TRC reports record profit

In releasing the results of its 2010 fiscal year, Clearwater-based Technology Research Corp. showed a record-breaking net income, along with what company CEO Owen Farren called “strong cash flow.”

Revenues for the 12 months ended March 31, 2010, were $34.8 million, up just slightly from the company's 2009 total of $33.7 million. But net income nearly doubled, up from $1.6 million to $2.8 million — or $0.47 per share.

Orders for the electronics manufacturer were down substantially on the year, with just $26 million in orders taken, compared to $40.8 million in 2009. But this year's revenues boosted the company's cash reserves, and even allowed it to complete a key acquisition.

TRC purchased Patco Electronics, a Titusville-based company, for $5 million in cash plus 675,000 shares of TRC stock (symbol: TRCI) this year. The transaction will boost 2011 results, and still left the company with $8.2 million in cash on hand at year's end.

Farren's remarks in the release announcing the firm's results were positive. “The company is well positioned to capitalize on the emerging opportunities of intelligent power management in both our commercial and military markets,” he said.

Technology Research Corp. designs, manufactures, and distributes power management and control systems, including battery systems technologies and electrical safety products, for commercial and military clients.