Share this article

print logo

TAYLOR DEVICES' EARNINGS DECLINE 38% <br> SEISMIC ISOLATORS TO BE INSTALLED IN TWO BASEBALL STADIUMS

Taylor Devices Inc. in North Tonawanda saw its profits fall 38 percent for the quarter ended May 31 because of costs associated with a new line of larger, high-capacity seismic dampers.

"Competition was also a factor in limiting our earnings this year," president Douglas P. Taylor said.

Profits were $99,181 in the company's fourth fiscal quarter, down from $159,963 a year ago. Sales increased 5 percent, to $2.8 million from $2.66 million.

Profits per-share were 3 cents, vs. 6 cents a year ago.

The company makes devices to absorb seismic shocks and wind-caused stress in buildings and bridges.

Meeting the shift in the market toward larger shock dampers caused start-up costs related to designing and building assembly and test facilities, the company said.

"The costs of our new large seismic isolator will in part be offset by improved productivity on the new units," Taylor said.

New generation dampers will be installed in baseball stadiums in Seattle and Houston, the company said.

Meanwhile, demand for the company' existing line of dampers continued strong in U.S. and foreign markets, Taylor said.

For the fiscal year ended May 31, Taylor Devices saw net income fall 13 percent, to $462,223 from $531,575.

Sales increased for the fifth straight year, rising to $10.2 million from $10 million.

There are no comments - be the first to comment