Table        of contents

----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D. C. 20549**

**Form      10-Q**

**0-13763**

**TECHNOLOGY RESEARCH CORPORATION**

| **FLORIDA**                                                                                    | **59-2095002**                                                       |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| *(State                or other jurisdiction of incorporation or                organization)* | *(I.R.S.                employer identification                no.)* |

**5250-140th      Avenue      North Clearwater, Florida 33760**

**(727)      535-0572**

|  Large                accelerated filer o |  Accelerated                filer o |  Non-accelerated                filer þ |
|-----------------------------------------------------|-----------------------------------------------|--------------------------------------------------------|

----

**TECHNOLOGY            RESEARCH CORPORATION**

**FORM 10-Q**

**TABLE      OF CONTENTS**

| PART              I — FINANCIAL INFORMATION                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                             |
|                                                                                                                                                                             | Item              1.  Financial Statements               (Unaudited) |
|                                                                                                                                                                             |    Condensed              Consolidated Balance Sheets |
|                                                                                                                                                                             |    Condensed              Consolidated Statements of              Operations |
|                                                                                                                                                                             |    Condensed              Consolidated Statements of Cash              Flows |
|                                                                                                                                                                             |    Notes              to the Condensed Consolidated Financial              Statements |
|                                                                                                                                                                             | Item              2.  Management’s Discussion and Analysis of              Financial Condition and Results of Operations |
|                                                                                                                                                                             | Item              3.  Quantitative and Qualitative Disclosures              About Market Risk  |
|                                                                                                                                                                             | Item              4.  Controls and              Procedures |
|                                                                                                                                                                             |
| PART              II — OTHER INFORMATION                                                                                                                                   |
|                                                                                                                                                                             |
|                                                                                                                                                                             | Item              1.  Legal Proceedings |
|                                                                                                                                                                             | Item              1A.  Risk Factors  |
|                                                                                                                                                                             | Item              2.  Unregistered Sales of Equity Securities and              Use of Proceeds |
|                                                                                                                                                                             | Item              3.  Defaults Upon Senior              Securities |
|                                                                                                                                                                             | Item              4.  Submission of Matters to a Vote of Security              Holders |
|                                                                                                                                                                             | Item              5.  Other Information |
|                                                                                                                                                                             | Item              6.  Exhibits |
|                                                                                                                                                                             |   |
| SIGNATURES                                                                                                                                                                  |
|                                                                                                                                                                             |
| Exhibit              31.1 — Certification of Chief              Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act              of              2002 |
|                                                                                                                                                                             |
| Exhibit              31.2 — Certification of Chief              Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act              of              2002 |
|                                                                                                                                                                             |
| Exhibit              32.1 — Certification of Chief              Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act              of              2002 |
|                                                                                                                                                                             |
| Exhibit              32.2 — Certification of Chief              Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act              of              2002 |
|                                                                                                                                                                             |
|                                                                                                                                                                             |

----

**P**
**ART        I — FINANCIAL        INFORMATION**

**Item      1.  Financial Statements**

**TECHNOLOGY      RESEARCH CORPORATION AND SUBSIDIARY**

|                                                                                                                                                              |   | **September 30,** |   |   | **March                31,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|------------------------------|--------|
|   **ASSETS**                                                                                                                                            |   | **2007**               |   |   | **2007**                     |   |
| Current              assets:                                                                                                                                      |   |                   |   |   |                         |   |
|    Cash              and cash equivalents                                                                                                          |   | $                      | 1,205  |   |                         |   | 3,471 |   |
|                 Short-term investments                                                                                                                  |   |                   | 998    |   |                         |   | 498 |   |
|                 Trade and other accounts receivable, net of allowance for              doubtful                                                                   |   |                   |   |   |                         |   |   |   |
|         accounts              of $298 at September 30, 2007 and $273 at March 31,              2007   |   |                   | 5,787  |   |                         |   | 6,950 |   |
|    Other              receivable - current portion                                                                                                 |   |                   | 947    |   |                         |   | 884 |   |
|    Income              taxes receivable                                                                                                            |   |                   | 151    |   |                         |   |   |   |
|    Inventories,              net                                                                                                                   |   |                   | 9,798  |   |                         |   | 9,294 |   |
|                 Deferred income taxes                                                                                                                   |   |                   | 1,093  |   |                         |   | 999 |   |
|    Prepaid              expenses and other current assets                                                                                          |   |                   | 209    |   |                         |   | 351 |   |
|      Total                current assets                                                                                                      |   |                   | 20,188 |   |                         |   | 22,447 |   |
|                                                                                                                                                                        |   |                   |   |   |                         |   |   |   |
| Property,              plant and equipment, net of accumulated depreciation of                                                                                         |   |                   |   |   |                         |   |   |   |
|    $11,077              and $10,472                                                                                                                |   |                   | 3,928  |   |                         |   | 4,412 |   |
| Other              receivable less current portion                                                                                                                |   |                   | 850    |   |                         |   | 850 |   |
| Intangible              asset, net of accumulated amortization of $89 and $59,              respectively                                                     |   |                   | 493    |   |                         |   | 523 |   |
| Other              assets                                                                                                                                         |   |                   | 47     |   |                         |   | 47 |   |
|     Total              assets                                                                                                                      |   | $                      | 25,506 |   |                         |   | 28,279 |   |
|                                                                                                                                                                        |   |                   |   |   |                         |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                                                                                     |   |                   |   |   |                         |   |   |   |
| Current              liabilities:                                                                                                                                      |   |                   |   |   |                         |   |   |   |
|                 Current portion of long-term debt                                                                                                                 |   | $                      | -      |   |                         |   | 1,000 |   |
|                 Trade accounts payable                                                                                                                            |   |                   | 3,326  |   |                         |   | 3,027 |   |
|                 Accrued expenses                                                                                                                                  |   |                   | 1,481  |   |                         |   | 1,409 |   |
|                 Accrued dividends                                                                                                                                 |   |                   | 132    |   |                         |   | 133 |   |
|                 Income taxes payable                                                                                                                              |   |                   | -      |   |                         |   | 846 |   |
|                    Total current liabilities                                                                                                       |   |                   | 4,939  |   |                         |   | 6,415 |   |
| Long-term              debt, less current portion                                                                                                                      |   |                   | -      |   |                         |   | 2,000 |   |
| Deferred              income taxes                                                                                                                                     |   |                   | 109    |   |                         |   | 139 |   |
|                       Total liabilities                                                                                             |   |                   | 5,048  |   |                         |   | 8,554 |   |
|                                                                                                                                                                        |   |                   |   |   |                         |   |   |   |
| Stockholders'              equity:                                                                                                                                     |   |                   |   |   |                         |   |   |   |
|                 Common stock $0.51 par value; 10,000,000 shares authorized,                                                                                       |   |                   |   |   |                         |   |   |   |
|                    5,910,328 shares and 5,910,328 shares issued, and                                                                               |   |                   |   |   |                         |   |   |   |
|                    5,888,828 shares and 5,888,828 shares outstanding                                                                               |   |                   | 3,014  |   |                         |   | 3,014 |   |
|                 Additional paid-in capital                                                                                                                        |   |                   | 9,371  |   |                         |   | 9,287 |   |
|                 Retained earnings                                                                                                                                 |   |                   | 8,113  |   |                         |   | 7,464 |   |
|                 Common stock held in treasury, 21,500 shares at cost                                                                                              |   |                   | (40    | )      |                         |   | (40 | ) |
|                    Total stockholders' equity                                                                                                      |   |                   | 20,458 |   |                         |   | 19,725 |   |
|                       Total liabilities and stockholders' equity                                                                    |   |                   | 25,506 |   |                         |   | 28,279 |   |

**The      accompanying notes are an integral part of the condensed      consolidated financial statements.**

----

**TECHNOLOGY        RESEARCH CORPORATION AND        SUBSIDIARY**

*(In        thousands, except share data)*

|  **Three                Months Ended                September 30,**                               |   | **Six                Months Ended September 30,**  |
|--------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|
|                                                                                                   |   | **2007**                                                |   |   | **2006** |   |   | **2007** |   |   | **2006** |   |
| Revenues:                                                                                              |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 Commercial                                                                   |   | $                                                       | 5,306 |   |   |   | 7,227 |   |   |   | 11,212 |   |   |   | 15,181 |   |
|    Military                                                                             |   |                                                    | 3,953 |   |   |   | 2,478 |   |   |   | 7,705 |   |   |   | 5,140 |   |
|                    Total revenues                                             |   |                                                    | 9,259 |   |   |   | 9,705 |   |   |   | 18,917 |   |   |   | 20,321 |   |
| Cost              of sales                                                                   |   |                                                    | 6,405 |   |   |   | 7,739 |   |   |   | 13,223 |   |   |   | 15,925 |   |
|          Gross              profit                        |   |                                                    | 2,854 |   |   |   | 1,966 |   |   |   | 5,694 |   |   |   | 4,396 |   |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating              expenses:                                                                       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 Selling and marketing                                                        |   |                                                    | 731 |   |   |   | 724 |   |   |   | 1,467 |   |   |   | 1,445 |   |
|                 General and administrative                                                   |   |                                                    | 1,133 |   |   |   | 1,121 |   |   |   | 2,119 |   |   |   | 2,279 |   |
|    Research              and development                                                |   |                                                    | 471 |   |   |   | 542 |   |   |   | 903 |   |   |   | 1,029 |   |
|       Total              operating expenses                              |   |                                                    | 2,335 |   |   |   | 2,387 |   |   |   | 4,489 |   |   |   | 4,753 |   |
|           Income              (loss) from operations |   |                                                    | 519 |   |   |   | (421 | ) |   |   | 1,205 |   |   |   | (357 | ) |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                income (expense):                                                                 |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                   Other income, net                                                          |   |                                                    | 58 |   |   |   | 9 |   |   |   | 112 |   |   |   | 15 |   |
|                 Interest expense                                                             |   |                                                    | (20 | ) |   |   | (49 | ) |   |   | (75 | ) |   |   | (93 | ) |
|                        Other income (expense), net   |   |                                                    | 38 |   |   |   | (40 | ) |   |   | 37 |   |   |   | (78 | ) |
| Income              (loss) before income taxes                                                         |   |                                                    | 557 |   |   |   | (461 | ) |   |   | 1,242 |   |   |   | (435 | ) |
| Income              tax expense (benefit)                                                              |   |                                                    | 156 |   |   |   | (30 | ) |   |   | 358 |   |   |   | (24 | ) |
|                 Net income (loss)                                                            |   | $                                                       | 401 |   |   |   | (431 | ) |   |   | 884 |   |   |   | (411 | ) |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings              (loss) per share - basic                                                         |   | $                                                       | 0.07 |   |   |   | (0.07 | ) |   |   | 0.15 |   |   |   | (0.07 | ) |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings              (loss) per share - diluted                                                       |   | $                                                       | 0.07 |   |   |   | (0.07 | ) |   |   | 0.15 |   |   |   | (0.07 | ) |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares              outstanding - basic                                                                |   |                                                    | 5,888,828 |   |   |   | 5,888,828 |   |   |   | 5,888,828 |   |   |   | 5,880,017 |   |
|                                                                                                   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares              outstanding - diluted                                                              |   |                                                    | 5,921,154 |   |   |   | 5,888,828 |   |   |   | 5,929,621 |   |   |   | 5,880,017 |   |

----

**TECHNOLOGY        RESEARCH CORPORATION AND        SUBSIDIARY**

*(In        thousands)*

|  **Six Months                  Ended September 30,**                                                                     |
|----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |   |
|                                                                                                                                         |   |   |   | **2007** |   |   |   | **2006** |   |
| Cash                flows from operating activities:                                                                                         |   |   |   |   |   |   |   |   |   |
|    Net                income (loss)                                                                                           |   |   | $ | 884 |   |   |   | (411 | )  |
| Adjustments                to reconcile net income (loss)                                                                                    |   |
|                      to net cash provided by operating activities:                                                  |   |
|    Accretion                of interest on short-term investments and other receivables                                  |   |   |   | (82 | ) |   |   | (9 | )  |
|    Change                in allowance for doubtful accounts                                                                   |   |   |   | 25 |   |   |   | 35 |   |
|    Depreciation                                                                                                               |   |   |   | 613 |   |   |   | 572 |   |
|    In-process                research and development                                                                         |   |   |   | - |   |   |   | 17 |   |
|    Amortization                of intangible assets                                                                           |   |   |   | 30 |   |   |   | 27 |   |
|                   Stock compensation expense                                                                                       |   |   |   | 84 |   |   |   | 49 |   |
|                   Deferred income taxes                                                                                            |   |   |   | (124 | )  |   |   | (286 | )  |
| Changes                in operating assets and liabilities,                                                                                  |   |   |
|                      net of effect of acquisition:                                                                  |   |   |
|                   Trade and other accounts receivable                                                                              |   |   |   | 1,146 |   |   |   | 2,991 |   |
|    Income                taxes receivable                                                                                     |   |   |   | - |   |   |   | - |   |
|    Inventories                                                                                                                |   |   |   | (504 | ) |   |   | (306 | )  |
|                   Prepaid expenses and other current assets                                                                        |   |   |   | 142 |   |   |   | 46 |   |
|                   Other assets                                                                                                     |   |   |   | - |   |   |   | 2 |   |
|    Trade                accounts payable                                                                                      |   |   |   | 299 |   |   |   | (1,192 | )  |
|    Accrued                expenses                                                                                            |   |   |   | 72 |   |   |   | (71 | )  |
|    Income                taxes payable                                                                                        |   |   |   | (997 | )  |   |   | (252 | )  |
|                        Net cash provided by operating activities                                          |   |   |   | 1,588 |   |   |   | 1,212 |   |
| Cash                flows from investing activities:                                                                                         |   |   |   |   |   |   |   |   |   |
|    Maturities of short-term                investments                                                              |   |   |   | 500 |   |   |   | 499 |   |
|    Purchase                of short-term investments                                                                          |   |   |   | (989 | )  |   |   | (500 | )  |
|    Acquisition                of business                                                                                     |   |   |   | - |   |   |   | (331 | )  |
|    Purchases                of property and equipment                                                                    |   |   |   | (129 | )  |   |   | (345 | )  |
|         Net                cash used in investing activities                                    |   |   |   | (618 | )  |   |   | (677 | )  |
| Cash                flows from financing activities:                                                                                    |   |   |   |   |   |   |   |   |   |
|    Borrowings                of short-term debt                                                                               |   |   |   | - |   |   |   | - |   |
|                   Repayments of short-term and long-term debt                                                                      |   |   |   | (3,000 | )  |   |   | (2,000 | )  |
|    Proceeds                from the exercise of stock options                                                                 |   |   |   | - |   |   |   | 52 |   |
|                   Tax benefit of stock option exercised                                                                            |   |   |   | - |   |   |   | 5 |   |
|    Cash                dividends paid                                                                                         |   |   |   | (236) |   |   |   | (176 | )  |
|         Net                cash used in financing activities                               |   |   |   | (3,236 | )  |   |   | (2,119 | )  |
| Net decrease                in cash and cash equivalents                                                                           |   |   |   | (2,266 | )  |   |   | (1,584 | ) |
| Cash                and cash equivalents at beginning of period                                                                              |   |   |   | 3,471 |   |   |   | 2,607 |   |
| Cash                  and cash equivalents at end of period                                                                             |   |   | $ | 1,205 |   |   |   | 1,023 |   |
| Non-cash                investing in financing activities:                                                                              |   |   |   |   |   |   |   |   |   |
|                   Common stock issued upon acquisition of recreational vehicle product                line                business |   |   |  $ | - |   |   |   | 347 |   |

**The      accompanying notes are an integral part of the condensed consolidated financial      statements.**

----

****TECHNOLOGY        RESEARCH CORPORATION AND        SUBSIDIARY****

****Notes        to        the Condensed Consolidated Financial        Statements****

**SEC**
**Company**
Form      10-K

*2.  Earnings      (Loss) Per Share:*

|                                                                        | **Three                months ended ****September                30,** | **Six                months ended ****September                30,** |
|-----------------------------------------------------------------------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                                        |                                                                        |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |                                                                        |                                                                      |   | **2007** |   |   | **2006** |   |   | **2007** |   |   | **2006** |   |
| Net              income (loss)                                              |                                                                        |                                                                      | $ | 401 |   |   | (431 | )  |   | 884 |   |   | (411 | )  |
|                                                                        |                                                                        |                                                                      |   | ** **  |   |   | ** **  |   |   | ** **  |   |   | ** ** |   |
| Weighted              average shares outstanding - basic                    |                                                                        |                                                                      |   | 5,888,828 |   |   | 5,888,828 |   |   | 5,888,828 |   |   | 5,880,017 |  |
| Dilutive              common shares issuable upon exercise of stock options |                                                                        |                                                                      |   | 32,326 |   |   | - |   |   | 40,793 |   |   | - |   |
|                                                                        |                                                                        |                                                                      |   |    |   |   |    |   |   |    |   |   |    |   |
| Weighted              average shares outstanding - diluted                  |                                                                        |                                                                      |   | 5,921,154 |   |   | 5,888,828 |   |   | 5,929,621 |   |   | 5,880,017 |   |
|                                                                        |                                                                        |                                                                      |   |    |   |   |    |   |   |    |   |   |    |   |
| Earnings (loss) per share:                                                  |                                                                        |                                                                      |
| Basic                                                                       |                                                                        |                                                                      | $ | 0.07 |   |   | (0.07 | )  |   | 0.15 |   |   | (0.07 | ) |
| Diluted                                                                     |                                                                        |                                                                      | $ | 0.07 |   |   | (0.07 | )  |   | 0.15 |   |   | (0.07 | )  |

*3.  Short-term Investments: *

*held-to-maturity*

*4.       Inventories:*

|  **September                30, 2007** | ** ** | **March                31, 2007** |
|---------------------------------------------|------------|-----------------------------------|
|                                        |       |                              |   |
| Raw              materials                  |       |                              | $ | 6,690 |   |   |   | 6,102 |   |
| Work-in-process                             |       |                              |   | 630 |   |   |   | 461 |   |
| Finished              goods                 |       |                              |   | 2,478 |   |   |   | 2,731 |   |
| Total                                       |       |                              | $ | 9,798 |   |   |   | 9,294 |   |
|                                        |            |                              |  |

*5.        Warranty: *

|                                             |    | **Three                months ended September 30,**  |  **Six                months ended September 30,**  |
|--------------------------------------------------|---------|-----------------------------------------------------------|---------------------------------------------------------------|
|                                             |    |                                                      |                                                          |   |   |   |   |   |   |
|                                             |    |  **2007**                                            |                                                          |  **2006** |   |  **2007** |   |  **2006** |   |
| Beginning              balance                   |  $ | 145                                                       |                                                          | 130 |   | 90 |   | 111 |   |
|                  Warranty expense |    | 24                                                        |                                                          | 32 |   | 108 |   | 80 |   |
|                  Warranty claims  |    |  (48                                                 | )                                                        |  (30 | )  | (77 | )  |  (59 | )  |
| Ending                balance                    |  $ | 121                                                       |                                                          | 132 |   | 121 |   | 132 |   |

*6.  Debt: *

**LIBOR**

*7.  Income                taxes:*

**FIN                48**
*Accounting for Uncertainty in Income Taxes—an interpretation                of FASB Statement No. 109*

*8.                 Stock-Based                Compensation: *

*Share-Based Payment*
**SFAS 123R**
*Accounting for Stock issued to Employees*
**APB        25**
*Accounting for        Stock-Based Compensation*
**SFAS 123**
*Accounting for        Stock-Based Compensation-Transition and Disclosure*

*Stock          Option Plans*

**Plans**

| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | ** **                                                                | ** ** | ** **                                                                | ** ** | **Aggregate**(1)                     | ** ** | **Weighted**                                       | ** ** | **Weighted**                                         | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------|------------|---------------------------------------------------------------------------|------------|--------------------------------------|------------|---------------------------------------------------------|------------|------------------------------------------------------|------------|
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | **Shares**                                                                | ** ** | ** **                                                                | ** ** | **intrinsic**                        | ** ** | ****average****                                         | ** ** | **average**                                          | ** ** |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | ** available**                                                       | ** ** | **Options**                                                               | ** ** | **value**                            | ** ** | **exercise**                                            | ** ** | **remaining**                                        | ** ** |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | ** for                  grant**                                      | ** ** | **outstanding**                                                           | ** ** | **(in                  thousands)**  | ** ** | **price**                                               | ** ** | **contractual                  life**                | ** ** |
| Balance as                of March 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |       | 403,850                                                                   |       |  344,935                                                             |       | $                  107               |       | $                  9.10                                 |       | 7.44                                                 |       |
|                   Options authorized                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       |                            -      |       |                            - |       |                            |       |                         -      |       |     -                            |       |
|                   Options expired                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |       |                            - |       |                            - |       |                            |       |                         - |       |     -                            |       |
|                   Options granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |       | (120,000)                                                                 |       | 120,000                                                                   |       |             |       | $                  3.43                                 |       |                     9.87    |       |
|                   Options canceled                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |       |                            - |       |                            - |       |                            |       |                         - |       |                      -                |       |
|                   Options exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |       |                            -      |       |           -             |       |        |       |                         - |       |                      -                |       |
| Balance                  as of September 30, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |       | 283,850                                                                   |       |  464,935                                                             |       | $                   105         |       | $                  7.63                                 |       | 7.70                                                 |       |
| Exercisable as                  of September 30, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |       |                                                                      |       |  294,935                                                             |       | $  105                     |       | $                  9.66                                 |       | 6.60                                                 |       |
| _____________________________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |       |                                                                      |       |                                                                      |       |                                 |       |                                                    |       |                                                 |       |
| Footnote:1                   The aggregate intrinsic value represents the total pretax                  intrinsic                  value, based on the Company’s closing stock price of $4.92 as of March 31,                  2007 and of $3.74 as of September 28, 2007 and on the dates                  options were granted or exercised, which would have been received                  by the                  option holders                  had all option holders exercised their options as of that                  date, including only those options that are                  in-the-money. |

|                                         |   | **Three                  months ended****September                  30,** |   | **Six                  months ended****September                  30,** |   |
|----------------------------------------------|--------|---------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|
|                                         |   |                                                                      |   |                                                                    |   |   |   |   |   |
|                                         |   |  **2007**                                                            |   |  **2006**                                                          |   |  **2007** |   |  **2006** |   |
| Expected                dividend yield  |   |  1.78%                                                               |   |  N/A                                                               |   |    1.78% |   |  1.12% |   |
| Risk                free interest rate  |   |  4.65%                                                               |   |  N/A                                                               |   |                     4.65% |   |  5.05% |   |
| Expected                volatility      |   |  82.23%                                                              |   |  N/A                                                               |   |  82.23% |   |  88.29% |   |
| Expected                life            |   |  7.12                  years                                         |   |  N/A                                                               |   |  7.12                  years |   |  6.48                  years |   |

**ELE**
*Fire Shield*

*Fair Value        Measurements*

*How Taxes Collected from Customers and Remitted to Government            Authorities Should Be Presented in the Income Statement (That Is, Gross            versus            Net Presentation)*

*The Fair Value Option                    for Financial Assets and Liabilities*

****Item        2.  Management’s Discussion and Analysis        of Financial Condition and Results of        Operations.****

**we**
**our**
**us**
**Company**
**TRC**

***DISCLOSURE        REGARDING FORWARD-LOOKING STATEMENTS***

**SEC**
Form            10-K

*Risk              Factors*

***OVERVIEW***

              -  to strengthen                      our current markets and channels of distribution with new proprietary                      products; 
              -  to broaden                      the number of applications within target markets by developing                      products for                      these applications; 
              -  to identify                      and pursue strategic acquisitions that will be accretive to                      earnings; 
              -  to improve                      profitability and customer satisfaction through ongoing continuous                      improvement                      programs and benchmarking all aspects of TRC’s business with best                      practices; 
              -  to invest                      in the education of employees to enable then to have the tools                      to more                      effectively grow the business and improve business                      productivity. 

**RESULTS OF              OPERATIONS**

**Revenues**

***    Gross              profit***

***    Selling                and                marketing***

***    General                and                administrative***

***    Research                and                development***

***    Other income                (expense), net ***

***    Income                tax                (benefit) expense***

***    Net                income (loss)***

**LIQUIDITY AND              CAPITAL RESOURCES**

**LIBOR**

**OFF-BALANCE                SHEET ARRANGEMENTS**

**NEW                ACCOUNTING STANDARDS**

*Fair Value                Measurements*

*How Taxes Collected from Customers and Remitted to Government                Authorities Should Be Presented in the Income Statement (That Is,                Gross versus                Net Presentation)*

*The Fair Value Option                for Financial Assets and Liabilities*

***CRITICAL                ACCOUNTING POLICIES***

*Disclosure Regarding Forward-Looking Statements*
*Risk Factors*

**    Revenue                Recognition/Allowance for Doubtful Accounts.**

***    Inventories.***

***    Income                Taxes***
**.**

***    Warranty***
**.**

**    Impairment                of                Long-Lived Assets.**
*Accounting for Impairment or Disposal of Long-Lived Assets*

****Item                    3.  Quantitative** and Qualitative                    Disclosures About Market Risk.**

****Item                      4.  Controls and                      Procedures**.**

*Disclosure                  Controls and Procedures*

**Certifying                    Officers**

*Changes                  in Internal Control over Financial Reporting*

**PART                    II — OTHER INFORMATION**

**Item                    1.  Legal                    Proceedings.**

**ELE**
*Fire Shield*

**Item              1A.  Risk Factors.**

Form                10-K

****Item            2.  Unregistered Sales of Equity Securities and            Use of Proceeds.****

****Item            3.  Defaults Upon Senior            Securities.****

**Item 4.  Submission            of Matters            to a Vote of Security Holders.**

|                                       |  **Shares Voted FOR** |  **Shares                  WITHHELD** |
|--------------------------------------------|----------------------------|--------------------------------------------|
|  Robert                S. Wiggins     | 4,802,039                  |  446,639                              |
|  Owen                Farren      | 4,801,829                  |  446,849                              |
|  Raymond                B. Wood       | 4,778,388                  |  470,290                              |
|  Gerry                Chastelet       | 4,780,721                  |  467,957                              |
|  Patrick                M. Murphy     | 4,804,672                  |  444,006                              |
|  Edmund                F. Murphy, Jr. | 4,777,254                  |  471,424                              |
|  David                F. Walker       | 4,781,121                  |  467,557                              |

| **Shares                Voted FOR** | **Shares                WITHHELD** | **Shares                ABSTAINED** |
|-------------------------------------|------------------------------------|-------------------------------------|
| 5,072,886                           | 159,062                            | 16,730                              |

****Item      5.  Other      information.****

**Item              6.  Exhibits.**

|   | Exhibit                  31.1 — Certification of the CEO pursuant to Rule 13a-14(a) or Rule                  15(d)-14(a).                                                                                                                                                                                                              |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |
|   | Exhibit                  31.2 — Certification of the CFO pursuant to Rule 13a-14(a) or Rule                  15(d)-14(a).                                                                                                                                                                                                              |
|   |
|   | Exhibit                    32.1 — Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to                    Section 906 of the                        Sarbanes-Oxley                    Act of 2002. |
|   |
|   | Exhibit                    32.2 — Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to                    Section 906 of the                                           Sarbanes-Oxley Act of 2002.      |
|   |

**SIGNATURES**

|                                      | TECHNOLOGY              RESEARCH CORPORATION                                                                                                                                                                                                                                                                             |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |
| November 14,              2007       | By:                    /s/ Owen Farren                                                                                                                                                                                                                                                |
|                                      |              Owen              Farren                                                                                                                                                                                                                   |
|                                      |                           President and Chief Executive Officer                                                                                                                                                                                              |
|                                      |                           (Principal Executive Officer)                                                                                                                                                                                                      |
|                                      |
|                                      |
| November 14,              2007  | By:                    /s/ Barry              H. Black                                                 |
|                                      |              Barry              H. Black                                                                                                                                                                                                                |
|                                      |                           Chief Financial Officer                                                                                                                                                                                                            |
|                                      |                           (Principal Financial and Accounting              Officer)                                                                                                                                                                          |

----