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
