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Taylor Devices Inc. (TAYD-0.50%) has submitted its Form 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing a decrease in net sales to $10,564,834 from $12,254,093 in the same quarter the previous year. The decrease in sales is attributed to a reduction in domestic sales and a shift in sales concentration.
Cost of goods sold for the quarter was $6,035,961, representing 57% of sales, compared to 53% in the same quarter of the previous year. This increase in cost ratio is due to a change in sales mix.
The company reported a gross profit of $4,528,873 for the quarter, compared to $5,752,866 in the previous year, with the decline attributed to reduced revenue.
Research and development costs increased to $146,749 from $108,363, reflecting a 36% rise.
Selling, general, and administrative expenses decreased to $2,362,522 from $2,651,289, primarily due to lower incentive compensation expenses.
Operating income for the quarter was $2,019,602, down from $2,993,214 in the previous year. The decrease is attributed to lower revenue and a shift in sales mix.
Other income for the quarter was $325,643, a decrease from $362,707 in the previous year, driven by short-term investment interest income.
Net income for the quarter was $2,002,245, down from $2,696,921 in the previous year. Basic and diluted earnings per share were $0.64 compared to $0.82 in the previous year.
The company reported cash and cash equivalents of $2,301,704 as of February 28, 2025, with cash used in investing and financing activities.
Taylor Devices had a working capital of $44,047,339 as of February 28, 2025. The company acknowledges its dependence on positive operating results to meet future obligations.
The filing also details various financial metrics, including a decrease in accounts payable and an increase in accrued expenses due to prepayments for a project not started.
Taylor Devices does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its core markets, including industrial, structural, and aerospace/defense, with a noted increase in international sales.
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 March 28, 2025. To report an error, please email earnings@qz.com.