Technical Communications Corporation Reports Results for the Quarter and Six Months Ended March 28, 2020 and Announces Order ...
27 Mai 2020 - 11:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the quarter and six months ended March
28, 2020. For the quarter ended March 28, 2020, the Company
reported a net loss of $(361,000), or $(0.20) per share, on revenue
of $723,000, compared to net income of $173,000, or $0.09 per
share, on revenue of $1,928,000 for the quarter ended March 30,
2019. For the six months ended March 28, 2020, the Company reported
a net loss of $(842,000), or $(0.46) per share, on revenue of
$1,389,000, compared to a net loss of $(75,000), or $(0.04) per
share, on revenue of $3,041,000 for the quarter ended March 30,
2019.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “During the
Company’s first six months of 2020, revenue bookings slowed due to
delays on several projects and the associated field testing that
was required. In January, the negative effects of the COVID-19
pandemic began to adversely impact our foreign customers’
operations, causing project flow to effectively shut down. As of
this date, there are indications that procurement action is
resuming, albeit slowly. We expect that the pre-virus projects
remain viable and look to resume field testing and project capture
during the next six months.”
Also, the Company received an order in May
valued at $1.85 million from ADS, Inc. for the Company’s DSP9000
and HSE6000 encryption systems. This order is in support of a
foreign military sales contract between the U.S. government and a
Middle Eastern government. Delivery of the equipment and
training services are expected to occur over the next six
months.
Commenting on the contract award, Carl H. Guild,
Jr. said, “This order is an add-on to a contract on which we
initially began deliveries in September 2019. We are pleased that
our customer has again selected TCC systems to secure its military
communications network. We believe the combination of our quality
systems, commitment to meeting unique requirements, and full
lifecycle services have fostered this longstanding relationship. We
also expect additional follow-on sales as our customer continues to
expand its network.”
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 that are not purely
historical 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
impact of the COVID-19 pandemic (including on customers) and
governmental responses thereto; the effect of domestic and foreign
political unrest; domestic and foreign government policies and
economic conditions; 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 Report on Form 10-Q for the
quarter ended December 28, 2019 and the “Risk Factors” section
included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations |
|
|
Quarter
Ended |
|
|
3/28/2020 (Unaudited) |
|
|
3/30/2019 (Unaudited) |
|
Net revenue |
$ |
723,000 |
|
$ |
1,928,000 |
|
Gross profit |
|
309,000 |
|
|
799,000 |
|
S, G & A expense |
|
513,000 |
|
|
595,000 |
|
Product development costs |
|
157,000 |
|
|
36,000 |
|
Operating (loss) income |
|
(361,000 |
) |
|
168,000 |
|
Net (loss) income |
|
(361,000 |
) |
|
173,000 |
|
Net (loss) income per share: |
|
|
Basic |
$ |
(0.20 |
) |
$ |
0.09 |
|
Diluted |
$ |
(0.20 |
) |
$ |
0.09 |
|
|
Six Months
Ended |
|
|
3/28/2020 (Unaudited) |
|
|
3/30/2019 (Unaudited) |
|
Net revenue |
$ |
1,389,000 |
|
$ |
3,041,000 |
|
Gross profit |
|
618,000 |
|
|
1,199,000 |
|
S, G & A expense |
|
1,097,000 |
|
|
1,140,000 |
|
Product development costs |
|
362,000 |
|
|
144,000 |
|
Operating loss |
|
(842,000 |
) |
|
(85,000 |
) |
Net loss |
|
(842,000 |
) |
|
(75,000 |
) |
Net loss per share: |
|
|
Basic |
$ |
(0.46 |
) |
$ |
(0.04 |
) |
Diluted |
$ |
(0.46 |
) |
$ |
(0.04 |
) |
Condensed consolidated balance sheets
|
|
3/28/2020 |
|
|
9/28/2019 |
|
|
|
(Unaudited) |
|
|
(derived from audited financial
statements) |
|
Cash and cash equivalents |
$ |
607,000 |
|
$ |
1,593,000 |
|
Accounts receivable - trade |
|
228,000 |
|
|
126,000 |
|
Inventory |
|
1,032,000 |
|
|
1,042,000 |
|
Other current assets |
|
108,000 |
|
|
118,000 |
|
Total current assets |
|
1,975,000 |
|
|
2,879,000 |
|
|
|
|
Property and equipment, net |
|
26,000 |
|
|
38,000 |
|
Right-of-use asset |
|
633,000 |
|
|
- |
|
|
|
|
Total assets |
$ |
2,634,000 |
|
$ |
2,917,000 |
|
|
|
|
Current operating lease liability |
$ |
149,000 |
|
$ |
- |
|
Accounts payable |
|
48,000 |
|
|
355,000 |
|
Accrued expenses and other current liabilities |
|
549,000 |
|
|
342,000 |
|
Total current liabilities |
|
746,000 |
|
|
697,000 |
|
|
|
|
Long term operating lease liability |
|
483,000 |
|
|
- |
|
|
|
|
Total liabilities |
|
1,229,000 |
|
|
697,000 |
|
Total stockholders’ equity |
|
1,405,000 |
|
|
2,220,000 |
|
Total liabilities and stockholders’ equity |
$ |
2,634,000 |
|
$ |
2,917,000 |
|
Michael P. Malone Chief Financial
Officer (978) 287-5100 www.tccsecure.com
Technical Communications (NASDAQ:TCCO)
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