Technical Communications Corporation Reports Results for the Three and Nine Months Ended June 26, 2021
August 06 2021 - 4:15PM
Technical Communications Corporation (OTCQB: TCCO) today announced
its results for the three and nine months ended June 26, 2021. The
Company reported a net loss of $(490,000), or $(0.26) per share, on
revenue of $426,000 for the quarter ended June 26, 2021, compared
to a net loss of $(483,000), or $(0.26) per share, on revenue of
$599,000 for the quarter ended June 27, 2020. For the nine months
ended June 26, 2021, the Company reported a net loss of
$(1,161,000), or $(0.63) per share, on revenue of $1,209,000,
compared to a net loss of $(1,324,000), or $(0.72) per share, on
revenue of $1,987,000 for the nine months ended June 27, 2020.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “The Covid-19
pandemic continues to adversely affect our customer base as many
foreign countries are still struggling with the coronavirus. The
resources availabile for security equipment and systems have become
more scarce as customers allocate funds to contain the virus.
We have started to see progress in certain
countries toward the resumption of the procurement process,
including product demonstration requests, remote training and the
receipt of formal requests for quotations. We will continue to work
closely with these customers in order to be able to move quickly
once they are in a position to place orders. In the meantime, TCC
continues to closely monitor expenses and is actively pursuing
additional sources of liquidity.”
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 its Quarterly Reports on Form 10-Q for the
quarters ended December 26, 2020 and March 27, 2021 and the “Risk
Factors” section included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
|
Quarter Ended |
|
|
|
6/26/2021 |
|
|
6/27/2020 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net revenue |
$ |
426,000 |
|
$ |
599,000 |
|
Gross profit |
|
99,000 |
|
|
355,000 |
|
S, G & A expense |
|
478,000 |
|
|
505,000 |
|
Product development costs |
|
108,000 |
|
|
332,000 |
|
Operating loss |
|
(487,000 |
) |
|
(483,000 |
) |
Net loss |
|
(490,000 |
) |
|
(482,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.26 |
) |
$ |
(0.26 |
) |
Diluted |
$ |
(0.26 |
) |
$ |
(0.26 |
) |
|
|
Nine Months Ended |
|
|
|
6/26/2021 |
|
|
6/27/2020 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net revenue |
$ |
1,209,000 |
|
$ |
1,987,000 |
|
Gross profit |
|
486,000 |
|
|
973,000 |
|
S, G & A expense |
|
1,420,000 |
|
|
1,602,000 |
|
Product development costs |
|
695,000 |
|
|
695,000 |
|
Operating loss |
|
(1,629,000 |
) |
|
(1,324,000 |
) |
Grant income |
|
474,000 |
|
|
- |
|
Net loss |
|
(1,161,000 |
) |
|
(1,324,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.63 |
) |
$ |
(0.72 |
) |
Diluted |
$ |
(0.63 |
) |
$ |
(0.72 |
) |
Condensed consolidated balance sheets
|
|
6/26/2021 |
|
|
9/26/2020 |
|
|
|
(Unaudited) |
|
|
(derived from audited financial
statements) |
|
Cash and cash equivalents |
$ |
221,000 |
|
$ |
1,514,000 |
|
Accounts receivable - trade |
|
168,000 |
|
|
134,000 |
|
Inventory |
|
1,300,000 |
|
|
902,000 |
|
Other current assets |
|
171,000 |
|
|
154,000 |
|
Total current assets |
|
1,860,000 |
|
|
2,704,000 |
|
Property and equipment, net |
|
6,000 |
|
|
19,000 |
|
Right-of-use asset |
|
445,000 |
|
|
559,000 |
|
|
|
|
Total assets |
$ |
2,311,000 |
|
$ |
3,281,000 |
|
|
|
|
Current operating lease liability |
$ |
157,000 |
|
$ |
152,000 |
|
Deferred income |
|
474,000 |
|
|
474,000 |
|
Note payable – short-term |
|
451,000 |
|
|
- |
|
Accounts payable |
|
112,000 |
|
|
66,000 |
|
Customer deposits |
|
206,000 |
|
|
162,000 |
|
Accrued expenses and other current liabilities |
|
228,000 |
|
|
406,000 |
|
Total current liabilities |
|
1,628,000 |
|
|
1,360,000 |
|
|
|
|
Long term operating lease liability |
|
289,000 |
|
|
407,000 |
|
Notes payable |
|
150,000 |
|
|
150,000 |
|
|
|
|
Total liabilities |
|
2,067,000 |
|
|
1,917,000 |
|
Total stockholders’ equity |
|
244,000 |
|
|
1,364,000 |
|
Total liabilities and stockholders’ equity |
$ |
2,311,000 |
|
$ |
3,281,000 |
|
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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