Technical Communications Corporation Reports Results for the Quarter Ended December 28, 2019
07 Fevereiro 2020 - 6:30PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the first quarter of its 2020 fiscal
year. For the quarter ended December 28, 2019, the Company reported
a net loss of $(480,000), or $(0.26) per share, on revenue of
$666,000, compared to a net loss of $(248,000), or $(0.13) per
share, on revenue of $1,112,000 for the quarter ended December 29,
2018.
Commenting on corporate performance, Carl H.
Guild, Jr., President and Chief Executive Officer of TCC, said,
“During the Company’s first fiscal quarter of 2020, we did not
achieve our desired financial performance. Several international
opportunities have made significant progress but have not yet
closed due to delays in the procurement process. We expect the
procurement process for these orders will be completed over the
next three to six months.”
He continued, “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 2020, the company expects that custom TCC
equipment and services will continue to provide recurring revenue
opportunities within its established government systems product
line; such equipment sales have historically 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 Annual Report on Form 10-K for the fiscal year ended
September 28, 2019 and the “Risk Factors” section included
therein.
|
|
|
|
|
|
|
Technical
Communications Corporation |
|
|
|
|
|
|
|
Condensed consolidated statements of
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
12/28/2019 |
12/29/2018 |
|
(Unaudited) |
(Unaudited) |
Net revenue |
$ |
666,000 |
|
$ |
1,112 ,000 |
|
Gross profit |
|
309,000 |
|
|
399,000 |
|
S, G & A expense |
|
583,000 |
|
|
545,000 |
|
Product development costs |
|
205,000 |
|
|
107,000 |
|
Operating loss |
|
(480,000 |
) |
|
(253,000 |
) |
Net loss |
|
(480,000 |
) |
|
(248,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.26 |
) |
$ |
(0.13 |
) |
Diluted |
$ |
(0.26 |
) |
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated balance sheets |
|
|
|
|
|
|
|
12/28/2019 |
09/28/2019 |
|
(Unaudited) |
(derived
from auditedfinancial statements) |
Cash and cash equivalents |
$ |
748,000 |
|
$ |
1,593,000 |
|
Accounts receivable - trade |
|
270,000 |
|
|
126,000 |
|
Inventory |
|
1,028,000 |
|
|
1,042,000 |
|
Other current assets |
|
100,000 |
|
|
118,000 |
|
Total current assets |
|
2,146,000 |
|
|
2,879,000 |
|
|
|
|
Property and equipment, net |
|
32,000 |
|
|
38,000 |
|
Right-of-use asset |
|
669,000 |
|
|
- |
|
|
|
|
|
|
|
|
Total assets |
$ |
2,847,000 |
|
$ |
2,917,000 |
|
|
|
|
Current operating lease liability |
$ |
148,000 |
|
$ |
- |
|
Accounts payable |
|
95,000 |
|
|
355,000 |
|
Accrued expenses and other current liabilities |
|
331,000 |
|
|
342,000 |
|
Total current liabilities |
|
574,000 |
|
|
697,000 |
|
|
|
|
Long term operating lease liability |
|
521,000 |
|
|
- |
|
|
|
|
Total liabilities |
|
1,095,000 |
|
|
697,000 |
|
Total stockholders’ equity |
|
1,752,000 |
|
|
2,220,000 |
|
Total liabilities and stockholders’ equity |
$ |
2,847,000 |
|
$ |
2,917,000 |
|
|
|
|
|
|
|
|
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
Technical Communications (NASDAQ:TCCO)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Technical Communications (NASDAQ:TCCO)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024