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, commented, “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 44%. 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
9,541,3504,870,4966,601,485
    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, development 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                        19,289,28415,467,464
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                  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.

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