Taylor Devices Fiscal 4Q Profit Falls 52 Percent
NORTH TONAWANDA, N.Y. (AP) ¿ Taylor Devices Inc., which makes shock absorbers and other equipment that protects buildings from earthquakes, said its fiscal fourth-quarter profit plunged 52 percent on lower sales.
For the fourth quarter ended May 31, profit dropped to $336,531, or 11 cents per share, from $706,737, or 22 cents per share, in the year-ago quarter. Sales fell 11 percent to $4.5 million from $5 million last year. The company said its order backlog grew to $13.1 million from $11.4 million at the end of the fiscal year.
"2009 was a most challenging year," said President Douglas P. Taylor, in a statement. "We stated our commitment to maintaining profitability through the severe downturn in the U.S. construction market and we are hopeful that the worst is now over."
For the full year, the company earned $571,894, or 18 cents per share, compared with profit of $1.5 million, or 48 cents per share, a year ago. Sales decreased to $16.7 million from $18.6 million.Shares of Taylor Devices rose 25 cents, or 7.5 percent, to $3.60 in afternoon trading. The stock has traded between $2.10 and $8.35 over the last 52 weeks.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV