PRESS RELEASE DATED JULY 31, 2006

Exhibit 99.1

TECHNOLOGY RESEARCH CORPORATION REPORTS FIRST QUARTER FINANCIAL RESULTS

CLEARWATER, FLORIDA, July 31, 2006 -- Technology Research Corporation (“TRC”), (NASDAQ-TRCI), today announced revenues and earnings for its first fiscal quarter ended June 30, 2006.

Revenues were $10.6 million unchanged from the revenue reported in the same quarter last year. Net income for the first fiscal quarter ended June 30, 2006 was $27 thousand compared with net income of $293 thousand for the fiscal quarter ended June 30, 2005. Diluted net income is $.00 per share for the current quarter compared with diluted net income of $.05 per share for the same quarter last year.

Robert S. Wiggins, Chairman, President & CEO said, “The highlight of the first quarter was the completion of our first acquisition in April of Automated Engineering Corporation’s recreational vehicle product line business. The integration of this acquisition is ongoing and we expect it to be accretive to earnings in its first year. As stated in the past, we are continuing to seek acquisition opportunities where we can accelerate the Company’s growth while providing a return to the bottom line.” Wiggins continued, “While margins in the first quarter improved $.1 million, operating expenses increased $.5 million from the prior year. Of this increase, approximately $.3 million was due to legal expenses resulting from the patent infringement lawsuit against Tower Manufacturing Corporation. The Company’s balance sheet has continued to strengthen. We paid down $1.0 million of debt in the first quarter leaving $2.0 million of remaining debt which is a reduction of $3.0 million from the prior year. At the same time, the cash and investment balance has grown from $.8 million at June 30, 2005 to $2.8 million at June 30, 2006. Because of our strong balance sheet and expectations for 10% to 15% growth in revenue and the same growth rate or above in earnings as stated in the last earnings release, in early July we announced a 33% increase in the quarterly dividend. Beginning in September the quarterly dividend increases from .015 cents per share to .02 cents per share.”

The first quarter dividend of $.015 per share was paid on July 21, 2006 to shareholders of record on June 30, 2006.

OTHER QUARTERLY HIGHLIGHTS

In May TRC announced an expansion of the number of Wal-Mart stores that it supplies with Fire Shield® Surge Strips from about 400 to approximately 1880 stores. These Fire Shield Surge Strips are sold under the licensed First Alert® brand name.

In June TRC announced that for the eleventh year in a row it was honored by both the Richmond, Virginia and Columbus, Ohio Defense Supply Centers with their highest level award as a Gold Medalist as a result of its exceptional Automated Best Value System score of 100%. TRC earned this prestigious award by delivering all orders on time with zero defects.

For the third consecutive year the Company has been ranked in the annual FSB 100 list of the 100 fastest growing small public companies in America. This year TRC was ranked 71st. The list was published in the July/August issue of Fortune Small Business available in early July.

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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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three months ended June 30,

2006 2005

Operating revenues:

Commercial $ 7,953 7,928

Military 2,662 2,649

Royalties - -

10,615 10,577

Operating expenses

Cost of sales 8,186 8,284

Selling, general, and administrative 1,879 1,375

Research, development and engineering 486 487

10,551 10,146

Operating income 64 431

Interest and sundry income (expense) (27) (40)

Income before income taxes 37 391

Income tax expense 10 98

Net income $ 27 293

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Net income per common share:

Basic $ .00 .05

Diluted $ .00 .05

Weighted average number of common

shares outstanding:

Basic 5,873,408 5,774,375

Diluted 5,927,372 5,841,212

Dividends paid $ .015 .015

TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

June 30 March 31

ASSETS 2006 2006

Current assets:

Cash and cash equivalents $ 2,515 2,607

Short-term investments 248 500

Accounts receivable, net 8,181 10,730

Inventories 9,111 9,633

Prepaid expenses and other current assets 320 210

Deferred income taxes 434 445

Total current assets 20,809 24,125

Property, plant and equipment 14,483 14,284

Less accumulated depreciation 9,634 9,346

Net property, plant and equipment 4,849 4,939

Intangible Assets (net) 572 -

Other assets 69 70

$ 26,299 29,134

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LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt $ 1,000 1,000

Trade accounts payable 3,238 4,850

Accrued expenses 1,056 1,296

Dividends payable 103 101

Income taxes payable 26 357

Total current liabilities 5,423 7,604

Long-term debt, less current portion 1,000 2,000

Deferred income taxes 230 244

Total liabilities 6,653 9,848

Stockholders' equity:

Common stock 3,014 2,983

Additional paid-in capital 9,161 8,770

Retained earnings 7,511 7,573

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

Total stockholders' equity 19,646 19,286

$ 26,299 29,134

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* The condensed consolidated balance sheet is derived from the Company’s audited

balance sheet as of that date.