Lower sales of its equipment to protect buildings and bridges from damage during high winds and earthquakes caused a 23 percent drop in fourth-quarter profits at Taylor Devices, the North Tonawanda shock absorber manufacturer said Tuesday.
Douglas P. Taylor, the company's president, said the drop was not unexpected, since Taylor Devices had record-setting sales last year that would be difficult to top. He said he expects the company to be "profitable and successful" during the current fiscal year, which began in June.
"Our previous fiscal year was so outstanding, year-to-year comparisons are difficult," he said. "While we did not have record-breaking results this year, our sales were the fourth-highest in company history and our earnings were the third-highest."
During the fourth quarter, Taylor Devices' profits fell to $844,000, or 24 cents per share, from $1.09 million, or 31 cents per share, a year ago. Sales slid by 30 percent to $6.3 million during the quarter that ended in May, compared with $9.1 million a year ago.
The company said its backlog of orders was virtually unchanged at $21.6 million at the end of May, compared with a year earlier.