-----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, D7A0bKFWE6a3fLGuYb0MsuMW1k5hisluXRx+84+jw9JXaYf6ky9pa3yYarzISwNe N+VmGbIsGy7UkBpT8lfZew== 0001171843-10-001489.txt : 20100802 0001171843-10-001489.hdr.sgml : 20100802 20100802080024 ACCESSION NUMBER: 0001171843-10-001489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100729 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100802 DATE AS OF CHANGE: 20100802 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: 10982799 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 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

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) July 29, 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 August 2, 2010, Technical Communications Corporation announced its financial results for the fiscal quarter ended June 26, 2010. A copy of the press release dated August 2, 2010 describing such results is attached as Exhibit 99.1 to this report and incorporated herein.

Item 8.01. Other Events.

On July 29, 2010, the Board of Directors declared a dividend of $0.10 per share of common stock payable on September 7, 2010 in cash to all shareholders of record on August 23, 2010. A copy of the press release dated August 2, 2010 describing such dividend declaration 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 2, 2010


SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    Technical Communications Corporation
(Registrant)

August 2, 2010
(Date)
  /s/   CARL H. GUILD, JR.
Carl H. Guild, Jr.
President and Chief Executive Officer
EX-99.1 2 newsrelease.htm PRESS RELEASE Technical Communications Corporation Reports Results for the Third Fiscal Quarter Ended June 26, 2010 and Announces a Dividend of $0.10 Per Share

EXHIBIT 99.1

Technical Communications Corporation Reports Results for the Third Fiscal Quarter Ended June 26, 2010 and Announces a Dividend of $0.10 Per Share

CONCORD, Mass., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Technical Communications Corporation (Nasdaq:TCCO) today announced its results for the fiscal quarter ended June 26, 2010. For the third quarter of the Company's 2010 fiscal year, the Company reported net income of $2,423,000 or $1.33 per share, on revenue of $6,350,000, as compared to net income of $277,000, or $0.19 per share, on revenue of $2,087,000 for the quarter ended June 27, 2009.   For the nine months ended June 26, 2010, the Company reported net income of $4,692,000, or $2.87 per share, on revenue of $14,690,000, as compared to net income of $708,000, or $0.49 p er share, on revenue of $5,987,000 for the nine months ended June 27, 2009. 

The Company also announced that on July 29, 2010 its Board of Directors declared a dividend of $0.10 per share of common stock outstanding. The dividend is payable in cash on September 7, 2010 to all shareholders of record on August 23, 2010.

Commenting on corporate performance, Carl H. Guild, Jr., President and Chief Executive Officer of TCC, said, "Revenue and operating income increased during the third quarter due to the extraordinary sales volume generated by deliveries of TCC's DSP 9000 RF Encryption Systems currently being deployed in Afghanistan. As previously reported, the Company received orders in April 2010 valued at approximately $9.7 million for encryption equipment to provide secure national communications in Afghanistan. TCC is making shipments on these contracts on an accelerated basis and expects to substantially complete deliveries in the fourth quarter of 2010, which we expect will result in record revenues for fiscal 2010. Upon completion of these deliveries, our revenue is expected to return to the more modest levels achieved during the recent past. The Company continues to expand its market for the DSP9000 RF Encryption System to new customers that can benefit from a universal security solution which can be applie d to their existing radio communications suite of equipment. "

Mr. Guild continued, "For the remainder of fiscal 2010 and fiscal 2011, TCC expects to maintain its increased investment in internal product development. We are evaluating several technical options for enhancing the DSP 9000 Radio Encryption product line, which may include cryptography modifications, hardware and software changes and partnering with radio manufacturers to incorporate imbedded solutions. Driven by customer demand, TCC has proceeded with the development of variants of its DSD72A-SP Bulk Encryptor, which will provide higher speeds and additional interfaces for the encryptor's many commercial and government applications. A new multi-mode interface for the DSD72A and a new family of high performance path sensitive encryptors are in development. Market introduction of the initial versions of these products is expected in the fall of 2010. The CX7000 family of IP and frame sensitive encryptors also is expected to be expanded to provide high speed solutions for enterprise networks and satellite com munications systems requiring tailored operational and network characteristics."

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 115 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 Quarterly Reports on Form 10-Q for the quarters ended March 27, 2010 and December 26, 2009 and its Annual Report on Form 10-K for the fiscal year ended September 26, 2009.

 
Technical Communications Corporation
 
Condensed consolidated income statements
   
  Quarter Ended
(Unaudited)
  6/26/2010 6/27/2009
Net sales $ 6,350,000 $ 2,087,000
Gross profit 4,489,000 1,283,000
S, G & A expense 696,000 526,000
Product development costs 781,000 486,000
Operating income 3,012,000  271,000
Income tax expense 590,000 -- 
Net income 2,423,000 277,000
Net income per share:    
Basic $ 1.33 $ 0.19
Diluted $ 1.29 $ 0.17
   
   
  Nine Months Ended
(Unaudited)
  6/26/2010 6/27/2009
Net sales $ 14,690,000 $ 5,987,000
Gross profit 10,192,000 3,732,000
S, G & A expense 2,327,000 1,784,000
Product development costs 1,639,000 1,277,000
Operating income 6,226,000 671,000
Income tax expense 1,537,000 -- 
Net income 4,692,000 708,000
Net income per share:    
Basic $ 2.87 $ 0.49
Diluted $ 2.72 $ 0.43

                                         

Condensed consolidated balance sheets
 
  6/26/2010
(unaudited)
9/26/2009
(derived from audited
financial statements)
Cash $  5,548,000 $ 5,418,000
Accounts receivable, net 2,388,000 403,000
Inventory 2,439,000 2,415,000
Deferred income taxes 546,000 566,000
Other current assets  257,000    180,000
Total current assets 11,178,000 8,982,000
Property and equipment, net  347,000  340,000
Total assets $  11,525,000  $ 9,322,000
     
Accounts payable 447,000 250,000
Accrued expenses and  other current liabilities  2,599,000  2,359,000
Total current liabilities 3,046,000 2,609,000
Total stockholders' equity   8,479,000   6,713,000
Total liabilities and stockholders' equity $ 11,525,000 $ 9,322,000
CONTACT:  Technical Communications Corporation
          Michael P. Malone, Chief Financial Officer
          (978) 287-5100
          www.tccsecure.com
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