$TAYD
TAYLOR DEVICES, INC.

2022 Q3 Form 10-K Financial Statement

#000009653622000019 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $9.091M $9.658M $30.87M
YoY Change 24.4% 33.02% 37.13%
Cost Of Revenue $5.706M $6.183M $22.24M
YoY Change -0.2% -6.6% 15.02%
Gross Profit $3.385M $3.474M $8.628M
YoY Change 112.85% 442.76% 171.76%
Gross Profit Margin 37.23% 35.98% 27.95%
Selling, General & Admin $1.831M $1.709M $6.155M
YoY Change 24.38% 0.89% 11.36%
% of Gross Profit 54.1% 49.19% 71.34%
Research & Development $375.3K $1.000M $1.213M
YoY Change 33.13% 31.28%
% of Gross Profit 11.09% 28.78% 14.06%
Depreciation & Amortization $317.8K $366.9K $1.347M
YoY Change 1.27% 34.54% 11.11%
% of Gross Profit 9.39% 10.56% 15.62%
Operating Expenses $2.206M $1.709M $7.368M
YoY Change 49.88% 0.89% 14.21%
Operating Profit $1.178M $1.765M $2.473M
YoY Change 897.44% -267.5% -205.13%
Interest Expense $4.540K $4.540K
YoY Change -91.54%
% of Operating Profit 0.26% 0.18%
Other Income/Expense, Net $40.00K $3.150K $83.65K
YoY Change -37.25% -100.57% -97.24%
Pretax Income $1.218M $1.773M $2.556M
YoY Change 569.88% -1342.32% 274.9%
Income Tax $216.0K $258.0K $317.0K
% Of Pretax Income 17.73% 14.55% 12.4%
Net Earnings $1.002M $1.515M $2.239M
YoY Change 451.12% 2455.74% 110.69%
Net Earnings / Revenue 11.03% 15.69% 7.26%
Basic Earnings Per Share $0.29 $0.64
Diluted Earnings Per Share $286.5K $432.0K $639.9K
COMMON SHARES
Basic Shares Outstanding 3.502M shares 3.497M shares
Diluted Shares Outstanding 3.500M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.78M $23.61M $23.61M
YoY Change 7.23% 8.93% 8.93%
Cash & Equivalents $21.69M $22.52M $22.52M
Short-Term Investments $1.097M $1.097M $1.097M
Other Short-Term Assets $418.6K $704.4K $704.4K
YoY Change -54.17% -27.94% -27.94%
Inventory $5.903M $5.855M $9.191M
Prepaid Expenses $468.5K
Receivables $5.832M $4.467M $4.467M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $37.77M $37.98M $37.98M
YoY Change 12.17% 11.33% 11.33%
LONG-TERM ASSETS
Property, Plant & Equipment $10.37M $9.855M $9.855M
YoY Change 4.07% 0.39% 0.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.282M $1.387M $1.387M
YoY Change -35.4% -30.76% -30.76%
Total Long-Term Assets $11.65M $11.24M $11.24M
YoY Change -2.48% -4.89% -4.89%
TOTAL ASSETS
Total Short-Term Assets $37.77M $37.98M $37.98M
Total Long-Term Assets $11.65M $11.24M $11.24M
Total Assets $49.42M $49.22M $49.22M
YoY Change 8.33% 7.16% 7.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.449M $1.427M $1.427M
YoY Change -25.53% -20.17% -20.17%
Accrued Expenses $3.329M $2.067M
YoY Change 94.09% 4.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.131M $5.964M $5.964M
YoY Change 10.6% 16.17% 16.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.131M $5.964M $5.964M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.131M $5.964M $5.964M
YoY Change 10.6% 16.17% 16.17%
SHAREHOLDERS EQUITY
Retained Earnings $36.84M $35.84M
YoY Change 6.66%
Common Stock $10.36M $10.33M
YoY Change 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.915M $2.915M
YoY Change 0.0% 0.0%
Treasury Stock Shares 558.8K shares
Shareholders Equity $44.29M $43.26M $43.26M
YoY Change
Total Liabilities & Shareholders Equity $49.42M $49.22M $49.22M
YoY Change 8.33% 7.16% 7.16%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income $1.002M $1.515M $2.239M
YoY Change 451.12% 2455.74% 110.69%
Depreciation, Depletion And Amortization $317.8K $366.9K $1.347M
YoY Change 1.27% 34.54% 11.11%
Cash From Operating Activities -$30.89K $2.920M $3.309M
YoY Change -205.77% -41.71% -52.94%
INVESTING ACTIVITIES
Capital Expenditures $833.5K -$669.6K $1.392M
YoY Change -280.42% 25.91% -14.2%
Acquisitions
YoY Change
Other Investing Activities $1.140K $10.61K $2.240K
YoY Change -119.49% -206.31% -107.47%
Cash From Investing Activities -$834.6K -$659.0K -$1.389M
YoY Change 78.41% 21.63% -15.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.25K
YoY Change -62.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.29K 3.910K 16.25K
YoY Change 821.41% -88.3% -62.57%
NET CHANGE
Cash From Operating Activities -$30.89K 2.920M $3.309M
Cash From Investing Activities -$834.6K -659.0K -$1.389M
Cash From Financing Activities 35.29K 3.910K 16.25K
Net Change In Cash -$865.5K 2.265M $1.919M
YoY Change 99.07% -49.68% -64.32%
FREE CASH FLOW
Cash From Operating Activities -$30.89K $2.920M $3.309M
Capital Expenditures $833.5K -$669.6K $1.392M
Free Cash Flow -$864.4K $3.590M $1.917M
YoY Change -275.98% -35.22% -64.56%

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CY2022 us-gaap Nature Of Operations
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<p id="xdx_842_eus-gaap--NatureOfOperations_zYimPH2hjUka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: navy; text-align: justify"><b>Nature of Operations:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Taylor Devices, Inc. (the Company) manufactures and sells a single group of very similar products that have many different applications for customers. These similar products are included in one of eight categories; namely, Seismic Dampers, Fluidicshoks®, Crane and Industrial Buffers, Self-Adjusting Shock Absorbers, Liquid Die Springs, Vibration Dampers, Machined Springs and Custom Actuators for use in various types of machinery, equipment and structures, primarily to customers which are located throughout the United States and several foreign countries. The products are manufactured at the Company's sole operating facility in the United States where all of the Company's long-lived assets reside. Management does not track or otherwise account for sales broken down by these categories.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_900_ecustom--EntityWideDisclosureOnGeographicAreasPercentageOfRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile_c20210601__20220531_zeJ5pJGBNUE8" title="Percentage of total sales during a period to domestic customers.">76</span>% of the Company's 2022 revenue was generated from sales to customers in the United States and <span id="xdx_90F_ecustom--EntityWideDisclosureOnGeographicAreasPercentageOfRevenueFromExternalCustomersAttributedToForeignCountries_c20210601__20220531_zXoTEspttu7f" title="Percentage of total sales during a period to export customers">14</span>% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe, Australia, and South America.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_ecustom--EntityWideDisclosureOnGeographicAreasPercentageOfRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile_c20200601__20210531_zWoY6inyFEF6">68</span>% of the Company's 2021 revenue was generated from sales to customers in the United States and <span id="xdx_907_ecustom--EntityWideDisclosureOnGeographicAreasPercentageOfRevenueFromExternalCustomersAttributedToForeignCountries_c20200601__20210531_zmsRcxdbcfw4">20</span>% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe and South America.</p>
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CY2022 tayd Entity Wide Disclosure On Geographic Areas Percentage Of Revenue From External Customers Attributed To Foreign Countries
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CY2021 tayd Entity Wide Disclosure On Geographic Areas Percentage Of Revenue From External Customers Attributed To Entitys Country Of Domicile
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<p id="xdx_840_eus-gaap--UseOfEstimates_zZ79gWnxeYb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: navy; text-align: justify"><b>Use of Estimates:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p>
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CY2021Q2 tayd Quantity Of Uncompleted Projects Or Programs In Progress
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0.0259 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0231 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.31 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.33 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
252250 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.52
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
209835 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
47250 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.26
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
13000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.34
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
18750 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
267750 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.60
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
271426 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
66750 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.69
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
51500 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
283000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.43
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
28248 usd
CY2022Q2 us-gaap Share Price
SharePrice
9.30
CY2021Q2 us-gaap Share Price
SharePrice
11.85
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
23750 shares
CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0 usd
CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
28425 usd
CY2022Q2 tayd Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit Two
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimitTwo
7.01
CY2022Q2 tayd Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit Two
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimitTwo
20.00
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
283000 shares
CY2022Q2 tayd Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term One
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTermOne
6.5 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.43
CY2021Q2 tayd Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit One
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimitOne
7.01
CY2021Q2 tayd Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit One
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimitOne
20.00
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
267750 shares
CY2021Q2 tayd Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term One
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTermOne
5.7 pure
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.60
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2021Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
558834 shares
CY2022Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
558834 shares
CY2022 us-gaap Pension Expense
PensionExpense
313269 usd
CY2021 us-gaap Pension Expense
PensionExpense
288470 usd
CY2022 us-gaap Interest Paid
InterestPaid
0 usd
CY2021 us-gaap Interest Paid
InterestPaid
0 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
43630 usd

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