-----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, SGVU+S/4IdmWA7t2VpYnvepWMtyYYY+dzWirA0xJlUpTC/NyIjLYRqb1nJIfASQP Oz7HyXFt28OXLZmI7eJ1VQ== 0001157523-04-000372.txt : 20040121 0001157523-04-000372.hdr.sgml : 20040121 20040121131403 ACCESSION NUMBER: 0001157523-04-000372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040120 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040121 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: 04534526 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 a4553828.txt TECHNOLOGY RESEARCH CORP. 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 Exchange Act of 1934 Date of Report (Date of earliest event reported): January 20, 2004 TECHNOLOGY RESEARCH CORPORATION (Exact name of registrant as specified in charter) Florida 0-13763 59-2095002 ------------------ ---------------- -------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 5250-140th Avenue North, Clearwater, Florida 33760-3791 ------------------------------------------ -------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (727) 535-0572 N/A ---------- (Former name or former address, if changed since last report) Item 9. Information Provided Under Item 12 (Results of Operations and Financial Condition) The following information is furnished pursuant to Item 12, "Results of Operations and Financial Condition." On January 20, 2004, Technology Research Corporation issued a press release announcing its financial results for its third fiscal quarter ended December 31, 2003. A copy of the press release is furnished as Exhibit 99.1 to this report. 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 ------------------------------- (Registrant) Date: January 20, 2004 ----------------- /s/ Scott J. Loucks ----------------------- Scott J. Loucks Vice President of Finance; Chief Financial Officer 3 INDEX TO EXHIBITS Exhibit No. Description - ----------- ------------ 99.1 Press release, dated January 20, 2004, issued by Technology Research Corporation 4 EX-99 3 a4553828ex991.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Technology Research Corporation Announces Strong Third Fiscal Quarter Results and Record Performance for the Nine-Month Period CLEARWATER, Fla.--(BUSINESS WIRE)--Jan. 20, 2004--Robert S. Wiggins, Chairman and Chief Executive Officer of Technology Research Corporation (TRC), (Nasdaq:TRCI) announced today that the Company's operating revenues for the third quarter ended December 31, 2003 were $5,805,556, compared to $4,582,284 reported in the same quarter last year, an increase of 27% with military revenues increasing by $958,773, commercial revenues by $255,834 and royalty income by $8,665. Net income for the current quarter was $680,388, compared to $311,963, for the same quarter last year, an increase of 118%. Basic earnings were $.12 per share and diluted earnings were $.11 per share for the current quarter compared to basic and diluted earnings of $.06 per share for the same quarter last year. The Company recorded expenses of $137,923 in the quarter for new account setup and the promotion of its Fire Shield(R) products in retail stores. In addition, the Company recorded a non-recurring expense of approximately $75,000 due to a change in its severance policy at its Honduran subsidiary during the quarter. The Company's operating revenues for the nine-month period ended December 31, 2003 were $17,678,125, compared to $12,406,418 reported in the same period of the prior year, an increase of 42%. Net income for the nine-month period was $2,058,348, compared to $647,549, for the same period in the prior year, an increase of 218%. Basic earnings were $.37 per share and diluted earnings were $.36 per share for the nine-month period compared to basic and diluted earnings of $.12 per share for the same period of the prior year. Mr. Wiggins commented, "The Company achieved its best performance ever with record high revenues and net income through nine months. Our manufacturing facilities continue to operate efficiently, and the Company ended the quarter with $5,195,426 in cash and remained debt-free." Mr. Wiggins added, "The outlook for the remainder of the fiscal year continues to be positive." For the nine-month period ended December 31, 2003, commercial revenues increased by $1,933,095, military revenues improved by $3,358,171 and royalty income was down by $19,559 compared to the same period of the prior year. The increase in commercial revenues was primarily attributed to product sales of $1,008,831 into retail stores and $450,000 to a major sprayer/washer manufacturer. New accounts in the Recreational Vehicle, Brand Label and Commercial Distribution markets contributed to the remainder of the growth. Military revenues continue to be strong due to direct military shipments of support parts for existing systems and control devices related to the Tactical Quiet Generator (TQG) programs. The increase in direct military shipments is primarily the result of current U.S. military activity. The Company continues to make progress in establishing its Fire Shield(R) brand name. Fire Shield(R) product sales were $750,957, or 8.3% of commercial sales, for the nine-month period. In addition, the Company recorded royalty income of $67,536 for the nine-month period from Applica Inc., a licensee that incorporates a Fire Shield(R) cord set on its line of Black & Decker(R) portable heaters. The Company's patented Fire Shield(R) technology has numerous applications and represents a significant opportunity for growth. One example is that the Company is well-positioned to participate in the estimated $60 million annual market created by the 2002 National Electrical Code (NEC) and the Underwriters Laboratories (UL) currently scheduled requirement for cord fire protection on portable room air conditioners which are manufactured after August 1, 2004. The Company's products are currently under evaluation by a number of room air conditioner manufacturers. The third quarter dividend of $.015 per share will be paid on January 23, 2004 to shareholders of record on December 31, 2003. The Company's annual dividend is expected to be $.06 per share. 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. Comparative Operating Results Unaudited Three Months Ended Nine Months Ended 12/31/2003 12/31/2002 12/31/2003 12/31/2002 Operating revenues $ 5,805,556 4,582,284 $ 17,678,125 12,406,418 Net income before taxes $ 939,476 442,635 $ 2,886,188 927,792 Net income $ 680,388 311,963 $ 2,058,348 647,549 Basic earnings per share $ .12 .06 $ .37 .12 Weighted average number of common shares outstanding 5,664,032 5,438,215 5,549,324 5,437,784 Diluted earnings per share $ .11 .06 $ .36 .12 Weighted average number of common and equivalent shares outstanding 5,974,485 5,449,051 5,763,281 5,453,231 Dividends declared $ 0.015 0.01 $ 0.045 0.03 Net income $ 680,388 311,963 $ 2,058,348 647,549 Interest expense - - - 1,153 Income taxes 259,088 130,672 827,840 280,243 Depreciation 194,972 192,682 623,930 657,412 Amortization - - - - EBITDA $ 1,134,448 635,317 3,510,118 1,586,357 Note: EBITDA refers to earnings before interest, income taxes, depreciation and amortization. The Company wishes to present its EBITDA results as an indication of its liquidity and should not be interpreted as earnings. CONTACT: Technology Research Corporation, Clearwater Scott J. Loucks, 727-535-0572 Fax: 727-535-4828 Web Page: http://www.trci.net -----END PRIVACY-ENHANCED MESSAGE-----