Taylor Devices' fiscal first quarter profits fell 57 percent from a year ago, but the North Tonawanda-based company still expects to finish the year in the black.
The shock absorber manufacturer reported net income of $148,652, down from $348,230 a year earlier, for the quarter ending Aug. 31. Its earnings per share were 5 cents versus 11 cents a year ago.
Meanwhile, its first quarter sales rose about 9 percent from last year to $4.8 million.
"Our firm order backlog is now $9.5 million, down from $11.4 million at the end of the prior year," said Douglas P. Taylor, the company's president, in a statement. "While global economic conditions have deteriorated rapidly, we are still expecting a profitable year."
Taylor Devices recently adopted a shareholder rights plan intending to help the company ward off hostile takeovers.
Taylor Devices' stock closed Monday at $4.45 per share on Nasdaq, down 15 cents.