Taylor Devices Announces Third Quarter And Nine Month Results
PR Newswire
NORTH TONAWANDA, N.Y., April 13, 2018
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
View original content:http://www.prnewswire.com/news-releases/taylor-devices-announces-third-quarter-and-nine-month-results-300629542.html
SOURCE Taylor Devices, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.