Technical Communications Corporation Reports Results for the Three and Six Months Ended March 31, 2018
May 07 2018 - 8:00AM
Technical Communications Corporation (Nasdaq:TCCO) today announced
its results for the three and six month periods ended March 31,
2018. For the three months ended March 31, 2018, the Company
reported a net loss of $(313,000), or $(0.17) per share, on revenue
of $930,000, compared to net income of $128,000, or $0.07 per
share, on revenue of $1,385,000 for the quarter ended April 1,
2017. For the six months ended March 31, 2018, the Company
reported a net loss of $(365,000), or $(0.20) per share, on revenue
of $2,046,000, compared to a net loss of $(567,000), or $(0.31) per
share, on revenue of $2,017,000 for the six months ended April 1,
2017.
Commenting on corporate performance, Carl H. Guild, Jr.,
President and Chief Executive Officer of TCC, said, “During the
Company’s second quarter ended March 31, 2018, we did not achieve
our desired financial performance for fiscal 2018. Several
international opportunities have made significant progress but have
not yet closed due to delays in the evaluation and procurement
process. TCC’s products go through rigorous field and laboratory
testing, which ensures that all customer requirements are met prior
to procurement. We expect that some customer evaluations will be
completed during the next quarter, thereby allowing associated
procurements to proceed.”
“TCC is committed to returning to profitability over the
remainder of fiscal 2018. We continue to closely monitor and reduce
operating expenses as appropriate, while strategically investing in
business development efforts, developing productive relationships
and expanding our sales channel network.”
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 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 effect of foreign political unrest; domestic and
foreign government policies and economic conditions; future 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 Quarterly Report
on Form 10Q for the quarter ended December 30, 2017 and its Annual
Report on Form 10-K for the fiscal year ended September 30, 2017
and the “Risk Factors” section included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
Quarter Ended |
|
(Unaudited) |
|
|
03/31/2018 |
|
|
04/01/2017 |
Net sales |
$ |
930,000 |
|
$ |
1,385,000 |
Gross profit |
|
351,000 |
|
|
1,147,000 |
S, G & A expense |
|
531,000 |
|
|
545,000 |
Product development costs |
|
135,000 |
|
|
477,000 |
Operating (loss) income |
|
(315,000 |
) |
|
125,000 |
Net (loss) income |
|
(313,000 |
) |
|
128,000 |
Net (loss) income per share: |
|
|
|
|
|
Basic |
$ |
(0.17 |
) |
$ |
0.07 |
Diluted |
$ |
(0.17 |
) |
$ |
0.07 |
|
|
|
|
|
|
|
Six Months Ended |
|
(Unaudited) |
|
|
03/31/2018 |
|
|
04/01/2017 |
|
Net sales |
$ |
2,046,000 |
|
$ |
2,017,000 |
|
Gross profit |
|
923,000 |
|
|
1,590,000 |
|
S, G & A expense |
|
991,000 |
|
|
1,191,000 |
|
Product development costs |
|
301,000 |
|
|
971,000 |
|
Operating loss |
|
(369,000 |
) |
|
(572,000 |
) |
|
|
|
|
|
|
|
Net loss |
|
(365,000 |
) |
|
(567,000 |
) |
Net loss per share: |
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
$ |
(0.31 |
) |
Diluted |
$ |
(0.20 |
) |
$ |
(0.31 |
) |
|
|
|
|
|
|
|
Condensed consolidated balance
sheets
|
03/31/2018 |
09/30/2017 |
|
(Unaudited) |
(derived from audited |
|
|
financial statements) |
Cash and marketable securities |
$ |
1,543,000 |
$ |
1,657,000 |
Accounts receivable - trade |
|
316,000 |
|
730,000 |
Inventory, net |
|
1,475,000 |
|
1,358,000 |
Other current assets |
|
140,000 |
|
136,000 |
Total current assets |
|
3,474,000 |
|
3,881,000 |
Property and equipment, net |
|
63,000 |
|
54,000 |
|
|
|
|
|
Total assets |
$ |
3,537,000 |
$ |
3,935,000 |
|
|
|
|
|
Accounts payable |
$ |
80,000 |
$ |
109,000 |
Accrued expenses and other current liabilities |
|
345,000 |
|
326,000 |
Total current liabilities |
|
425,000 |
|
435,000 |
Total stockholders’ equity |
|
3,112,000 |
|
3,500,000 |
Total liabilities and stockholders’ equity |
$ |
3,537,000 |
$ |
3,935,000 |
|
|
|
|
|
Technical Communications Corporation100 Domino Drive
Concord, MA 01742 –
2892
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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