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Technical Communications Corporation (NasdaqCM: TCCO) today announced its fiscal 2013 third quarter and year-to-date financial results. For the three months ended June 29, 2013, the Company reported a net loss of $522,000, or $(0.28) per share, on revenue of $970,000, as compared to a net loss of $915,000, or $(0.50) per share, on revenue of $734,000 for the three months ended June 23, 2012.
For the nine months ended June 29, 2013, the Company reported a net loss of $1,160,000, or $(0.63) per share, on revenue of $3,112,000. This compares to a net loss of $352,000, or $(0.19) per share, on revenue of $6,791,000 for the nine months ended June 23, 2012.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “Revenues for the third quarter continued to be low, reflecting the slowdown in bookings during the first two quarters of the fiscal year. We expect that sales from the previously announced major production
contract awarded in May 2013 from the U.S. Army Communications and Electronics Command will result in increased revenues in the fourth quarter of fiscal 2013 and the first quarter of fiscal 2014. In the third fiscal quarter of 2013, TCC completed the development and started the marketing of certain new products, secured key contracts, and continued pursing strategic partnerships and original equipment manufacturer opportunities.”
Fiscal Third Quarter HighlightsIn the third quarter of fiscal 2013, the Company completed development and began marketing of the DSD 72B-SP SONET/SDH encryptor with KEYNET Optical Manager, and the Cipher X
® 7211 IP encryptor with KEYNET IP Manager. These solutions are designed to meet the mission-critical private network secure communications needs of government, military and satellite users. The Cipher X 7211 has been sold and successfully installed in select customer networks. TCC is continuing with the development of new software features for the Cipher X 7211 that will expand the system’s capabilities and applications.
Additionally, customer demonstrations of our new HSE 6000 have been conducted in several countries. The HSE 6000 is a low-cost, battery-powered, body-worn headset radio encryptor for public safety personnel. The HSE 6000 interoperates with TCC’s widely deployed DSP 9000 military radio encryption system, enabling secure communications between public safety and military field and base command units. The HSE 6000 has several derivative forms that are being considered for research and development investment in 2014.