On Monday, Taylor Devices, Inc., a New York-based industrial machinery and equipment manufacturer, reported the outcomes of its Annual Meeting of Shareholders that took place last Thursday. According to the SEC filing, the shareholders voted on several key proposals during the meeting.
The company, listed on NASDAQ under the ticker symbol TAYD, announced the election of two Class 1 Directors. John Burgess and F. Eric Armenat were elected to serve a three-year term expiring in 2027. The votes for Burgess were 909,705 in favor and 613,886 withheld, with 660,259 broker non-votes. Armenat received 1,071,520 votes in favor, 452,071 votes withheld, and the same number of broker non-votes as Burgess.
In addition to the director elections, shareholders ratified the appointment of Lumsden & McCormick (NYSE:MKC), LLP as the independent registered public accounting firm for the fiscal year ending May 31, 2025. The accounting firm's appointment was approved with 2,144,113 votes in favor, 3,242 against, and 36,495 abstained.
The filing, which serves as the source of this information, reflects the company's compliance with SEC regulations and provides shareholders and the public with insights into the corporate governance of Taylor Devices. The results of the votes are a standard practice in annual shareholder meetings, ensuring that the company's leadership and auditor appointments are aligned with shareholder interests.
Taylor Devices, Inc. specializes in the production of shock absorption, rate control, and energy storage devices. The company's products are used in various industries, including aerospace, defense, and building construction. The SEC filing did not include any additional forward-looking statements or promotional content regarding the company's market position or future prospects.
InvestingPro Insights
Taylor Devices, Inc. (TAYD) has demonstrated strong financial performance, as reflected in recent InvestingPro data. The company's revenue growth of 12.78% over the last twelve months and an impressive 17.07% quarterly growth indicate robust business momentum. This growth is complemented by a healthy EBITDA growth of 32.01%, suggesting improved operational efficiency.
InvestingPro Tips highlight that TAYD holds more cash than debt on its balance sheet, which aligns with the company's strong financial position. Additionally, the company has been profitable over the last twelve months, with a notable return on assets of 16.07%. These factors contribute to TAYD's financial stability, which is crucial for long-term shareholder value.
Interestingly, despite the company's solid performance, TAYD does not pay a dividend to shareholders. Instead, management has been aggressively buying back shares, as noted in another InvestingPro Tip. This strategy may indicate management's confidence in the company's future prospects and their commitment to increasing shareholder value through alternative means.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for TAYD, providing deeper insights into the company's financial health and market position.
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