Technical Communications Corporation Reports Results for the Quarter and Nine Months Ended June 27, 2020
07 Agosto 2020 - 5:45PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the quarter and nine months ended June
27, 2020. For the quarter ended June 27, 2020, the Company reported
a net loss of $(482,000), or $(0.26) per share, on revenue of
$599,000, compared to a net loss of $(326,000), or $(0.18) per
share, on revenue of $1,234,000 for the quarter ended June 29,
2019. For the nine months ended June 27, 2020, the Company reported
a net loss of $(1,324,000), or $(0.72) per share, on revenue of
$1,987,000, compared to a net loss of $(401,000), or $(0.22) per
share, on revenue of $4,275,000 for the quarter ended June 29,
2019.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “As stated in our
previous quarter’s earnings report, the COVID-19 pandemic had
delayed several projects that are in the pipeline, and those delays
continue with some limited progress toward the resumption of the
procurement process. At this point, the inability to conduct
in-person meetings and demonstrations is slowing progress. We do
see that certain countries are beginning to open up, and TCC is
preparing to increase its level of business development pursuit as
soon as it is allowed and safe.
TCC is currently producing DSP 9000 and HSE 6000
radio security equipment for a foreign military sales contract that
was received in May, 2020. It is expected that most of that
equipment will be delivered by the end of September 2020. This
contract is the second annual tranche in a multi-year
procurement.”
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 its Quarterly Reports on Form 10-Q for the
quarters ended March 28, 2020 and December 28, 2019 and the “Risk
Factors” sections included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
Quarter Ended |
|
6/27/2020(Unaudited) |
6/29/2019(Unaudited) |
Net revenue |
$ 599,000 |
|
$ 1,234,000 |
|
Gross profit |
|
355,000 |
|
|
445,000 |
|
S, G & A expense |
|
505,000 |
|
|
732,000 |
|
Product development costs |
|
332,000 |
|
|
43,000 |
|
Operating loss |
|
(483,000) |
|
|
(329,000) |
|
Net loss |
|
(482,000) |
|
|
(326,000) |
|
Net loss per share: |
|
|
Basic |
$ (0.26) |
|
$ (0.18) |
|
Diluted |
$ (0.26) |
|
$ (0.18) |
|
|
Nine Months
Ended |
|
6/27/2020(Unaudited) |
6/29/2019(Unaudited) |
Net revenue |
$ 1,987,000 |
|
$ 4,275,000 |
|
Gross profit |
|
973,000 |
|
|
1,644,000 |
|
S, G & A expense |
|
1,603,000 |
|
|
1,872,000 |
|
Product development costs |
|
695,000 |
|
|
187,000 |
|
Operating loss |
|
(1,325,000) |
|
|
(414,000) |
|
Net loss |
|
(1,324,000) |
|
|
(401,000) |
|
Net loss per share: |
|
|
Basic |
$ (0.72) |
|
$ (0.22) |
|
Diluted |
$ (0.72) |
|
$ (0.22) |
|
Condensed consolidated balance
sheets
|
6/27/2020(Unaudited) |
9/28/2019(derived from
auditedfinancial statements) |
Cash and cah equivalents |
$ 961,000 |
$ 1,593,000 |
Accounts receivable - trade |
|
50,000 |
|
126,000 |
Inventory |
|
1,136,000 |
|
1,042,000 |
Other current assets |
|
148,000 |
|
118,000 |
Total current assets |
|
2,295,000 |
|
2,879,000 |
|
|
|
Property and equipment, net |
|
21,000 |
|
38,000 |
Right-of-use asset |
|
596,000 |
|
- |
|
|
|
Total assets |
$ 2,912,000 |
$ 2,917,000 |
|
|
|
Current operating lease liability |
$ 151,000 |
$ |
- |
Deferred income |
|
474,400 |
|
- |
Accounts payable |
|
90,000 |
|
355,000 |
Customer deposits |
|
562,000 |
|
21,000 |
Accrued expenses and other current liabilities |
|
253,000 |
|
321,000 |
Total current liabilities |
|
1,530,000 |
|
697,000 |
|
|
|
Long term operating lease liability |
|
445,000 |
|
- |
|
|
|
Total liabilities |
|
1,975,000 |
|
697,000 |
Total stockholders’ equity |
|
937,000 |
|
2,220,000 |
Total liabilities and stockholders’ equity |
$ 2,912,000 |
$ 2,917,000 |
Technical Communications Corporation100 Domino
DriveConcord, MA 01742 – 2892
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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