|
TECHNOLOGY RESEARCH CORPORATION
ANNOUNCES ALL-TIME HIGH QUARTERLY RESULTS
CLEARWATER, FLORIDA, October 22, 2003 --Robert
S. Wiggins, Chairman and Chief Executive Officer of Technology
Research Corporation (TRC), (NASDAQ-TRCI) announced today that
the Company's operating revenues for the second quarter ended
September 30, 2003 were $6,212,654, compared to $3,968,816 reported
in the same quarter last year, an increase of approximately
57%. Net income for the current quarter was $793,860, compared
to $206,131, for the same quarter last year, an increase of
approximately 285%. Basic and diluted earnings for the current
period were $.14 per share compared to $.04 per share for the
same quarter last year.
The Company's operating revenues for the six-month
period ended September 30, 2003 were $11,872,569, compared to
$7,824,134 reported in the same period of the prior year, an
increase of approximately 52%. Net income for the six-month
period was $1,377,960, compared to $335,586, for the same period
in the prior year, an increase of approximately 311%. Basic
earnings were $.25 per share and diluted earnings were $.24
per share for the six-month period compared to basic and diluted
earnings of $.06 per share for the same period last year.
Mr. Wiggins commented, “The Company is experiencing
a banner year with second quarter revenues and earnings at an
all-time high. The Company’s manufacturing facilities continue
to operate efficiently, and the Company ended the quarter with
$3,272,492 in cash and remained debt-free.” Mr. Wiggins added,
“The outlook for the remainder of the Company’s fiscal year
looks positive.”
For the six-month period ended September 30, 2003,
commercial sales increased by $1,677,261, military sales improved
by $2,399,398 and royalty income was down by $28,224 compared
to the prior year’s period. The increase in commercial revenues
was partially attributed to shipments of product in the amount
of $450,000 to a major sprayer/washer manufacturer in the first
quarter, and shipments of approximately $597,000 of the Company’s
Fire Shield® extension cords in Home Depot and Fire Shield®
Surge Strips in Wal-Mart throughout the first and second quarters.
New accounts in the Recreational Vehicle, Brand Label and Commercial
Distribution markets contributed to the remainder of the growth.
Military revenues were unusually strong due to direct military
shipments of support parts for existing systems and control
devices related to the Tactical Quiet Generator (TQG) programs.
The increase in direct military shipments is primarily the
result of current U.S. military activity.
The Company is making significant progress this
year in marketing its Fire Shield® brand name. As noted above,
the Company shipped approximately $600,000, or 5% of sales,
of Fire Shield® products to two major retailers in the first
two quarters, and the Company is pursuing other like opportunities.
In addition, the Company received approximately $36,000 in royalties
in the second quarter related to Fire Shield® licensed technology.
The Company’s patented Fire Shield® technology has numerous
applications and represents the Company’s most significant opportunity
for growth. For example, the Company is well-positioned to
participate in the estimated $60 million annual market created
by the 2002 National Electrical Code (NEC) and the Underwriters
Laboratories (UL) currently scheduled requirement for cord fire
protection on portable room air conditioners which are manufactured
after August 1, 2004. The Company’s Fire Shield® LCDI power
cords for this application have successfully completed the UL
testing requirements for the new 1699 standard and are available
for production.
The second quarter dividend of $.015 per share
will be paid on October 24, 2003 to
shareholders of record on September 30, 2003.
The Company’s annual dividend is expected to be $.06 per share.
TRC is an internationally recognized leader in
electrical safety products that prevent electrocution and electrical
fires and protect against serious injury from electrical shock.
Based on its core technology in ground fault sensing, products
are designed to meet the needs of 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.
“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.
Comparative Operating Results
Unaudited |
|
Operating revenues
Net income (loss) before taxes
Net income (loss)
Basic earnings (loss) per share
Weighted average number of common
shares outstanding |
9/30/2003
$6,212,654
$1,166,201
$793,860
$.14
5,529,811 |
9/30/2002
$3,968,816
$294,851
$206,131
$.04
5,437,497 |
9/30/2003
$11,872,569
$1,946,712
$1,377,960
$.25
5,493,301 |
9/30/2002
$7,824,134
$335,586
$.06
5,437,497 |
