Technical Communications Corporation Reports Results For The Fiscal Year And Quarter Ended September 30, 2017
December 11 2017 - 8:30AM
Technical Communications Corporation (Nasdaq:TCCO) today announced
its results for the fiscal year and quarter ended September 30,
2017. For the quarter ended September 30, 2017, the Company
reported a net loss of $(518,000), or $(0.28) per share, on revenue
of $1,125,000, compared to a net loss of $(860,000), or $(0.47) per
share, on revenue of $405,000 for the quarter ended October 1,
2016. For the year ended September 30, 2017, the Company reported a
net loss of $(1,429,000), or $(0.78) per share, on revenue of
$4,209,000, compared to a net loss of $(2,472,000), or $(1.34) per
share, on revenue of $2,523,000 for the year ended October 1, 2016.
Commenting on corporate performance, Carl H.
Guild, Jr., President and Chief Executive Officer of TCC, said,
“TCC revenues were lower than anticipated due to delays on key
international programs. Our radio encryption product line has
contributed significantly to our 2017 sales with completion of an
order from Datron that is destined for use in Afghanistan. We
expect that additional orders will be coming in support of
continuing U.S. government activities in Afghanistan but the timing
is unpredictable.
TCC continues to pursue the application of our
radio encryption products to new customers requiring voice
communications security for joint air, land and sea operations. Our
new HSE6000 SEAL radio encryption system has successfully completed
customer reviews and is participating in field operational
testing.
Network encryption solutions are being pursued
with the development of a TCC proprietary platform that can be
customized to meet unique customer requirements. This work is still
in the development phase but is expected to reach the market in
late 2018.
TCC is committed to returning to profitability
in fiscal 2018. We continue to closely monitor and reduce operating
expenses as appropriate, while strategically investing in business
development efforts, developing productive relationships and
expanding 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, April 1, 2017 and July 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 |
|
|
|
09/30/2017 |
|
10/01/2016 |
|
|
|
(Unaudited) |
|
(derived from audited |
|
|
|
|
|
financial statements) |
|
Net sales |
$ 1,125,000 |
|
$ 405,000 |
|
Gross profit (loss) |
|
162,000 |
|
(212,000) |
|
S, G & A expense |
|
476,000 |
|
544,000 |
|
Product development costs |
|
206,000 |
|
107,000 |
|
Operating loss |
|
(520,000) |
|
(863,000) |
|
Net loss |
|
(518,000) |
|
(860,000) |
|
Net loss per share: |
|
|
Basic |
$(0.28) |
|
$(0.47) |
|
Diluted |
$(0.28) |
|
$(0.47) |
|
|
Year Ended |
|
|
09/30/2017 |
|
10/01/2016 |
|
|
(Unaudited) |
|
(derived from audited |
|
|
|
|
financial statements) |
|
Net sales |
$ 4,209,000 |
|
$ 2,523,000 |
|
Gross profit |
|
2,291,000 |
|
|
509,000 |
|
S, G & A expense |
|
2,145,000 |
|
|
2,670,000 |
|
Product development costs |
|
1,584,000 |
|
|
828,000 |
|
Operating loss |
|
(1,438,000) |
|
|
(2,989,000) |
|
Gain on sale of investment |
|
- |
|
|
462,000 |
|
Income tax benefit |
|
- |
|
|
(43,000) |
|
Net loss |
|
(1,429,000) |
|
|
(2,472,000) |
|
Net loss per share: |
|
|
Basic |
$(0.78) |
|
$(1.34) |
|
Diluted |
$(0.78) |
|
$(1.34) |
|
Condensed consolidated balance sheets |
|
09/30/2017 |
10/01/2016 |
|
(Unaudited) |
(derived from audited |
|
|
financial statements) |
Cash and marketable securities |
$ 1,657,000 |
$ 2,979,000 |
Accounts receivable - trade |
|
730,000 |
|
112,000 |
Inventory |
|
1,358,000 |
|
1,644,000 |
Other current assets |
|
136,000 |
|
214,000 |
Total current assets |
|
3,881,000 |
|
4,949,000 |
Marketable securities |
|
- |
|
373,000 |
Property and equipment, net |
|
54,000 |
|
149,000 |
|
|
|
Total assets |
$ 3,935,000 |
$ 5,471,000 |
|
|
|
Accounts payable |
|
109,000 |
|
119,000 |
Accrued expenses and other current liabilities |
|
326,000 |
|
438,000 |
Total current liabilities |
|
435,000 |
|
557,000 |
Total stockholders’ equity |
|
3,500,000 |
|
4,914,000 |
Total liabilities and stockholders’ equity |
$ 3,935,000 |
$ 5,471,000 |
Technical Communications Corporation
100 Domino Drive
Concord, MA 01742 – 2892
Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com
Technical Communications (NASDAQ:TCCO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Technical Communications (NASDAQ:TCCO)
Historical Stock Chart
From Sep 2023 to Sep 2024