Higher royalty income, coupled with rising profits from its own operation and a bigger share of the earnings of its Taylor Devices Inc. affiliate, helped Tayco Developments Inc. more than double its fourth-quarter profits.
The North Tonawanda research and development company said Wednesday that its profits soared to $122,546, or 12 cents per share, from $45,763, or 5 cents per share, a year ago. Sales rose by 25 percent to $126,471 during the quarter that ended on June 30, compared with $101,377 the year before.
Douglas P. Taylor, Tayco's president, said the stronger profits reflect the company's steady growth and the focus of its research and development work on independent research projects as well as finding new adaptations for its existing patents.
Tayco, which is Taylor Devices' research affiliate, also got a boost from its share of Taylor's surging fourth-quarter profits, which soared by 154 percent.
For the year, Tayco's profits rose by 35 percent to $292,978, or 30 cents per share, from $216,946, or 22 cents per share, a year earlier. Revenues inched up by less than 1 percent to $433,983 from $432,510.