Technical Communications Corporation Reports Results for the Three and Nine Months Ended July 1, 2017
August 08 2017 - 8:00AM
Technical Communications Corporation (Nasdaq:TCCO) today announced
its results for the three and nine month periods ended July 1,
2017. For the three months ended July 1, 2017, the Company reported
a net loss of $(344,000), or $(0.19) per share, on revenue of
$1,068,000, compared to a net loss of $(931,000), or $(0.51) per
share, on revenue of $581,000 for the quarter ended July 2, 2016.
For the nine months ended July 1, 2017, the Company reported
a net loss of $(911,000), or $(0.50) per share, on revenue of
$3,084,000, compared to a net loss of $(1,612,000), or $(0.88) per
share, on revenue of $2,118,000 for the nine months ended July 2,
2016.
Commenting on corporate performance, Carl H.
Guild, Jr., President and Chief Executive Officer of TCC, said,
“Revenue this quarter was generated primarily from the final
shipments of orders for our radio encryptors for deployment into
Afghanistan. We expect to receive future orders from this customer
under its contract with the U.S. government. We are also actively
pursuing a substantial pipeline of large contracts, and are working
diligently to secure one or more during the remainder of calendar
year 2017. We will continue to closely monitor and reduce operating
expenses as appropriate, while strategically continuing to invest
in business development efforts, develop strategic relationships
and expand our sales channel network.”
About Technical Communications
CorporationFor 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 Reports on Form 10-Q for the quarters ended
December 31, 2016 and April 1, 2017 and its 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) |
|
|
|
07/01/2017 |
|
|
07/02/2016 |
|
Net sales |
$ |
1,068,000 |
|
$ |
581,000 |
|
Gross profit (loss) |
|
539,000 |
|
|
(45,000 |
) |
S, G & A expense |
|
478,000 |
|
|
717,000 |
|
Product development costs |
|
407,000 |
|
|
215,000 |
|
Operating loss |
|
(346,000 |
) |
|
(977,000 |
) |
Net loss |
|
(344,000 |
) |
|
(931,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.19 |
) |
$ |
(0.51 |
) |
Diluted |
$ |
(0.19 |
) |
$ |
(0.51 |
) |
|
|
Nine Months Ended |
|
|
|
(Unaudited) |
|
|
|
07/01/2017 |
|
|
07/02/2016 |
|
Net sales |
$ |
3,084,000 |
|
$ |
2,118,000 |
|
Gross profit |
|
2,129,000 |
|
|
721,000 |
|
S, G & A expense |
|
1,669,000 |
|
|
2,126,000 |
|
Product development costs |
|
1,378,000 |
|
|
721,000 |
|
Operating loss |
|
(918,000 |
) |
|
(2,126,000 |
) |
Gain on sale of investment |
|
- |
|
|
462,000 |
|
Net loss |
|
(911,000 |
) |
|
(1,612,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.50 |
) |
$ |
(0.88 |
) |
Diluted |
$ |
(0.50 |
) |
$ |
(0.88 |
) |
Condensed
consolidated balance sheets |
|
|
|
|
|
|
07/01/2017 |
|
10/01/2016 |
|
|
(Unaudited) |
|
(derived from audited |
|
|
|
|
financial statements) |
Cash and marketable securities |
$ |
1,958,000 |
$ |
2,979,000 |
Accounts receivable - trade |
|
422,000 |
|
112,000 |
Inventory |
|
1,772,000 |
|
1,644,000 |
Other current assets |
|
157,000 |
|
213,000 |
Total current assets |
|
4,309,000 |
|
4,948,000 |
Marketable securities |
|
- |
|
374,000 |
Property and equipment, net |
|
69,000 |
|
149,000 |
|
|
|
Total assets |
$ |
4,378,000 |
$ |
5,471,000 |
|
|
|
Accounts payable |
|
102,000 |
|
119,000 |
Accrued expenses and other current liabilities |
|
262,000 |
|
438,000 |
Total current liabilities |
|
364,000 |
|
557,000 |
Total stockholders’ equity |
|
4,014,000 |
|
4,914,000 |
Total liabilities and stockholders’ equity |
$ |
4,378,000 |
$ |
5,471,000 |
Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com
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