Technical Communications Corporation Reports Results for the Fiscal Quarter Ended December 25, 2021
February 05, 2022 at 03:00 am IST
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CONCORD, Mass., Feb. 04, 2022 (GLOBE NEWSWIRE) -- Technical Communications Corporation (OTCQB: TCCO) today announced its results for the fiscal quarter ended December 25, 2021. For the quarter ended December 25, 2021, the Company reported a net loss of $(613,000), or $(0.33) per share, on revenue of $423,000, compared to a net loss of $(342,000), or $(0.19) per share, on revenue of $167,000 for the quarter ended December 26, 2020.
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “As TCC has reported previously, the international COVID impact has significantly delayed progress in capturing several new business opportunities we have had in process. Notwithstanding, we are now beginning to see, in certain program areas, a resumption of the communications and field testing necessary to complete the procurement processes. We expect that this recovery trend will continue and positively affect other program opportunities and allow us to begin recovery in the near future.”
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 over 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 that are not purely historical 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 impact of the COVID-19 pandemic (including on customers) and governmental responses thereto; the effect of domestic and foreign political unrest; domestic and foreign government policies and economic conditions; 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 Annual Report on Form 10-K for the fiscal year ended September 25, 2021 and the “Risk Factors” section included therein.
Technical Communications Corporation
Condensed consolidated statements of operations
Quarter Ended
12/25/2021
12/26/2020
(Unaudited)
(Unaudited)
Net revenue
$
423,000
$
167,000
Gross profit
67,000
123,000
S, G & A expense
562,000
545,000
Product development costs
101,000
392,000
Operating loss
(596,000
)
(814,000
)
Other income, net
(16,000
)
472,000
Net loss
(613,000
)
(342,000
)
Net loss per share:
Basic
$
(0.33
)
$
(0.19
)
Diluted
$
(0.33
)
$
(0.19
)
Condensed consolidated balance sheets
12/25/2021
9/25/2021
(Unaudited)
(derived from audited
Financial statements)
Cash and cash equivalents
$
57,000
$
298,000
Accounts receivable - trade
127,000
281,000
Inventory
1,127,000
1,157,000
Other current assets
148,000
170,000
Total current assets
1,460,000
1,906,000
Property and equipment, net
3,000
4,000
Right-of-use asset
368,000
407,000
Total assets
$
1,831,000
$
2,317,000
Current operating lease liability
$
160,000
$
158,000
Current portion of long-term debt
1,151,000
1,000,000
Accounts payable
182,000
106,000
Customer deposits
4,000
45,000
Accrued expenses and other current liabilities
233,000
265,000
Total current liabilities
1,730,000
1,574,000
Long term operating lease liability
208,000
248,000
Notes payable
149,000
150,000
Total liabilities
2,087,000
1,972,000
Total stockholders’ equity (deficit)
(256,000
)
345,000
Total liabilities and stockholders’ equity
$
1,831,000
$
2,317,000
Michael P. Malone Chief Financial Officer (978) 287-5100 www.tccsecure.com
Technical Communications Corporation is engaged in design, development, manufacturing, distribution, marketing and sale of communications security devices, systems and services. Its products consist of electronic devices that enable users to transmit information in an encrypted format and permit recipients to reconstitute the information in a deciphered format if the recipient possesses the right decryption. Its products can be used to protect communications between radios, landline telephones, mobile phones, facsimile machines and data network equipment over wires, fiber optic cables, radio waves, and microwave and satellite links. Its products have been sold in over 115 countries to governments, military agencies, financial institutions and multinational corporations. It offers network encryption systems with centralized key and device management for Internet protocol, Synchronous Optical Network & Synchronous Digital Hierarchy, and frame relay networks to secure data in transit.