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):  January 30, 2006

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 January 30, 2006, Technology Research Corporation issued a press release announcing its financial results for its third quarter ended December 31, 2005.  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 January 30, 2006

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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:  January 30, 2006	By: /s/ Barry H. Black
	Name: Barry H. Black
	Title: VP of Finance CFO

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EX-99.1

        Exhibit 99.1

TECHNOLOGY RESEARCH CORPORATION REPORTS THIRD QUARTER FINANCIAL

                             RESULTS REFLECTING STRONG REVENUE AND EARNINGS GROWTH

CLEARWATER, FLORIDA, January 30, 2006 -- Technology Research Corporation (“TRC”), (NASDAQ-TRCI),

today announced revenues and earnings for its third fiscal quarter ended December 31, 2005.

Revenues were $11.4 million compared with $9.7 million reported in the same quarter last year, an increase of 17%.

Net income for the third fiscal quarter ended December 31, 2005 was $.8 million compared with net income of

$.2 million for the fiscal quarter ended December 31, 2004. Diluted net income is $.14 per share for the current quarter

compared with diluted net income of $.03 per share for the same quarter last year.

Robert S. Wiggins, Chairman, President & CEO said, “I am very pleased with the Company’s financial performance

during our third fiscal quarter of 2006. Our revenue and net income are both third quarter records and significantly

ahead of our third quarter results for the prior year. The Company’s income before tax is an all time quarterly record.

Our balance sheet has also improved significantly. Total debt declined by $1.6 million from the end of the prior quarter

and $2.4 million from the beginning of this 2006 fiscal year.” Wiggins continued, “Although we still have several

remaining challenges with our RAC business, we have resolved many of the operational issues we faced last year and

earlier in this fiscal year. To further help penetrate the room air conditioner market, during the quarter we announced

that we had entered into a strategic alliance with Defond Manufacturing Ltd., of Hong Kong and its North American

affiliate DNA Group, Inc. This relationship strengthens our sales presence with the Chinese manufacturers of RAC

equipment while providing cost effective, quality products to our customers.” Wiggins added, “In our fiscal fourth

quarter we expect to continue the momentum gained during the third quarter with further improvement in both revenue

and earnings per share.”

The third quarter dividend of $.015 per share was paid on January 20, 2006 to shareholders of record on

December 30, 2005.

      OTHER QUARTERLY HIGHLIGHTS

In November and December TRC announced significant new orders with Karcher, a major sprayer/washer manufacturer

totaling $3.3 million.  We expect to ship approximately $1.3 million of these new orders during the remainder of this fiscal

year (which ends March 31, 2006), and the remaining $2 million will ship during the next fiscal year.

TRC also announced $2.3 million in new orders, primarily for spare parts, for the U.S. military.  Delivery of these new

orders is expected during the fiscal fourth quarter.

        ************

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 OPERATIONS

                                                                                     (unaudited)

       Three-months ended     _____Nine-months ended____________

       December 31  December 31  December 31  December 31

   2005      2004  2005      2004

Operating revenues:

  Commercial                                                  $ 7,858,376               6,822,319          21,324,243              14,830,849

  Military                                                            3,495,926               2,879,845            9,268,494                9,014,404

  Royalties                                                                        - -                      2,631                          -                      60,013

                                                                       11,354,302               9,704,795          30,592,737              23,905,266

Operating expenses:

  Cost of sales                                                    8,501,716               7,652,981          23,668,111              17,088,245

  Selling, general, and administrative                    1,351,116               1,322,936            4,243,190                3,653,948

  Research, development and engineering               418,827                  565,433            1,444,250               1,533,327

                                                                       10,271,659               9,541,350           29,355,551             22,275,520

    Operating income                                           1,082,643                  163,445            1,237,186               1,629,746

Interest and sundry income (expense)                     (49,933)                     5,853              (144,361)                   19,723

    Income before income taxes                           1,032,710                  169,298            1,092,825                1,649,469

Income tax expense                                              206,542                      6,385                218,565                  494,841

    Net income                                               $      826,168                  162,913               874,260                1,154,628

        ========   ========           ========              ========

Net income per common share:

  Basic                                                          $              .14                          .03                       .15                          ..20

  Diluted                                                       $               ..14                          .03                       .15                          .19

Weighted average number of common

  shares outstanding:

  Basic                                                                5,783,500              5,756,292            5,778,325               5,752,015

  Diluted                                                              5,811,161              5,913,005            5,828,818               5,955,391

Dividends paid                                              $             ..015                       ..015                     ..045                        ..045

   TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY

    CONDENSED CONSOLIDATED BALANCE SHEETS

       (unaudited)

            *

        December 31   March 31

  ASSETS      2005      2005

Current assets:

 Cash and cash equivalents                            $   1,216,631        815,411

 Short-term investments              498,127        487,072

 Accounts receivable, net         9,013,913   13,114,548

 Inventories         11,131,614   11,460,302

 Prepaid expenses and other current assets            318,235                 514,922

 Deferred income taxes              461,161        488,413

  Total current assets    22,639,681   26,880,668

Property, plant and equipment        14,153,295   13,560,106

 Less accumulated depreciation        9,019,506     8,089,950

  Net property, plant and equipment          5,133,789     5,470,156

Other assets              64,658          96,004

              $ 27,838,128   32,446,828

        ========   ========

  LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

 Short-term debt       $ 1,000,200        3,000,000

 Trade accounts payable       5,488,280        7,970,920

 Accrued expenses         906,035   1,327,944

 Dividends payable         100,461           100,175

 Income taxes payable             115,312           112,239

  Total current liabilities         7,610,088      12,511,278

Long-term debt           2,000,000        2,350,000

Deferred income taxes             337,956           378,143

   Total liabilities           9,948,044      15,239,421

Stockholders' equity:

 Common stock           2,961,889        2,955,641

 Additional paid-in capital                                8,545,458         8,483,237

 Retained earnings       6,422,882         5,808,674

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

   Total stockholders' equity         17,890,084       17,207,407

            $ 27,838,128       32,446,828

               ========                         ========

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

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