Taylor Devices Inc. of North Tonawanda said first-quarter earnings rose to $90,392 or 3 cents a share, from $70,619 or 2 cents a share a year earlier.
The shock-absorber company said it posted record first-quarter revenues of $2.5 million, up nearly 20 percent from $2.1 million a year ago.
"Record sales and reduced selling, general and administrative expenses, resulted in a 28 percent increase in net income this quarter," said President Douglas P. Taylor, "and an increasing flow of orders for seismic damper products has boosted our backlog to a near all-time high of $10 million."
In anticipation of rising production demands, construction started this quarter on a new 8,500-square-foot building adjacent to the main plant for assembly and testing of large seismic units.
"Based on current trends in seismic, industrial and aerospace/defense product demands, management anticipates fiscal 1998 results will approach or exceed the company's 1997 record figures in net sales and operating income," Taylor said. "However, this year due to a full tax burden, earnings may be curtailed somewhat."