CONCORD, Mass., May 11, 2017 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today
announced its results for the three and six month periods ended April 1, 2017. For the three months ended April 1, 2017, the
Company reported net income of $128,000, or $0.07 per share, on revenue of $1,385,000, as compared to a net loss of $(263,000), or
$(0.14) per share, on revenue of $557,000 for the quarter ended April 2, 2016. For the six months ended April 1, 2017, the
Company reported a net loss of $(567,000), or $(0.31) per share, on revenue of $2,017,000, compared to a net loss of $(681,000), or
$(0.37) per share, on revenue of $1,537,000 for the six months ended April 2, 2016.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said,
“The return to profitability this quarter was anticipated as we began shipping under recently received orders primarily for our
radio encryptors for deployment into Afghanistan. Shipments under these contracts will continue throughout our third quarter ending
July 1, 2017.”
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 31, 2016, and Annual Report on Form 10-K for the fiscal year ended October 1, 2016 filed with the Commission
and the “Risk Factors” section included therein.
Technical Communications
Corporation |
|
|
|
Condensed consolidated statements of operations |
|
|
|
|
Quarter Ended |
|
|
(Unaudited) |
|
|
04/01/2017 |
|
04/02/2016 |
Net
sales |
$ 1,385,000 |
|
$ 557,000 |
|
Gross
profit |
1,147,000 |
|
199,000 |
|
S, G & A
expense |
545,000 |
|
725,000 |
|
Product
development costs |
477,000 |
|
202,000 |
|
Operating
income (loss) |
125,000 |
|
(728,000 |
) |
Gain on sale
of investment |
- |
|
462,000 |
|
Net income
(loss) |
128,000 |
|
(263,000 |
) |
Net income
(loss) per share: |
|
|
|
Basic |
$ 0.07 |
|
$
(0.14 |
) |
Diluted |
$ 0.07 |
|
$
(0.14 |
) |
|
Six Months Ended |
|
(Unaudited) |
|
04/01/2017 |
04/02/2016 |
Net
sales |
$ 2,017,000 |
|
$ 1,537,000 |
|
Gross
profit |
1,590,000 |
|
766,000 |
|
S, G & A
expense |
1,191,000 |
|
1,409,000 |
|
Product
development costs |
971,000 |
|
506,000 |
|
Operating
loss |
(572,000 |
) |
(1,149,000 |
) |
Gain on sale
of investment |
- |
|
462,000 |
|
Net loss |
(567,000 |
) |
(681,000 |
) |
Net loss per
share: |
|
|
Basic |
$
(0.31 |
) |
$
(0.37 |
) |
Diluted |
$
(0.31 |
) |
$
(0.37 |
) |
Condensed consolidated balance sheets |
|
|
|
|
|
|
|
|
04/01/2017
(Unaudited)
|
|
10/01/2016
(derived from audited
financial statements)
|
|
Cash and marketable securities |
$ 1,764,000 |
|
$ 2,979,000 |
|
Accounts
receivable - trade |
896,000 |
|
112,000 |
|
Inventory |
1,833,000 |
|
1,644,000 |
|
Other current
assets |
180,000 |
|
213,000 |
|
Total current
assets |
4,673,000 |
|
4,948,000 |
|
Marketable
securities |
- |
|
374,000 |
|
Property and
equipment, net |
86,000 |
|
149,000 |
|
|
|
|
|
|
Total
assets |
$ 4,759,000 |
|
$ 5,471,000 |
|
|
|
|
|
|
Accounts
payable |
91,000 |
|
119,000 |
|
Accrued
expenses and other current liabilities |
314,000 |
|
438,000 |
|
Total current
liabilities |
405,000 |
|
557,000 |
|
Total
stockholders’ equity |
4,354,000 |
|
4,914,000 |
|
Total
liabilities and stockholders’ equity |
$ 4,759,000 |
|
$ 5,471,000 |
|
Michael P. Malone Chief Financial Officer (978) 287-5100 www.tccsecure.com