Technology Research Corporation Reports Second Quarter Results
08 Novembre 2010 - 10:59PM
Technology Research Corporation ("TRC"), (Nasdaq:TRCI), today
announced revenue and earnings for its second fiscal quarter ended
September 30, 2010.
Revenue was $9.2 million for the fiscal quarter ended September
30, 2010, a decrease of $0.4 million from revenue of $9.6 million
for the fiscal quarter ended September 30, 2009. Net income for the
quarter ended September 30, 2010 was $0.3 million, or $0.05 per
diluted share compared with net income of $1.2 million, or $0.20
per diluted share for the same period one year earlier. Operating
cash flow, which we define as earnings before interest, taxes,
depreciation and amortization, was $1.1 million for the current
quarter, as compared to $1.9 million in the second fiscal quarter
of last year.
Orders for the quarter just ended were $7.0 million, an increase
of $1.9 million from the same fiscal quarter last year. Military
orders were $2.7 million, an increase of $1.5 million from the
second quarter of the previous year and commercial orders were $4.3
million, an increase of $0.4 million from the first quarter of the
prior year.
Owen Farren, President and CEO, said: "While our commercial
sales have rebounded nicely from last year's levels, our results
were impacted this quarter on the military side by delays in some
orders and programs. This impacted Patco as well as TRC's
traditional military business. Furthermore, we faced a tough
comparison to last year's second quarter, which was exceptional as
a result of heavy deliveries to our largest military customer.
While we expect to continue to be impacted in our third quarter by
similar delays, we remain positive about our Company's
direction.
"TRC continues to make very good progress on our strategic goal
of providing new and advanced power management and control products
and intelligent battery systems to our customers. We will do this
through a combination of targeted acquisitions and internal product
development."
Cash and cash equivalents were $9.3 million at September 30,
2010, an increase of $1.1 million from March 31, 2010. The Company
continues to have no borrowings outstanding under its line of
credit.
The second quarter dividend of $0.02 per share was paid on
October 15, 2010 to shareholders of record as of September 30,
2010.
TRC is a recognized leader in providing cost effective
engineered solutions for applications involving power management
and control, intelligent battery systems technology and electrical
safety products based on our proven ground fault sensing and Fire
Shield® technology. These products are designed, manufactured and
distributed to the consumer, commercial and industrial markets
worldwide. The Company also supplies power monitors and
control equipment to the United States Military and its prime
contractors. More information is available at
www.trci.net.
The Technology Research Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6266
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Some of the statements in this report
constitute forward-looking statements, within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Securities
Exchange Act of 1934. These statements are related to future
events, other future financial performance or business strategies,
and may be identified by terminology such as "may," "will,"
"should," "expects," "scheduled," "plans," "intends,"
"anticipates," "believes," "estimates," "potential," or "continue,"
or the negative of such terms, or other comparable
terminology. These statements are only
predictions. Actual events as well as results may differ
materially. In evaluating these statements, you should
specifically consider the factors described throughout this
report. We cannot be assured that future results, levels of
activity, performance or goals will be achieved.
Non-GAAP Financial Measures
This report sometimes refers to financial measures that are not
presented according to generally accepted accounting principles
(GAAP). Certain of these measures are considered "non-GAAP
financial measures" under the Securities and Exchange Commission
(SEC) regulations; those rules require the supplemental
explanations and reconciliations that are in our Form 8-K
(Quarterly Earnings Release) filed with the SEC.
TECHNOLOGY RESEARCH
CORPORATION AND SUBSIDIARIES |
Condensed Consolidated
Statements of Income |
(Unaudited) |
(In thousands, except share and
per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Six Months Ended September 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Revenue: |
|
|
|
|
Commercial |
$4,161 |
3,679 |
$8,492 |
7,044 |
Military |
4,880 |
5,901 |
10,891 |
12,109 |
Royalty |
137 |
47 |
227 |
173 |
|
|
|
|
|
Total revenue |
9,178 |
9,627 |
19,610 |
19,326 |
Cost of sales |
5,869 |
5,721 |
12,050 |
11,370 |
|
|
|
|
|
Gross profit |
3,309 |
3,906 |
7,560 |
7,956 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling and marketing |
579 |
608 |
1,251 |
1,280 |
General and administrative |
1,551 |
994 |
3,356 |
1,998 |
Research and development |
813 |
658 |
1,746 |
1,331 |
|
|
|
|
|
Total operating expenses |
2,943 |
2,260 |
6,353 |
4,609 |
|
|
|
|
|
Income from operations |
366 |
1,646 |
1,207 |
3,347 |
|
|
|
|
|
Other income, net |
-- |
2 |
1 |
5 |
|
|
|
|
|
Income before income taxes |
366 |
1,648 |
1,208 |
3,352 |
Income tax expense |
51 |
431 |
302 |
920 |
|
|
|
|
|
Net income |
$315 |
1,217 |
$906 |
2,432 |
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
$0.05 |
0.20 |
$0.14 |
0.41 |
|
|
|
|
|
Earnings per share - diluted |
$0.05 |
0.20 |
$0.13 |
0.40 |
|
|
|
|
|
Shares outstanding - basic |
6,605,419 |
5,891,828 |
6,602,680 |
5,891,828 |
|
|
|
|
|
Shares outstanding - diluted |
6,870,316 |
5,985,691 |
6,894,575 |
5,944,280 |
|
|
TECHNOLOGY RESEARCH
CORPORATION AND SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
|
|
|
(In thousands, except share
data) |
|
|
|
|
September 30,
2010 |
March 31,
2010 |
ASSETS |
(Unaudited) |
|
Current assets: |
|
|
Cash and cash equivalents |
$9,264 |
$8,216 |
Trade and other accounts receivable, net
of allowance for doubtful accounts of $30 at September 30,
2010 and $38 at March 31, 2010 |
4,334 |
4,400 |
Income taxes receivable |
— |
29 |
Inventories |
7,510 |
7,315 |
Deferred income taxes |
881 |
729 |
Prepaid expenses and other current
assets |
232 |
299 |
|
|
|
Total current assets |
22,221 |
20,988 |
Property, plant and equipment, net of
accumulated depreciation of $10,921 at September 30, 2010 and
$10,532 at March 31, 2010 |
3,067 |
3,123 |
Intangible assets, net of accumulated
amortization of $1,421 at September 30, 2010 and $238 at
March 31, 2010 |
2,746 |
3,929 |
Goodwill |
4,402 |
4,402 |
Other assets |
33 |
33 |
|
|
|
Total assets |
$32,469 |
$32,475 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Trade accounts payable |
$881 |
$1,423 |
Accrued expenses |
1,295 |
1,720 |
Accrued dividends |
135 |
134 |
Income taxes payable |
368 |
— |
|
|
|
Total current liabilities |
2,679 |
3,277 |
|
|
|
Income taxes payable |
442 |
303 |
Deferred income taxes |
946 |
1,397 |
Patco earn-out |
738 |
738 |
|
|
|
Total liabilities |
4,805 |
5,715 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
Common stock $0.51 par value; 10,000,000
shares authorized, 6,644,343 shares issued and 6,621,058 shares
outstanding at September 30, 2010 and 6,629,405 shares issued
and 6,603,620 shares outstanding at March 31, 2010 |
3,389 |
3,379 |
Additional paid-in capital |
12,827 |
12,570 |
Retained earnings |
11,504 |
10,867 |
Common stock held in treasury, 25,785
shares at cost |
(56) |
(56) |
|
|
|
Total stockholders' equity |
27,664 |
26,760 |
|
|
|
Total liabilities and stockholders'
equity |
$32,469 |
$32,475 |
|
|
TECHNOLOGY RESEARCH
CORPORATION AND SUBSIDIARIES |
Supplemental Information |
Reconciliation of Operating
Cash Flow to Income from Operations |
(Unaudited) |
(In thousand) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Six Months Ended September 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Income from Operations |
$366 |
1,646 |
$1,207 |
3,347 |
Depreciation Expense |
261 |
248 |
515 |
523 |
Amortization Expense |
515 |
14 |
1,183 |
29 |
|
|
|
|
|
Operating Cash Flow |
$1,142 |
$1,908 |
$2,905 |
$3,899 |
CONTACT: Technology Research Corporation
Robert D. Woltil, Chief Financial Officer
(727) 535-0572
Fax: (727) 535-9691
www.trci.net
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