CONCORD, MA,
During the first fiscal
quarter of 2007, the Company adopted the provisions of SFAS No. 123R, which
requires the recognition of stock-based compensation in net income for the
period. As a result, included in
net income for the quarter and six months ended
Commenting on corporate performance, Carl H. Guild,
Jr., President and Chief Executive Officer of
“Also contributing to
the revenues in the quarter was the completion of the technology transfer phase
of a Technology Licensing Agreement with another military radio manufacturer,
which generated $337,500. This agreement was first reported in our first
quarter earnings release and is anticipated to generate future royalty-based
revenues as the manufacturer sells the
Mr. Guild continued, “Our
backlog at
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, constitute 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 quarter ended
Technical Communications Corporation
Condensed
consolidated income statements
Quarter ended
Net sales $
1,288,000 $ 1,005,000
Gross profit 969,000 590,000
S, G & A expense 433,000 425,000
Product development costs 268,000 335,000
Operating income (loss) 268,000 (170,000)
Net income (loss) $ 287,000 $ (159,000)
Net income (loss) per share:
Basic $ 0.21 $
( 0.12)
Diluted $ 0.19 $
( 0.12)
Six months ended
Net sales $ 2,050,000 $ 1,919,000
Gross profit 1,502,000 1,132,000
S, G & A expense 885,000 866,000
Product development costs 487,000 548,000
Operating income (loss) 130,000 (282,000)
Net income (loss) $ 170,000 $ (263,000)
Net income (loss) per share:
Basic $
0.12 $
( 0.19)
Diluted $
0.11 $
( 0.19)
Condensed consolidated balance sheets
Cash $ 1,980,000 $ 1,871,000
Accounts receivable, net 248,000 206,000
Inventory 1,670,000 1,505,000
Other current assets 64,000 92,000
Total current assets 3,962,000 3,674,000
Property and equipment, net 99,000 83,000
Total assets $ 4,061,000 $ 3,757,000
Accounts payable $ 137,000 $ 114,000
Accrued expenses and
other current liabilities 443,000 413,000
Total current liabilities 580,000 527,000
Total stockholders’ equity 3,481,000 3,230,000
Total liabilities and stockholders’ equity $ 4,061,000 $ 3,757,000