Taylor Devices Inc. (TAYD, Financial) filed Annual Report for the period ended 2009-05-31.
TAYLOR DEVICES INC. designs develops manufactures and markets tension control energy storage and shock absorption devices for use in various types of machinery equipment & structures. Taylor Devices Inc. has a market cap of $10.7 million; its shares were traded at around $3.35 with a P/E ratio of 11.2 and P/S ratio of 0.6.
The Company does not generally engage in major product research and development activities in connection with the design of its products, except when funded by aerospace customers or the federal government. The Company, however, engages in research testing of its products. For the fiscal years ended May 31, 2009 and 2008, the Company expended $146,000 and $113,000, respectively, on manufacturing research. For the years ended May 31, 2009 and 2008, defense sponsored research and development totaled $30,000 and $26,000, respectively.
The Company leases a separate warehouse for storage from an unrelated third party, consisting of approximately 3,600 square feet at $975 per month. The warehouse is located approximately one-quarter mile from the above-referenced production facilities and office space. The total rental expense incurred by the Company for this facility in fiscal 2009 was $11,700. The Company also leases a separate facility for painting, packaging and shipping from an unrelated third party, consisting of approximately 10,000 square feet at $4,200 per month. The facility is located approximately four miles from the above-referenced production facilities and office space. The total rental expense incurred by the Company for this facility in fiscal 2009 was $50,400.
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TAYLOR DEVICES INC. designs develops manufactures and markets tension control energy storage and shock absorption devices for use in various types of machinery equipment & structures. Taylor Devices Inc. has a market cap of $10.7 million; its shares were traded at around $3.35 with a P/E ratio of 11.2 and P/S ratio of 0.6.
Highlight of Business Operations:
Under the merger, each outstanding share of Developments' common stock was converted into the right to receive one share of Taylor Devices, Inc. common stock. The aggregate purchase price of $5,058,191 was calculated by multiplying the total number of Developments' outstanding shares of common stock (987,928) by the average closing bid and ask prices for shares of the Company's common stock on March 31, 2008 ($5.12). The Company issued 290,361 common shares as a result of the business combination. Of these, 228,317 shares are held by the Company in its treasury leaving a net new shares outstanding of 62,044. The 228,317 shares held in treasury were issued to replace the same number of shares of Developments that were owned by the Company at the time of the merger. See also Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operation --Merger with Tayco Developments."The Company does not generally engage in major product research and development activities in connection with the design of its products, except when funded by aerospace customers or the federal government. The Company, however, engages in research testing of its products. For the fiscal years ended May 31, 2009 and 2008, the Company expended $146,000 and $113,000, respectively, on manufacturing research. For the years ended May 31, 2009 and 2008, defense sponsored research and development totaled $30,000 and $26,000, respectively.
The Company leases a separate warehouse for storage from an unrelated third party, consisting of approximately 3,600 square feet at $975 per month. The warehouse is located approximately one-quarter mile from the above-referenced production facilities and office space. The total rental expense incurred by the Company for this facility in fiscal 2009 was $11,700. The Company also leases a separate facility for painting, packaging and shipping from an unrelated third party, consisting of approximately 10,000 square feet at $4,200 per month. The facility is located approximately four miles from the above-referenced production facilities and office space. The total rental expense incurred by the Company for this facility in fiscal 2009 was $50,400.
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