0001157523-16-006502.txt : 20160811 0001157523-16-006502.hdr.sgml : 20160811 20160810182128 ACCESSION NUMBER: 0001157523-16-006502 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160811 DATE AS OF CHANGE: 20160810 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: 161822513 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 a51399926.htm TECHNICAL COMMUNICATIONS 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)

August 10, 2016

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 August 10, 2016, Technical Communications Corporation announced its financial results for the quarter ended July 2, 2016.  A copy of the press release dated August 10, 2016 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 August 10, 2016



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:

August 10, 2016 By:

/s/ Carl H. Guild, Jr.

Carl H. Guild, Jr.

President and Chief Executive Officer

EX-99.1 2 a51399926ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Technical Communications Corporation Reports Results for the Three and Nine Months Ended July 2, 2016

CONCORD, Mass.--(BUSINESS WIRE)--August 10, 2016--Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the three and nine month periods ended July 2, 2016. For the three months ended July 2, 2016, the Company reported a net loss of $(931,000), or $(0.51) per share, on revenue of $581,000, as compared to a net loss of $(134,000), or $(0.07) per share, on revenue of $1,756,000 for the three months ended June 27, 2015. For the nine months ended July 2, 2016, the Company reported a net loss of $(1,612,000), or $(0.88) per share, on revenue of $2,118,000, compared to a net loss of ($652,000), or ($0.35) per share, on revenue of $5,011,000 for the nine months ended June 27, 2015.

Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, “Major domestic and international contracts unfortunately did not materialize during the quarter as previously expected due to long government procurement cycles. We continue to aggressively pursue these contracts and other opportunities. We also continue to restrict expenses while strategically investing in the business.”

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 Reports on Form 10-Q for the quarters ended January 2, 2016 and April 2, 2016, and its Annual Report on Form 10-K for the fiscal year ended October 3, 2015 filed with the Commission and the “Risk Factors” section included therein.


 

 

Technical Communications Corporation

Condensed consolidated statements of operations

     

Quarter Ended

 (Unaudited)

         

 7/02/2016

         

6/27/2015

 
Net sales       $ 581,000         $ 1,756,000  
Gross (loss) profit         (45,000 )         1,149,000  
S, G & A expense         718,000           759,000  
Product development costs         215,000           563,000  
Operating loss         (977,000 )         (173,000 )
Income tax benefit         (43,000 )         (35,000 )
Net loss         (931,000 )         (134,000 )
Net loss per share:                
Basic       $ (0.51 )       $ (0.07 )
Diluted       $ (0.51 )       $ (0.07 )
     

 Nine Months Ended

   (Unaudited)

         

7/02/2016

         

 6/27/2015

 
Net sales       $ 2,118,000         $ 5,011,000  
Gross profit         721,000           3,484,000  
S, G & A expense         2,127,000           2,280,000  
Product development costs         721,000           1,905,000  
Operating loss         (2,126,000 )         (701,000 )
Gain on sale of investment         462,000           -  
Income tax benefit         (43,000 )         (35,000 )
Net loss         (1,612,000 )         (652,000 )
Net loss per share:                
Basic       $ (0.88 )       $ (0.35 )
Diluted       $ (0.88 )       $ (0.35 )

 

 Condensed consolidated balance sheets

           

   7/02/2016

 10/03/2015

       

    (Unaudited)

     

(derived from audited
financial statements)

Cash and marketable securities       $ 3,240,000       $ 2,947,000
Accounts receivable - trade         386,000         1,791,000
Inventory         1,767,000         1,851,000
Other current assets         244,000         133,000
Total current assets         5,637,000        

6,722,000

Marketable securities         428,000         762,000
Property and equipment, net         170,000         257,000
Cost method investment         -         275,000
                 
Total assets       $ 6,235,000       $ 8,016,000
                 
Accounts payable         109,000         180,000
Accrued expenses and other current liabilities         355,000         463,000
Total current liabilities         464,000         643,000
Total stockholders’ equity         5,771,000         7,373,000
Total liabilities and stockholders’ equity       $ 6,235,000       $ 8,016,000

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