Technical Communications Corporation Reports Results for the Fiscal Year and Quarter Ended September 28, 2019
09 Dezembro 2019 - 7:25PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the fiscal year and quarter ended
September 28, 2019. For the quarter ended September 28, 2019, the
Company reported net income of $1,032,000, or $0.56 per share, on
revenue of $2,749,000, compared to a net loss of $(259,000), or
$(0.14) per share, on revenue of $1,137,000 for the quarter ended
September 29, 2018. For the year ended September 28, 2019, the
Company reported net income of $631,000, or $0.34 per share, on
revenue of $7,024,000, compared to a net loss of $(1,480,000), or
$(0.80) per share, on revenue of $3,685,000 for the year ended
September 29, 2018.
Commenting on corporate performance, Carl H.
Guild, Jr., President and Chief Executive Officer of TCC, said,
“The Company experienced a return to profitability in fiscal year
2019. The Company completed delivery of several foreign and
domestic contracts for its DSP 9000/HSE 6000 radio encryption
products. It also provided significant engineering services
under contracts that were completed in fiscal 2019.
“Offering high-end custom cryptographic services
and solutions is an established market niche for the Company and we
believe an important competitive differentiator. In fiscal 2019,
custom TCC equipment and services continued to provide recurring
revenue opportunities within the Company’s established government
systems product line; such equipment sales consisted primarily of
our DSP 9000/HSE 6000 radio encryption and digital encryption
CX7211 products, along with custom solution engineering
services.”
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
June 29, 2019, 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
Corporation
Condensed consolidated statements of
operations
|
Quarter Ended |
|
|
09/28/2019 |
09/29/2018 |
|
|
(Unaudited) |
(derived from auditedfinancial statements) |
|
Net sales |
$ |
2,749,000 |
$ |
1,137,000 |
|
|
Gross profit |
|
1,714,000 |
|
243,000 |
|
|
S, G & A expense |
|
536,000 |
|
428,000 |
|
|
Product development costs |
|
146,000 |
|
78,000 |
|
|
Operating income (loss) |
|
1,032,000 |
|
(263,000 |
) |
|
Net income (loss) |
|
1,032,000 |
|
(259,000 |
) |
|
Net income (loss) per share: |
|
|
|
|
|
|
Basic |
$ |
0.56 |
$ |
(0.14 |
) |
|
Diluted |
$ |
0.56 |
$ |
(0.14 |
) |
|
|
Year Ended |
|
|
09/28/2019 |
09/29/2018 |
|
|
(Unaudited) |
(derived from auditedfinancial
statements) |
|
Net sales |
$ |
7,024,000 |
$ |
3,685,000 |
|
|
Gross profit |
|
3,358,000 |
|
972,000 |
|
|
S, G & A expense |
|
2,407,000 |
|
1,941,000 |
|
|
Product development costs |
|
333,000 |
|
521,000 |
|
|
Operating income (loss) |
|
618,000 |
|
(1,490,000 |
) |
|
Net income (loss) |
|
631,000 |
|
(1,480,000 |
) |
|
Net income (loss) per share: |
|
|
|
|
|
|
Basic |
$ |
0.34 |
$ |
(0.80 |
) |
|
Diluted |
$ |
0.34 |
$ |
(0.80 |
) |
|
Condensed consolidated balance
sheets
|
|
|
|
|
|
|
|
09/28/2019 |
09/29/2018 |
|
|
|
(Unaudited) |
(derived from auditedfinancial statements) |
|
Cash and marketable securities |
$ |
1,593,000 |
$ |
1,982,000 |
|
|
Accounts receivable - trade |
|
126,000 |
|
559,000 |
|
|
Inventory |
|
1,042,000 |
|
1,369,000 |
|
|
Other current assets |
|
118,000 |
|
142,000 |
|
|
Total current assets |
|
2,879,000 |
|
4,053,000 |
|
|
Property and equipment, net |
|
38,000 |
|
49,000 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,917,000 |
$ |
4,102,000 |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
355,000 |
$ |
188,000 |
|
|
Accrued expenses and other current liabilities |
|
342,000 |
|
274,000 |
|
|
Deferred revenue |
|
- |
|
2,107,000 |
|
|
Total current liabilities |
|
697,000 |
|
2,569,000 |
|
|
Total stockholders’ equity |
|
2,220,000 |
|
1,533,000 |
|
|
Total liabilities and stockholders’ equity |
$ |
2,917,000 |
$ |
4,102,000 |
|
|
|
|
|
|
|
|
|
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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