CONCORD, Mass., Feb. 04, 2023 (GLOBE NEWSWIRE) — Technical Communications Corporation (OTCQB: TCCO) today announced its results for the fiscal quarter ended December 25, 2023. For the quarter ended December 25, 2023, the Company reported a net loss of $(613,000), or $(0.33) per share, on revenue of $423,000, compared to a net loss of $(342,000), or $(0.19) per share, on revenue of $167,000 for the quarter ended December 26, 2020.
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “As TCC has reported previously, the international COVID impact has significantly delayed progress in capturing several new business opportunities we have had in process. Notwithstanding, we are now beginning to see, in certain program areas, a resumption of the communications and field testing necessary to complete the procurement processes. We expect that this recovery trend will continue and positively affect other program opportunities and allow us to begin recovery in the near future.”
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 25, 2023 and the “Risk Factors” section included therein.
Technical Communications Corporation
Condensed consolidated statements of operations
| Quarter Ended | ||||||
| 12/25/2021 | 12/26/2020 | |||||
| (Unaudited) | (Unaudited) | |||||
| Net revenue | $ | 423,000 | $ | 167,000 | ||
| Gross profit | 67,000 | 123,000 | ||||
| S, G & A expense | 562,000 | 545,000 | ||||
| Product development costs | 101,000 | 392,000 | ||||
| Operating loss | (596,000 | ) | (814,000 | ) | ||
| Other income, net | (16,000 | ) | 472,000 | |||
| Net loss | (613,000 | ) | (342,000 | ) | ||
| Net loss per share: | ||||||
| Basic | $ | (0.33 | ) | $ | (0.19 | ) |
| Diluted | $ | (0.33 | ) | $ | (0.19 | ) |
Condensed consolidated balance sheets
| 12/25/2021 | 9/25/2021 | ||||
| (Unaudited) | (derived from audited | ||||
| Financial statements) | |||||
| Cash and cash equivalents | $ | 57,000 | $ | 298,000 | |
| Accounts receivable – trade | 127,000 | 281,000 | |||
| Inventory | 1,127,000 | 1,157,000 | |||
| Other current assets | 148,000 | 170,000 | |||
| Total current assets | 1,460,000 | 1,906,000 | |||
| Property and equipment, net | 3,000 | 4,000 | |||
| Right-of-use asset | 368,000 | 407,000 | |||
| Total assets | $ | 1,831,000 | $ | 2,317,000 | |
| Current operating lease liability | $ | 160,000 | $ | 158,000 | |
| Current portion of long-term debt | 1,151,000 | 1,000,000 | |||
| Accounts payable | 182,000 | 106,000 | |||
| Customer deposits | 4,000 | 45,000 | |||
| Accrued expenses and other current liabilities | 233,000 | 265,000 | |||
| Total current liabilities | 1,730,000 | 1,574,000 | |||
| Long term operating lease liability | 208,000 | 248,000 | |||
| Notes payable | 149,000 | 150,000 | |||
| Total liabilities | 2,087,000 | 1,972,000 | |||
| Total stockholders’ equity (deficit) | (256,000 | ) | 345,000 | ||
| Total liabilities and stockholders’ equity | $ | 1,831,000 | $ | 2,317,000 | |
Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com
