Taylor Devices’ move into new manufacturing facilities cut into production hours that hurt its sales and profits in its 2014 fiscal year. But the North Tonawanda company sees indications of growth.
The shock absorber manufacturer’s profits fell 27 percent from a year ago, to $401,290, or 12 cents, from $548,101, or 17 cents. Meanwhile, the company’s sales increased 3 percent from a year ago, to $5.3 million.
“With our fourth quarter shipments exceeding 2013 by a modest amount, we believe the company is now back on track for future growth,” said Douglas P. Taylor, the company’s president, in a statement.
For the entire fiscal year, which ended on May 31, Taylor Devices’ profits fell 56 percent, to $1.13 million, or 34 cents per share, compared to $2.55 million, or 77 cents per share a year ago. Last year’s net income was a record high for the company.
The company’s full-year sales declined 19 percent, to $20 million.
Taylor Devices’ backlog at the end of its fiscal year was $24.6 million, compared to $13.1 million the year before.
During the past quarter, the company many received orders for applications including buildings in Taiwan, China, Japan and Peru, as well as from domestic customers. One of the company’s key markets is equipment that helps protect buildings and bridges from damage caused by earthquakes and high winds.
Taylor completed its move into its new facilities several months ago. The $3 million expansion project more than doubled the company’s manufacturing space. Taylor Devices purchased three industrial buildings and converted them into production space that will house all of its machining and metalworking operations.