{"id":405736,"date":"2020-12-28T08:03:18","date_gmt":"2020-12-28T13:03:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405736"},"modified":"2020-12-28T08:03:18","modified_gmt":"2020-12-28T13:03:18","slug":"technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/","title":{"rendered":"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020"},"content":{"rendered":"
\n

CONCORD, Mass., Dec. 28, 2020 (GLOBE NEWSWIRE) — Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year ended September 26, 2020. For the year ended September 26, 2020, the Company reported a net loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000, compared to net income of $631,000, or $0.34 per share, on revenue of $7,024,000 for the year ended September 28, 2019.<\/p>\n

Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, \u201cAs stated in our previous quarters\u2019 earnings reports, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although we have experienced some limited progress toward the resumption of the procurement process. TCC and our customers have implemented substantial video communications in an effort to move the projects forward. We have seen evidence that certain countries are beginning to loosen restrictions, and TCC is preparing to increase its business development efforts as soon as it is allowed and safe.<\/p>\n

TCC has and will continue to pursue and accept U.S. government small business financial aid as it becomes available. The entire TCC team is committed to doing what is necessary to stay prepared for an expected business upturn in fiscal 2021.\u201d<\/em><\/p>\n

\n About Technical Communications Corporation<\/strong>\n <\/p>\n

For over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONE\u00ae<\/sup><\/a>\u00a0best-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:\u00a0www.tccsecure.com<\/u><\/a>.<\/p>\n

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\u2019s 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 Reports on Form 10-Q for the quarters ended June 27, 2020, March 28, 2020 and December 28, 2019 and the \u201cRisk Factors\u201d sections included therein.<\/p>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Technical Communications Corporation<\/strong>\n <\/p>\n

\n Condensed consolidated statements of operations<\/strong>\u00a0 \u00a0 \u00a0 \u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 9\/26\/2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9\/28\/2019<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
Net revenue<\/td>\n$\u00a0\u00a0 4,108,000<\/td>\n\u00a0<\/td>\n$\u00a0\u00a0 7,024,000<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n2,385,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,358,000<\/td>\n<\/tr>\n
S, G & A expense<\/td>\n\u00a0<\/td>\n2,227,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,407,000<\/td>\n<\/tr>\n
Product development costs<\/td>\n\u00a0<\/td>\n1,069,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n333,000<\/td>\n<\/tr>\n
Operating (loss) income<\/td>\n\u00a0<\/td>\n(911,000<\/td>\n)<\/td>\n\u00a0<\/td>\n618,000<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n\u00a0<\/td>\n(911,000<\/td>\n)<\/td>\n\u00a0<\/td>\n631,000<\/td>\n<\/tr>\n
Net (loss) income per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n$(0.49<\/td>\n)<\/td>\n$0.34<\/td>\n<\/tr>\n
Diluted<\/td>\n$(0.49<\/td>\n)<\/td>\n$0.34<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Condensed consolidated balance sheets<\/strong>
\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/strong>
\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 9\/26\/2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 9\/28\/2019<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (derived from audited<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n financial statements)<\/strong>\n <\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$\u00a0 1,514,000<\/td>\n$\u00a0 1,593,000<\/td>\n<\/tr>\n
Accounts receivable – trade<\/td>\n\u00a0<\/td>\n134,000<\/td>\n\u00a0<\/td>\n126,000<\/td>\n<\/tr>\n
Inventory<\/td>\n\u00a0<\/td>\n902,000<\/td>\n\u00a0<\/td>\n1,042,000<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0 153,000<\/u>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0 118,000<\/u>\n <\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n2,703,000<\/td>\n\u00a0<\/td>\n2,879,000<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,000<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0 38,000<\/td>\n<\/tr>\n
Right-of-use asset<\/td>\n\u00a0<\/td>\n559,000<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/u>\n <\/td>\n\n \u00a0<\/u>\n <\/td>\n<\/tr>\n
Total assets<\/td>\n\n $<\/u>
\n 3,281,000<\/u>\n <\/td>\n		\n $<\/u>
\n 2,917,000<\/u>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current operating lease liability<\/td>\n$\u00a0 152,000<\/td>\n$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/td>\n<\/tr>\n
Deferred income<\/td>\n\u00a0<\/td>\n474,400<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n66,000<\/td>\n\u00a0<\/td>\n355,000<\/td>\n<\/tr>\n
Customer deposits<\/td>\n\u00a0<\/td>\n162,000<\/td>\n\u00a0<\/td>\n19,000<\/td>\n<\/tr>\n
Accrued expenses and other current liabilities<\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0 506,000<\/u>\n <\/td>\n\u00a0<\/td>\n\n \u00a0 \u00a0\u00a0\u00a0323,000<\/u>\n <\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n1,360,000<\/td>\n\u00a0<\/td>\n\u00a0\u00a0 697,000<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/u>\n <\/td>\n<\/tr>\n
Long term operating lease liability<\/td>\n\u00a0<\/td>\n407,000<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
Notes payable<\/td>\n\u00a0<\/td>\n150,000<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n1,917,000<\/td>\n\u00a0<\/td>\n697,000<\/td>\n<\/tr>\n
Total stockholders\u2019 equity<\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0 1,364,000<\/u>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0 2,220,000<\/u>\n <\/td>\n<\/tr>\n
Total liabilities and stockholders\u2019 equity<\/td>\n\n $<\/u>
\n \u00a0 3,281,000<\/u>\n <\/td>\n		\n $<\/u>
\n \u00a0 2,917,000<\/u>\n <\/td>\n<\/tr>\n<\/table>\n

Technical Communications Corporation
100 Domino Drive
Concord, MA\u00a0 01742 \u2013 2892<\/p>\n

Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

CONCORD, Mass., Dec. 28, 2020 (GLOBE NEWSWIRE) — Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year ended September 26, 2020. For the year ended September 26, 2020, the Company reported a net loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000, compared to net income of $631,000, or $0.34 per share, on revenue of $7,024,000 for the year ended September 28, 2019. Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, \u201cAs stated in our previous quarters\u2019 earnings reports, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although we have experienced some limited progress toward the resumption of the procurement process. … <\/p>\n

Continue reading “Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-405736","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTechnical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CONCORD, Mass., Dec. 28, 2020 (GLOBE NEWSWIRE) — Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year ended September 26, 2020. For the year ended September 26, 2020, the Company reported a net loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000, compared to net income of $631,000, or $0.34 per share, on revenue of $7,024,000 for the year ended September 28, 2019. Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, \u201cAs stated in our previous quarters\u2019 earnings reports, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although we have experienced some limited progress toward the resumption of the procurement process. … Continue reading "Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-28T13:03:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzgyMCMzODk2MjQzIzIwMjA4ODI=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020\",\"datePublished\":\"2020-12-28T13:03:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/\"},\"wordCount\":647,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExNzgyMCMzODk2MjQzIzIwMjA4ODI=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\\\/\",\"name\":\"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020 - 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For the year ended September 26, 2020, the Company reported a net loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000, compared to net income of $631,000, or $0.34 per share, on revenue of $7,024,000 for the year ended September 28, 2019. Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, \u201cAs stated in our previous quarters\u2019 earnings reports, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although we have experienced some limited progress toward the resumption of the procurement process. … Continue reading \"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-28T13:03:18+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzgyMCMzODk2MjQzIzIwMjA4ODI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020","datePublished":"2020-12-28T13:03:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/"},"wordCount":647,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzgyMCMzODk2MjQzIzIwMjA4ODI=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/technical-communications-corporation-reports-results-for-the-fiscal-year-ended-september-26-2020\/","name":"Technical Communications Corporation Reports Results for the Fiscal Year Ended September 26, 2020 - 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