There were some stocks which started the week on a pretty weak note and recorded significant losses as a result of selloffs. One of those was the Technical Communications Corporation (OTCMKTS:TCCO) stock, which suffered from a sharp selloff on Monday and ended the day with a decline of as much as 7%.
Trading Data
On Monday, TCCO stock ended lower by 7% to $2 with more than 3.11K shares, compared to its average volume of 2.2K shares. The stock has moved within a range of $1.5000 – 2.2000 after opening trade at $2.20.
Reports Results for the Fiscal Year Ended September 25, 2021
The company came into focus among investors yesterday after it announced its financial results for the fiscal year that had ended on September 25, 2021. It seems that the investors were not particularly happy with the news and that may be the reason behind the sharp selloff.
It may now be a good time to take a look at some of the highlights from the financial results. In the fiscal year, the company suffered losses to the tune of as much as $108,8000 and that worked out to per share losses of $0.95. In the prior year period, the losses had been $911000. On the other hand, the revenues for the fiscal year came in at $1,866,000 and that reflected a significant drop from the $4,108,000 in revenues that Technical Communications Corporation had generate in the prior year period.
Key Quote
Carl H. Guild Jr., President and CEO of Technical Communications Corporation, commented, “For the fiscal year 2021, TCC continues to experience significant delays in the capture of new international business. Although we have experienced growth in the number of new opportunities, the procurement times have approximately doubled due to the many and diverse effects of the COVID pandemic. Customers are reluctant to have in-person meetings and performance demonstrations all of which are necessary to consummate sales. In response, TCC has developed an effective capability to support customers through video communications and there is evidence that progress is being made in closing on selected projects.
