Technical Communications Corporation Reports Results For The Fiscal Year Ended September 25, 2010 And Announces A Dividend Of $0.10 Per Share
CONCORD, Mass., Dec. 13, 2010 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the fiscal quarter and year ended September 25, 2010. For the year ended September 25, 2010, the Company reported net income of $7,868,000, or $4.68 per share, on revenue of $21,551,000, as compared to net income of $943,000, or $0.65 per share, on revenue of $7,752,000 for the year ended September 26, 2009. For the quarter ended September 25, 2010, the Company reported net income of $3,176,000, or $1.74 per share, on revenue of $6,861,000, as compared to net income of $235,000, or $0.16 per share, on revenue of $1,765,000 for the quarter ended September 26, 2009.
The Company also announced that on December 9, 2010, its Board of Directors declared a dividend of $0.10 per share of common stock outstanding in recognition of the positive financial performance of fiscal 2010. The dividend is payable in cash on December 27, 2010 to all shareholders of record on December 20, 2010.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "TCC had a record year in fiscal 2010, far surpassing any year in its 49 year history. The primary driver for our growth has been the need for encryption equipment to provide secure national communications in Afghanistan. TCC made substantial shipments on contracts supporting this endeavor through the fourth quarter of fiscal 2010. The fiscal 2010 contracts have been followed with additional orders in the first quarter of our 2011 fiscal year. It should be noted, however, that while the continued business in Afghanistan is encouraging, our revenue in fiscal 2011 is expected to return to the more modest levels achieved prior to 2010. Our backlog at September 25, 2010 remained strong at $3.4 million and increased to $6.8 million during the first quarter of fiscal 2011. The Company expects to deliver these orders during the remainder of our fiscal 2011 year.
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