8-K

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): February 1, 2005

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 2.02 Results of Operations and Financial Condition.

On February 1, 2005, Technology Research Corporation issued a press release announcing its financial results for its third quarter ended December 31, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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 February 1, 2005

2

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: February 1, 2005	By: /s/ Scott J. Loucks
	Name: Scott J. Loucks
	Title: VP of Finance CFO

3

EX-99.1

                                        Exhibit 99.1

                              TECHNOLOGY RESEARCH CORPORATION
                    ANNOUNCES RECORD REVENUES FOR THIRD FISCAL QUARTER


CLEARWATER, FLORIDA, February 1, 2005 -- Technology Research Corporation (TRC), (NASDAQ-TRCI) 
today announced record quarterly revenues for the third quarter ended December 31, 2004. 
Revenues for the quarter were $9,704,795, compared to $5,805,556 reported in the same quarter 
last year, an increase of 67%. Commercial revenues increased by $4,046,785 and military 
revenues and royalty income decreased slightly by $116,960 and $30,586, respectively. Net 
income for the current quarter was $162,913, compared to $680,388, for the same quarter last 
year, a decrease of 76%. Basic and diluted earnings were $.03 per share for the current 
quarter compared to basic earnings of $.12 per share and diluted earnings of $.11 per share 
for the same quarter last year. Net income was negatively impacted during the quarter by 
higher costs which resulted in lower operating margins.
The major factors impacting the Company’s operating margins during the quarter were (i) 
competitive pricing required to capture market share in the new room air conditioning (“RAC”) 
market; (ii) higher than planned startup expenses in Honduras and at three Far East contract 
manufacturers to produce the new Fire Shield® LCDI Power Cords for use on room air 
conditioners; and (iii) significant additional freight costs, which the Company incurred to 
meet its RAC customers’ delivery requirements. 
Mr. Kendall, President and Chief Executive Officer, c
ommented, “As was stated in an earlier 
release, we are pleased with the sales effort in penetrating this new room air conditioner 
opportunity. However, the timing and customization of RAC orders and the implementation and 
coordination of bringing multiple manufacturing locations on line, in a compressed time frame, 
have presented start up challenges that, to date, have negatively impacted our operating 
profits on these products. Monthly shipments are increasing as we enter the fourth fiscal 
quarter, ending March 31, 2005. The Company believes it is better positioned to perform more 
efficiently for this application in the fourth quarter and ensuing years. As a result, we 
expect strong fourth quarter revenue growth, exceeding third fiscal quarter record revenues, 
and we remain encouraged that earnings per share will exceed the comparable quarter last 
year.” He added, “Aside from the important room air conditioning opportunity, we are pleased 
to see that our core commercial business is experiencing a strong growth year and our military 
business continues to be steady.”
The Company's operating revenues for the nine-month period ended December 31, 2004 were 
$23,905,266, compared to $17,678,125 reported in the same period of the prior year, an 
increase of 35%. Net income for the nine-month period was $1,154,628, compared to $2,058,348, 
for the same period in the prior year, a decrease of 4
4%. Basic earnings were $.20 per share 
and diluted earnings were $.19 per share for the nine-month period compared to basic earnings 
of $.37 per share and diluted earnings of $.36 per share for the same period of the prior 
year. Commercial and military revenues increased by $5,813,976 and $439,642, respectively, 
and royalty income was down $26,477 for the nine-month period ended December 31, 2004, 
compared to the same period of the prior year. The increase in commercial revenues was 
primarily attributed to RAC product shipments and strong growth in the Company’s core 
commercial business. Military revenues remain steady due to solid demand for its control 
devices related to the Tactical Quiet Generator (TQG) programs for both existing and new 
systems.
The third quarter dividend of $.015 per share was paid on January 21, 2005 to shareholders of 
record on December 31, 2004. 
TRC is an internationally recognized leader in electrical safety products that prevent 
electrocution and electrical fires and protect against serious injury from electrical shock. 
Based on its core technology in ground fault sensing, products are designed to meet the needs 
of the consumer, commercial and industrial markets worldwide. The Company also supplies power 
monitors and control equipment to the United States Military and its prime contractors.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Some of 
the statements in this report constitute forward-looking statements, within the meaning of the 
Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. 
These statements are related to future events, other future financial performance or business 
strategies, and may be identified by terminology such as "may," "will," "should," "expects," 
"scheduled," "plans," "intends," "anticipates," "believes," "estimates," "potential," or 
"continue," or the negative of such terms, or other comparable terminology. These statements 
are only predictions. Actual events as well as results may differ materially. In evaluating 
these statements, you should specifically consider the factors described throughout this 
report. We cannot be assured that future results, levels of activity, performance or goals 
will be achieved.
                   TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    
                               (unaudited)
 Three-months ended   
                                          December 31 December 31  September 30
200420032004
Operating revenues:

Commercial $ 6,822,319 2,775,534 4,232,477

Military 2,879,845 2,996,805 2,832,299

Royalties 2,631 33,217 4,751

9,704,7955,805,5567,069,527

Operating expenses:

Cost of sales 7,652,981 3,437,637 4,925,848

Selling, general, and administrative 1,322,936 1,109,686 1,174,214

Research, development and engineering 565,433 323,173 501,423

9,541,3504,870,496&n bsp; 6,601,485

Operating income 163,445 935,060 468,042

Interest and sundry income 5,853 4,416 6,650

Income before income taxes 169,298 939,476 474,692

Income taxes 6,385  259,088 156,647

Net income $ 162,913 680,388 318,045

Net income per common share:

Basic $ .03 .12 .06

Diluted $ .03 .11 .05

Weighted average number of common

shares outstanding:

Basic 5,756,292 5,664,032 5,755,584

Diluted 5,913,005 5,974,485 5,947,031

Dividends paid $ .015 .015 .015

Nine-months ended  

December 31 December 31

20042003

Operating revenues:

Commercial $ 14,830,849 9,016,873

Military 9,014,404 8,574,762

Royalties 60,013 86,490

23,905,26617,678,125

Operating expenses:

Cost of sales 17,088,245 10,878,635

Selling, general, and administrative 3,653,948 2,963,136

Research, developme nt and engineering 1,533,327 959,605

22,275,52014,801,376

Operating income 1,629,746 2,876,749

Interest and sundry income 19,723 9,439

Income before income taxes 1,649,469 2,886,188

Income taxes 494,841 827,840

Net income $ 1,154,628 2,058,348

Net income per common share:

Basic $ .20 .37

Diluted $ .19 .36

Weighted average number of common

shares outstanding:

Basic 5,752,015 5,549,324

Diluted 5,955,391 5,763,281

Dividends paid $ .045 .045

TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

*

December 31 March 31

ASSETS 20042004

Current assets:

Cash and cash equivalents $ 1,294,821 5,968,122

Short-term investments 483,879 -

Accounts receivable, net 6,560,350 3,420,701

Income taxes receivable 8,951 -

Inventories 10,196,290 5,633,177

Prepaid expenses and other current assets 490,196 206,295

Deferred income taxes 254,797 239,169

Total current assets 19,289,28415,46 7,464

Property, plant and equipment 13,499,061 10,268,976

Less accumulated depreciation 7,819,356 7,203,205

Net property, plant and equipment 5,679,705 3,065,771

Other assets 90,791 38,633

$ 25,059,78018,571,868

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Trade accounts payable $ 5 ,489,111 1,547,979

Accrued expenses 798,886 767,185

Dividends payable 99,900 99,295

Income taxes payable - 431,093

Short-term debt 2,000,000 -

Deferred income 10,525 10,525

Total current liabilities 8,398,422 2,856,077

Deferred income 21,058 28,951

Deferred income taxes 235,120 235,120

Total liabilities 8,654,600 3,120,148

Stockholders' equity:

Common stock 2,947,439 2,932,377

Additional paid-in capital 8,460,484 8,417,686

Retained earnings 5,037,402 4,141,802

Treasury stock, 21,500 shares at cost (40,145) (40,145)

Total stockholders' equity < U>16,405,18015,451,720

$ 25,059,78018,571,868

* The condensed consolidated balance sheet is derived from the Companys audited balance sheet as of that date. # # #