TMC Annual Reports

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The following links take you to scans of all of the company's annual reports.  Currently the report from 1993 is missing; this report is welded shut thanks to water damage.  If/when I get it repaired, I'll add the scan of this report as well.  

TMC's corporate filings with the state of New York can be found here.

Year Major Events Sales Profit/Loss
1959 Initial Public Offering Sept 30, 1959.  Production facilities tripled.  Four new products. $5.03M $645K
1960 Opened office  in Alexandria VA, introduced GPT-40K, DDR-5.  Equipment in Arctic and added to manned space program $6.65M $960K
1961 Management team expanded to 17.  Bill Pritchard becomes chief engineer.  New offices opened in Florida and California.  First international office added in Switzerland.  GPT-200K shipped.  TMC Systems plant opened in Garland TX.  New plant opened in Nyack (Clarkstown), NY.  TMC Power Systems opened in Alexandria. $11.6M $1.76M
1962 Clarkstown plant cranks out a transmitter in under 4 hours.  Plants expanded in Canada, Virginia, and Texas.  Work begun to double size of Clarkstown plant. $22.1M $3.46M
1963 TMC Research opened under J.K. Palmer in San Luis Obispo, CA.   Company now has 9 subsidiaries.  Company now has 240 products, shipped to over 100 countries.  $28.4M $2.22M
1964 Technimatic products introduced, allowing transmitters and receivers to be operated remotely.  GPR-92 introduced.  Training school moved to Clarkstown facility.  New plant built for TMC Power Distribution.  TTRT, first solid-state transceiver introduced. $29.4M $2.43M
1965 Sharp drop in income/profit chalked up to lower government demand and increasing competition. $18.4M $37.2K
1966 Bill Gallione (Exec VP and company founder) retires and is replaced by George Dixon, retired Navy.  New building in Springfield, VA.  MMX and several other solid-state radios introduced.  New 2.5KW solid-state transmitter introduced.  GPT-10K installed at WWV, Ft Collins, CO.  TMC equipment installed in Super Constellation to provide radio/tv transmission flying off coast of Vietnam. $22.1M $377K
1967 GPR-10 is introduced, though possibly never sold.  New automated version of GPT-10K introduced.  New broadcast transmitter introduced with MMX exciter.  Transportable VLH 200KW transmitter, van-mounted, introduced.    TMC Systems in Arizona established to build xtal filters.  Company now offers over 300 products. $24.6M $620K
1968 Govt programs severely curtailed or stretched out.  Company attempts to enter avionics and marine communications market.  DDR-10 (FRR-85) introduced.  Company discusses sale of TMC Systems and Power Corp, which showed a net loss.  $17.4M ($603K)
1969 Discussions about sale of Power Corp discontinued, and division reorganized.  HFT-10K transmitter, STR-5 strip receiver, and SBG-4 exciter introduced. $10.9M ($58K)
1970 Strong losses blamed on rising costs and almost complete cessation of government business.  Deliveries of FRR-85 begin in November 1969. $7.85M ($1.55M)
1971 Company writes off 44% of its inventory.  Settlement of suit by Lockheed Aircraft costs $0.25M.  Property in VA sold.  Company is de-listed. $9.35M ($1.24M)
1972 Doug Carroll, company founder, dies; TMC Canada taken over by Harry Hargreaves.  Lawsuit with Navy settled in TMC's favor.  $5.52M ($1.54M)
1973 Management writes off slow-moving merchandise, TMC Systems building costs, and loss on US govt generator contract.  Company buys stock to allow small stockholders to sell their shares. $3.86M ($2.50M)
1974 Consolidation and streamlining cut losses.  VA plant is rented, cutting losses.  GPR-110 is introduced. $6.05M ($190K)
1975 Company resolves a strike, increased costs of labor and operations affects bottom line.  Consolidation of Canada and Swiss operations reduce costs  New transportable 1KW transmitter, new 40KW transmitter introduced. $5.42M $76K
1976 TMC Systems in Arizona put up for sale.  Company takes a loss from repairs to equipment shipped in 74-75 that failed to operate satisfactorily.  $2.93M ($696K)
1977 MMX-2B, remote controlled 10KW transmitter, ATU-1K8 introduced.  Despite "vigorous" efforts to produce a profit, adverse conditions and rising costs blamed for loss. $2.17M ($784K)
1978 Annual report delayed due to strike.  Employees' savings trust plan terminated.  Swiss office closed. $2.35M ($651K)
1979 Eugene Hofmann brought in as president; Ray de Pasquale remains chairman of board.  Arizona office sold. $1.74M ($272K)
1980 Hofmann settles union contract issues and increases sales.  TTR-1000 synthesized transceiver, and several new antenna couplers introduced. $2.93M $223K
1981 TMC Systems and Power Corp written off. $2.34M $92K
1982 TMC performs "rehab" program for Navy of older TMC equipment. $3.45M $155K
1983 Hofmann touts 4 years of cost-cutting and consolidation for profit, which includes sale of Telecom Realty Corp and TMC Canada. $2.90M $579K
1984 TMC sells one of its buildings.  Parts shortages delay shipments. $1.98M $392K
1985 Predicted defense dept cuts; increased interest in non-gov and foreign sales.  Company explores systems design activities using other manufacturers' equipment.  MMX-4 introduced. $2.27M $11K
1986 Hofmann leaves company.  Neil de Pasquale assumes presidency.  Company introduces RMC-10 microcomputer. $1.17M ($827K)
1987 Company installs new computer system to oversee operations.  TMC attempts to sell software developed for their internal systems. $1.17M $67K
1988   $834K ($170K)
1989   $686K ($241K)
1990   $1.12M ($532K)
1991   $723K ($782K)
1992   $601K ($905K)
1993   $314K ($904K)
1994 Ray de Pasquale, company founder dies on Feb 19.  Neil and Frank Budetti are remaining company officers and directors.   Neil issues a final and bleak assessment of company's prospects.  $244K ($947K)