Taylor Devices Announces Third Quarter And Nine Month Results

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

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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SOURCE Taylor Devices, Inc.