Taylor Devices, Inc. (NASDAQ:TAYD)

Taylor Devices, Inc. (NASDAQ:TAYD) ($23.57; $82.9M market cap), announced Q3 2024 results: 

• Sales of $12.2 million vs $9.9 million in the prior year
• EPS of $0.82 vs $0.47 in the prior year
• Backlog of $30.2 million vs $27.8 million in the prior year

“We continue to reap the benefits of our team's disciplined adherence to our growth strategies 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 4th and final quarter of our FY24, we will continue to focus on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities which we expect will continue to support our profitable growth going forward."

TAYD a company that designs, develops, manufactures, and markets shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in North America, Asia, and internationally,

Taylor Devices, Inc. (NASDAQ:TAYD) ($21.49; $75.6M market cap), a company that designs, develops, manufactures, and markets shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in North America, Asia, and internationally, announced Q1 2024 results: 

• Sales of $9.9 million vs $9.1 million in the prior year
• EPS of $0.52 vs $0.29 in the prior year
• Backlog of $28.3 million vs $23.0 million in the prior year

 "Once again, all three of our customer product groups; Aerospace/Defense, Structural and Industrial contributed to these results thus showing the benefits of our market diversity."  He concluded, "As our FY24 continues, we remain focused on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities."

While the quarterly results are strong,  the quarterly comps begin to get tougher. Furthermore, the backlog, sales and EPS were down sequentially from Q4. We also noticed the company did not use the words “profitable growth going forward” as it had done in prior releases. 

Taylor Devices, Inc. (NASDAQ:TAYD) ($18.56; $65.1M market cap), a company that designs, develops, manufactures, and markets shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in North America, Asia, and internationally, announced Q4 2023 results: 

• Sales of $10.7 million vs $9.6 million in the prior year
• EPS of $0.59 vs $0.43 in the prior year
• Backlog of $32.5 million vs $23.7 million in the prior year

"The favorable market diversity we enjoy continued with all three of our customer-facing product groups; Aerospace/Defense, Structural and Industrial, improving year on year and hence, contributing to the overall profitable growth of our business."  He concluded, "As we enter FY24, we will continue to invest in our team, technologies and facilities which we expect will continue to support our profitable growth going forward."

Taylor Devices, Inc. (NASDAQ:TAYD) ($21.7; $76.1M market cap), a company that designs, develops, manufactures, and markets shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in North America, Asia, and internationally, announced approval of new design procedure using fluid dampers. 

“After engaging in an extensive research & development project over the last few years, we are now able to fully deploy this revolutionary method to the civil engineering community. This will ultimately result in more buildings using fluid dampers that protect them from the harmful effects of earthquakes." said Alan Klembczyk, president of Taylor Devices "This new prescriptive method provides a simplified step-by-step procedure for structural engineers to follow and eliminates complex analysis that was previously required. This is a win-win as buildings can be designed to be safer during earthquakes and at less cost. We expect that this will help bolster sales and contribute to our growth." 

TAYD ($13.42) announced Q1 2018 results:

• Sales of $6.5 million vs $5.7 million

• EPS of $0.09 vs $0.06

Quotes from management:

"It is encouraging to start this new fiscal year with first quarter numbers that include a better top line, bottom line and firm order backlog figure; our firm order backlog of $21.6 million at the end of the first quarter is up slightly from the year ago level of $21.3 million," stated Douglas P. Taylor, President.  He continued, "Our sales to Asia have increased 30% from the same period of the prior year and sales to customers involved in construction of buildings & bridges are also up 22%; sales to industrial customers were also up 35% over the year earlier period. While it is impossible to predict full-year results from our first quarter alone, we are hopeful for improved sales & profitability levels this year."

Fourth Quarter 2012 Results

• Record sales for the fourth quarter of $9,643,520, up significantly from last year's fourth quarter sales of $7,125,138.
• Net earnings for the fourth quarter were $862,860, up from last year's fourth quarter profit of $722,796.
• EPS for the fourth quarter were $0.26 vs $0.23 in last year's fourth quarter.

Third Quarter 2012 Results

• Sales for the third quarter were $8,008,836, up significantly from last year's third quarter sales of $4,979,343.
• Third quarter net earnings of $514,213, up from last year's third quarter earnings of $386,100.
• Earnings per share for the third quarter were $0.16 vs $0.12 in prior year quarter

"Our firm order backlog continues to be very strong; it is currently at $23 million up significantly from the $13.6 million level reported in the year ago period," stated Douglas P. Taylor, President.  He continued, "Sales of both seismic and aerospace products are increasing and we expect our performance to continue through the balance of the fiscal year."  He concluded, "Our previously disclosed, self funded expansion of our manufacturing space is proceeding on schedule and we expect the first of the three buildings being renovated to be fully in service by the summer of 2012."

Second Quarter 2012 Results

• Sales of $6,781,754, up significantly from last year's 2nd quarter sales of $4,525,002
• Net earnings for the 2nd quarter were $413,741, up sharply from last year's 2nd quarter earnings of $122,975.
• Earnings per share for 2nd quarter were $0.13 vs. $0.04 in last year's 2nd quarter.

"Our firm order backlog is now at a record $25 million; last year at this time it was $13 million.  The product mix for this backlog is now approximately 19% aerospace/military with the remaining 81% comprised of commercial/seismic orders," stated Douglas P. Taylor, President.  He concluded, "We are self funding a multi-year expansion plan that will more than double the Company's manufacturing space by the end of 2013.

Several years ago the demand for our large seismic dampers reached a level where the Company had reached the floor space capacity in our Tonawanda Island facilities complex.  As a direct result, the Company eventually added 12,000 square feet of leased facilities several miles away in Kenmore, NY as a short-term solution.

The past three years' sales volume combined with a product mix skewed heavily towards larger seismic dampers has stretched all of our current facilities to their limits.  Thus, the Company again has a need for additional manufacturing space.  This was noted in the Spring 2011 Newsletter.  The Company Management believes that the recent series of major earthquakes worldwide will dramatically increase sales of the Company's products to the world construction market in the ensuing years.

In 2010 we began a study considering additional buildings for our Tonawanda Island site.  This study determined that to maintain proper production flow through the buildings required many costly changes to our existing site.  The study concluded that it is not cost-effective to add additional floor space to our present site.  As a result, Taylor Devices is contemplating three possible nearby locations, each with enough building space to house all of our present machining operations.  The existing Tonawanda Island site would then have enough free floor space to assemble and test all products for the foreseeable future.  The new facilities would essentially become the Company's parts manufacturing center with the main facilities on Tonawanda Island continuing as the product assembly and testing center in addition to housing Corporate, Sales, Engineering and Accounting functions.  In the near term, an aggressive schedule contemplates having new capabilities come on-line beginning in the Spring of 2012.

Taylor Devices, Inc. 2011 Annual Report

President's Letter

Dear Shareholder,

Our 2011 fiscal year was marked by an unprecedented increase in sales of Taylor Devices' seismic and wind protection products. The result was all-time record sales of $20,906,306, up 17% from sales of $17,875,371 in 2010. Operating income decreased to $1,482,491 compared to $1,763,653 in the previous year. Net income after taxes of $1,416,509 was the third highest in our corporate history, compared to 2010's all-time record income of $1,586,957. The reduction in income from the previous year appears to be due to product line mix and the need to expedite delivery for commercial customers.

During 2011, sales of seismic and wind protection products increased by 75% from the previous year. Conversely, aerospace/defense product sales decreased by 22%, due mostly to the winding down of NASA's manned space programs coupled with reductions in our armed forces' activity in Iraq. The strongest geographic sales increases came from sales to the Asian market place which in 2011 increased to represent 35% of all corporate sales. This is compared to 25% of all sales in 2010. In comparison, North American seismic product sales remain stagnant, reflecting the lack of any significant recovery in the Western U.S. construction markets in which the Company traditionally does significant business. Even with the 17% sales increase, Taylor Devices' firm order backlog at fiscal year-end increased to $15 million, up substantially from $13 million reported in the previous year.

This year's Annual Report features a major project in Canada -- the BC Place Stadium in Vancouver. BC Place is a downtown stadium, yet must also serve as an emergency shelter in the event of a major earthquake or similar natural catastrophe. The stadium, built in 1983, is relatively modern, but the applicable seismic codes have been upgraded several times in the ensuing years. Recent major earthquakes occurring in nations bordering the Pacific Ocean have subjected many construction projects to very stringent review by owners and engineers, requiring higher levels of ultimate seismic capacity. In the past, many considered a maximum quake level of magnitude 8.5 as an example of the ultimate input to a structure. But today, the magnitude 9 Japanese quake of 2011, and the magnitude 8.8 Chilean quake of 2010 have revised expectations upward. The seismic upgrade of BC Place involved the addition of 96 Taylor Devices' Seismic Dampers, each rated for up to 225 tons of force during a major earthquake

Also featured this year is one of our new products, the Modular Machine Spring. Sales of this product demonstrate that Taylor Devices' Modular Machined Springs have essentially created new market sectors for high precision springs for aerospace/defense and industrial use. The Company has established the capability of manufacturing relatively large machined springs from virtually any material, including exotic alloys which previously could not be made into springs using conventional technology. This has resulted in numerous contracts for these products from major aerospace/defense prime contractors. Recently, industrial use of these products has begun and indeed the Company is currently performing Government funded research to develop uses for this new product in the field of wind protection of buildings.

The Company expects to maintain increased sales levels in 2012, from our new and existing product lines.

NORTH TONAWANDA, N.Y., Aug. 25, 2011 /PRNewswire/ -- Taylor Devices, Inc.  (NASDAQ SmallCap: "TAYD") announced today that its sales for the 4th quarter were $7,125,138, up from last year's 4th quarter sales of $4,589,548.  

• Net earnings for the 4th quarter were $722,796, up substantially from last year's 4th quarter profit of $439,496.
• Sales for the full year were an all-time record of $20,906,306, up from last year's $17,875,371.  Net earnings for the full 2010-11 fiscal year were $1,416,509, down from the earnings of $1,586,957 reported for the comparable 2009-10 period.  

"We expected to have a good & profitable year and we did," stated Douglas P. Taylor, President.  He continued, "Our full year sales for 2011 set a new company record and net income (for the full year) was surpassed only by F/Y 2010 & F/Y 2008."  He continued, "Our firm order backlog at year-end was $15 million; up significantly from the year ago level of $13 million."  He concluded, "Seismic product sales increased by 75% over the previous year while sales to Asian customers grew to 35% of the Company's total revenues compared with 25% in 2010."