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TAYCO DEVELOPMENTS, A RESTRUCTURED COMPANY, REPORTS SUBSTANTIAL GAIN IN ANNUAL EARNINGS

 TAYCO DEVELOPMENTS, A RESTRUCTURED COMPANY, REPORTS SUBSTANTIAL GAIN
 IN ANNUAL EARNINGS
 NORTH TONAWANDA, N.Y., Sept. 1 /PRNewswire/ -- Previously a holding company, Tayco Developments, Inc. (OTC), ended its first fiscal year as an independent operating research affiliate of Taylor Devices Inc. (NASDAQ: TAYD), showing a net profit of $127,491 on sales of $311,228. This compares with prior year's sales of $43,894 and a loss of $61,610.
 "The dramatic turnaround of this restructured company," said its new president, Douglas P. Taylor, "can be attributed to the fact we originated new projects for research and development. This income came on top of royalties due us from Taylor Devices' product sales licensed under our patents. Two other pluses that added to Tayco's net income this year were a tax loss carryforward of $12,949 and Tayco's shares of equity in net income of its affiliate, amounting to $63,236.
 "As announced earlier in the year, restructuring has spotlighted Tayco Developments as the research and new product development arm of the Taylor group, with the prime emphasis on profit potential. One of Tayco's first new ventures has been to refine one of its basic patents to create a hydraulic earthquake isolator, similar to an automotive shock absorber. For other markets it has adapted its heavy duty industrial shock absorber units for high-volume office equipment.
 "These and many other products currently under development," concluded Taylor, "should help Tayco to continue to grow even more profitably in the future."
 TAYCO DEVELOPMENTS, INC.
 Audited year ended June 30 1992 1991
 Sales $311,228 $ 43,894
 Net income (loss) $127,491 $(61,610)
 Earnings per share $0.13 $(0.08)
 Shares outstanding 981,952 760,185
 -0- 9/1/92
 /CONTACT: Douglas Taylor, president, or Frank Sorto, treasurer of Tayco, 716-694-0877/
 (TAYD) CO: Tayco Developments, Inc.; Taylor Devices Inc. ST: New York IN: SU: ERN


GK-TS -- NY030 -- 5358 09/01/92 10:47 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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