Technical Communications Corporation Reports Results for the Fiscal Quarter Ended December 26, 2020 and Acceptance for Tradin...
February 05 2021 - 8:00AM
Technical Communications Corporation (OTCQB: TCCO) today announced
its results for the fiscal quarter ended December 26, 2020. For the
quarter ended December 26, 2020, the Company reported a net loss of
$(342,000), or $(0.19) per share, on revenue of $167,000, compared
to a net loss of $(480,000), or $(0.26) per share, on revenue of
$666,000 for the quarter ended December 28, 2019.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “As previously
noted, the COVID-19 pandemic continues to delay several projects
that are in the pipeline, and those delays continue although
recently 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
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.
Assisting these efforts is the $474,000 loan TCC
received under the U.S. Small Business Administration’s Paycheck
Protection Program on February 1, 2021. The entire TCC team is
committed to doing what is necessary to stay prepared for an
expected business upturn in fiscal 2021.”
The Company also announced that shares of its
common stock were approved for trading on the OTCQB® Venture Market
("OTCQB"). The shares will continue to trade under the symbol
"TCCO" and trading on the OTCQB was effective at the opening of the
market on Monday, February 1, 2021.
OTCQB is a venture market operated by the OTC
Markets Group, Inc. To be eligible for quotation on the OTCQB,
companies must be current in their reporting and undergo an annual
verification and management certification process. Companies must
also meet a minimum bid price test and other financial conditions.
OTCQB is recognized by the U.S. Securities and Exchange Commission
as an established public market for the purpose of determining the
public market price when registering securities for resale with the
SEC, and it provides current public information to investors that
need to analyze, value, and trade securities. Investors can find
real-time quotes and market information for the company
on https://www.otcmarkets.com/stock/IAIC/overview.
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 26, 2020 and the “Risk Factors” section included
therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
Quarter Ended |
|
|
12/26/2020(Unaudited) |
|
|
12/28/2019(Unaudited) |
|
Net revenue |
$ |
167,000 |
|
$ |
666,000 |
|
Gross profit |
|
123,000 |
|
|
309,000 |
|
S, G & A expense |
|
545,000 |
|
|
583,000 |
|
Product development costs |
|
392,000 |
|
|
205,000 |
|
Operating loss |
|
(814,000 |
) |
|
(480,000 |
) |
Other income, net |
|
472,000 |
|
|
- |
|
Net loss |
|
(342,000 |
) |
|
(480,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.19 |
) |
$ |
(0.26 |
) |
Diluted |
$ |
(0.19 |
) |
$ |
(0.26 |
) |
|
|
|
|
|
|
|
Condensed consolidated balance sheets
|
12/26/2020(Unaudited) |
9/26/2020(derived from
auditedFinancial statements) |
Cash and cash equivalents |
$ |
666,000 |
$ |
1,514,000 |
Accounts receivable - trade |
|
148,000 |
|
134,000 |
Inventory |
|
966,000 |
|
902,000 |
Other current assets |
|
129,000 |
|
153,000 |
Total current assets |
|
1,909,000 |
|
2,704,000 |
|
|
|
Property and equipment, net |
|
15,000 |
|
19,000 |
Right-of-use asset |
|
521,000 |
|
559,00 |
|
|
|
Total assets |
$ |
2,445,000 |
$ |
3,281,000 |
|
|
|
Current operating lease liability |
$ |
154,000 |
$ |
152,000 |
Deferred income |
|
- |
|
474,000 |
Current portion of long-term debt |
|
1,000 |
|
- |
Accounts payable |
|
179,000 |
|
66,000 |
Customer deposits |
|
227,000 |
|
162,000 |
Accrued expenses and other current liabilities |
|
331,000 |
|
506,000 |
Total current liabilities |
|
892,000 |
|
1,360,000 |
|
|
|
Long term operating lease liability |
|
368,000 |
|
407,000 |
Notes payable |
|
149,000 |
|
150,000 |
|
|
|
Total liabilities |
|
1,409,000 |
|
1,917,000 |
Total stockholders’ equity |
|
1,036,000 |
|
1,364,000 |
Total liabilities and stockholders’ equity |
$ |
2,445,000 |
$ |
3,281,000 |
|
|
|
|
|
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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