UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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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)) | |
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Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On December 14, 2022, Technical Communications Corporation (the “Company”) announced its financial results for the year ended September 24, 2022. A copy of the press release, dated December 14, 2022, describing such results is attached as Exhibit 99.1 to this report and incorporated herein.
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 December 14, 2022 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 | ||
Date: December 14, 2022 | By: | /s/ Carl H. Guild, Jr. |
Carl H. Guild, Jr. | ||
President and Chief Executive Officer | ||
EXHIBIT 99.1
Technical Communications Corporation Reports Results for the Year Ended September 24, 2022
CONCORD, Mass., Dec. 14, 2022 (GLOBE NEWSWIRE) -- Technical Communications Corporation (OTCQB: TCCO) today announced its results for the year ended September 24, 2022. The Company reported a net loss of $(2,331,000), or $(1.26) per share, on revenue of $1,304,000 for the year ended September 24, 2022, compared to a net loss of $(1,088,000), or $(0.59) per share, on revenue of $1,866,000 for the year ended September 25, 2021.
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “The Company continues to be impacted by the international COVID pandemic. We have started to see progress in more and more countries toward the resumption of the procurement process, including product demonstration requests, remote training and the receipt of formal requests for quotations. We will continue to work closely with these customers in order to be able to move quickly once they are in a position to place orders. In the meantime, TCC continues to closely monitor expenses and is actively pursuing additional sources of liquidity.”
About Technical Communications Corporation
For over 60 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 over 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 that are not purely historical 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 impact of the COVID-19 pandemic (including on customers) and governmental responses thereto; the effect of domestic and foreign political unrest; domestic and foreign government policies and economic conditions; 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 Annual Report on Form 10-K for the fiscal year ended September 25, 2021 and its Quarterly Reports on Form 10-Q for the quarters ended June 25, 2022, March 26, 2022 and December 25, 2021 and the “Risk Factors” section included therein.
Technical Communications Corporation
Condensed consolidated statements of operations
Year Ended | ||
9/24/2022 (Unaudited) | 9/25/2021 (Unaudited) |
Net revenue | $ | 1,304,000 | $ | 1,866,000 | ||
Gross profit (loss) | 14,000 | 557,000 | ||||
S, G & A expense | 1,914,000 | 1,842,000 | ||||
Product development costs | 817,000 | 732,000 | ||||
Operating loss | (2,717,000 | ) | (2,017,000 | ) | ||
Net loss | (2,331,000 | ) | (1,088,000 | ) | ||
Net loss per share: | ||||||
Basic | $ | (1.26 | ) | $ | (0.59 | ) |
Diluted | $ | (1.26 | ) | $ | (0.59 | ) |
Condensed consolidated balance sheets
9/24/2022 (Unaudited) | 9/25/2021 (derived from audited Financial statements) |
Cash and cash equivalents | $ | 7,000 | $ | 298,000 | |
Accounts receivable - trade | 15,000 | 281,000 | |||
Accounts receivable -other | 516,000 | - | |||
Inventory | 966,000 | 1,157,000 | |||
Other current assets | 187,000 | 170,000 | |||
Total current assets | 1,691,000 | 1,906,000 | |||
Property and equipment, net | 11,000 | 4,000 | |||
Right-of-use asset | 249,000 | 407,000 | |||
Total assets | $ | 1,951,000 | $ | 2,317,000 | |
Current operating lease liability | $ | 164,000 | $ | 158,000 | |
Current portion of long-term debt | 3,002,000 | 1,000,000 | |||
Accounts payable | 159,000 | 106,000 | |||
Customer deposits | 4,000 | 45,000 | |||
Accrued expenses and other current liabilities | 324,000 | 265,000 | |||
Total current liabilities | 3,653,000 | 1,574,000 | |||
Long term operating lease liability | 85,000 | 248,000 | |||
Notes payable | 148,000 | 150,000 | |||
Total liabilities | 3,886,000 | 1,972,000 | |||
Total stockholders’ equity (deficit) | (1,935,000 | ) | 345,000 | ||
Total liabilities and stockholders’ equity | $ | 1,951,000 | $ | 2,317,000 |
Michael P. Malone
Chief Financial Officer
(978) 287-5100
www.tccsecure.com
Cover |
Dec. 14, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 14, 2022 |
Entity File Number | 001-34816 |
Entity Registrant Name | Technical Communications Corporation |
Entity Central Index Key | 0000096699 |
Entity Tax Identification Number | 04-2295040 |
Entity Incorporation, State or Country Code | MA |
Entity Address, Address Line One | 100 Domino Drive |
Entity Address, City or Town | Concord |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01742 |
City Area Code | 978 |
Local Phone Number | 287-5100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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