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Technical Communications Corporation Reports Results for the Three and Nine Months Ended June 25, 2022

CONCORD, Mass., Aug. 05, 2022 (GLOBE NEWSWIRE) — Technical Communications Corporation (OTCQB: TCCO) today announced its results for the three and nine months ended June 25, 2022. The Company reported a net loss of $(842,000), or $(0.45) per share, on revenue of $146,000 for the quarter ended June 25, 2022, compared to a net loss of $(490,000), or $(0.27) per share, on revenue of $426,000 for the quarter ended June 26, 2021. For the nine months ended June 25, 2022, the Company reported a net loss of $(1,978,000), or $(1.07) per share, on revenue of $1,135,000, compared to a net loss of $(1,161,000), or $(0.63) per share, on revenue of $1,209,000 for the nine months ended June 26, 2021.

Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “The Company continues to be impacted by the international COVID pandemic. Customers have been reluctant to have in-person meetings and performance demonstrations, which are necessary to consummate sales. We are seeing opportunities starting to open up and are hopeful this trend will continue and allow us to begin recovery in the near future.”

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 March 26, 2022 and December 25, 2021 and the “Risk Factors” section included therein.

Technical Communications Corporation

Condensed consolidated statements of operations

    Quarter Ended  
    6/25/2022     6/26/2021  
    (Unaudited)     (Unaudited)  
Net revenue $ 146,000   $ 426,000  
Gross profit (loss)   (36,000 )   99,000  
S, G & A expense   451,000     478,000  
Product development costs   319,000     108,000  
Operating loss   (806,000 )   (487,000 )
Net loss   (842,000 )   (490,000 )
Net loss per share:    
Basic $ (0.45 ) $ (0.27 )
Diluted $ (0.45 ) $ (0.27 )
    Nine Months Ended

 
    6/25/2022     6/26/2021  
    (Unaudited)     (Unaudited)  
Net revenue $ 1,135,000   $ 1,209,000  
Gross profit   105,000     486,000  
S, G & A expense   1,498,000     1,420,000  
Product development costs   504,000     695,000  
Operating loss   (1,896,000 )   (1,629,000 )
Grant income       474,000  
Net loss   (1,978,000 )   (1,161,000 )
Net loss per share:    
Basic $ (1.07 ) $ (0.63 )
Diluted $ (1.07 ) $ (0.63 )

Condensed Consolidated Balance Sheets


                6/25/2022        9/25/2021

         (Unaudited)         (derived from audited Financial statements)

    Quarter Ended  
    6/25/2022     9/25/2021  
    (Unaudited)     (derived from audited Financial statements)  
Cash and cash equivalents $    37,000   $ 298,000
Accounts receivable – trade   22,000     281,000
Inventory   1,094,000     1,157,000
Other current assets        194,000          170,000
Total current assets   1,347,000     1,906,000
Property and equipment, net            1,000          4,000
Right-of-use asset   288,000     407,000
     
Total assets $ 1,636,000   $ 2,317,000
     
Current operating lease liability $    163,000   $       158,000
Current portion of long-term debt   2,353,000     1,000,000
Accounts payable   146,000     106,000
Customer deposits   33,000     45,000
Accrued expenses and other current liabilities        264,000            265,000
Total current liabilities   2,959,000         1,574,000
     
Long term operating lease liability   126,000     248,000
Notes payable   147,000     150,000
     
Total liabilities   3,232,000     1,972,000
Total stockholders’ equity (deficit)   (1,596,000 )        345,000
Total liabilities and stockholders’ equity $ 1,636,000   $ 2,317,000

Contact:

Michael P. Malone

Chief Financial Officer

(978) 287-5100

www.tccsecure.com

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