CONCORD, Mass., Dec. 14, 2022 (GLOBE NEWSWIRE) — Technical Communications Corporation (OTCQB: TCCO) today announced financial results for the fiscal year ended September 24, 2022. Earnings of $1,304,000, $1.26 per share for the year ended September 24, 2022 and earnings of $1,866,000, net loss of $1,088,000, or $1.26 per share for the year ended September 25, 2022 (0.59) dollars. 2021 years.
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented: More and more countries are beginning to make progress towards resuming procurement processes, including requesting product demonstrations, remote training, and accepting formal requests for quotes. We will continue to work closely with these customers so that we can act quickly once they are in a position to place an order. is actively pursued. ”
About Technical Communications Co., Ltd.
For over 60 years, TCC has supported CipherONE, specializing in superior secure communications systems and customized solutions.® Best-in-class standards protect sensitive voice, data and video transmitted over a wide range of networks. Government agencies, military agencies and businesses in over 115 countries choose TCC’s proven security to protect their communications. learn more: www.tccsecure.com.
Statements made in this press release or incorporated herein by reference, which 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 expected operating results, future earnings and our ability to achieve growth and profitability. Such forward-looking statements involve known and unknown risks, uncertainties and other factors. This includes, but is not limited to, the impact of the COVID-19 pandemic (including customers) and government responses to it. The impact of domestic and international political instability. Domestic and foreign government policies and economic conditions. changes in export laws or regulations; technological change; the ability to hire, retain, and motivate technical, management, and sales personnel; risks associated with technological feasibility and market acceptance of new products; Modification of telecommunication protocols. The impact of changes in costs, exchange rates and interest rates. our ability to secure adequate capital resources; Such risks, uncertainties and other factors may cause our actual results, performance or performance, or the performance of our industry, to differ from future results, performance expressed or implied by such forward-looking statements. Or it may differ significantly from our business performance. For more information on the risks we face, please contact the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the fiscal year ended September 25, 2021. Please refer to our filings at Quarters ended June 25, 2022, March 26, 2022 and December 25, 2021 and the Risk Factors section contained therein.
Technical Communications Co., Ltd.
Condensed Consolidated Income Statement
|
end of the fiscal year |
||
|
September 24, 2022 |
September 25, 2021 |
|
|
net income |
$ |
1,304,000 |
$ |
1,866,000 |
||
|
gross profit (loss) |
14,000 |
557,000 |
||||
|
Selling, general and administrative expenses |
1,914,000 |
1,842,000 |
||||
|
Product development cost |
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 Sheet
|
September 24, 2022 |
September 25, 2021 |
|
cash and cash equivalents |
$ |
7,000 |
$ |
298,000 |
|
|
Accounts Receivable – Sales |
15,000 |
281,000 |
|||
|
Accounts Receivable – Other |
516,000 |
– |
|||
|
stock |
966,000 |
1,157,000 |
|||
|
Other current assets |
187,000 |
170,000 |
|||
|
Total current assets |
1,691,000 |
1,906,000 |
|||
|
Property, plant and equipment (net) |
11,000 |
4,000 |
|||
|
right-of-use assets |
249,000 |
407,000 |
|||
|
Total assets |
$ |
1,951,000 |
$ |
2,317,000 |
|
|
Current operating lease liability |
$ |
164,000 |
$ |
158,000 |
|
|
Long-term borrowings scheduled to be repaid within one year |
3,002,000 |
1,000,000 |
|||
|
accounts payable |
159,000 |
106,000 |
|||
|
customer deposit |
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 obligations |
85,000 |
248,000 |
|||
|
bills payable |
148,000 |
150,000 |
|||
|
total liabilities |
3,886,000 |
1,972,000 |
|||
|
Total shareholders’ equity (deficit) |
(1,935,000 |
) |
345,000 |
||
|
total liabilities and shareholders’ equity |
$ |
1,951,000 |
$ |
2,317,000 |
|
Michael P. Malone
CFO
(978) 287-5100
www.tccsecure.com
