-----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, DLYIaoTr9FkkrOd5kJXaKv4Eiud0DCiNEzuXkzKmjKodRpcRrl0k0buAJrd56sqm GRz9h2oIO9/N3rrfNrto0Q== 0001157523-07-004624.txt : 20070504 0001157523-07-004624.hdr.sgml : 20070504 20070504161004 ACCESSION NUMBER: 0001157523-07-004624 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070504 DATE AS OF CHANGE: 20070504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHNICAL COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000096699 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 042295040 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08588 FILM NUMBER: 07820549 BUSINESS ADDRESS: STREET 1: 100 DOMINO DR CITY: CONCORD STATE: MA ZIP: 01742 BUSINESS PHONE: 9782875100 MAIL ADDRESS: STREET 1: 100 DOMINO DRIVE CITY: CONCORD STATE: MA ZIP: 01742-2892 8-K 1 a5395375.txt TECHNICAL COMMUNICATIONS CORPORATION 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) May 4, 2007 -------------------------------- Technical Communications Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Massachusetts 0-8588 04-2295040 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 100 Domino Drive, Concord, MA 01742 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (978) 287-5100 ----------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) 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: [ ] 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 (17 CFR 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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On May 4, 2007, Technical Communications Corporation announced modified financial results for the fiscal quarter ended March 31, 2007. A copy of the press release dated May 4, 2007 describing such results is attached as Exhibit 99.1 to this report and incorporated herein. Item 9.01 Financial Statements and Exhibits. a. Financial statements of businesses acquired. Not applicable. b. Pro forma financial information. Not applicable. c. Shell company transactions. Not applicable d. Exhibits. The following exhibit is furnished pursuant to Item 2.02 hereof, and the information contained in this report and such exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated therein. Exhibit No. Title ----------- ----- 99.1 Press Release dated May 4, 2007 SIGNATURE 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. Technical Communications Corporation Dated: May 4, 2007 By: /s/ Carl H. Guild, Jr. --------------------------------------- Carl H. Guild, Jr. President and Chief Executive Officer EX-99.1 2 a5395375ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Technical Communications Corporation Reports Corrected Results for the Second Fiscal Quarter Ended March 31, 2007 CONCORD, Mass.--(BUSINESS WIRE)--May 4, 2007--Technical Communications Corporation (OTCBB: TCCO.OB) today announced a correction to its previously announced results for its second fiscal quarter ended March 31, 2007. For the quarter ended March 31, 2007, the Company reported net income of $312,000, or $0.23 per share, on revenue of $1,288,000, as compared to a net loss of $(159,000), or $(0.12) per share, on revenue of $1,005,000 for the same period in fiscal 2006. For the six months ended March 31, 2007, the Company reported net income of $195,000, or $0.14 per share, on revenue of $2,050,000, as compared to a net loss of $(263,000) or $(0.19) per share, on revenue of $1,919,000 for the same period in fiscal 2006. For the three and six month periods ended March 31, 2007, net income is $25,000 higher than previously reported. There was no impact from this change on any other previous periods. The amount of non-cash stock based compensation was incorrectly reported by the Company on April 27, 2007. The correct amount for the quarter and six months ended March 31, 2007 is $(23,000), or $(0.02) per share and $(50,000), or $(0.04) per share, respectively. About Technical Communications Corporation TCC designs, manufactures, and supports superior grade secure communications systems that protect highly sensitive information transmitted over a wide range of data, voice and fax networks. TCC's security solutions protect information privacy on every continent in over 110 countries. Government agencies, militaries, financial institutions, telecommunications carriers and multinational corporations worldwide rely on TCC to protect their communications networks. Statements made in this press release, including any discussion of our anticipated operating results, financial condition and earnings, including statements about the Company's ability to achieve and sustain growth and profitability, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, identified by the use of such terms as "anticipates," "believes," "expects," "may," "plans" and "estimates," among others, involve known and unknown risks. The Company's results may differ significantly from the results expressed or implied by such forward-looking statements. The Company's results may be affected by many factors, including but not limited to future changes in export laws or regulations, changes in technology, the effect of foreign political unrest, the ability to hire, retain and motivate technical, management and sales personnel, the risks associated with the technical feasibility and market acceptance of new products, changes in telecommunications protocols, the effects of changing costs, exchange rates and interest rates, and the Company's ability to secure adequate capital resources. These and other risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-QSB for the fiscal quarter ended December 30, 2006 and the Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2006. Technical Communications Corporation Condensed consolidated income statements Quarter ended 3/31/07 3/25/06 ---------- ---------- Net sales $1,288,000 $1,005,000 Gross profit 969,000 590,000 S, G & A expense 408,000 425,000 Product development costs 268,000 335,000 Operating income (loss) 293,000 (170,000) Net income (loss) $ 312,000 $ (159,000) Net income (loss) per share: Basic $ 0.23 $ ( 0.12) Diluted $ 0.20 $ ( 0.12) Six months ended 3/31/07 3/25/06 ---------- ---------- Net sales $2,050,000 $1,919,000 Gross profit 1,502,000 1,132,000 S, G & A expense 860,000 866,000 Product development costs 487,000 548,000 Operating income (loss) 155,000 (282,000) Net income (loss) $ 195,000 $ (263,000) Net income (loss) per share: Basic $ 0.14 $ ( 0.19) Diluted $ 0.13 $ ( 0.19) Condensed consolidated balance sheets 3/31/07 9/30/06 ------------ ---------- Cash $ 1,980,000 $1,871,000 Accounts receivable, net 248,000 206,000 Inventory 1,670,000 1,505,000 Other current assets 64,000 92,000 ------------ ---------- Total current assets 3,962,000 3,674,000 Property and equipment, net 99,000 83,000 ------------ ---------- Total assets $ 4,061,000 $3,757,000 ============ ========== Accounts payable $ 137,000 $ 114,000 Accrued expenses and other current liabilities 443,000 413,000 ------------ ---------- Total current liabilities 580,000 527,000 Total stockholders' equity 3,481,000 3,230,000 ------------ ----------- Total liabilities and stockholders' equity $ 4,061,000 $3,757,000 ============ =========== CONTACT: Technical Communications Corporation Michael P. Malone, 978-287-5100 Chief Financial Officer www.tccsecure.com -----END PRIVACY-ENHANCED MESSAGE-----