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Taylor Devices’ earnings jump
Published:January 15, 2010, 6:57 AM
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Updated: August 21, 2010, 4:06 AM
Taylor Devices’ second-quarter earnings were almost 10 times higher than a year ago.
The North Tonawandabased shock absorber manufacturer’s earnings were $501,891, compared with $55,365 a year earlier. Its earnings per share were 16 cents as opposed to 2 cents a year ago.
Taylor Devices’ sales fell 7.2 percent from a year ago, to $3.5 million.
The company’s “previously stated expectation of improved profitability for this fiscal year is being realized,” said Douglas Taylor, the company’s president. Taylor Devices’ firm order backlog has increased to $11.4 million from the $10.1 million reported a year ago, he said.
The company’s shipments for aerospace and military customers remain strong, but the construction markets are still feeling the negative effects of global economic conditions, Taylor said.
Taylor Devices makes giant shock absorbers that help prevent buildings and bridges from being damaged by earthquakes and high winds, as well as products that help control or absorb vibrations.
Through the first six months of its fiscal year, Taylor Devices’ earnings quadrupled from a year ago to $822,688, while its sales were virtually unchanged, at $8.5 million.
The mix of Taylor Devices’ sales has changed. Sales from aerospace and defense generated 51 percent of sales in the first six months. Construction accounted for 41 percent and industrial customers 8 percent. A year ago, construction was the top source, at 51 percent, followed by aerospace and defense at 36 percent and industrial at 13 percent.
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