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Technical Communications Corporation Reports Results for the Fiscal Quarter Ended March 25, 2023 and Announces $1.580 Million Contract to Secure Military Communications
Technical Communications Corporation Reports Results for the Fiscal Quarter Ended March 25, 2023 and Announces $1.580 Million Contract to Secure Military Communications.
About this update from Technical Communications Corp.
[{"type":"text","content":"\n CONCORD, Mass., May 09, 2023 (GLOBE NEWSWIRE) -- Technical Communications Corporation (OTCQB: TCCO) today announced its results for the fiscal quarter ended March 25, 2023. For the quarter ended March 25, 2023, the Company reported a net loss of $(629,000), or $(0.34) per share, on revenue of $27,000, compared to a net loss of $(522,000), or $(0.28) per share, on revenue of $565,000 for the quarter ended March 26, 2022. For the six months ended March 25, 2023, the Company reported a net loss of $(1,478,000), or $(0.80) per share, on revenue of $149,000, compared to a net loss of $(1,136,000), or $(0.61) per share, on revenue of $989,000 for the six months ended March 26, 2022. Carl H. Guild Jr., President, CEO and Acting CFO, of Technical Communications Corporation, commented, “The adverse impacts of the COVID pandemic are beginning to abate however the procurement delays continue to have negative effects on the financial condition of the Company. We continue to work closely with our customers in order to be able to move quickly once they are in a position to initiate programs. TCC continues to closely monitor expenses and is actively pursuing additional sources of liquidity.” Technical Communications Corporation today, May 9, 2023 announced that it received a $1.580 million contract from a major North African country for the company’s CX7211 IP Data Encryption systems, KEYNET Management Systems, on-site training and support. Delivery of the equipment and training services is expected to be completed in the period July through December 2023. This is the first order in a potential multi-order procurement that is expected to extend thru CY2025. Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “We are pleased that our customer has selected TCC’s state-of-art IP Data Encryption systems to secure its military communications network. We believe the combination of our quality systems, commitment to meeting unique requirements, and full lifecycle services have fostered this longstanding relationship. We also expect follow-on sales as our customer continues to expand its network.” The CX7211 IP Data Encryption System is a member of TCC’s network encryption family. It provides strategic-level security for data signals in demanding environments and covers ...