Technical Communications Corporation Reports Results for the Three and Nine Months Ended June 29, 2019
09 Agosto 2019 - 6:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the three and nine month periods ended
June 29, 2019. For the three months ended June 29, 2019, the
Company reported a net loss of $(326,000), or $(0.18) per share, on
revenue of $1,235,000, compared to a net loss of $(450,000), or
$(0.24) per share, on revenue of $907,000 for the quarter ended
June 30, 2018. For the nine months ended June 29, 2019, the
Company reported a net loss of $(401,000), or $(0.22) per share, on
revenue of $4,275,000, compared to a net loss of $(1,221,000), or
$(0.66) per share, on revenue of $2,548,000 for the nine months
ended June 30, 2018. The Company restated its unaudited
consolidated financial statements as of and for the three and nine
months ended June 30, 2018; the information set forth herein
reflects such restatements.
Commenting on corporate performance, Carl H.
Guild, Jr., President and Chief Executive Officer of TCC said,
“During the Company’s third quarter ended June 29, 2019, we
achieved some improvement in our financial performance. The Company
is in the final stages of completing a significant engineering
services contract received in fiscal 2017. In addition, we began
initial shipments during the third fiscal quarter under orders we
received valued at $2.7 million from ADS, Inc. for the company’s
DSP9000 and HSE6000 voice encryption systems. We expect to ship the
majority of the remaining items during our fourth fiscal quarter
ending September 28, 2019.”
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 Reports on Form 10-Q for the quarters ended
March 30, 2019 and December 29, 2018 and its Annual Report on Form
10-K for the fiscal year ended September 29, 2018 and the “Risk
Factors” section included therein.
Technical Communications
CorporationCondensed consolidated statements of
operations
|
Quarter Ended |
|
(Unaudited) |
|
06/29/2019 |
06/30/2018 |
|
|
(As restated) |
Net revenue |
|
$ |
1,235,000 |
|
|
$ |
907,000 |
|
Gross profit |
|
|
445,000 |
|
|
|
194,000 |
|
S, G and A expense |
|
|
732,000 |
|
|
|
522,000 |
|
Product development costs |
|
|
43,000 |
|
|
|
124,000 |
|
Operating loss |
|
|
(330,000 |
) |
|
|
(452,000 |
) |
Net loss |
|
|
(326,000 |
) |
|
|
(450,000 |
) |
Net loss per share: |
|
|
Basic |
|
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
|
Nine Months Ended |
|
(Unaudited) |
|
06/29/2019 |
06/30/2018 |
|
|
(As restated) |
Net revenue |
|
$ |
4,275,000 |
|
|
$ |
2,548,000 |
|
Gross profit |
|
|
1,644,000 |
|
|
|
729,000 |
|
S, G and A expense |
|
|
1,872,000 |
|
|
|
1,513,000 |
|
Product development costs |
|
|
187,000 |
|
|
|
442,000 |
|
Operating loss |
|
|
(414,000 |
) |
|
|
(1,226,000 |
) |
Net loss |
|
|
(401,000 |
) |
|
|
(1,221,000 |
) |
Net loss per share: |
|
|
Basic |
|
$ |
(0.22 |
) |
|
$ |
(0.66 |
) |
Diluted |
|
$ |
(0.222 |
) |
|
$ |
(0.66 |
) |
Condensed consolidated balance
sheets
|
06/29/2019 |
09/29/2018 |
|
(Unaudited) |
(derived from audited |
|
|
financial statements) |
Cash and cash equivalents |
|
$ |
765,000 |
|
|
$ |
1,982,000 |
|
Accounts receivable - trade |
|
|
44,000 |
|
|
|
560,000 |
|
Inventory, net |
|
|
1,082,000 |
|
|
|
1,369,000 |
|
Other current assets |
|
|
123,000 |
|
|
|
142,000 |
|
Total current assets |
|
|
2,014,000 |
|
|
|
4,053,000 |
|
Property and equipment, net |
|
|
44,000 |
|
|
|
49,000 |
|
|
|
|
Total assets |
|
$ |
2,058,000 |
|
|
$ |
4,102,000 |
|
|
|
|
Accounts payable |
|
$ |
318,000 |
|
|
$ |
188,000 |
|
Deferred revenue |
|
|
338,000 |
|
|
|
2,107,000 |
|
Accrued expenses and other current liabilities |
|
|
227,000 |
|
|
|
274,000 |
|
Total current liabilities |
|
|
883,000 |
|
|
|
2,569,000 |
|
Total stockholders’ equity |
|
|
1,175,000 |
|
|
|
1,533,000 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,058,000 |
|
|
$ |
4,102,000 |
|
Technical Communications Corporation100 Domino DriveConcord, MA
01742 – 2892Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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