Taylor Devices' fourth-quarter profits fell by 87 percent, despite a nearly 2 percent increase in sales, the North Tonawanda shock absorber manufacturer said Wednesday.
Taylor Devices' new president, Alan R. Klembczyk, said the past year has been "marked by transition and rejuvenation," including the retirement of long-time president Douglas P. Taylor and the replacement of three members of the company's board of directors.
"We expect 2019 to be a profitable and dynamic year," Klembczyk said.
But the company's performance during the last year was "unacceptable," Klembczyk said, with fourth-quarter profits dropping to $112,893, or 4 cents per share, from $844,260, or 24 cents per share, a year ago.
Sales rose to $6.4 million during the quarter that ended in May, up from $6.3 million.
Klembczyk said the current fiscal year is starting with a better foundation. Taylor Devices' order backlog of $23.1 million is up 7 percent from a year ago, including the a $7.5 million order – the biggest in the company's history – it won recently to replace seismic dampers on the San Francisco-Oakland Bay Bridge.