Technical Communications Corporation (TCCO) saw its loss narrow to $0.86 million, or $0.47 a share for the quarter ended Oct. 01, 2016. In the previous year period, the company reported a loss of $1.17 million, or $0.64 a share. Revenue during the quarter plunged 56.50 percent to $0.40 million from $0.93 million in the previous year period. Gross margin for the quarter stood at negative 52.35 percent as compared to a negative 12.78 percent for the previous year period.
Operating loss for the quarter was $0.86 million, compared with an operating loss of $1.17 million in the previous year period.
Commenting on corporate performance, Carl H. Guild, Jr., president and chief executive officer of TCC, said, "While TCC continues to have a pipeline of initiatives in development, the timing and outcome of these potential contracts is unknown. The delay in the timing of customer orders received during fiscal 2016 resulted in reduced revenues for the period. The Company believes market conditions will improve and provide opportunities to build a successful future through its efforts to enlarge and enhance its product line and expand its customer base by both identifying new customers for existing and new products and offering such products to current customers."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
