Technical Communications Corporation Reports Results For The Third Fiscal Quarter Ended June 26, 2010 And Announces A Dividend Of $0.10 Per Share
CONCORD, Mass., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the fiscal quarter ended June 26, 2010. For the third quarter of the Company's 2010 fiscal year, the Company reported net income of $2,423,000 or $1.33 per share, on revenue of $6,350,000, as compared to net income of $277,000, or $0.19 per share, on revenue of $2,087,000 for the quarter ended June 27, 2009. For the nine months ended June 26, 2010, the Company reported net income of $4,692,000, or $2.87 per share, on revenue of $14,690,000, as compared to net income of $708,000, or $0.49 per share, on revenue of $5,987,000 for the nine months ended June 27, 2009.
The Company also announced that on July 29, 2010 its Board of Directors declared a dividend of $0.10 per share of common stock outstanding. The dividend is payable in cash on September 7, 2010 to all shareholders of record on August 23, 2010.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "Revenue and operating income increased during the third quarter due to the extraordinary sales volume generated by deliveries of TCC's DSP 9000 RF Encryption Systems currently being deployed in Afghanistan. As previously reported, the Company received orders in April 2010 valued at approximately $9.7 million for encryption equipment to provide secure national communications in Afghanistan. TCC is making shipments on these contracts on an accelerated basis and expects to substantially complete deliveries in the fourth quarter of 2010, which we expect will result in record revenues for fiscal 2010. Upon completion of these deliveries, our revenue is expected to return to the more modest levels achieved during the recent past. The Company continues to expand its market for the DSP9000 RF Encryption System to new customers that can benefit from a universal security solution which can be applied to their existing radio communications suite of equipment. "
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