In This Story
Taylor Devices Inc. (TAYD+0.56%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $8,548,881, a decrease from $10,339,875 in the same quarter the previous year. The company attributes this decline to a reduction in sales from non-long-term projects.
Cost of goods sold for the quarter was $4,662,781, representing 55% of sales, compared to 53% in the same quarter of the previous year. This increase in cost ratio is due to changes in the sales mix.
The company reported a gross profit of $3,886,100 for the quarter, compared to $4,810,667 in the previous year. The decline is attributed to lower sales volume.
Operating income for the quarter was $944,185, down from $2,053,660 in the previous year, primarily due to decreased revenue and increased stock option expenses.
Net income for the quarter was $1,056,160, compared to $1,981,348 in the previous year. The decrease is attributed to lower operating income and a decrease in other income.
Cash and cash equivalents at the end of the period were $2,355,333, down from $2,831,471 at the end of the previous fiscal year. This decrease is due to cash used in operating activities.
The company had a working capital of $41,514,568 as of November 30, 2024. The filing highlights the company's dependence on cash flow from operations to meet its liquidity requirements.
The filing also details the company's revenue recognition policies, indicating that 63% of revenue for the six-month period was recognized over time, while 37% was recognized at a point in time.
Taylor Devices does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its core markets, with sales to aerospace/defense customers remaining consistent with the previous year, while industrial sales increased and structural sales decreased.
The filing includes certifications from the company's Chief Executive Officer and Chief Financial Officer regarding the accuracy of the financial statements and the effectiveness of internal controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Taylor Devices Inc. quarterly 10-Q report dated January 3, 2025. To report an error, please email earnings@qz.com.