CLEARWATER, Fla., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Technology Research Corporation ("TRC"), (Nasdaq:TRCI), today announced revenue and earnings for its third fiscal quarter ended December 31, 2010.
Revenue was $6.9 million for the fiscal quarter ended December 31, 2010, a decrease of $0.7 million from revenue of $7.6 million for the fiscal quarter ended December 31, 2009. The net loss for the quarter ended December 31, 2010 was $0.3 million, or $(0.05) per diluted share compared with net income of $0.5 million, or $0.08 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 $ 0.0 million for the current quarter, as compared to $ 0.9 million in the third fiscal quarter of last year.
Orders for the quarter just ended were $9.1 million, an increase of $3.3 million from the same fiscal quarter last year. Military orders were $6.0 million, an increase of $4.5 million from the third quarter of the previous year and commercial orders were $3.1 million, a decrease of $1.2 million from the third quarter of the prior year.
Owen Farren, President and CEO, said, "As we indicated last quarter, our third quarter results continued to be affected by delays in certain orders and programs in our military business. While results are below expectations, our bookings going into the last quarter of the fiscal year have picked up in both TRC's traditional military business and the newly acquired Patco intelligent battery systems business. As a result, we are confident of stronger results for the quarter currently underway.
"Looking ahead, we expect to continue repositioning the Company by moving into higher margin products. TRC has made substantial investments in new product development, and over the next six months we expect several of these initiatives to begin making contributions to both revenue and profitability. We are confident in the organization's ability to complete these planned objectives, and believe that our new direction will lead to greater shareholder value in the future."
Cash and cash equivalents were $8.7 million at December 31, 2010, an increase of $0.5 million from March 31, 2010 even after funding the $1.1 million Shoreline Reels acquisition. We continue to have no borrowings outstanding under our line of credit.
The third quarter dividend of $0.02 per share was paid on January 14, 2011 to shareholders of record as of December 31, 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(R) 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 .
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Caution Concerning Forward-Looking Statements
"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 "continues", or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events as well as results may differ materially. Important factors that could cause the differences are discussed in TRC's reports on Forms 10-Q and 10-K that it periodically files with the Securities and Exchange Commission. TRC does not undertake to update any forward-looking statements in this press release. Copies of TRC's SEC filings, including its annual report on Form 10-K and quarterly reports on Form 10-Q, may be obtained by contacting its investor relations department at 727-535-0572 or at the Investor Relations section of its website at
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.
CONTACT: TECHNOLOGY RESEARCH CORPORATION 5250 140th Avenue North Clearwater, Florida 33760 Owen Farren, President and CEO Web Page: www.trci.net Robert D. Woltil Chief Financial Officer Tel: (727) 812-0659 Fax: (727) 535-9691