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
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Date of Report (Date of earliest event reported) |
May 11, 2015 |
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Technical Communications Corporation |
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(Exact name of registrant as specified in its charter) |
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Massachusetts |
001-34816 |
04-2295040 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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100 Domino Drive, Concord, MA |
01742 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(978) 287-5100 |
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Not Applicable |
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(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 11, 2015, Technical Communications Corporation announced its financial results for the quarter ended March 28, 2015. A copy of the press release dated May 11, 2015 describing such results is attached as Exhibit 99.1 to this report and incorporated herein.
Item 9.01 Financial Statements and Exhibits.
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a. |
Financial statements of businesses acquired. Not applicable. |
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b. |
Pro forma financial information. Not applicable. |
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c. |
Shell company transactions. Not applicable |
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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 11, 2015
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.
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Technical Communications Corporation |
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Dated: |
May 11, 2015 | By: |
/s/ Carl H. Guild, Jr. |
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Carl H. Guild, Jr. |
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President and Chief Executive Officer |
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Exhibit 99.1
Technical Communications Corporation Reports Results for the Three and Six Months Ended March 28, 2015
CONCORD, Mass.--(BUSINESS WIRE)--May 11, 2015--Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the three and six month periods ended March 28, 2015. For the quarter ended March 28, 2015, the Company reported net income of $210,000, or $0.11 per share, on revenue of $2,373,000, as compared to a net loss of $(1,467,000), or $(0.80) per share, on revenue of $1,293,000 for the quarter ended March 29, 2014. For the six months ended March 28, 2015, the Company reported a net loss of ($518,000), or ($0.28) per share, on revenue of $3,256,000, compared to a net loss of ($1,282,000), or ($0.70) per share, on revenue of $3,802,000 for the six months ended March 29, 2014.
Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “Our results for the quarter largely reflect a partial shipment of the previously announced $3.3 million contract from the Government of Egypt. The balance from this significant order is expected to be delivered in the third quarter of fiscal 2015.”
“We have a pipeline of potential contracts and new initiatives in development; however, long government procurement cycles, unpredictable order fulfillment lead times and fluctuating market conditions are expected to delay contract awards and negatively affect profitability for the fiscal year. We plan to continue to closely monitor and reduce operating expenses as appropriate while strategically investing in business development efforts,” added Guild.
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 Quarterly Report on Form 10-Q for the quarter ended December 27, 2014, and its Annual Report on Form 10-K for the fiscal year ended September 27, 2014 and the “Risk Factors” section included therein.
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Technical Communications Corporation |
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Condensed consolidated income statements |
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Quarter Ended |
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(Unaudited) |
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03/28/2015 |
03/29/2014 |
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| Net sales | $ | 2,373,000 | $ | 1,293,000 | ||||||
| Gross profit | 1,723,000 | 956,000 | ||||||||
| S, G & A expense | 765,000 | 842,000 | ||||||||
| Product development costs | 753,000 | 766,000 | ||||||||
| Operating profit (loss) | 205,000 | (652,000 | ) | |||||||
| Income tax provision | - | 821,000 | ||||||||
| Net income (loss) | 210,000 | (1,467,000 | ) | |||||||
| Net income (loss) per share: | ||||||||||
| Basic | $ | 0.11 | $ | (0.80 | ) | |||||
| Diluted | $ | 0.11 | $ | (0.80 | ) | |||||
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Six Months Ended |
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(Unaudited) |
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03/28/2015 |
03/29/2014 |
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| Net sales | $ | 3,256,000 | $ | 3,802,000 | ||||||
| Gross profit | 2,335,000 | 2,676,000 | ||||||||
| S, G & A expense | 1,521,000 | 1,549,000 | ||||||||
| Product development costs | 1,343,000 | 1,528,000 | ||||||||
| Operating loss | (529,000 | ) | (401,000 | ) | ||||||
| Income tax provision | - | 894,000 | ||||||||
| Net loss | (518,000 | ) | (1,282,000 | ) | ||||||
| Net loss per share: | ||||||||||
| Basic | $ | (0.28 | ) | $ | (0.70 | ) | ||||
| Diluted | $ | (0.28 | ) | $ | (0.70 | ) | ||||
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Condensed consolidated balance sheets |
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03/28/2015 |
09/27/2014 |
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(Unaudited) |
(derived from audited |
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financial statements) |
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| Cash and marketable securities | $ | 3,037,000 | $ | 4,938,000 | ||||||
| Accounts receivable, net | 1,860,000 | 403,000 | ||||||||
| Inventory | 2,804,000 | 2,721,000 | ||||||||
| Other current assets | 190,000 | 210,000 | ||||||||
| Total current assets | 7,891,000 | 8,272,000 | ||||||||
| Marketable securities | 881,000 | 1,105,000 | ||||||||
| Property and equipment, net | 330,000 | 432,000 | ||||||||
| Investment in unconsolidated subsidiary | 275,000 | - | ||||||||
| Total assets | $ | 9,377,000 | $ | 9,809,000 | ||||||
| Accounts payable | 298,000 | 173,000 | ||||||||
| Accrued expenses and other current liabilities | 452,000 | 568,000 | ||||||||
| Total current liabilities | 750,000 | 741,000 | ||||||||
| Total stockholders’ equity | 8,627,000 | 9,068,000 | ||||||||
| Total liabilities and stockholders’ equity | $ | 9,377,000 | $ | 9,809,000 | ||||||
CONTACT:
Technical Communications Corporation
Michael P. Malone,
978-287-5100
Chief Financial Officer
www.tccsecure.com