- Completed delivery of several foreign and domestic contracts for our DSP 9000 radio encryption and CX7211 IP encryption product lines.
- Provided engineering services to government and commercial customers to customize TCC products and solutions, developed technology for customer-specific security applications, and delivered customized product training services.
- Sold the Company's 10.8% ownership stake in PulsedLight, Inc., an early-stage start-up company, which amounted to a gain on the sale of $462,000.
- Received an order valued at approximately $2,373,000 from Datron World Communications, Inc. in early fiscal 2017 for our military-grade DSP 9000 radio encryption equipment. Follow-on orders are expected as part of Datron's five-year, $495 million Foreign Military Sale Indefinite Delivery Indefinite Quantity contract from the US Army Communications Electronic Command.
- Completed the development of the HSE6000 SEAL version of the man-portable radio encryption system, which provides easily integrated encryption capability for the air-to-ground and air-to-man communications market. The HSE6000 is an interoperable extension of TCC's DSP9000 family of voice encryptors that provides a secure communications link between various types of tactical radios.
|Technical Communications Corporation|
|Condensed consolidated statements of operations|
|Quarter Ended (Unaudited)|
|Net sales||$ 405,000||$ 931,000|
|S, G & A expense||544,000||660,000|
|Product development costs||107,000||394,000|
|Income tax provision||-||-|
|Net loss per share:|
|Basic||$ (0.47)||$ (0.64)|
|Diluted||$ (0.47)||$ (0.64)|
|Year Ended (Unaudited)|
|Net sales||$ 2,523,000||$ 5,942,000|
|S, G & A expense||2,670,000||2,940,000|
|Product development costs||828,000||2,300,000|
|Gain on sale of investment||462,000||-|
|Income tax benefit||(43,000)||(35,000)|
|Net loss per share:|
|Basic||$ (1.34)||$ (0.99)|
|Diluted||$ (1.34)||$ (0.99)|
|Condensed consolidated balance sheets|
|(Unaudited)||(derived from audited financial statements)|
|Cash and current marketable securities||$ 2,979,000||$ 2,947,000|
|Accounts receivable, net||112,000||1,791,000|
|Other current assets||214,000||133,000|
|Total current assets||4,949,000||6,722,000|
|Property and equipment, net||149,000||257,000|
|Cost method investment||-||275,000|
|Total assets||$ 5,471,000||$ 8,016,000|
|Accrued expenses and other current liabilities||438,000||463,000|
|Total current liabilities||557,000||643,000|
|Total stockholders' equity||4,914,000||7,373,000|
|Total liabilities and stockholders' equity||$ 5,471,000||$ 8,016,000|