Taylor Devices, Inc. Files Q2 2025 10-Q

TL;DR

TAYD filed its 10-Q for Nov 30, 2024. Financials inside.

AI Summary

Taylor Devices, Inc. filed its quarterly report for the period ending November 30, 2024. The company, based in North Tonawanda, NY, reported financial results for the second quarter of its fiscal year. Specific financial figures for revenue, net income, and cash flow were not detailed in this header information.

Why It Matters

This filing provides investors with an update on Taylor Devices, Inc.'s financial performance and operational status for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags in the provided header information.

Key Numbers

• 20241130 — Reporting Period End (Quarterly financial results are for this date.)
• 20250103 — Filing Date (Date the 10-Q was submitted to the SEC.)

Key Players & Entities

• TAYLOR DEVICES, INC. (company) — Filer
• NORTH TONAWANDA (location) — Company Headquarters
• 20241130 (date) — Reporting Period End Date
• 20250103 (date) — Filing Date

FAQ

Key Financial Figures

• $0.1 million — olidated results of operations showed a $0.1 million decrease in net revenues and a $0.1 mil
• $35.5 million — our backlog with a total sales value of $35.5 million. At November 30, 2024, the Company had
• $34.5 million — our backlog with a total sales value of $34.5 million. The Company expects to recognize reven
• $41,000 — Research and development costs declined $41,000 from the same period in the prior year
• $731,000 — on ("FASB ASC"). The Company recognized $731,000 and $301,000 of compensation cost for t
• $301,000 — "). The Company recognized $731,000 and $301,000 of compensation cost for the six-month
• $3,849,000 — Operating Income Operating income was $3,849,000 for the six-month period ended November
• $3,973,000 — ended November 30, 2024, lower than the $3,973,000 in the same period of the prior year.
• $685,000 — year. Other Income Other income was $685,000 for the six-month period ended November
• $19,000 — esearch and development costs increased $19,000 from the prior year due to a change in
• $944,000 — Operating Income Operating income was $944,000 for the three months ended November 30,
• $2,054,000 — ended November 30, 2024, lower than the $2,054,000 in the same period of the prior year. T
• $308,000 — pense. Other Income Other income was $308,000 for the three months ended November 30,

Filing Documents

• tayd-20241130.htm (10-Q) — 396KB
• 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
• 0001376474-25-000012.txt ( ) — 1445KB
• tayd-20241130_cal.xml (EX-101.CAL) — 30KB
• tayd-20241130_def.xml (EX-101.DEF) — 25KB
• tayd-20241130_lab.xml (EX-101.LAB) — 87KB
• tayd-20241130_pre.xml (EX-101.PRE) — 63KB
• tayd-20241130.xsd (EX-101.SCH) — 7KB
• tayd-20241130_htm.xml (XML) — 102KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of November 30, 2024 and May 31, 2024 4 Condensed Consolidated Statements of Income for the three and six months ended November 30, 2024 and 202 3 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended November 30, 2024 and 202 3 6 Condensed Consolidated Statements of Cash Flows for the six months ended November 30, 2024 and 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 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements TAYLOR DEVICES, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (Unaudited) November 30, May 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,355,333 $ 2,831,471 Short-term investments 24,246,282 28,131,279 Accounts and other receivables, net 8,247,705 5,212,408 Inventory 8,610,730 7,512,052 Costs and estimated earnings in excess of billings 3,017,641 4,356,565 Other current assets 2,099,632 725,506 Total current assets 48,577,323 48,769,281 Maintenance and other inventory, net 1,427,583 1,579,829 Property and equipment, net 11,318,103 11,180,933 Patents, net 281,481 292,593 Other assets 244,627 242,167 Deferred income taxes 1,012,615 1,012,615 $ 62,861,732 $ 63,077,418 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 857,351 $ 1,438,847 Accrued expenses 2,497,496 4,664,463 Billings in excess of costs and estimated earnings 3,707,908 5,601,274 Accrued income taxes - 126,148 Total current liabilities 7,062,755 11,830,732 Stockholders' Equity: Common stock and additional paid-in capital 14,024,605 13,063,587 Retained earnings 54,849,833 51,127,018 68,874,438 64,190,605 Treasury stock - at cost ( 13,075,461 ) ( 12,943,919 ) Total stockholders' equity 55,798,977 51,246,686 $ 62,861,732 $ 63,077,418 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 six months ended November 30, 2024 November 30, 2023 November 30 , 2024 November 30, 2023 Sales, net $ 8,548,881 $ 10,339,875 $ 20,166,737 $ 20,263,503 Cost of goods sold 4,662,781 5,529,208 10,777,007 11,068,260 Gross profit 3,886,100 4,810,667 9,389,730 9,195,243 Research and development costs 102,922 84,

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 Form 10-Q 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. These 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. Except as may be required by law, 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 includ

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