-----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, Ww5WNpiApelrtstnbEuBlSUr/W75/acrkcwWcJbcYeEY5BD0oVMN09h3lsPlc+RN rB3wVV6mhJTHNhb1h6vkAA== 0001157523-10-000686.txt : 20100208 0001157523-10-000686.hdr.sgml : 20100208 20100205181751 ACCESSION NUMBER: 0001157523-10-000686 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100208 DATE AS OF CHANGE: 20100205 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: 10578389 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 a6170047.htm 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)

February 5, 2010


Technical Communications Corporation

(Exact name of registrant as specified in its charter)

Massachusetts

0-8588

04-2295040

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

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 February 5, 2010, Technical Communications Corporation announced its financial results for the fiscal quarter ended December 26, 2009.  A copy of the press release dated February 5, 2010 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 February 5, 2010


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:

February 5, 2010 By:

 

/s/ Carl H. Guild, Jr.

Carl H. Guild, Jr.

President and Chief Executive Officer

EX-99.1 2 a6170047_ex991.htm EXHIBIT 99.1

Exhibit 99.1

Technical Communications Corporation Reports Results for the First Fiscal Quarter Ended December 26, 2009

CONCORD, Mass.--(BUSINESS WIRE)--February 5, 2010--Technical Communications Corporation (OTC BB: TCCO.OB) today announced its results for the fiscal quarter ended December 26, 2009. For the first quarter of the Company’s 2010 fiscal year, the Company reported net income of $2,356,000, or $1.62 per share, on revenue of $4,764,000, as compared to net income of $206,000, or $0.14 per share, on revenue of $1,844,000 for the quarter ended December 27, 2008. Included in net income for each of the quarters ended December 26, 2009 and December 27, 2008 is $(19,000), or ($0.01) per share, respectively, in stock-based compensation expense.

Commenting on corporate performance, Mr. Carl H. Guild, Jr., President and Chief Executive Officer of TCC said, “We are very pleased with the revenue and income performance for this quarter which has been driven by the sizable deliveries on orders from the U.S. Government Foreign Military Sales (FMS) Program received in fiscal 2008. As we have reported previously, TCC has been successful in expanding our presence in the military communications network markets through modification and adaptation of our products to meet emerging customer requirements. These requirements take a substantial amount of time to develop and market but, when successful, provide a path to long term sales. We expect the balance of deliveries on these orders, approximately $600,000, to continue into fiscal 2011. TCC continues to pursue additional equipment orders for newly developed product variants that will further expand the performance of the deployed systems.

Under contracts received through the FMS system, our backlog ($9,000,000 as of December 26, 2009) contains orders for DSD72A-SP Bulk Encryptors destined for Taiwan and DSP9000 Radio Encryption equipment to be deployed in Afghanistan. TCC anticipates making shipments on these contracts largely in fiscal 2010 and early 2011. Shipments in the second quarter of fiscal 2010 are expected to remain strong although somewhat lower than our first quarter, and we expect that shipments over the remainder of the year will slow down as compared to the first half based on the current backlog and delivery requirements.”


Mr. Guild continued, “TCC is in the later stages of development of our next generation of high performance frame sensitive encryptors capable of operating at high efficiency and at speeds of 655mbs, in a wide range of environments and applications. We expect to introduce this product line in late 2010 and anticipate conducting demonstration trials with certain customers. The new encryptor product family will be capable of being tailored to meet unique customer requirements, algorithms, key and device management features and network interfaces, both optical and electrical.”

“TCC and its employees remain committed to providing high quality communications security equipment and service to our world-wide customer base. This commitment allows us to expand our business with both current and new customers as their requirements for communications security grow.”

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 and expand product lines and market share, 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 Annual Report on Form 10-K for the fiscal year ended September 26, 2009.


Technical Communications Corporation

 
Condensed consolidated income statements
    Quarter Ended

(unaudited)

12/26/2009

    12/27/2008
 
Net sales $ 4,764,000 $ 1,844,000
Gross profit 3,556,000 1,185,000
S, G & A expense 738,000 658,000
Product development costs 527,000 341,000
Operating income 2,291,000 186,000
Income tax benefit (63,000 ) -
Net income 2,356,000 206,000
Net income per share:
Basic 1.62 0.14
Diluted 1.45 0.12
 
 
 
Condensed consolidated balance sheets
12/26/2009 9/26/2009

(unaudited)

 
Cash $ 7,447,000 $ 5,418,000
Accounts receivable, net 97,000 403,000
Inventory 2,021,000 2,415,000
Deferred income taxes 838,000 566,000
Other current assets   121,000     180,000
Total current assets 10,524,000 8,982,000
Property and equipment, net   342,000     340,000
Total assets   10,866,000     9,322,000
 
Accounts payable 151,000 250,000

Accrued expenses and
other current liabilities

  1,627,000     2,359,000
Total current liabilities 1,778,000 2,609,000
Total stockholders’ equity   9,088,000     6,713,000
Total liabilities and stockholders’ equity $ 10,866,000   $ 9,322,000

CONTACT:
Technical Communications Corporation
Michael P. Malone, 978-287-5100
Chief Financial Officer
www.tccsecure.com

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