Technical Communications Corporation Reports Results for


CONCORD, Mass., Feb. 04, 2022 (GLOBE NEWSWIRE) — Technical Communications Corporation (OTCQB: TCCO) today announced its results for the fiscal quarter ended December 25, 2021. For the quarter ended December 25, 2021, the Company reported a net loss of $(613,000), or $(0.33) per share, on revenue of $423,000, compared to a net loss of $(342,000), or $(0.19) per share, on revenue of $167,000 for the quarter ended December 26, 2020.

Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “As TCC has reported previously, the international COVID impact has significantly delayed progress in capturing several new business opportunities we have had in process. Notwithstanding, we are now beginning to see, in certain program areas, a resumption of the communications and field testing necessary to complete the procurement processes. We expect that this recovery trend will continue and positively affect other program opportunities and allow us to begin recovery in the near future.”

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 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 the “Risk Factors” section included therein.

Technical Communications Corporation

Condensed consolidated statements of operations

  Quarter Ended
    12/25/2021     12/26/2020  
    (Unaudited)     (Unaudited)  
Net revenue $ 423,000   $ 167,000  
Gross profit   67,000     123,000  
S, G & A expense   562,000     545,000  
Product development costs   101,000     392,000  
Operating loss   (596,000 )   (814,000 )
Other income, net   (16,000 )   472,000  
Net loss   (613,000 )   (342,000 )
Net loss per share:    
Basic $ (0.33 ) $ (0.19 )
Diluted $ (0.33 ) $ (0.19 )

Condensed consolidated balance sheets

     
     
     
  12/25/2021 9/25/2021
     
     
     
  (Unaudited) (derived from audited
     
     
     
    Financial statements)
Cash and cash equivalents $ 57,000   $ 298,000
Accounts receivable – trade   127,000     281,000
Inventory   1,127,000     1,157,000
Other current assets   148,000     170,000
Total current assets   1,460,000     1,906,000
     
Property and equipment, net   3,000     4,000
Right-of-use asset   368,000     407,000
     
Total assets $ 1,831,000   $ 2,317,000
     
Current operating lease liability $ 160,000   $ 158,000
Current portion of long-term debt   1,151,000     1,000,000
Accounts payable   182,000     106,000
Customer deposits   4,000     45,000
Accrued expenses and other current liabilities   233,000     265,000
Total current liabilities   1,730,000     1,574,000
     
Long term operating lease liability   208,000     248,000
Notes payable   149,000     150,000
     
Total liabilities   2,087,000     1,972,000
Total stockholders’ equity (deficit)   (256,000 )   345,000
Total liabilities and stockholders’ equity $ 1,831,000   $ 2,317,000

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

Technical Communications Corpo



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