Technical Communications Corporation Reports Results for the Fiscal Year Ended September 25, 2021
December 13 2021 - 4:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced its results for the fiscal year ended September 25, 2021.
For the year ended September 25, 2021, the Company reported a net
loss of $(1,088,000), or $(0.59) per share, on revenue of
$1,866,000, compared to a net loss of $(911,000), or $(0.49) per
share, on revenue of $4,108,000 for the year ended September 26,
2020.
Carl H. Guild Jr., President and CEO of
Technical Communications Corporation, commented, “For the fiscal
year 2021, TCC continues to experience significant delays in the
capture of new international business. Although we have experienced
growth in the number of new opportunities, the procurement times
have approximately doubled due to the many and diverse effects of
the COVID pandemic. Customers are reluctant to have in-person
meetings and performance demonstrations all of which are necessary
to consummate sales. In response, TCC has developed an effective
capability to support customers through video communications and
there is evidence that progress is being made in closing on
selected projects.
We expect that business recovery can occur in
2022 as the negative effects of the pandemic lessen, the demands
for cyber security increase and TCC’s customer customizable
approach to data encryption security gains in popularity. During
2021, TCC completed the development of its new line of high-grade
digital data encryptors and we expect to be conducting a variety of
application demonstrations during the year. Our customers have
responded well to TCC’s concept of customer customized encryption
security where they can participate in the development of the
chosen solution.”
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 26, 2020 and its Quarterly Reports on Form 10-Q for the
quarters ended December 26, 2020, March 27, 2021 and June 26, 2021
and the “Risk Factors” section included therein.
Technical Communications
Corporation
Condensed consolidated statements of
operations
|
Year
Ended |
|
|
9/25/2021 |
|
9/26/2020 |
|
|
(Unaudited) |
|
(Unaudited) |
Net revenue |
$1,866,000 |
$4,108,000 |
Gross profit |
|
557,000 |
|
2,385,000 |
S, G & A expense |
|
1,842,000 |
|
2,227,000 |
Product development costs |
|
732,000 |
|
1,069,000 |
Operating (loss) income |
|
(2,017,000) |
|
(911,000) |
Grant income |
|
949,000 |
|
- |
Net (loss) income |
|
(1,088,000) |
|
(911,000) |
Net (loss) income per share: |
|
|
Basic |
$(0.59) |
$(0.49) |
Diluted |
$(0.59) |
$(0.49) |
Condensed consolidated balance sheets
|
|
9/25/2021 |
|
9/26/2020 |
|
|
(Unaudited) |
|
(derived from audited |
|
|
|
|
financial statements) |
Cash and cash equivalents |
$298,000 |
$1,514,000 |
Accounts receivable - trade |
|
281,000 |
|
134,000 |
Inventory |
|
1,157,000 |
|
902,000 |
Other current assets |
|
170,000 |
|
153,000 |
Total current assets |
|
1,906,000 |
|
2,703,000 |
|
|
|
Property and equipment, net |
|
4,000 |
|
19,000 |
Right-of-use asset |
|
407,000 |
|
559,000 |
|
|
|
Total assets |
$ 2,317,000 |
$ 3,281,000 |
|
|
|
Current operating lease liability |
$158,000 |
$152,000 |
Deferred income |
|
- |
|
474,000 |
Note payable – short-term |
|
1,000,000 |
|
- |
Accounts payable |
|
106,000 |
|
66,000 |
Customer deposits |
|
45,000 |
|
162,000 |
Accrued expenses and other current liabilities |
|
265,000 |
|
406,000 |
Total current liabilities |
|
1,574,000 |
|
1,360,000 |
|
|
|
Long term operating lease liability |
|
248,000 |
|
407,000 |
Notes payable |
|
150,000 |
|
150,000 |
|
|
|
Total liabilities |
|
1,972,000 |
|
1,917,000 |
Total stockholders’ equity |
|
345,000 |
|
1,364,000 |
Total liabilities and stockholders’ equity |
$ 2,317,000 |
$ 3,281,000 |
Michael P. Malone Chief Financial Officer (978)
287-5100 www.tccsecure.com
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