Thu, Aug 15, 11:28 AM (152 days ago)
Taylor Devices, Inc. reported an 11% increase in net revenue for the fiscal year ending May 31, 2024, totaling $44,583,000, compared to $40,199,000 in 2023. Net income rose by 43% to $2,711,000, attributed to improved gross margins (47% vs. 42% in 2023) and a decrease in research and development expenses. Operating income increased significantly to $9,479,000, up from $6,809,000. The company's backlog remained stable at $33.1 million, with 72% from aerospace/defense customers. Strategically, Taylor Devices focuses on innovation within its product lines, including seismic dampers and shock absorbers, while managing risks related to dependence on major customers (40% of sales) and fluctuating market demands. The company's liquidity is supported by a $10 million line of credit, with no outstanding balance as of May 31, 2024. However, the increase in accounts payable and accrued expenses indicates rising operational costs. Future outlook suggests revenue recognition from existing projects will continue, but the company must navigate potential market volatility and competition.