Taylor Devices, Inc.: Quarterly report
Taylor Devices reported a 26% decline in first quarter net sales and a sharp drop in operating profit, while its sales order backlog increased to $55.2 million.
Mixed for the companyWhat the numbers say
Revenue fell 26% to $7.3M versus the same quarter last year (18% down on the previous quarter); operating margin narrowed from 22.6% to 0.5%; diluted EPS $0.14 versus $0.70; cash rose by $2.7M to $3.6M; diluted share count up 2.6% (dilution).
What happened
- Net sales for the quarter decreased by 26% to $7,300,000 due to timing of bookings and backlog conversion to revenue.
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