Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020
December 28 2020 - 8:00AM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the fiscal year ended September 26, 2020.
For the year ended September 26, 2020, the Company reported a net
loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000,
compared to net income of $631,000, or $0.34 per share, on revenue
of $7,024,000 for the year ended September 28, 2019.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “As stated in our
previous quarters’ earnings reports, the COVID-19 pandemic
continues to delay several projects that are in the pipeline, and
those delays continue although we have experienced some limited
progress toward the resumption of the procurement process. TCC and
our customers have implemented substantial video communications in
an effort to move the projects forward. We have seen evidence that
certain countries are beginning to loosen restrictions, and TCC is
preparing to increase its business development efforts as soon as
it is allowed and safe.
TCC has and will continue to pursue and accept
U.S. government small business financial aid as it becomes
available. The entire TCC team is committed to doing what is
necessary to stay prepared for an expected business upturn in
fiscal 2021.”
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 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 28, 2019 and its Quarterly Reports on Form 10-Q for the
quarters ended June 27, 2020, March 28, 2020 and December 28, 2019
and the “Risk Factors” sections included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
Year Ended |
|
|
9/26/2020 |
|
|
9/28/2019 |
|
|
(Unaudited) |
|
|
(Unaudited) |
Net revenue |
$ 4,108,000 |
|
$ 7,024,000 |
Gross profit |
|
2,385,000 |
|
|
3,358,000 |
S, G & A expense |
|
2,227,000 |
|
|
2,407,000 |
Product development costs |
|
1,069,000 |
|
|
333,000 |
Operating (loss) income |
|
(911,000 |
) |
|
618,000 |
Net (loss) income |
|
(911,000 |
) |
|
631,000 |
Net (loss) income per share: |
|
|
Basic |
$(0.49 |
) |
$0.34 |
Diluted |
$(0.49 |
) |
$0.34 |
Condensed consolidated balance
sheets
|
|
9/26/2020 |
|
9/28/2019 |
|
|
(Unaudited) |
|
(derived from audited |
|
|
|
|
financial statements) |
Cash and cash equivalents |
$ 1,514,000 |
$ 1,593,000 |
Accounts receivable - trade |
|
134,000 |
|
126,000 |
Inventory |
|
902,000 |
|
1,042,000 |
Other current assets |
|
153,000 |
|
118,000 |
Total current assets |
|
2,703,000 |
|
2,879,000 |
|
|
|
Property and equipment, net |
|
19,000 |
|
38,000 |
Right-of-use asset |
|
559,000 |
|
- |
|
|
|
Total assets |
$ 3,281,000 |
$ 2,917,000 |
|
|
|
Current operating lease liability |
$ 152,000 |
$
- |
Deferred income |
|
474,400 |
|
- |
Accounts payable |
|
66,000 |
|
355,000 |
Customer deposits |
|
162,000 |
|
19,000 |
Accrued expenses and other current liabilities |
|
506,000 |
|
323,000 |
Total current liabilities |
|
1,360,000 |
|
697,000 |
|
|
|
Long term operating lease liability |
|
407,000 |
|
- |
Notes payable |
|
150,000 |
|
- |
|
|
|
Total liabilities |
|
1,917,000 |
|
697,000 |
Total stockholders’ equity |
|
1,364,000 |
|
2,220,000 |
Total liabilities and stockholders’ equity |
$ 3,281,000 |
$ 2,917,000 |
Technical Communications Corporation100 Domino
DriveConcord, MA 01742 – 2892
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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