PR Newswire | Dec 29, 2021 08:45AM EST

12/29 07:45 CST

TAYLOR DEVICES ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS NORTH TONAWANDA, N.Y., Dec. 29, 2021

NORTH TONAWANDA, N.Y., Dec. 29, 2021 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 2nd quarter Net earnings of $659,804, up slightly from last year's 2nd quarter Net earnings of $645,290. Net earnings for the 1st six months were $841,681, also up slightly from last year's Net earnings for the 1st six months of $821,301.

Sales for the 2nd quarter were $7,757,986, up 64% from last year's 2nd quarter sales of $4,717,597. Sales for the 1st six months were $15,065,723, up 44% from last year's 1st six-month sales of $10,477,054.

"Our FY22 2nd quarter and 1st Half sales finished not only significantly better than last year's levels respectively but also in line with more recent pre-pandemic sales volumes," stated Tim Sopko, CEO. He further commented, "These higher volumes, including increased sales to our domestic customers, resulted in improved Net earnings from last year's levels despite the unprecedented material and labor cost escalations that we continue to see due to COVID-19." He continued, "While we are clearly not out of the COVID-19 "woods" yet, our customers and the markets we serve continue to show signs of recovery which is encouraging."

He concluded, "As we turn the half-way point of our fiscal year, our priorities continue to be the health and safety of our employees and their families while we continue to deliver our critically needed components to our customers on time."

The company's firm order backlog was $17,000,000 at the end of the 1st six months of this fiscal year as compared to $15,400,000 at the end of the 1st six months last fiscal year.

Taylor Devices, Inc. is a 66-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.

2^nd Quarter (3 months ended 11/30/21 & 11/30/ F/Y 22 F/Y 2120)

Sales $7,757,986 $4,717,597

Net Earnings $ 659,804 $ 645,290

Earnings per Share $ 0.19 $ 0.19

Shares Outstanding 3,496,610 3,487,241

1^st Half (6 months ended 11/30/21 & 11/30/20) F/Y 22 F/Y 21

Sales $15,065,723 $10,477,054

Net Earnings $ 841,681 $ 821,301

Earnings per Share $ $ 0.24 0.24

Shares Outstanding 3,496,697 3,487,397

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 ReganRegan & Associates, Inc.(212) 587-3005 (phone)(212) 587-3006 (fax)main@reganproxy.com

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SOURCE Taylor Devices, Inc.