CONCORD, MA,
Commenting
on corporate performance, Mr. Guild said, “Our performance in the third
quarter has shown some anticipated improvement although it is not back to
profitable levels. We expect this positive trend to continue into the fourth
quarter and are hopeful of a return to profitability. As expressed in our last
quarter’s release,
Continuing,
Mr. Guild said, “Of significance to our future sales is our activity in
About Technical Communications Corporation
Statements made
in this press release, including any discussion of our anticipated operating
results, financial condition and earnings, including statements about the
Company’s ability to achieve and sustain growth and profitability,
contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements, identified by
the use of such terms as “anticipates,” “believes,”
“expects,” “may,” “plans” and
“estimates,” among others, involve known and unknown risks. The
Company’s results may differ significantly from the results expressed or
implied by such forward-looking statements. The Company’s results may be
affected by many factors, including but not limited to future changes in export
laws or regulations, changes in technology, the effect of foreign political
unrest, 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. These and other risks are detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Quarterly Report on Form
10-QSB for the fiscal quarters ended
Technical
Communications Corporation
Condensed consolidated income statements
Quarter ended
(unaudited)
Net sales $ 751,000 $ 1,413,000
Gross profit 484,000
1,066,000
S, G & A expense 366,000 369,000
Product development costs 188,000 96,000
Operating income (loss) (70,000) 602,000
Net income (loss) $ (60,000) $ 606,000
Net income (loss) per share:
Basic $
( 0.04) $ 0.45
Diluted $ (0.04) $ 0.39
Nine months ended
(unaudited)
Net sales $
2,493,000 $ 3,573,000
Gross profit 1,535,000
2,224,000
S, G & A expense 1,207,000 1,052,000
Product development costs 743,000 250,000
Operating income (loss) (415,000) 922,000
Net income (loss) $ (379,000) $ 962,000
Net income (loss) per share:
Basic $
( 0.28) $ 0.72
Diluted $ (0.28) $ 0.62
Condensed
consolidated balance sheets
(unaudited)
Cash $ 1,472,000 $ 2,238,000
Accounts receivable, net 389,000 330,000
Inventory 1,485,000 1,247,000
Other current assets 117,000 178,000
Total current assets 3,463,000 3,993,000
Property and equipment, net 106,000 77,000
Total assets $ 3,569,000 $ 4,070,000
Accounts payable $ 198,000 $ 166,000
Accrued expenses and
other current liabilities 407,000 579,000
Total current liabilities 605,000 745,000
Total stockholders’ equity 2,964,000 3,325,000
Total liabilities and stockholders’ equity $ 3,569,000 $
4,070,000