CLEARWATER, Fla. - Technology Research Corporation (TRC) announced revenue and earnings for its fourth fiscal quarter and fiscal year ended March 31, 2009.

Revenue was $8.0 million for the fiscal quarter ended March 31, 2009, a decrease of $1.0 million from revenue of $9.0 million for the fiscal quarter ended March 31, 2008. Net income for the fourth fiscal quarter ended March 31, 2009 was $0.4 million or $.07 per diluted common share compared with net loss of ($0.9) million or ($.15) per diluted common share for the fiscal quarter ended March 31, 2008.

Orders for the fourth fiscal quarter were $14.8 million, an increase of $4.2 million from the same fiscal quarter last year. Military orders were $12.1 million, an increase of $7.6 million from the fourth fiscal quarter of the previous year and commercial orders were $2.7 million, a decrease of $3.4 million from the fourth quarter of the prior year.

Revenue was $33.7 million for the fiscal year ended March 31, 2009, a decrease of $3.5 million from revenue of $37.2 million for the fiscal year ended March 31, 2008. Net income for the fiscal year ended March 31, 2009 was $1.6 million or $.28 per diluted common share compared with net income of $0.4 million or $0.06 per diluted common share for the fiscal year ended March 31, 2008.

Orders for the fiscal year were $40.8 million, an increase of $3.4 million from the prior fiscal year. Military orders were $23.6 million, an increase of $10.0 million from the previous year and commercial orders were $17.2 million, a decrease of $6.7 million from the prior year.

Net cash and cash equivalents and short-term investments were approximately $6.0 million at March 31, 2009, an increase of approximately $2.3 million from March 31, 2008.

Owen Farren, President & CEO said, "Fiscal 09 was a transformational year for TRC. We made great progress in streamlining our operations to lower our cost of operations and put in place systems that will support our internal growth and acquisition plans. In October 2008, we received approval from the U.S. Government for a manufacturing license agreement with our subsidiary in Honduras in accordance with International Traffic in Army Regulations (ITAR). We have already begun to transition work to our facility in Honduras which will primarily be completed in our second fiscal quarter of FY2010 and should have the effect of reducing our cost of sales. Additionally, our Clearwater facility was certified under ISO 9000:2008. We have further developed our engineering capabilities and are working on advanced designs with complex firmware and electronics as well as electrical and electromechanical capabilities. These advanced engineering capabilities have enabled us to expand our design and low cost partnerships with key customers."

The fourth quarter dividend of $.02 per share was paid on April 15, 2009 to shareholders of record as of March 31, 2009.

TRC is an internationally recognized leader in electrical safety products that prevent electrocution and electrical fires and protect against serious injury from electrical shock. Based on its core technology in ground fault sensing, products are designed to meet the needs of the consumer, commercial and industrial markets worldwide. The Company also supplies power monitors and control equipment to the United States Military and its prime contractors.