Technical Communications Corporation Reports Results for the Year Ended September 24, 2022
December 14 2022 - 4:45PM
Technical Communications Corporation (OTCQB: TCCO) today announced
its results for the year ended September 24, 2022. The Company
reported a net loss of $(2,331,000), or $(1.26) per share, on
revenue of $1,304,000 for the year ended September 24, 2022,
compared to a net loss of $(1,088,000), or $(0.59) per share, on
revenue of $1,866,000 for the year ended September 25, 2021.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “The Company
continues to be impacted by the international COVID pandemic. We
have started to see progress in more and more 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 60 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 25, 2021 and its Quarterly Reports on Form 10-Q for the
quarters ended June 25, 2022, March 26, 2022 and December 25, 2021
and the “Risk Factors” section included therein.
Technical Communications
Corporation
Condensed consolidated
statements of operations
|
Year Ended |
|
9/24/2022(Unaudited) |
9/25/2021(Unaudited) |
Net revenue |
$ |
1,304,000 |
|
$ |
1,866,000 |
|
Gross profit (loss) |
|
14,000 |
|
|
557,000 |
|
S, G & A expense |
|
1,914,000 |
|
|
1,842,000 |
|
Product development costs |
|
817,000 |
|
|
732,000 |
|
Operating loss |
|
(2,717,000 |
) |
|
(2,017,000 |
) |
Net loss |
|
(2,331,000 |
) |
|
(1,088,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(1.26 |
) |
$ |
(0.59 |
) |
Diluted |
$ |
(1.26 |
) |
$ |
(0.59 |
) |
Condensed consolidated
balance sheets
|
9/24/2022(Unaudited) |
9/25/2021(derived from
auditedFinancial statements) |
Cash and cash equivalents |
$ |
7,000 |
|
$ |
298,000 |
Accounts receivable - trade |
|
15,000 |
|
|
281,000 |
Accounts receivable -other |
|
516,000 |
|
|
- |
Inventory |
|
966,000 |
|
|
1,157,000 |
Other current assets |
|
187,000 |
|
|
170,000 |
Total current assets |
|
1,691,000 |
|
|
1,906,000 |
Property and equipment, net |
|
11,000 |
|
|
4,000 |
Right-of-use asset |
|
249,000 |
|
|
407,000 |
|
|
|
Total assets |
$ |
1,951,000 |
|
$ |
2,317,000 |
|
|
|
Current operating lease liability |
$ |
164,000 |
|
$ |
158,000 |
Current portion of long-term debt |
|
3,002,000 |
|
|
1,000,000 |
Accounts payable |
|
159,000 |
|
|
106,000 |
Customer deposits |
|
4,000 |
|
|
45,000 |
Accrued expenses and other current liabilities |
|
324,000 |
|
|
265,000 |
Total current liabilities |
|
3,653,000 |
|
|
1,574,000 |
|
|
|
Long term operating lease liability |
|
85,000 |
|
|
248,000 |
Notes payable |
|
148,000 |
|
|
150,000 |
|
|
|
Total liabilities |
|
3,886,000 |
|
|
1,972,000 |
Total stockholders’ equity (deficit) |
|
(1,935,000 |
) |
|
345,000 |
Total liabilities and stockholders’ equity |
$ |
1,951,000 |
|
$ |
2,317,000 |
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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