Tonawanda News — North Tonawanda’s Taylor Devices took a sharp dip in its first quarter sales over 2012, though a robust backlog of orders and a million-dollar expansion project will likely lead to another strong year, according to its company president.
First quarter sales slumped to $5,296,666, down from last year’s $7,316,667, a point company President Doug Taylor said should not disrupt what he predicts will be a lucrative year ahead despite the fact net earnings in the current fiscal year’s first quarter also sunk to $201,263 from $607,817 in 2012.
“Our firm order backlog is at a healthy $15.4 million, up from both last quarter and our year ago levels,” he said. “2014 should be another good and profitable year.”
The manufacturer of military and shock absorption equipment is expanding its capacity in the Buffalo Bolt Business Park later this month and keeping its current location on Tonawanda Island.
The 58-year-old company invested $3.3 million for three buildings in the business park totaling 50,000 square feet, nearly doubling its work space on the island with plans to also spend more on new machinery.
While much of the company’s growth has been tilted toward Asian markets with a strong demand for its shock absorption equipment in lieu of widespread natural disaster there, Taylor noted early this year that a slowdown in longterm construction projects partly led to drop in profits, a scenario that may not last.
“With the expansion of our manufacturing facilities essentially complete, we can now devote all of our attention to running the business,” Taylor said.