Tayco Developments' profits fell 12 percent as the research affiliate of Taylor Devices was stung by a sharp drop in royalty income, the North Tonawanda company said Wednesday.
Tayco's profits, which fell to $58,552, or 6 cents per share, from $66,847, or 7 cents per share, still were the company's second-highest quarterly earnings since a 1991 restructuring.
Tayco's royalty income fell by 65 percent to $11,591 from $33,497. But that drop was partially offset by an increase in Tayco's share of Taylor Devices' profits, which rose 41 percent to $46,961 from $33,350.
The company's revenues fell by 27 percent to $103,806 during the quarter that ended on Dec. 31 from $142,826.
For the first half of the fiscal year, Tayco's profits rose 5 percent to $126,959, or 13 cents per share, from $121,141, or 12 cents per share, a year ago. Revenues fell 16 percent to $221,448 from $263,059.