GlobeNewswire Inc | Dec 28, 2020 08:00AM EST

December 28, 2020

CONCORD, Mass., Dec. 28, 2020 (GLOBE NEWSWIRE) -- Technical Communications Corporation (NasdaqCM: TCCO) today announced its results for the fiscal year ended September 26, 2020. For the year ended September 26, 2020, the Company reported a net loss of $(911,000), or $(0.49) per share, on revenue of $4,108,000, compared to net income of $631,000, or $0.34 per share, on revenue of $7,024,000 for the year ended September 28, 2019.

Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, As stated in our previous quarters earnings reports, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although we have experienced some limited progress toward the resumption of the procurement process. TCC and our customers have implemented substantial video communications in an effort to move the projects forward. We have seen evidence that certain countries are beginning to loosen restrictions, and TCC is preparing to increase its business development efforts as soon as it is allowed and safe.

TCC has and will continue to pursue and accept U.S. government small business financial aid as it becomes available. The entire TCC team is committed to doing what is necessary to stay prepared for an expected business upturn in fiscal 2021.

About Technical Communications Corporation

For over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONEbest-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 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 Companys filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 28, 2019 and its Quarterly Reports on Form 10-Q for the quarters ended June 27, 2020, March 28, 2020 and December 28, 2019 and the Risk Factors sections included therein.

Technical Communications Corporation

Condensed consolidated statements of operations

Year Ended 9/26/2020 9/28/2019 (Unaudited) (Unaudited)Net revenue $ 4,108,000 $ 7,024,000Gross profit 2,385,000 3,358,000S, G & A expense 2,227,000 2,407,000Product development costs 1,069,000 333,000Operating (loss) income (911,000 ) 618,000Net (loss) income (911,000 ) 631,000Net (loss) income per share: Basic $(0.49 ) $0.34Diluted $(0.49 ) $0.34

Condensed consolidated balance sheets

9/26/2020 9/28/2019 (Unaudited) (derived from audited financial statements)Cash and cash equivalents $ 1,514,000 $ 1,593,000Accounts receivable - trade 134,000 126,000Inventory 902,000 1,042,000Other current assets 153,000 118,000Total current assets 2,703,000 2,879,000 Property and equipment, net 38,000 19,000Right-of-use asset 559,000 - Total assets $ 3,281,000 $ 2,917,000 Current operating lease liability $ 152,000 $ -Deferred income 474,400 -Accounts payable 66,000 355,000Customer deposits 162,000 19,000Accrued expenses and other current 506,000 323,000liabilitiesTotal current liabilities 1,360,000 697,000 Long term operating lease liability 407,000 -Notes payable 150,000 - Total liabilities 1,917,000 697,000Total stockholders? equity 1,364,000 2,220,000Total liabilities and stockholders? $ 3,281,000 $ 2,917,000equity

Technical Communications Corporation100 Domino DriveConcord, MA 01742 2892

Michael P. MaloneChief Financial Officer(978) 287-5100www.tccsecure.com