Commenting on corporate performance, Mr.
Carl H. Guild, Jr., President and Chief Executive Officer of
“During the second quarter,
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 Reports on
Form 10-QSB for the fiscal quarters ended
Technical Communications
Corporation
Condensed consolidated income
statements
Quarter
ended
(Unaudited)
Net sales
$ 1,005,000
$
555,000
Gross profit
590,000
238,000
S, G & A expense
425,000
386,000
Product development costs
335,000
306,000
Operating loss
(170,000)
(454,000)
Net loss
$ (159,000)
$
(437,000)
Net loss per share:
Basic
$ ( 0.12)
$ (
0.32)
Diluted
$ ( 0.12)
$ (
0.32)
Six months
ended
(Unaudited)
Net sales
$ 1,919,000
$
1,742,000
Gross profit
1,132,000
1,051,000
S, G & A expense
866,000
841,000
Product development costs
548,000
555,000
Operating loss
(282,000)
(346,000)
Net loss
$ (263,000)
$ (319,000)
Net loss per share:
Basic
$ ( 0.19)
$ ( 0.24)
Diluted
$ ( 0.19)
$ ( 0.24)
Condensed consolidated
balance sheets
(Unaudited)
Cash
$ 2,304,000
$
1,199,000
Accounts receivable, net
114,000
973,000
Inventory
1,201,000
1,448,000
Other current assets
77,000
83,000
Total current assets
3,696,000
3,703,000
Property and equipment, net
88,000
99,000
Total assets
$ 3,784,000
$ 3,802,000
Accounts payable
$ 158,000
$
104,000
Accrued expenses
and
other current liabilities
566,000
382,000
Total current liabilities
724,000
486,000
Total stockholders’ equity
3,060,000
3,316,000
Total liabilities and stockholders’ equity $ 3,784,000 $ 3,802,000