Tayco Developments, shrugging off a 10 percent drop in its fourth-quarter sales, managed to increase its earnings by 19 percent thanks to its stake in the rising earnings of its Taylor Devices affiliate.
The North Tonawanda company, which is the research and development affiliate of Taylor Devices, said its profits rose to $145,385, or 14 cents per share, from $122,546, or 12 cents per share, a year ago as its stake in Taylor Devices' earnings reached a record high.
Tayco's sales slid to $114,348 during the quarter that ended on June 30, compared with $126,471 the year before.
The company also said it has won a contract to develop miniature dampers that will be used on combat aircraft by the U.S. Air Force and Navy. The dampers will be used on sensors that detect enemy aircraft and missiles.
For the fiscal year, Tayco's profits rose 30 percent to $381,789, or 38 cents per share, from $292,978, or 30 cents per share, a year earlier. Sales rose 25 percent to $541,049 from $433,983.