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Technical Communications Corporation Reports Results for the Three and Six Months Ended April 1, 2017

CONCORD, Mass., May 11, 2017 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the three and six month periods ended April 1, 2017. For the three months ended April 1, 2017, the Company reported net income of $128,000, or $0.07 per share, on revenue of $1,385,000, as compared to a net loss of $(263,000), or $(0.14) per share, on revenue of $557,000 for the quarter ended April 2, 2016.  For the six months ended April 1, 2017, the Company reported a net loss of $(567,000), or $(0.31) per share, on revenue of $2,017,000, compared to a net loss of $(681,000), or $(0.37) per share, on revenue of $1,537,000 for the six months ended April 2, 2016.

Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “The return to profitability this quarter was anticipated as we began shipping under recently received orders primarily for our radio encryptors for deployment into Afghanistan. Shipments under these contracts will continue throughout our third quarter ending July 1, 2017.”

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 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 Report on Form 10-Q for the quarter ended December 31, 2016, and Annual Report on Form 10-K for the fiscal year ended October 1, 2016 filed with the Commission and the “Risk Factors” section included therein.

                                        

Technical Communications Corporation  
   
Condensed consolidated statements of operations  
   
  Quarter Ended  
  (Unaudited)  
  04/01/2017   04/02/2016
Net sales $ 1,385,000   $ 557,000  
Gross profit 1,147,000   199,000  
S, G & A expense 545,000   725,000  
Product development costs 477,000   202,000  
Operating income (loss) 125,000   (728,000 )
Gain on sale of investment -   462,000  
Net income (loss) 128,000   (263,000 )
Net income (loss) per share:      
Basic $ 0.07   $ (0.14 )
Diluted $ 0.07   $ (0.14 )

/EIN News/ --                                                                        

  Six Months Ended
  (Unaudited)
  04/01/2017 04/02/2016
Net sales $ 2,017,000   $ 1,537,000  
Gross profit 1,590,000   766,000  
S, G & A expense 1,191,000   1,409,000  
Product development costs 971,000   506,000  
Operating loss (572,000 ) (1,149,000 )
Gain on sale of investment -   462,000  
Net loss (567,000 ) (681,000 )
Net loss per share:    
Basic $ (0.31 ) $ (0.37 )
Diluted $ (0.31 ) $ (0.37 )

                                                                                            

Condensed consolidated balance sheets    
         
  04/01/2017
(Unaudited)
  10/01/2016
(derived from audited
financial statements)
 
Cash and marketable securities $ 1,764,000   $ 2,979,000  
Accounts receivable - trade 896,000   112,000  
Inventory 1,833,000   1,644,000  
Other current assets       180,000         213,000  
Total current assets 4,673,000   4,948,000  
Marketable securities -   374,000  
Property and equipment, net         86,000         149,000  
         
Total assets $ 4,759,000   $ 5,471,000  
         
Accounts payable 91,000   119,000  
Accrued expenses and other current liabilities       314,000         438,000  
Total current liabilities 405,000   557,000  
Total stockholders’ equity    4,354,000      4,914,000  
Total liabilities and stockholders’ equity $ 4,759,000   $ 5,471,000  


Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com