CONCORD, Mass. – December 9, 2013 – Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year and quarter ended September 28, 2013. For the quarter ended September 28, 2013, the Company reported net income of $446,000, or $0.24 per share, on revenue of $3,138,000, as compared to a net loss of $(489,000), or $(0.27) per share, on revenue of $1,326,000 for the quarter ended September 29, 2012. For the year ended September 28, 2013, the Company reported a net loss of $(714,000), or $(0.39) per share, on revenue of $6,250,000, as compared to a net loss of $(841,000), or $(0.46) per share, on revenue of $8,117,000 for the year ended September 29, 2012.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “Sales from the previously announced major production contract awarded in May 2013 by the U.S. Army Communications and Electronics Command for the Government of Egypt increased revenues to a profitable level in the fourth quarter of fiscal 2013. The delay in receiving this contract, however, had a negative impact on our year-end results. At the same time, I am pleased to report that we began fiscal 2014 with a $2.28 million backlog.”
Mr. Guild continued, “The majority of our sales continue to be foreign government procurements, which are affected by the stability of foreign governments, foreign and domestic economic conditions, government regulations, and other factors. As a result, our business is often subject to unpredictable and erratic delays in the processing of procurements and delivery of products, which challenge both our sales capture teams and our production capabilities.”
“We believe we have a competitive product portfolio designed to meet increasing demand for high-end communications security solutions in select applications. To take advantage of the potential market opportunity, we expect to continue to increase our sales and marketing efforts. With our major new product development programs now complete, technical development efforts will focus on solutions for original equipment manufacturers and evolving our products to meet new application requirements,” added Mr. Guild.
Fiscal Year 2013 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 115 countries have selected TCC's proven security to protect their communications. Learn more: www.tccsecure.com.
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 and expand product lines and market share, 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, the effect of foreign political unrest, domestic and foreign government policies and economic conditions, 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. These and other risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q for the quarters ended June 29, 2013, March 30, 2013 and December 29, 2012 and the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2012.
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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.