0001157523-14-000492.txt : 20140207 0001157523-14-000492.hdr.sgml : 20140207 20140207083011 ACCESSION NUMBER: 0001157523-14-000492 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140207 DATE AS OF CHANGE: 20140207 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: 001-34816 FILM NUMBER: 14581930 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 a50799568.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 7, 2014

Technical Communications Corporation

(Exact name of registrant as specified in its charter)

Massachusetts

001-34816

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 7, 2014, Technical Communications Corporation announced its financial results for the quarter ended December 28, 2013.  A copy of the press release dated February 7, 2014 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 7, 2014



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 7, 2014 By:

/s/ Carl H. Guild, Jr.

Carl H. Guild, Jr.

President and Chief Executive Officer

EX-99.1 2 a50799568ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Technical Communications Corporation Reports Results for the Fiscal Quarter Ended December 28, 2013

CONCORD, Mass.--(BUSINESS WIRE)--February 7, 2014--Technical Communications Corporation (NasdaqCM:TCCO) today announced its results for the first quarter of its 2014 fiscal year. For the quarter ended December 28, 2013, the Company reported net income of $184,000 or $0.10 per share, on revenue of $2,509,000, compared to a net loss of $(310,000), or $(0.17) per share, on revenue of $1,597,000 for the quarter ended December 29, 2012.

Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “During the quarter, we shipped the balance of our large production contract to the U.S. Army Communications and Electronics Command to upgrade the DSD 72A-SP military bulk encryption system currently in use by the Government of Egypt. We also received $955,000 in orders for our DSP 9000 radio encryption system from a U.S. radio manufacturer for deployment into Afghanistan.”

“Our traditional government products continue to be in demand and sales of these products accounted for the majority of revenues during the quarter. At the same time, we continue to ramp up marketing efforts for our new secure voice and data products, and have had positive market response to date.”

“Revenues for the balance of fiscal 2014 are difficult to predict due to delays in the award of certain foreign and domestic procurements currently in process. We nevertheless remain confident that the release of our new data and voice products will result in improved future revenue and profitability.”

During fiscal 2014 the Company is focusing technical efforts on three principal areas: development of solutions that meet the needs of original equipment manufacturers; product enhancements that include expanded features, planned capability and applications growth; and custom solutions that tailor our products to meet the unique needs of our customers.


About Technical Communications Corporation

For over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONE® best-in-class criteria, to protect highly sensitive voice, data and video transmitted over a wide range of networks. Government entities, military agencies and corporate enterprises in 115 countries have selected TCC's proven security to protect their communications. Learn more: www.tccsecure.com.

Statements made in this press release or as may otherwise be incorporated by reference herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to statements regarding anticipated operating results, future earnings, and the ability to achieve growth and profitability. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including but not limited to the effect of foreign political unrest; domestic and foreign government policies and economic conditions; future changes in export laws or regulations; changes in technology; 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. Such risks, uncertainties and other factors could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of the risks facing the Company, see the Company’s filings with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended September 28, 2013 and the “Risk Factors” section included therein.


 

Technical Communications Corporation

 

 

 

         

Condensed consolidated income statements

 

Quarter Ended
(Unaudited)

         

12/28/2013

     

12/29/2012

 
Net sales       $ 2,509,000     $ 1,597,000  
Gross profit         1,720,000       1,102,000  
S, G & A expense         707,000       778,000  
Product development costs         762,000       855,000  
Operating income (loss)         251,000       (532,000 )
Income tax expense (benefit)         73,000       (214,000 )
Net income (loss)         184,000       (310,000 )
Net income (loss) per share:              
Basic       $ 0.10     $ (0.17 )
Diluted       $ 0.10     $ (0.17 )
 

         

Condensed consolidated balance sheets

 

       

12/28/2013
(Unaudited)

   

9/28/2013
(derived from audited
financial statements)

Cash and marketable securities       $ 6,190,000     $ 4,581,000
Accounts receivable, net         294,000       1,376,000
Inventory         2,214,000       2,619,000
Deferred & refundable income taxes         1,546,000       1,618,000
Other current assets        

158,000

     

225,000

Total current assets         10,402,000      

10,419,000

Marketable securities         1,454,000       1,463,000
Property and equipment, net        

434,000

     

469,000

               
Total assets      

$

12,290,000

   

$

12,351,000

               
Accounts payable         214,000       262,000
Accrued expenses and other current liabilities        

436,000

     

667,000

Total current liabilities         650,000       929,000
Total stockholders’ equity        

11,640,000

     

11,422,000

Total liabilities and stockholders’ equity      

$

12,290,000

   

$

12,351,000

 

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