TAYLOR DEVICES INC Files Quarterly Report on Form 10-Q

TL;DR

<b>TAYLOR DEVICES INC filed its quarterly report (10-Q) for the period ending February 29, 2024.</b>

AI Summary

TAYLOR DEVICES INC (TAYD) filed a Quarterly Report (10-Q) with the SEC on March 28, 2024. Filing is a Form 10-Q for the quarterly period ended February 29, 2024. The company's fiscal year ends on May 31. Filed as of date is March 28, 2024. Business and mailing address is 90 Taylor Dr, North Tonawanda, NY 14120. Business phone number is 716-694-0800.

Why It Matters

For investors and stakeholders tracking TAYLOR DEVICES INC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the most recent quarter. Investors and analysts can use this report to assess the company's financial health and make informed investment decisions.

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 immediate, significant financial or operational disclosures that would suggest a high-risk level.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand the company's current performance and outlook.

Key Numbers

• 2024-02-29 — Quarterly Period End Date (Form 10-Q reporting period)
• 2024-03-28 — Filing Date (Date the report was filed)
• 0531 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• TAYLOR DEVICES INC (company) — Filer name
• 90 TAYLOR DR (location) — Business and mailing address
• NORTH Tonawanda (location) — Business and mailing address city
• NY (location) — Business and mailing address state
• 14120 (location) — Business and mailing address zip
• 7166940800 (phone_number) — Business phone number

FAQ

Industry Context

Taylor Devices Inc. operates in the General Industrial Machinery & Equipment sector.

Regulatory Implications

This filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations.
3. Identify any new or updated risk factors disclosed in the filing.

Key Dates

• 2024-02-29: Quarterly period ended — End of the reporting period for the 10-Q filing.
• 2024-03-28: Filing date — Date the 10-Q was submitted to the SEC.

Year-Over-Year Comparison

This is the initial data extraction for the Form 10-Q filed on March 28, 2024, for the period ending February 29, 2024. No prior filing data is available in this extract.

Key Financial Figures

• $27.8 million — our backlog with a total sales value of $27.8 million. At February 29, 2024, the Company has
• $30.2 million — r backlog, and the total sales value is $30.2 million. The Company expects to recognize reven
• $1,160,000 — ent S G & A $ 7,660,000 $ 6,500,000 $1,160,000 18% as a percentage of net revenues
• $6,966,000 — tors resulted in an operating income of $6,966,000 for the nine months ended February 29,
• $4,740,000 — ed February 29, 2024, 47% more than the $4,740,000 in the same period of the prior year.
• $1.0 million — owed a 24% increase in net revenues and $1.0 million increase in net income. Revenues record

Filing Documents

• tayd-20240229.htm (10-Q) — 449KB
• 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
• 0001376474-24-000142.txt (&nbsp;) — 1458KB
• tayd-20240229_cal.xml (EX-101.CAL) — 30KB
• tayd-20240229_def.xml (EX-101.DEF) — 11KB
• tayd-20240229_lab.xml (EX-101.LAB) — 86KB
• tayd-20240229_pre.xml (EX-101.PRE) — 61KB
• tayd-20240229.xsd (EX-101.SCH) — 7KB
• tayd-20240229_htm.xml (XML) — 102KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of February 29, 2024 and May 31, 2023 4 Condensed Consolidated Statements of Income for the three and nine months ended February 29, 2024 and February 28, 202 3 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended February 29, 2024 and February 28, 202 3 6 Condensed Consolidated Statements of Cash Flows for the nine months ended February 29, 2024 and February 28, 202 3 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) February 29, May 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 3,056,450 $ 3,575,219 Short-term investments 21,567,890 24,514,757 Accounts and other receivables, net 4,886,625 5,553,504 Inventory 6,677,772 5,941,304 Costs and estimated earnings in excess of billings 4,534,019 4,124,182 Other current assets 464,745 668,554 Total current assets 41,187,501 44,377,520 Maintenance and other inventory, net 1,360,932 1,003,140 Property and equipment, net 11,135,688 11,721,784 Patents, net 298,148 - Other assets 241,051 210,120 Deferred income taxes 568,615 568,615 $ 54,791,935 $ 57,881,179 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 955,841 $ 1,717,657 Accrued expenses 4,039,991 4,078,322 Billings in excess of costs and estimated earnings 1,960,286 1,992,470 Total current liabilities 6,956,118 7,788,449 Stockholders' Equity: Common stock and additional paid-in capital 11,794,037 11,049,216 Retained earnings 48,654,388 42,128,256 60,448,425 53,177,472 Treasury stock - at cost ( 12,612,608 ) ( 3,084,742 ) Total stockholders' equity 47,835,817 50,092,730 $ 54,791,935 $ 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 For the nine months ended February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Sales, net $ 12,254,093 $ 9,891,272 $ 32,517,596 $ 29,479,337 Cost of goods sold 6,501,227 5,629,523 17,569,487 17,357,733 Gross profit 5,752,866 4,261,749 14,948,109 12,121,604 Research and development costs 108,363 190,688 321,518 881,335 Selling, general and administrativ

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 "safe harbor" for forward-looking statements. Information in this Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this 10-Q and its Exhibits that does not consist of historical facts, are "forward-looking statements." Statements accompanied or qualified by, or containing, words such as "may," "will," "should," "believes," "expects," "intends," "plans," "projects," "estimates," "predicts," "potential," "outlook," "forecast," "anticipates," "presume," and "assume" 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 events, conditions or circumstances on which any such statement is based. Results of Operations A summary of the period-to-period changes in the principal items included in the condensed cons

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View this 10-Q filing on SEC EDGAR