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TAYLOR DEVICES, INC. REPORTS ANNUAL SALES AND EARNINGS FOR FISCAL 1993

 NORTH TONAWANDA, N.Y., Sept. 2 /PRNewswire/ -- Taylor Devices, Inc., (OTC: TAYD) designer and manufacturer of high technology energy management products, reported sales of $5,294,278 with a consolidated net income of $179,744 or $.07 per share for its fiscal year ended May 31, 1993, compared with $6,079,753 sales, $233,965 net, and $.09 per share reported in fiscal 1992. Douglas P. Taylor, president, stated that "the company still had the second best sales year in its 38 year history, despite a downturn in the economy."
 "At this time," Mr. Taylor continued, "I am pleased to announce that we are starting our new fiscal quarter with a $1.7 million order for shock isolators to be used in launching commercial satellites. Unfortunately, contract restrictions prohibit identification of the company, its location or purpose."
 "Future growth prospects are excellent," Mr. Taylor stated, "we have added new commercial product lines this year, concentrating on earthquake protection devices for buildings and bridges, in addition to a vibration isolator for use on commercial satellites. Initial sales of these new products have been strong. For the first time in over a decade, commercial products now account for the bulk of our impressive $3.8 million order backlog.
 "Last fiscal year, new management introduced a new computerized costing system which revealed several prior year inventory overstatements. As a result, the company will now take an inventory write-down adjustment of approximately $1 million. This amount is predominately for the pre-June 1991 period when the company was under former management.
 "Although the company should receive a tax benefit from a portion of this adjustment, the write-down will require restatement of the company's prior years' earnings. The board of directors has established an independent audit committee to investigate the inventory change and to determine if additional claims should be made against the company's former management."
 TAYLOR DEVICES INC.
 Fiscal Year Ended May 31 1993 1992(A)
 Sales $5,294,278 $6,079,753
 Net income 179,744 233,965
 Earnings per share .07 .09
 Shares outstanding 2,529,480 2,521,051
 (A) Prior to restatement
 -0- 9/2/93
 /CONTACT: Douglas Taylor, president, or Kenneth G. Bernstein, controller of Taylor Devices, Inc., 716-694-0800, Henry T. Rockwell of Rockwell Associates, 203-262-6596/
 (TAYD)


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

SM-OS -- NY068 -- 8512 09/02/93 15:14 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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