-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M8UHTieXEwoWELrPAJRVxT+da78aPVpxsN6XY++nZaQCt8WdFG+OgyNAGpNBnZZU M3qYX4Ux+9o83QKhBv7teQ== 0000741556-04-000025.txt : 20041012 0000741556-04-000025.hdr.sgml : 20041011 20041012134412 ACCESSION NUMBER: 0000741556-04-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041011 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041012 DATE AS OF CHANGE: 20041012 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHNOLOGY RESEARCH CORP CENTRAL INDEX KEY: 0000741556 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 592095002 STATE OF INCORPORATION: FL FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13763 FILM NUMBER: 041074352 BUSINESS ADDRESS: STREET 1: 5250 140TH AVE NORTH CITY: CLEARWATER STATE: FL ZIP: 34620 BUSINESS PHONE: 8135350572 MAIL ADDRESS: STREET 1: 5250 140TH AVENUE NORTH CITY: CLEARWATER STATE: FL ZIP: 34620 8-K 1 k8i11wp.htm FORM 8-K - ITEMS 1.01 AND 2.02 Form 8-K - Items 1.01 and 2.02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities and Exchange Act of 1934


Date of Report (Date of earliest event reported): October 5, 2004


TECHNOLOGY RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)


Florida
0-13763
59-2095002
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
  
Identification No.)

5250-140th Avenue North, Clearwater, Florida
33760
(Address of principal executive officers)
(Zip Code)


Registrant's telephone number, including area code: (727) 535-0572






Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c))

 
     
 


Item 1.01 Entry into a Material Definitive Agreement.

On October 5, 2004, Whirlpool Corporation ("Whirlpool") completed the signing of a three year agreement (the "Agreement") with Technology Research Corporation ("TRC") in which TRC will supply cord fire protection products for certain room air conditioners manufactured by Whirlpool. The term of the Agreement commenced on August 1, 2004 and continues until August 1, 2007. Although the Agreement does not include minimum purchase requirements, revenues resulting from the Agreement are estimated at $4.3 million for the first year. Revenues for years two and three will depend upon the volume and pricing in those years.

    Under the Agreement, TRC will serve as the sole source provider of cord fire protection products for Whirlpool for the first year, and continuing for an additional two years, provided that TRC meets certain performance and pricing conditions of the Agreement.


Item 2.02 Results of Operations and Financial Condition.

On October 11, 2004, Technology Research Corporation issued a press release giving some general guidance regarding revenues and profits for its second quarter ended September 30, 2004 and revenues for its third quarter ending December 31, 2004.


Item 9.01 Financial Statements and Exhibits.

(c) The following exhibit is filed as part of this report:

Exhibit No.
99.1
Description
Press release issued October 11, 2004


 
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
TECHNOLOGY RESEARCH CORPORATION
   
   
Date: Otober 12, 2004
By: /s/ Scott J. Loucks
 
Name: Scott J. Loucks
 
Title: VP of Finance CFO


 
 

 
  3  
 

 EX-99.1 2 k8991wp.htm PRESS RELEASE ISSUED OCTOBER 11, 2004 Unassociated Document
                 Exhibit 99.1


           TECHNOLOGY RESEARCH CORPORATION
    SIGNS AGREEMENT WITH MAJOR AIR CONDITIONER MANUFACTURER
        AND REPORTS SECOND QUARTER SHIPMENT DELAY

CLEARWATER, FLORIDA, October 11, 2004 - Jerry T. Kendall, President and Chief
Executive Officer of Technology Research Corporation (TRC), (NASDAQ:TRCI),
announced today that the Company has entered into a three year agreement with a
major appliance manufacturer under which TRC will be the exclusive supplier of
cord fire protection products for this year’s room air conditioner "RAC"
manufacturing cycle. The current estimate of the value of product to be
shipped in the first year of the agreement is $4.3 million. Shipments are
expected to commence in October 2004 with most units shipped in the December
2004 through May 2005 time frame. Revenue for years two and three of the
agreement will be based on the customer’s volume requirement plus meeting
certain contractual performance and pricing conditions.

Kendall said, "We are pleased that the Company has been selected to supply its
Fire Shield® LCDI technology for cord fire prevention on RAC units by another
major appliance manufacturer. He added, "This brings our total announced
volume for this application to approximately $8.3 million, which is consistent
with our expectations for orders in this timeframe. The Company continues to
have on-going negotiations with other room air conditioner manufacturers for
significant additional volume."

At the same time, the Company announced that due to (i) four days of lost work
at its Clearwater facility, together with shipping and logistical issues it
faced from multiple hurricanes that struck Florida during the Company’s second
fiscal quarter; and (ii) unanticipated delays in the production startup process
for the room air conditioner application, the Company was unable to ship
approximately $1.6 million of scheduled orders for its second fiscal quarter.
Certain operating expenses applicable to the delayed shipments were in place
during the second quarter. As a result of these unanticipated delays and
increased operating expenses, the Company expects to report lower than planned
revenue and profit for its fiscal second quarter which ended September 30,
2004. These orders become part of the Company’s backlog for its third fiscal
quarter ending December 31, 2004. The Company expects that the increase in
manufacturing capacity at its Honduras facility and at its Far East contract
manufacturers will support a higher volume of shipments in fiscal third quarter.

Technology Research Corporation designs, manufactures and markets electrical
safety products that save lives, protect people from serious injury from
electrical shock and prevent electrical fires in the home and workplace. These
products have worldwide application. The Company also supplies power
monitoring and control equipment to the United States Military and its prime
contractors.

"Safe Harbor" Statement: Certain statements made in this press release are
forward looking in nature and, accordingly, are subject to risks and
uncertainties. The actual results may differ materially from those described
or contemplated.
 
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