TCC or Technical Communications Corporation (NASDAQ: TCCO) reported financial results for the fiscal year ended September 26th, 2020.
TCC specializes in high grade secure communications systems and customized solutions. The company’s CipherONE is best in class criteria that protects highly sensitive voice, data and video transmitted over a wide range of networks. Government entities, corporate enterprises and military agencies in 115 countries have chosen TCC’s security to protect their communications.
The company reported a net loss of USD 911,000 or USD 0.49 per share on revenue of USD 4.108,000 and a net income of USD 631,000 or USD 0.34 per share on revenue of USD 7,024,000 for the year ended September 28th, 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.”