http://www.tcibr.com/investorrelations.html Their stock price has varied from a little over $2 to today's maximum of $10.25. It hit lows in 1992, 1993, and 1998. I guess wireless interception is coming back into fashion in 1999 and 2000. >From pg. 5 of their annual report: "The company has introduced a revolutionary, full-featured digital VHF/UFH DF and COMINT hardware platform suitable for DF and specialized communications intelligence applications. The system architecture uses a high-speed analog-to-digital sampling technique to provide a high performance DF capbility from 10kHz to 3000 MHz. The unit is compact and has been packaged for portability. THE PRODUCT IS ESPECIALLY USEFUL FOR NATIONAL SECURITY OR INTELLIGENCE CUSTOMERS INTERESTED IN MONITORING WIRELESS COMMUNICATIONS WITHIN THEIR OWN BORDERS. (emphasis mine) The large instantaneous bandwidth of the system makes it ideal for monitoring signals with special modulation types, such as those used in GSM and CDMA cellular telephone systems." Pg. 6: Net revenues: ... Signal procssing products: 1999 - 15,992; 1998 - 13,350; 1997 - 15,953. Pg. 7: "Sales to the U.S. Government under prime and subcontracts accounted for 18%, 31%, and 31% of the Company's revenue in fiscal years 1999, 1998, and 1997, respectively. Pg 8: Competition and Risk. Signal Processing Products. The principal competitive factors are the performance of the equipment and price. In military programs for signal collection and processing systems, the selectino of a particular supplier's products frequently limits further competition by other vendors during the program's life ycle. Competitors in signal processing products in the US market niclude, CODEM Systems Inc, Raytheon, Harris Corporation, Rockwell International Corp, Southwest Research Institute (SWRI), Thomson-CSF, Tadiran, and TRW. In foreign markets, in addition to these competitors are Rohde and Schwarz, Siemens Plessey & Co, Ltd, and Thomson-CSF. [these companies also bear investigation! --gnu] Page 37 lists revenue by geographical areas, and also discloses that the company was the prime contractor under a US government contract for 17, 29, and 27% of its total revenues. United States sales were $7,803,000 in 1999 and total revenue is $24,742,000. "Four customers represented 12%, 20%, 10% and 11% respectively of total revenue for fiscal 1999, and 0%, 36%, 11%, and 10% of total accounts receivable at September 30, 1999. One customer represented 14% of total revenue for fiscal 1998..." Pg 49 discloses their board of directors, including a Stanford professor, Don Cox, and a former CEO of that notorious government-favored monopoly Cable & Wireless, C. Alan Peyser. John
