CONCORD, Mass., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the fiscal year and quarter ended September 29, 2012. For the year ended September 29, 2012, the Company reported a net loss of $(841,000), or $(0.46) per share, on revenue of $8,117,000, as compared to net income of $2,269,000, or $1.24 per share, on revenue of $12,102,000 for the year ended September 24, 2011. For the quarter ended September 29, 2012, the Company reported a net loss of $(489,000), or $(0.27) per share, on revenue of $1,326,000, as compared net income of $255,000, or $0.14 per share, on revenue of $2,237,000 for the quarter ended September 24, 2011.
The Company also announced that on December 6, 2012, its Board of Directors declared a dividend of $0.10 per share of common stock outstanding. The dividend is payable in cash on December 28, 2012 to all shareholders of record on December 20, 2012.
The Board of Directors further decided on December 6, 2012 that it would suspend consideration of future dividends until such time as the Company's revenue and profit performance justified it. This decision was made in consideration of the fact that the Company generated a loss in fiscal 2012 and that the timing of critical market recoveries, although expected, is not certain. TCC believes that the Company's resources should be focused on developing new technologies, marketing new products, and expanding its business, which will provide stable financial growth and capital appreciation.Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "During fiscal 2012, TCC delivered its DSP9000 universal radio encryption system for use in Afghanistan, DSD72A-SP military grade network encryptors for use in Taiwan and TCC CX series encryptors for use in private satellite communications systems. TCC also continued its commitment to internal product development by completing key milestones in the expansion of our SONET/STM and IP network product lines."