Investors in shock absorption specialist Taylor Devices Inc (NASDAQ:TAYD) had to absorb a shock themselves when they say the company’s latest sales figures.
“It would be fair to say that our first quarter was a weak one,” said the company’s president, Douglas Taylor, in an update on trading in the three months to the end of August.
Sales in what was the first quarter of the company’s financial year slumped to US$5.76mln from US$9.47mln the year before.
Net earnings crashed to US$209.834 from US$1.01mln the previous year, forcing Taylor to admit that “while our expectation is that 2017 will be another profitable year for us, it is conceivable that our numbers may not be as robust as last year’s record high levels.”
“Our firm order backlog of US$21.3 million at the end of the first quarter is down slightly from the year-end level of $21.5 million on May 31, 2016,” he added.
Taylor scored no points for his frankness and the shares slumped US$4.51 to US$15.25.
Story by ProactiveInvestors