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) | |
[email protected] | |
SOURCE Taylor Devices, Inc.
