Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year and quarter ended September 28, 2013. For the quarter ended September 28, 2013, the Company reported net income of $446,000, or $0.24 per share, on revenue of $3,138,000, as compared to a net loss of $(489,000), or $(0.27) per share, on revenue of $1,326,000 for the quarter ended September 29, 2012. For the year ended September 28, 2013, the Company reported a net loss of $(714,000), or $(0.39) per share, on revenue of $6,250,000, as compared to a net loss of $(841,000), or $(0.46) per share, on revenue of $8,117,000 for the year ended September 29, 2012.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “Sales from the previously announced major production contract awarded in May 2013 by the U.S. Army Communications and Electronics Command for the Government of Egypt increased revenues to a profitable level in the fourth quarter of fiscal 2013. The delay in receiving this contract, however, had a negative impact on our year-end results. At the same time, I am pleased to report that we began fiscal 2014 with a $2.28 million backlog.”
Mr. Guild continued, “The majority of our sales continue to be foreign government procurements, which are affected by the stability of foreign governments, foreign and domestic economic conditions, government regulations, and other factors. As a result, our business is often subject to unpredictable and erratic delays in the processing of procurements and delivery of products, which challenge both our sales capture teams and our production capabilities.”
“We believe we have a competitive product portfolio designed to meet increasing demand for high-end communications security solutions in select applications. To take advantage of the potential market opportunity, we expect to continue to increase our sales and marketing efforts. With our major new product development programs now complete, technical development efforts will focus on solutions for original equipment manufacturers and evolving our products to meet new application requirements,” added Mr. Guild.