Technical Communications Corporation (NasdaqCM: TCCO) today announced
its results for the three and six month periods ended March 28, 2015.
For the quarter ended March 28, 2015, the Company reported net income of
$210,000, or $0.11 per share, on revenue of $2,373,000, as compared to a
net loss of $(1,467,000), or $(0.80) per share, on revenue of $1,293,000
for the quarter ended March 29, 2014. For the six months ended March 28,
2015, the Company reported a net loss of ($518,000), or ($0.28) per
share, on revenue of $3,256,000, compared to a net loss of ($1,282,000),
or ($0.70) per share, on revenue of $3,802,000 for the six months ended
March 29, 2014.
Commenting on corporate performance, Carl H. Guild, Jr., President and
Chief Executive Officer of TCC, said, “Our results for the quarter
largely reflect a partial shipment of the previously announced $3.3
million contract from the Government of Egypt. The balance from this
significant order is expected to be delivered in the third quarter of
fiscal 2015.”
“We have a pipeline of potential contracts and new initiatives in
development; however, long government procurement cycles, unpredictable
order fulfillment lead times and fluctuating market conditions are
expected to delay contract awards and negatively affect profitability
for the fiscal year. We plan to continue to closely monitor and reduce
operating expenses as appropriate while strategically investing in
business development efforts,” added Guild.
About Technical Communications Corporation
For over 50 years, TCC has specialized in superior-grade secure
communications systems and customized solutions, supporting our CipherONE® best-in-class
criteria, to protect highly sensitive voice, data and video transmitted
over a wide range of networks. Government entities, military agencies
and corporate enterprises in 115 countries have selected TCC's proven
security to protect their communications. Learn more: www.tccsecure.com.
Statements made in this press release or as may otherwise be
incorporated by reference herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include but are not limited to
statements regarding anticipated operating results, future earnings, and
the ability to achieve growth and profitability. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, including but not limited to the effect of foreign political
unrest; domestic and foreign government policies and economic
conditions; future changes in export laws or regulations; changes in
technology; the ability to hire, retain and motivate technical,
management and sales personnel; the risks associated with the technical
feasibility and market acceptance of new products; changes in
telecommunications protocols; the effects of changing costs, exchange
rates and interest rates; and the Company's ability to secure adequate
capital resources. Such risks, uncertainties and other factors could
cause the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. For a more detailed discussion of the risks facing the
Company, see the Company’s filings with the Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the quarter
ended December 27, 2014, and its Annual Report on Form 10-K for the
fiscal year ended September 27, 2014 and the “Risk Factors” section
included therein.
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Technical Communications Corporation
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Condensed consolidated income statements
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Quarter Ended
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(Unaudited)
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03/28/2015
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03/29/2014
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Net sales
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$
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2,373,000
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$
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1,293,000
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Gross profit
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1,723,000
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956,000
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S, G & A expense
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765,000
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842,000
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Product development costs
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753,000
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766,000
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Operating profit (loss)
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205,000
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(652,000
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Income tax provision
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-
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821,000
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Net income (loss)
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210,000
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(1,467,000
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Net income (loss) per share:
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Basic
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$
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0.11
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$
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(0.80
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Diluted
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$
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0.11
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$
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(0.80
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Six Months Ended
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(Unaudited)
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03/28/2015
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03/29/2014
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Net sales
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$
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3,256,000
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$
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3,802,000
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Gross profit
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2,335,000
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2,676,000
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S, G & A expense
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1,521,000
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1,549,000
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Product development costs
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1,343,000
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1,528,000
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Operating loss
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(529,000
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(401,000
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Income tax provision
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-
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894,000
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Net loss
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(518,000
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(1,282,000
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Net loss per share:
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Basic
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$
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(0.28
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$
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(0.70
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Diluted
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$
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(0.28
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$
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(0.70
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Condensed consolidated balance sheets
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03/28/2015
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09/27/2014
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(Unaudited)
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(derived from audited
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financial statements)
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Cash and marketable securities
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$
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3,037,000
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$
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4,938,000
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Accounts receivable, net
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1,860,000
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403,000
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Inventory
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2,804,000
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2,721,000
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Other current assets
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190,000
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210,000
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Total current assets
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7,891,000
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8,272,000
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Marketable securities
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881,000
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1,105,000
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Property and equipment, net
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330,000
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432,000
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Investment in unconsolidated subsidiary
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275,000
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-
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Total assets
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$
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9,377,000
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$
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9,809,000
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Accounts payable
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298,000
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173,000
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Accrued expenses and other current liabilities
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452,000
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568,000
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Total current liabilities
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750,000
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741,000
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Total stockholders’ equity
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8,627,000
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9,068,000
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Total liabilities and stockholders’ equity
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$
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9,377,000
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$
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9,809,000
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Copyright Business Wire 2015