
|
|
main@reganproxy.com
|
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content:https://www.prnewswire.com/news-releases/taylor-devices-announces-fiscal-year-2024-second-quarter-and-first-half-results-including-a-record-high-firm-order-backlog-and-stock-repurchase-302031129.html
SOURCE Taylor Devices, Inc.