In fiscal 2016, TCC announced its next-generation CipherTalk ® secure mobile phone, which provides military-grade encrypted and stealthy voice and text communications. The solution is based on a hardened Android™ ( Android is a trademark of Google Inc.) platform, which combines user functionality with maximum-level security features, differentiating it from several competitors. The target audience for the CipherTalk is governments and corporations that need to protect highly sensitive mobile phone communications. TCC believes its CipherTalk secure mobile phone positions the Company to meet growing demand for high-end secure mobile voice and text communications globally.Fiscal Year 2015 Highlights
- Delivered on several contracts received in fiscal 2015 from Datron Worldwide Communications, Inc., a radio communications manufacturer, as part of an original equipment manufacturer relationship for our DSP 9000 radio encryption equipment.
- Received a $3.3 million order for our DSD 72A-SP bulk encryption system from the Government of Egypt. TCC expects follow-on sales as this customer continues to upgrade its network and requires new systems and services for additional communications security applications.
- Received a $432,000 contract for our DLE 7050 link encryption system from an established customer for deployment into Saudi Arabia.
- Provided engineering services to government and commercial customers to customize TCC products, developed technology for customer-specific security applications, and delivered customized product training services.
About Technical Communications CorporationFor over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONE® best-in-class criteria, to protect highly sensitive voice, data and video transmitted over a wide range of networks. Government entities, military agencies and corporate enterprises in 115 countries have selected TCC's proven security to protect their communications. Learn more: www.tccsecure.com. Statements made in this press release or as may otherwise be incorporated by reference herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to statements regarding anticipated operating results, future earnings, and the ability to achieve growth and profitability. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including but not limited to the effect of foreign political unrest; domestic and foreign government policies and economic conditions; future changes in export laws or regulations; changes in technology; 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. Such risks, uncertainties and other factors could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of the risks facing the Company, see the Company's filings with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q for the quarters ended June 27, 2015, March 28, 2015 and December 27, 2014, and its Annual Report on Form 10-K for the fiscal year ended October 3, 2015 to be filed with the Commission and the "Risk Factors" section included therein.
|Technical Communications Corporation|
|Condensed consolidated income statements|
|Gross (loss) profit||(119,000||)||963,000|
|S, G & A expense||660,000||656,000|
|Product development costs||394,000||617,000|
|Income tax provision||-||-|
|Net loss per share:|
|S, G & A expense||2,940,000||2,980,000|
|Product development costs||2,300,000||2,729,000|
|Income tax (benefit) provision||(35,000||)||990,000|
|Net loss per share:|
|Condensed consolidated balance sheets|
|(Unaudited)||(derived from audited financial statements)|
|Cash and current marketable securities||$ 2,947,000||$ 4,938,000|
|Accounts receivable, net||1,791,000||403,000|
|Deferred & refundable income taxes||-||-|
|Other current assets||133,000||210,000|
|Total current assets||6,722,000||8,272,000|
|Property and equipment, net||257,000||432,000|
|Cost method investment||275,000||-|
|Total assets||$ 8,016,000||$ 9,809,000|
|Accrued expenses and other current liabilities||463,000||568,000|
|Total current liabilities||643,000||741,000|
|Total stockholders' equity||7,373,000||9,068,000|
|Total liabilities and stockholders' equity||$ 8,016,000||$ 9,809,000|