CONCORD, Mass. – December 8, 2016 – Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year and quarter ended October 1, 2016. For the quarter ended October 1, 2016, the Company reported a net loss of $(860,000), or $(0.47) per share, on revenue of $405,000, compared to a net loss of $(1,170,000), or $(0.64) per share, on revenue of $931,000 for the quarter ended October 3, 2015. For the year ended October 1, 2016, the Company reported a net loss of $(2,472,000), or $(1.34) per share, on revenue of $2,523,000, compared to a net loss of $(1,822,000), or $(0.99) per share, on revenue of $5,942,000 for the year ended October 3, 2015.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "While TCC continues to have a pipeline of initiatives in development, the timing and outcome of these potential contracts is unknown. The delay in the timing of customer orders received during fiscal 2016 resulted in reduced revenues for the period. The Company believes market conditions will improve and provide opportunities to build a successful future through its efforts to enlarge and enhance its product line and expand its customer base by both identifying new customers for existing and new products and offering such products to current customers."
"As market conditions evolve, we will continue to closely monitor and reduce operating expenses as appropriate, while strategically continuing to invest in business development efforts, develop strategic relationships and expand our sales channel network."
Fiscal Year 2016 Highlights
About Technical Communications Corporation
For over 50 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 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 effect of foreign political unrest; domestic and foreign government policies and economic conditions; future 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 Quarterly Reports on Form 10-Q for the quarters ended January 2, 2016, April 2, 2016 and July 2, 2016, and its Annual Report on Form 10-K for the fiscal year ended October 3, 2015 filed with the Commission and the “Risk Factors” section included therein.
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Our solutions meet TCC's CipherONE Optimized Network Encryption best-in-class criteria for maximum cryptographic strength, and are optimized for performance and ease of use for our customers.