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CLEARWATER — Technology Research Corp. (symbol: TRC) lost $0.3 million in the three months ended Dec. 31, 2010, on $6.9 million in revenues. In the same quarter last year, the company netted $0.5 million in profits on $7.6 million in revenues.
Quarterly performance suffered from “delays” to certain orders and programs involving military contracts, according to Owen Farren, president and CEO. But Farren assures that next quarter will bring stronger results.
“Bookings going into the last quarter of the fiscal year have picked up in both TRC's traditional military business and the newly acquired Patco intelligent battery systems business,” Farren said in a release.
Going forward, the company hopes to gain from its investment in new product research and development.
“We expect to continue repositioning the company by moving into higher margin products,” Farren explained. “TRC has made substantial investments in new product development, and over the next six months we expect several of these initiatives to begin making contributions to both revenue and profitability.”
The power management solutions company headquartered in Clearwater is in a strong capital position, with $8.7 million in cash in the bank, against zero debt on its line of credit.
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