Technical Communications Corporation Reports Results for the Year Ended September 24, 2022
12/14/2022 - 04:45 PM
CONCORD, Mass., Dec. 14, 2022 (GLOBE NEWSWIRE) -- Technical Communications Corporation (OTCQB: TCCO) today announced its results for the year ended September 24, 2022. The Company reported a net loss of $(2,331,000) , or $(1.26) per share, on revenue of $1,304,000 for the year ended September 24, 2022, compared to a net loss of $(1,088,000) , or $(0.59) per share, on revenue of $1,866,000 for the year ended September 25, 2021.
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “The Company continues to be impacted by the international COVID pandemic. We have started to see progress in more and more countries toward the resumption of the procurement process, including product demonstration requests, remote training and the receipt of formal requests for quotations. We will continue to work closely with these customers in order to be able to move quickly once they are in a position to place orders. In the meantime, TCC continues to closely monitor expenses and is actively pursuing additional sources of liquidity.”
About Technical Communications Corporation
For over 60 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 over 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 25, 2021 and its Quarterly Reports on Form 10-Q for the quarters ended June 25, 2022, March 26, 2022 and December 25, 2021 and the “Risk Factors” section included therein.
Technical Communications Corporation
Condensed consolidated statements of operations
Year Ended 9/24/2022 (Unaudited) 9/25/2021 (Unaudited)
Net revenue $ 1,304,000 $ 1,866,000 Gross profit (loss) 14,000 557,000 S, G & A expense 1,914,000 1,842,000 Product development costs 817,000 732,000 Operating loss (2,717,000 ) (2,017,000 ) Net loss (2,331,000 ) (1,088,000 ) Net loss per share: Basic $ (1.26 ) $ (0.59 ) Diluted $ (1.26 ) $ (0.59 )
Condensed consolidated balance sheets
9/24/2022 (Unaudited) 9/25/2021 (derived from audited Financial statements)
Cash and cash equivalents $ 7,000 $ 298,000 Accounts receivable - trade 15,000 281,000 Accounts receivable -other 516,000 - Inventory 966,000 1,157,000 Other current assets 187,000 170,000 Total current assets 1,691,000 1,906,000 Property and equipment, net 11,000 4,000 Right-of-use asset 249,000 407,000 Total assets $ 1, 951 ,000 $ 2,317 ,000 Current operating lease liability $ 164,000 $ 158,000 Current portion of long-term debt 3,002,000 1,000,000 Accounts payable 159,000 106,000 Customer deposits 4,000 45,000 Accrued expenses and other current liabilities 324,000 265,000 Total current liabilities 3,653,000 1,574,000 Long term operating lease liability 85,000 248,000 Notes payable 148,000 150,000 Total liabilities 3,886,000 1,972,000 Total stockholders’ equity (deficit) (1,935,000 ) 345,000 Total liabilities and stockholders’ equity $ 1, 951 ,000 $ 2,317 ,000
Michael P. Malone Chief Financial Officer (978) 287-5100www.tccsecure.com
Technical Communications Corp.
TCCO Rankings
N/A Ranked by Stock Gains
TCCO Stock Data
Industry
Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing
Sector
Manufacturing
Tags
Manufacturing, Electronic Technology, Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing, Telecommunications Equipment
About TCCO
technical communications corporation designs, develops, integrates, markets and services military-grade systems and custom solutions to secure voice, data and video communications in demanding environments worldwide. our universal encryption products deliver end-to-end protection over a wide range of networks, and are optimized for performance, cryptographic strength and ease of use, supporting our cipherone® optimized network encryption best-in-class criteria. additionally, tcc specializes in meeting unique customer requirements, including integrating tcc technology, designing custom algorithms and new solutions, embedding encryption and much more. tcc has many long-term relationships around the globe, while our large base of international representatives, direct sales force, and technical field staff give each customer personalized service and support. today, government entities, military agencies and corporate enterprises in 115 countries have selected tcc's proven security to prote