Taylor Devices Inc. Files Form 10-Q for Period Ended November 30, 2023

TL;DR

<b>Taylor Devices Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023, providing financial and operational updates.</b>

AI Summary

TAYLOR DEVICES INC (TAYD) filed a Quarterly Report (10-Q) with the SEC on January 10, 2024. Taylor Devices Inc. filed a Form 10-Q for the quarterly period ended November 30, 2023. The filing covers the period from September 1, 2023, to November 30, 2023. Comparative data for the period from September 1, 2022, to November 30, 2022, is included. The company's fiscal year ends on May 31. Taylor Devices Inc. is incorporated in New York and operates in the General Industrial Machinery & Equipment sector.

Why It Matters

For investors and stakeholders tracking TAYLOR DEVICES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational status of Taylor Devices Inc. for the specified quarter. The inclusion of comparative data from the prior year allows for trend analysis and assessment of year-over-year performance.

Risk Assessment

Risk Level: low — TAYLOR DEVICES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant new disclosures that would suggest high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Taylor Devices Inc.'s performance and outlook.

Key Numbers

• 2023-11-30 — Quarterly Period End Date (Form 10-Q filing date)
• 2024-01-10 — Filing Date (Date the 10-Q was filed)
• 0531 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• TAYLOR DEVICES INC (company) — Filer name
• 90 TAYLOR DR (location) — Business and mailing address
• NORTH Tonawanda (location) — City for business and mailing address
• NY (location) — State for business and mailing address
• 14120 (location) — ZIP code for business and mailing address
• 7166940800 (phone) — Business phone number

FAQ

Industry Context

Taylor Devices Inc. operates within the General Industrial Machinery & Equipment sector, manufacturing shock absorption, fluidic control, and energy management devices.

Regulatory Implications

The filing is a standard Form 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the period ended November 30, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Compare the current period's results with the corresponding prior year period (November 30, 2022) to identify significant changes.

Key Dates

• 2023-11-30: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-01-10: Filing Date — Date the Form 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending November 30, 2023, and includes comparative data from the prior year's period.

Key Financial Figures

• $18.1 million — our backlog with a total sales value of $18.1 million. At November 30, 2023, the Company has
• $35.5 million — r backlog, and the total sales value is $35.5 million. The Company expects to recognize reven
• $3,973,000 — tors resulted in an operating income of $3,973,000 for the six months ended November 30, 2
• $2,935,000 — ed November 30, 2023, 35% more than the $2,935,000 in the same period of the prior year.
• $0.4 million — howed a 1% decrease in net revenues and $0.4 million increase in net income. Revenues record

Filing Documents

• tayd-20231130.htm (10-Q) — 430KB
• td_ex31z1.htm (EX-31.1) — 7KB
• td_ex31z2.htm (EX-31.2) — 7KB
• td_ex32z1.htm (EX-32.1) — 4KB
• td_ex32z2.htm (EX-32.2) — 4KB
• 0001376474-24-000023.txt (&nbsp;) — 1401KB
• tayd-20231130_cal.xml (EX-101.CAL) — 28KB
• tayd-20231130_def.xml (EX-101.DEF) — 11KB
• tayd-20231130_lab.xml (EX-101.LAB) — 82KB
• tayd-20231130_pre.xml (EX-101.PRE) — 59KB
• tayd-20231130.xsd (EX-101.SCH) — 7KB
• tayd-20231130_htm.xml (XML) — 93KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of November 30, 2023 and May 31, 2023 4 Condensed Consolidated Statements of Income for the three and six months ended November 30, 2023 and 2022 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended November 30, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows for the six months ended November 30, 2023 and 2022 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 20 Item 6. Exhibits 20 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 21

SIGNATURES

SIGNATURES 22 TAYLOR DEVICES, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (Unaudited) November 30, May 31, 2023 2023 Assets Current assets: Cash and cash equivalents $ 3,161,073 $ 3,575,219 Short-term investments 31,749,306 24,514,757 Accounts and other receivables, net 4,072,100 5,553,504 Inventory 6,856,688 5,941,304 Costs and estimated earnings in excess of billings 1,722,509 4,124,182 Other current assets 396,947 668,554 Total current assets 47,958,623 44,377,520 Maintenance and other inventory, net 1,312,024 1,003,140 Property and equipment, net 11,355,629 11,721,784 Other assets 239,956 210,120 Deferred income taxes 568,615 568,615 $ 61,434,847 $ 57,881,179 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,167,935 $ 1,717,657 Accrued expenses 3,032,571 4,078,322 Billings in excess of costs and estimated earnings 3,006,016 1,992,470 Total current liabilities 7,206,522 7,788,449 Stockholders' Equity: Common stock and additional paid-in capital 11,371,399 11,049,216 Retained earnings 45,957,467 42,128,256 57,328,866 53,177,472 Treasury stock - at cost ( 3,100,541 ) ( 3,084,742 ) Total stockholders' equity 54,228,325 50,092,730 $ 61,434,847 $ 57,881,179 See notes to condensed consolidated financial statements. 4 TAYLOR DEVICES, INC. AND SUBSIDIARY Condensed Consolidated Statements of Income (Unaudited) (Unaudited) For the three months ended November 30, For the six months ended November 30, 2023 2022 2023 2022 Sales, net $ 10,339,875 $ 10,497,366 $ 20,263,503 $ 19,588,065 Cost of goods sold 5,529,208 6,129,268 11,068,260 11,728,210 Gross profit 4,810,667 4,368,098 9,195,243 7,859,855 Research and development costs 84,081 315,301 213,155 690,647 Selling, general and administrative expenses 2,672,926 2,296,334 5,008,883 4,234,372

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement The Private Securities Litigation Reform Act of 1995 provides a &quot;safe harbor&quot; for forward-looking statements. Information in this Item 2, &quot;Management's Discussion and Analysis of Financial Condition and Results of Operations,&quot; and elsewhere in this 10-Q and its Exhibits that does not consist of historical facts, are &quot;forward-looking statements.&quot; Statements accompanied or qualified by, or containing, words such as &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;believes,&quot; &quot;expects,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;projects,&quot; &quot;estimates,&quot; &quot;predicts,&quot; &quot;potential,&quot; &quot;outlook,&quot; &quot;forecast,&quot; &quot;anticipates,&quot; &quot;presume,&quot; and &quot;assume&quot; constitute forward-looking statements and, as such, are not a guarantee of future performance. The statements involve factors, risks and uncertainties, the impact or occurrence of which can cause actual results to differ materially from the expected results described in such statements. Risks and uncertainties can include, among others, reductions in capital budgets by our customers and potential customers; changing product demand and industry capacity; increased competition and pricing pressures; advances in technology that can reduce the demand for the Company's products; the kind, frequency and intensity of natural disasters that affect demand for the Company's products; and other factors, many or all of which are beyond the Company's control. Consequently, investors should not place undue reliance on forward-looking statements as predictive of future results. The Company disclaims any obligation to release publicly any updates or revisions to the forward-looking statements herein to reflect any change in the Company's expectations with regard thereto, or any changes in even

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