Technical Communications Corporation (NASDAQ:TCCO) recently announced the financial results for its three and six months periods ending on March 31, 2018. According to the report, the company reported a net loss of $313,000 on revenue of $930,000 for the first three months ending on March this year. Last year, the company recorded a net income of $128,000 on the revenue of $138,500 for the same period.
Company Fails To Achieve Desired Result For Second Quarter
The company reported a net loss of $365,000 on revenue of $2.05 million for the six months ending on March 31, 2018. For the same period last year, the company reported a net loss of $567,000 on revenue of $2.02 million. The President and Chief Executive Officer of TCC, Carl H. Guild, said that the company failed to achieve the desired financial performance for FY 2018. He stated that even though the company managed to get a go-ahead for several international opportunities, most of them are yet to be closed or have been delayed in the procurement or evaluation process.
Guild stated that the products of his company are exposed to rigorous field and laboratory testing to ensure that all the customer requirements are fulfilled before the procurement process. The CEO of TCC hopes that by the next quarter all the customer evaluations will be completed, which will allow the procurement to proceed. Guild stated that the company will soon return to profitability over the remainder of FY2018.
According to the TCC CEO, “We continue to closely monitor and reduce operating expenses as appropriate, while strategically investing in business development efforts, developing productive relationships and expanding our sales channel network.”
TCC Long-Time Director Passes Away
The company specializing in superior-grade secures communications systems and customized solutions with a history of over 50 years announced a few days ago the unfortunate passing of Mitchell B. Briskin, its long-time director and member of the company’s Audit Committee. Mr. Briskin was a part of the company since 1998 and made a significant contribution during his association of 20 years with the company.