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TAYLOR DEVICES, INC., ANNOUNCES FIRST QUARTER RESULTS

 NORTH TONAWANDA, N.Y., Oct. 22 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ: TAYD), today reported first fiscal quarter sales at $1,213,476 versus $1,523,491 a year earlier, with net income of $19,757, or $.01 per share, compared to net earnings of $73,824, or $.03 per share for the same period a year ago.
 Douglas P. Taylor, president, stated the sales decline resulted from an unusually large number of defense shipment in the 1992 first quarter, replenishing exhausted reserves expended in Desert Storm. These orders normally would have been spread over many months well into the first quarter of 1993.
 Offsetting this abnormal defense sales gap will be a sizable new order activity in the field of commercial aerospace and seismic (earthquake) dampening devices. Management projects second quarter 1994 sales in excess of $1.4 million. Also, Mr. Taylor stated, "Profitability in fiscal '94 is expected to be greatly improved as a result of new cost accounting systems, progress billing and milestone payments."
 Responding to shareholder demands to bring litigation instigated by the company's former president to an end, Douglas Taylor said an amicable court approval settlement had been reached in two lawsuits dating from 1991. By mutual consent, exact terms of the agreement will not be divulged. The resolution of this two-year dispute should have immediate and positive impact on earnings and morale. No executive or board changes are planned as a result of this settlement. The company looks forward to improving the profitability of both companies for our shareholders and a brighter future for our employees.
 TAYLOR DEVICES
 Three months ended Aug. 31, 1993 1992
 Net sales $ 1,213,476 $ 1,523,491
 Net income 19,757 73,824
 Earnings per share $ .01 $ .03
 Shares outstanding 2,532,399 2,521,051
 -0- 10/22/93
 /CONTACT: Douglas Taylor, president of Taylor Devices, 716-694-0800/
 (TAYD)


CO: Taylor Devices Inc. ST: New York IN: SU: ERN

SH-MP -- NY030 -- 5664 10/22/93 11:01 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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