Exhibit 13

 

Taylor Devices, Inc. 2017 Annual Report

 

 

President's Letter

 

Dear Shareholder,

 

Taylor Devices’ fiscal year 2017 results are the fourth best in our history for sales volume, and third best in profits. Sales for the fiscal year ending May 31, 2017 were $25,536,996, compared to the all time record of $35,680,449 in 2016. Operating income was $2,920,732 compared to $5,748,407 in 2016. Net income was $2,330,577 compared to $4,208,225 in 2016. The all-time record sales and profits set in fiscal year 2016 could not be equaled in 2017. A slow-down in sales of our seismic damper products was the primary reason for the reduced sales volume, and substantial new orders received for aerospace and defense products in the latter part of the fiscal year were unable to offset the reduction in seismic sales. We expect to benefit from these new orders in fiscal 2018 and beyond. The Company believes the seismic product sales were negatively impacted by an uncertain U.S. economy, with many building owners delaying or postponing projects, especially those which included partial funding by the U.S. Government. At the same time, a strong U.S. dollar relative to Asian currencies proved to be a detriment to offshore sales of seismic protection products. Despite the 2017 reduction in seismic sales, the Company is optimistic about future sales of these products.

 

Taylor Devices firm order backlog at the end of the 2017 fiscal year was $21.6 million compared to $21.5 million at the close of the 2016 fiscal year. The backlog product mix is approximately 56% aerospace and defense, 42% seismic products, and 2% commercial/industrial products.

 

During fiscal year 2017, the Company completed the expansion of our seismic damper assembly and test facilities at our Tonawanda Island site, and the expanded facilities are in full use. The expansion also freed up space which is now being used to accommodate an increased volume of aerospace/defense products to satisfy current and expected future orders.

 

This year’s Annual Report features two major projects – the first being the U.S. Navy’s new and revolutionary DDG-1000 “Stealth” Destroyer. The first ship of class is the U.S.S. Zumwalt, now undergoing sea trials. These ships combine numerous new and/or emergent technologies, many of which, if successful, will be incorporated into later ship designs. The unusual hull shape makes the ship hard to find on an enemy’s radar system. Indeed, the Zumwalt’s radar signature is said to be similar to a small fishing boat. The new Mk 57 Vertical Missile Launch System is a small 4 cell modular missile launcher mounted flush with the deck, and 20 of these launchers are placed around the perimeter of the ship. This improves shock survivability in the event the ship is attacked, and allows the crew’s work stations and quarters to be more centrally located than on other warships using more traditional forward and aft missile launchers. The Zumwalt uses gas turbine engines driving electric generators connected to very quiet electric motors to minimize engine and drive train noise, providing a much reduced underwater sonar signature compared to comparable size warships. The ships two main gun batteries use the new 6.1 inch rapid fire Advanced Gun System, one per turret, with each of these two guns capable of firing at up to 10 rounds per minute. These advanced guns have the ability to fire rocket boosted guided projectiles with a range in excess of 50 miles. The Company’s shock isolation products are used at numerous places on the Zumwalt, totaling millions of dollars in isolation system orders for each ship.

 

This year’s Annual Report centerfold highlights the second project, an unusual seismic damper retrofit to upgrade India’s Delhi International Airport’s Administration Building. The existing building uses reinforced concrete construction, and the seismic retrofit adds a total of 84 seismic dampers, each rated at 85 tons of output force and having a dedicated low exponent damping system installed inside the dampers. This allows the dampers to compliment the non-linear load vs. deflection response of concrete. The end result maximizes seismic protection while minimizing building structural loadings. As a critical infrastructure facility, the building was required to remain fully occupied and in service during the damper retrofit. Due to potential issues with noise and dust from drilling into concrete inside an occupied structure, all dampers were mounted on the building’s exterior. This arrangement also allowed existing space inside the building to be unchanged by the seismic upgrade.

 

This retrofit was a voluntary seismic upgrade by the owner, who was rightfully concerned about the total cost to airport operations and the Indian economy from possible downtime of a critical infrastructure facility. Even a short term loss of the facility would cause partial or total loss of service at a major international airport, and the cascading effect on the Indian economy would be many times the cost of the building – even if the facility was out of service for only a few days.

Sincerely,

TAYLOR DEVICES, INC.

 

/s/ Douglas P. Taylor

Douglas P. Taylor

President

 

Status Report from the Vice President

Richard G. Hill

Vice President

 

Fiscal 2017 ended with revenues of $25,536,996 and net income of $2,330,577. This represents the third best year in the company’s history. There was an increase in the aerospace backlog and revenues; there was also a reduction in seismic sales. This presented the company with an opportunity to review its processes and procedures and to work on equipment and facilities to position ourselves for the future.

 

The manufacturing site at the Buffalo Bolt site received an expansion in its precision bore finishing equipment. A new machine will allow us to produce extremely high precision, large diameter seismic cylinders while reducing the processing cost considerably. We also added a smaller diameter precision bore finishing machine. The smaller diameter machine will be dedicated primarily to the increased aerospace products the company is seeing a demand for. Additional turning equipment was added to replace existing older machines with modern machines that have expanded capabilities. These are able to hold extremely tight tolerances required for the production of the company’s smaller products.

 

Testing of large seismic dampers is a large part of the process of producing a high quality product. The test area was previously restricted to a single test machine that was designed and built by the company for this specific task. We recognized the possible problem that could arise should there be a machine failure in this area. Consequently, two years ago a second machine was conceived. Design of this second test machine began then and incorporated upgrades learned from experience to improve the machine’s performance. The new machine is in final stages of assembly and will be on line by the end of 2017.

 

The Taylor Devices facility on Tonawanda Island saw the completion of an addition to the Seismic Assembly area with a large vertical assembly pit allowing for the assembly of ten large seismic dampers simultaneously and giving the company expanded capabilities for the future. The small products assembly area, first brought on line in the spring of 2016, was enhanced with the addition of a pre-assembly processing section. The section allows for cleaning, marking and packaging of small products without interfering with the ongoing final assembly of many smaller diameter products destined for aircraft as well as spacecraft.

 

Training of employees continues to be one of the company’s highest priorities with ongoing training sessions to support our ISO 9001, ISO 14001 and AS 9100 D certifications. Training allows our employees to grow and continuously improve not only each individual’s specific task but also the cross training used to support many of the departments within the company.

 

The future is always an unknown. The Company believes, thru its planning and preparations, it is positioned to meet any demands our customers make and intends to meet or exceed any requirements presented to us.

 

Status Report from the Chief Financial Officer

Mark V. McDonough

Chief Financial Officer

 

The vast majority of customer projects we undertake carry a sales value of less than one million dollars. Less frequently, we win orders for projects valued at four to nine percent of a typical year’s total sales value. In fiscal 2011, we began work on a series of orders for a single, end-user customer in Asia with a sales value exceeding fifty percent of our total annual sales value. The bulk of the projects hit the income statement in fiscal 2012 with smaller amounts in 2011 and 2013. You may recall that 2012 was a great year for Taylor. In the years that followed, we have taken on a handful of projects that exceed ten or fifteen percent of a typical year’s level of revenue. These projects are usually spread over two to three years. A few of them centered on fiscal 2016, helping to give last year a significant boost in the revenue and net income lines of our income statement. We serve an industry where a sales contract for a single project may have a huge impact for a small company such as Taylor Devices, Inc. The sudden absence of such a transaction can make a typical year appear pale in comparison. While a couple of these larger projects did have a positive impact on fiscal 2017, it was not to the level of the prior year. We are working to secure more of these projects as they come out for bid. Unfortunately, the timing of the availability of these projects is not within our control. We have been working on landing some significant projects for many months now. We haven’t lost them. They simply have not been granted to any firm yet. When the timing is right for our customers, they will do what they must. We know that they have options and we strive to present them with the best one.

 

At Taylor Devices, we have built a strong customer base in the aerospace / defense industry as well as the construction industry. While the products are similar in many ways, the demand for the products in these industries can move in different directions. Compared to fiscal 2016, sales to customers in all industries were down in fiscal 2017. This loss of revenue was split between the USA and Asia. One of the big construction projects that gave us a bump last year is almost equal to the sales drop in Asia this year. The strong U.S. dollar made us less attractive to some of our Asian customers. The decrease in domestic sales from last year’s level is split fairly evenly between construction and aerospace / defense.

 

Our sales order backlog at year-end, of course, doesn’t include the significant projects we have not yet won. At $21.6 million it is just a bit higher that at the end of fiscal 2016. A little over half is for customers in aerospace / defense and about 85% is bound for domestic customers.

 

Our gross margin fell with the sales as did our selling, general and administrative expenses. In spite of the drop in sales, our net income was the third highest in the history of the company. Earnings per share was 66 cents this year compared to $1.21 for fiscal 2016.

 

We will continue to work with our advisors to keep abreast of changes in the regulations and to remain in compliance with them in order to ensure that accurate, reliable financial and business information is provided to investors and other users of this annual report and our interim reports.

 

Status Report from Aerospace/Defense Products

Alan Klembczyk

Vice President, Sales & Engineering

 

Sales in the aerospace/defense sector for fiscal year ending 2017 represented 39% of the total company sales and 56% of our year end order backlog. We note that a positive trend continues in this sector in the form of both new development projects and recurring orders. A surge in aerospace sales late in the fiscal year and our healthy backlog will help to maintain a solid revenue level for this coming year.

 

Our success in qualifying products for the new U.S. manned space programs has continued. We recently qualified and delivered the first of a set of newly developed actuators for use onboard a space capsule and a separate set of specialized high frequency vibration isolators for use on a second space program. Last year, we reported on successful qualification of numerous Taylor Devices’ products used as ground support equipment on these programs. With the addition of the newly qualified products for flight use, we now have a full complement of products that will support NASA space programs for years to come.

 

We also recently delivered a very large energy management device for a U.S. Navy shipboard application. Although this particular product may not sustain high volume production, we are planning to parlay these development efforts into use for new markets.

 

Re-orders and multi-year procurements of our products for current military and aerospace programs have continued at a steady pace. These applications include shock and vibration protection products for missiles, navigation systems, radar systems, drone landing gears, helicopters, the new U.S. Air Force tanker aircraft, high-frequency vibration isolators for the US Navy and energy absorbers and dampers for the new Gerald R. Ford class aircraft carriers. It is anticipated that these programs will have continued success. The new administration in Washington indicates a high level of support for new aerospace programs and for sustained or increased government defense spending.

 

We are planning an aggressive sales strategy for this coming fiscal year for aerospace and defense products, targeting new customers and programs while supporting our existing ones.

 

Status Report from Industrial Products

Robert H. Schneider

Craig W. Winters

 

Fiscal Year 2017 for Taylor Devices has been marked with a potential change in the way the U.S. Government funds infrastructure projects. Over the years Taylor Devices has been producing seismic and wind dampers, U.S. infrastructure spending has been funded through various bills, or acts and extensions to these, such as the 1998 TEA-21 (Transportation Equity Act for the 21^st Century), followed by the 2005 SAFETEA-LU, the 2012 MAP-21, and finally the 2015 FAST (Fixing America's Surface Transportation) Act. These funding programs provide a significant portion of funding for large American infrastructure projects, and many of these projects use Taylor Devices’ seismic or wind dampers.

 

Currently, the new administration’s proposed one-trillion dollar, 10-year infrastructure program has been at the center of attention for many states and municipalities, but since it has not yet been enacted, this has resulted in caution and hesitancy for many to fully move forward with their projects until Federal funding becomes more certain. Taylor Devices hopes to see strong progress during Fiscal Year 2018 with increased infrastructure spending to improve our roads and highways, which will include numerous seismic and wind damper applications.

 

Taylor Devices’ seismic and industrial product lines sales decreased this year by 34%. These product lines represented 61% of the company’s sales for the year. Our firm order backlog at the end of FY 17 was $21.6 million, slightly higher than at this same period last year. In response to the slowing of seismic/wind damper sales, Taylor Devices has enacted several new programs to work towards project development, along with new methods to track down and close more sales to bolster our backlog. These programs involve better use of IT programs for finding potential clients and projects, outsourced assistance in project development, increased marketing efforts, and stronger collaboration between team members to improve the efficiency of ongoing efforts. Further, our new and expanded seismic/wind damper assembly and testing areas are now up and running, creating more efficient work flow.

 

Notable building projects in the USA won during FY17 include high-power dissipating wind dampers for a Tuned Mass Damper System at the top of the 217 West 57^th Street building in New York City, seismic dampers of varying sizes dampers for a computer server data center owned by the St. Jude Children’s Research Hospital, and a group of projects in the Los Angeles areas including the 3540 Wilshire Blvd. building seismic retrofit project, the Beverly Hills Renovation project at 325 North Maple Street and 32 large seismic Lock-Up Devices for the new Rams Stadium in Inglewood, CA. Internationally, a project for the Icholov Medical Center in Tel Aviv, Israel uses Taylor Devices’ dampers for seismic protection. In addition, long stroke bridge dampers were ordered for the Beijing Guantin Reservoir and the Zhejiang Xishan Bridges in China, while a number of electronics buildings and residential structures in Taiwan and Japan have purchased Taylor Devices’ seismic and vibration dampers. Concurrently, Taylor Devices is participating in an exciting real-field-structure R&D project for damping the vibrations of a very tall, but slender structure that potentially can lead to an entirely new market for our metal bellows dampers to attenuate continuous structural vibration.

 

A number of new projects are currently in the costing and bidding stages and we are prepared to support these client needs as funding comes through. This gives us cautious optimism for increased sales in the Seismic and Industrial Product Lines throughout FY 2018. We will continue to monitor the domestic and global economies and strive to maintain our flexibility to meet the various needs of all our clients.

 

 

 

 

 

 

 

Corporate Data

 

OFFICERS AND DIRECTORS

Douglas P. Taylor, President and Director

Richard G. Hill, Vice President and Director

Reginald B. Newman II, Secretary and Director

Randall L. Clark, Director

John Burgess, Director

Mark V. McDonough, Chief Financial Officer

 

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Lumsden & McCormick, LLP

Cyclorama Building

369 Franklin Street

Buffalo, NY 14202-1702

 

GENERAL COUNSEL

Barclay Damon, LLP

Barclay Damon Tower

125 East Jefferson Street

Syracuse, NY 13202

 

MANAGERS

Casey McQuate, Purchasing Manager

Greg Hanson, Small Machine Shop Supervisor

Charles Ketchum III, Quality Assurance Manager

Alan Klembczyk, Vice President, Sales & Engineering

Benjamin Kujawinski, Operations Manager

John Metzger, Chief Engineer

David Mooney, Quality Control Manager

Kathleen Nicosia, Shareholder Relations Manager

Tracy Masse, Human Resources Generalist

Robert Schneider, Industrial/Seismic Products Sales Manager

Thomas Struzik Jr., Large Machine Shop Supervisor

Alan Taylor, Government Contracts Manager

Craig Winters, Industrial/Seismic Products Sales Manager

 

TRANSFER AGENT AND REGISTRAR

Computershare Investor Services

250 Royall Street

Canton, MA 02021

800-522-6645

www.computershare.com

 

·

A copy of the financial report on form 10-K can be obtained by written request to the attention of Kathleen Nicosia, IR, at Taylor Devices, Inc., 90 Taylor Drive, North Tonawanda, NY 14120-0748.

 

 

 

MARKET INFORMATION

 

The Company's Common Stock trades on the NASDAQ Capital Market of the National Association of Securities Dealers Automated Quotation (NASDAQ) stock market under the symbol TAYD.

 

The high and low sales information noted below for the quarters of fiscal year 2017 and fiscal year 2016 were obtained from NASDAQ.

 

		Fiscal 2017				Fiscal 2016
		High		Low		High		Low
	First Quarter	$20.45		$16.10		$14.4500		$12.2000
	Second Quarter	$20.00		$13.10		$17.4390		$12.5000
	Third Quarter	$15.69		$14.25		$16.8390		$12.7240
	Fourth Quarter	$14.52		$12.84		$17.0099		$13.4500

 

 

As of May 31, 2017, the number of issued and outstanding shares of Common Stock was 3,439,682 and the approximate number of record holders of the Company's Common Stock was 645. Due to a substantial number of shares of the Company's Common Stock held in street name, the Company believes that the total number of beneficial owners of its Common Stock exceeds 2,000. No cash or stock dividends have been declared during the fiscal year ended May 31, 2017.

 

Notice of Annual Meeting

 

The annual meeting of the shareholders of the Company will be held on Friday, November 3, 2017 at 11:00 a.m. This year's meeting will be held at the Millennium Buffalo, 2040 Walden Avenue, Buffalo, New York. Shareholders desiring accommodations may call the Millennium Buffalo at 716-681-2400.

 

BOARD OF DIRECTORS AND EXECUTIVE OFFICERS

 

Douglas P. Taylor

Board Member and President

 

Mr. Taylor holds a B.S. degree in Mechanical Engineering from the State University of New York at Buffalo, awarded in 1971. He has been employed by Taylor Devices, Inc. since 1971, and was appointed President in April 1991. Mr. Taylor previously was President of Tayco Developments, Inc., an affiliate of Taylor Devices, Inc. that was subsequently acquired by merger in 2008, where he had been employed since 1966. He is inventor or co-inventor on 35 patents in the fields of energy management, hydraulics and shock isolation.

 

Mr. Taylor is widely published within the shock and vibration community. His technical papers have been published by the American Society of Civil Engineers, the Applied Technology Council, the Association of Iron and Steel Engineers, the Journal of Shock and Vibration, the National Fluid Power Foundation, the National Science Foundation, the New York State Science and Technology Foundation, the Shock and

Vibration Symposium, the Society of Automotive Engineers, the U.S. Air Force and the U.S. Marine Corps. Since 1988, Mr. Taylor has hosted internship programs for engineering students, affiliated as an industrial sponsor with the State University of New York at Buffalo and the North Tonawanda, New York Public School System.

 

Since 1991, Mr. Taylor has participated in research projects in the field of earthquake protection, in association with the University at Buffalo’s Civil, Structural and Environmental Engineering Department and Multidisciplinary Center for Extreme Events Research. As a result, military damping technology from the Cold War era is now being used worldwide for seismic and wind protection of building and bridges.

 

In 1994, Mr. Taylor was named to the American Society of Civil Engineers’ Subcommittee on the Seismic Performance of Bridges. In 1998, Mr. Taylor was appointed to an Oversight Committee of the U.S. Department of Commerce, developing guidelines for the implementation of damping technology into buildings and other structures, as part of the U.S. National Earthquake Hazard Reduction Program. In 1998, Mr. Taylor was awarded the Franklin and Jefferson Medal for his commercialization of defense technology developed under the U.S. Government’s Small Business Innovation Research Program. In 1999, Mr. Taylor was awarded the Clifford C. Furnas Memorial Award by the Alumni Association of the University at Buffalo for his accomplishments in the field of engineering. In 2006, Mr. Taylor was named to the American Society of Civil Engineers’ Blast Protection of Buildings Standards Committee. In 2006, Mr. Taylor was the recipient of the Dean’s Award for Engineering Achievement by the School of Engineering and Applied Sciences at the State University of New York at Buffalo. Mr. Taylor was named Structural Engineer of the Year (2006) by the Engineering Journal, “The Structural Design of Tall and Special Buildings.” In 2015, Mr. Taylor received the Moisseiff Award for contributions to the science and art of structural design from the American Society of Civil Engineers. Also in 2015, Mr. Taylor was inducted into the Space Technology Hall of Fame by NASA and the Space Foundation. Mr Taylor is a founding member of the International Association on Structural Control and Monitoring, and a life member of the Association for Iron & Steel Technology. Since 2004, Mr. Taylor has also served as Chairman of the Lumber City Development Corporation, whose purpose is planning and implementation of programs, projects and activities designed to create or stimulate economic and community development in the city of North Tonawanda, New York.

 

Richard G. Hill

Board Member and Vice President

 

Mr. Hill holds a B.S. degree in Electrical Engineering from the Rochester Institute of Technology, awarded in 1973. In November 1991, Mr. Hill was appointed Vice President of Taylor Devices, Inc. by the Board of Directors. He had been employed previously by Taylor Devices, Inc. since 1978 as Vice President of Production. In addition, he has held key project management positions with the Company on major aerospace and defense contracts. In April of 1991, Mr. Hill was appointed to the Board of Directors of Taylor Devices, Inc. From 1973 to 1978, Mr. Hill was employed by the Alliance Tool and Die Company of Rochester, New York as a Project Leader and Design Engineer. From 1970 to 1973, he was employed by the same firm as an Engineer in Training, through a co-op program with the Rochester Institute of Technology.

 

Mr. Hill has served on the Founding Board of Directors of the Center for Competitiveness of the Niagara Region and the Advisory Board to The Center for Industrial Effectiveness. Mr. Hill served as Chairman for the Manufacturers Council of the Buffalo Niagara Partnership, and served on the State University of New York at Buffalo’s UB Business Alliance Advisory Board, as well as holding the seat of Secretary.

 

REGINALD B. NEWMAN II

Board Member and Secretary

 

Mr. Newman received his B.S. degree in Business Administration from Northwestern University in 1959. He was employed by NOCO Energy Corp., a diversified terminal operator, distributor, and retailer of petroleum and other energy related products from 1960, retiring as Chairman and CEO in 2003. Mr. Newman is also Chairman of Prior Aviation Service, Inc., Buffalo, New York.

 

From 1959 to 1960, Mr. Newman was employed by the Ford Motor company of Dearborn, Michigan, in the product planning department.

 

Mr. Newman is currently a Director of Dunn Tire LLC and a Director and Chairman of Rand Capital Corporation. He was the Chair of the Board of Trustees of the University at Buffalo Foundation, Inc. from 1996-2008.

 

Mr. Newman received the 1997 Executive of the Year, awarded by the State University of New York at Buffalo. In 1998 Mr. Newman received the Walter P. Cooke Award for Notable and Meritorious Service to the University presented by the University at Buffalo Alumni Association. He received the President’s Medal from the University in 2003, as well as their highest honor, the Norton Medal in 2006. He is a former member of the Buffalo Niagara Partnership and was Chairman from 1996 through 1998. Mr. Newman was awarded an Honorary Degree from Canisius College in 1997.

 

RANDALL L. CLARK

Board Member

 

Mr. Clark holds a B.A. degree from the University of Pennsylvania, and earned his M.B.A. from the Wharton School of Finance and Commerce. He is and has been the Chairman of Dunn Tire LLC since 1996. From 1992 to 1996, Mr. Clark was Executive Vice President and Chief Operating Officer of Pratt & Lambert, until it was purchased by Sherwin-Williams.

 

Mr. Clark has been employed in the tire industry for many years. He was named President of the Dunlop Tire Corporation in 1980, was appointed to the Board of Directors in 1983, and named President and Chief Executive Officer in 1984. He was one of seven chief executives of operating companies appointed to the Group Management Board of Dunlop Holdings, PLC., and was Chairman of the Board and Chief Executive Officer of Dunlop Tire Corporation in North America from 1985 to 1991. In 2012 he was inducted into the Tire Industry Association Hall of Fame.

 

From 1977 to 1980, Mr. Clark was Vice President of Marketing for the Dunlop Tire Division. From 1973 to 1977, he was employed by Dunlop as Director of Marketing at the company’s Buffalo, NY headquarters. From 1968 to 1973, Mr. Clark was employed by the B.F. Goodrich Company.

 

Mr. Clark is currently a Director of Merchants Mutual Insurance Company. He recently retired as a Director of Computer Task Group, a publicly traded company, and The Ten Eleven Group. He is a past President of the International Trade Council of Western New York, past Chairman of the Buffalo Chamber of Commerce, and past Chairman of Invest Buffalo Niagara. He is also a past Chairman of AAA of Western and Central New York. Mr. Clark was appointed by Governor George Pataki and served on the Council for the State University of New York at Buffalo. Recently he retired from the Board of Trustees of the University at Buffalo Foundation.

 

John Burgess

Board Member

 

Mr. Burgess gained his international strategy, manufacturing operations and organizational development expertise from his more than 35 years experience with middle market public and privately-owned companies. Mr. Burgess served as President and CEO of Reichert, Inc. a leading provider of ophthalmic instruments, and spearheaded the acquisition of the company from Leica Microsystems in 2002, leading the company until its sale in January 2007. Prior to the acquisition, Mr. Burgess served as President of Leica’s Ophthalmic and Educational Divisions before leading the buyout of the Ophthalmic Division and formation of Reichert, Inc.

From 1996 to 1999, Mr. Burgess was COO of International Motion Controls (IMC), a $200 million diversified manufacturing firm. During his tenure there, he led a significant acquisition strategy that resulted in seven completed acquisitions and sixteen worldwide businesses in the motion control market. Previously, Mr. Burgess operated a number of companies for Moog, Inc. and Carleton Technologies, including six years as President of Moog’s Japanese subsidiary, Nihon Moog K.K. located in Hiratsuka, Japan. Moog, Inc. is the global leader in electro-hydraulic servo control technology with focus on the aerospace and defense sectors and was recognized as one of The 100 Best Companies to Work For in America by Fortune Magazine.

Mr. Burgess earned a BS in Engineering from Bath University in England, and an M.B.A. from Canisius College.

 

Currently Mr. Burgess is an Operating Partner of Summer Street Capital LLC and Director of Bird Technologies Corporation of Solon, Ohio.

 

MARK V. MCDONOUGH

Chief Financial Officer

 

Mr. McDonough, who joined Taylor Devices in June 2003, is a Certified Public Accountant in New York State and holds a BBA degree from Niagara University, awarded in 1982. He has been involved in financial management of various Western New York manufacturing organizations for over twenty-five years. He has extensive experience in international operations coupled with a long history of implementing systems of internal controls. From 1986 to 1989 he was an auditor with the Buffalo office of Ernst & Young, LLP.

 

Mr. McDonough is a member of the New York State Society of Certified Public Accountants and the American Institute of Certified Public Accountants.