This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Technical Communications Corporation Reports Results For The Fiscal Quarter Ended December 25, 2010

CONCORD, Mass., Feb. 2, 2011 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the fiscal quarter ended December 25, 2010. For the first quarter of the Company's 2011 fiscal year, the Company reported net income of $499,000, or $0.27 per share, on revenue of $2,735,000, as compared to net income of $2,356,000, or $1.62 per share, on revenue of $4,764,000 for the quarter ended December 26, 2009. 

Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "Having completed the shipment of our large radio encryption orders for Afghanistan in fiscal 2010, TCC's performance in the first quarter of fiscal 2011 reflects revenue levels consistent with our growth trend experienced prior to fiscal 2010. Shipments in the first quarter consisted of a more traditional mix of encryption system products, including our DSD72A-SP bulk encryption systems for Taiwan, IP encryption systems for satellite communications in the Mid-East, logistics support equipment for a customer in Africa, a corporate communications suite providing IP and cellular encryption services for a customer in the United States, as well as additional deliveries for Afghanistan. Our backlog at December 25, 2010 remained strong at $6.0 million and the Company expects to deliver these orders during the remainder of fiscal 2011."

About Technical Communications Corporation

TCC designs, manufactures, and supports superior grade secure communications systems that protect highly sensitive information transmitted over a wide range of data, voice and fax networks. TCC's security solutions protect information privacy on every continent in over 115 countries. Government agencies, militaries, financial institutions, telecommunications carriers and multinational corporations worldwide rely on TCC to protect their communications networks.

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, changes in technology, the effect of foreign political unrest, 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 the Company's Annual Report on Form 10-K for the fiscal year ended September 25, 2010.

Technical Communications Corporation
     
Condensed consolidated income statements
     
  Quarter Ended
  (Unaudited)
  12/25/2010 12/26/2009
Net sales $ 2,735,000 $ 4,764,000
Gross profit 2,055,000 3,556,000
S, G & A expense 676,000 738,000
Product development costs 896,000 527,000
Operating income 483,000  2,291,000
Income tax benefit (15,000) (63,000) 
Net income 499,000 2,356,000
Net income per share:    
Basic $ 0.27 $ 1.62
Diluted $ 0.27 $ 1.45
     
     
Condensed consolidated balance sheets
     
  12/25/2010 9/25/2010
  (Unaudited) (derived from audited
    financial statements)
Cash $  8,129,000 $  11,034,000
Accounts receivable, net 801,000 131,000
Inventory 2,778,000 2,613,000
Deferred income taxes 535,000 469,000
Other current assets  182,000  154,000
Total current assets 12,425,000 14,401,000
Property and equipment, net  534,000  425,000
Total assets $  12,959,000 $  14,826,000
     
Accounts payable 179,000 314,000
Accrued expenses and  other current liabilities  863,000  2,927,000
Total current liabilities 1,042,000 3,241,000
Total stockholders' equity   11,917,000   11,585,000
Total liabilities and stockholders' equity $ 12,959,000 $ 14,826,000
CONTACT: Michael P. Malone
         Chief Financial Officer
         (978) 287-5100
         www.tccsecure.com

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,690.99 +229.67 1.40%
S&P 500 1,951.63 +24.52 1.27%
NASDAQ 4,446.6510 +63.8040 1.46%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs