Technical Communications Corporation Reports Results for the Three and Nine Months Ended June 29, 2019

CONCORD, Mass., Aug. 09, 2019 (GLOBE NEWSWIRE) -- 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 Corporation

Condensed consolidated statements of operations

 Quarter Ended
 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
  (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

 (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 Corporation
100 Domino Drive
Concord, MA 01742 – 2892

Michael P. Malone
Chief Financial Officer
(978) 287-5100

The following information was filed by Technical Communications Corp (TCCO) on Friday, August 9, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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