Technology Research Corporation (Technology Research) has reported total operating revenues of $7.82 million for the third quarter of fiscal 2009, compared with the total operating revenues of $9.23 million in the year-ago quarter. It has also reported a net income of $0.25 million, or $0.04 per share, for the third quarter of fiscal 2009, compared with the net income of $0.35 million, or $0.06 per share, in the year-ago quarter.
Orders for the third fiscal quarter were $10.6 million, an increase of $2.6 million from the same fiscal quarter last year. Military orders were $6.8 million, an increase of $4.6 million from the third fiscal quarter of the previous year and commercial orders were $3.8 million, a decrease of $2.0 million from the third quarter of the prior year.
Cash and cash equivalents and short-term investments were about $5.1 million at December 31, 2008, an increase of around $1.5 million from March 31, 2008.
Owen Farren, president & chief executive officer said, “Military orders continue to be strong and in excess of prior year levels, but we have seen significant weakness in our commercial bookings during our third fiscal quarter and continuing into our fiscal fourth quarter. Our commercial bookings have been significantly impacted by the downturn in the economy and the turmoil in the financial credit markets. The diversification of our business has allowed us to remain profitable during these challenging times.
“Two initiatives that TRC has underway make us cautiously optimistic about continued profitability in these uncertain economic times. First, TRC has introduced new products this fiscal year and we expect to add additional new products that will be introduced in our new fiscal year starting April 1, 2009. Second, we expect that our investment in streamlining our business operations and reducing our manufacturing costs will continue to favorably impact our business in FY 2010.”
The third quarter dividend of $.02 per share was paid on January 15, 2009 to shareholders of record as of December 31, 2008.