UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


                     QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended June 30, 2003

Commission File Number:  0-13763



                        TECHNOLOGY RESEARCH CORPORATION
             (Exact name of registrant as specified in its charter)


          Florida                                                 59-2095002
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                           Identification No,)


5250 140th Avenue North, Clearwater, Florida                           33760
(Address of principal executive offices)                           (Zip Code)



Registrant's telephone number, including area code  (727) 535-0572


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.


            Class                              Outstanding at July 31, 2003
Common stock, $.51 par value                            5,494,921


Transitional Small Business Disclose Format(Check one): Yes [ ] No [X]
















                                TABLE OF CONTENTS




Part I - Financial Information                                          Page

Condensed Consolidated Balance Sheets (unaudited)
     - June 30, 2003 and March 31, 2003.................................. 1

Condensed Consolidated Statements of Income (unaudited)
     - Three months ended June 30, 2003 and June 30, 2002................ 2

Condensed Consolidated Statements of Cash Flows (unaudited)
     - Three months ended June 30, 2003 and June 30, 2002................ 3

Notes to Condensed Consolidated Financial Statements (unaudited)......... 4

Item 2 - Management's Discussion and Analysis of Financial
         Condition and Results of Operations............................. 7

Item 3 - Quantitative and Qualitative Disclosure Regarding Market Risk.. 11

Item 4 - Controls and Procedures........................................ 12

Part II - Other Information


Item 1 - Legal Proceedings.............................................. 12

Item 2 - Changes in Securities.......................................... 12

Item 3 - Defaults Upon Senior Securities................................ 12

Item 4 - Submission of Matters to a Vote of Security Holders............ 12

Item 5 - Other Information.............................................. 12

Item 6 - Exhibits and Reports on Form 8-K............................... 12


Signatures.............................................................. 13

Certifications.......................................................... 14
















PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (unaudited)

                                                  June 30       March 31
                                                    2003          2003
                                                -----------    ---------
                 ASSETS

Current assets:
  Cash and cash equivalents                  $   3,169,365     2,529,562
  Accounts receivable, net                       2,986,980     2,772,825
  Inventories:
    Raw material                                 3,132,613     3,020,076
    Work in process                                228,668       265,645
    Finished goods                               1,348,200     1,378,155
                                                ----------    ----------
      Total inventories                          4,709,481     4,663,876
  Prepaid expenses                                 388,050       122,323
  Deferred income taxes, net                       288,708       288,708
  Income taxes receivable                                -        19,766
                                                ----------    ----------
      Total current assets                      11,542,584    10,397,060
                                                ----------    ----------
Property, plant, and equipment                   9,911,310     9,777,497
  Less accumulated depreciation                  6,614,276     6,391,480
                                                ----------    ----------
      Net property, plant, and equipment         3,297,034     3,386,017
                                                ----------    ----------
Other assets                                        51,053        52,612
                                                ----------    ----------
                                              $ 14,890,671    13,835,689
                                                ==========    ==========























        LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                           $   1,541,672     1,052,817
  Accrued expenses                                 262,395       363,857
  Dividends payable                                 94,670        96,781
  Income taxes payable                             181,120             -
  Deferred income taxes                             10,525        10,525
                                                ----------    ----------
     Total current liabilities                   2,090,382     1,523,980
Deferred income - long term                         36,844        39,475
Noncurrent deferred income taxes                   191,129       195,604
                                                ----------    ----------
     Total liabilities                           2,318,355     1,759,059
                                                ----------    ----------
Stockholders' equity:
  Common stock                                   2,789,464     2,785,554
  Additional paid-in capital                     7,517,591     7,528,194
  Retained earnings                              2,305,406     1,803,027
                                                ----------    ----------
                                                12,612,461    12,116,775
  Treasury stock                                   (40,145)      (40,145)
                                                ----------    ----------
     Total stockholders' equity                 12,572,316    12,076,630
                                                ----------    ----------

                                              $ 14,890,671    13,835,689
                                                ==========    ==========




See accompanying notes to condensed consolidated financial statements.


























                                  - 1 -

                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                               (unaudited)

                                              Three Months Ended
                                                    June 30

                                               2003        2002
                                            ----------  ----------
Operating revenues:

  Net sales                              $   5,648,655   3,837,780
  Royalties                                     11,260      17,538
                                            ----------  ----------
                                             5,659,915   3,855,318
                                            ----------  ----------

Operating expenses:
  Cost of sales                              3,719,843   2,597,272
  Selling, general, and administrative         847,892     785,780
  Research, development and engineering        313,658     285,056
                                            ----------  ----------
                                             4,881,393   3,668,108
                                            ----------  ----------
    Operating income                           778,522     187,210
                                            ----------  ----------
Other income (deductions):
  Interest and sundry income                     1,989       4,249
  Interest expense                                   -      (1,153)
                                            ----------  ----------
                                                 1,989       3,096
                                            ----------  ----------
       Income before income taxes              780,511     190,306
Income taxes                                   196,411      60,851
                                            ----------  ----------
       Net income                        $     584,100     129,455
                                            ==========  ==========

Basic earnings per share                 $        0.11        0.02
                                            ==========  ==========
Weighted average number of common
  shares outstanding                         5,445,475   5,437,497
                                            ==========  ==========

Diluted earnings per share               $        0.10        0.02
                                            ==========  ==========
Weighted average number of common
  and equivalent shares outstanding          5,625,994   5,466,946
                                            ==========  ==========


Dividends paid                           $        .015         .01
                                            ==========  ==========

See accompanying notes to condensed consolidated financial statements.



                                  - 2 -

                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (unaudited)

                                                      Three  Months Ended
                                                            June 30

                                                      2003          2002
                                                   ----------    ----------
Cash flows from operating activities:

  Net income                                    $     584,100       129,455

  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation                                    222,796       237,708
      Decrease (increase) in accounts receivable     (214,155)     (129,145)
      Decrease in inventories                         (45,605)       26,750
      Increase in prepaid expenses                   (265,727)     (270,765)
      Decrease (increase) in deferred income taxes     (4,475)       60,851
      Decrease in income taxes receivable              19,766             -
      Decrease (increase) in other assets               1,559        18,207
      Increase (decrease) in accounts payable         482,162       150,939
      Decrease in accrued expenses                   (101,462)      (18,771)
      Increase in income taxes payable                181,120             -
      Decrease in deferred income                      (2,631)            -
                                                   ----------    ----------
        Net cash provided by operating activities     857,448       205,229
                                                   ----------    ----------
Cash flows from investing activities:
  Capital expenditures                               (133,813)     (228,537)
                                                   ----------    ----------
        Net cash used in investing activities        (133,813)     (228,537)
                                                   ----------    ----------
Cash flows from financing activities:
  Principal payments on long-term debt                      -      (500,000)
  Dividends paid                                      (83,832)      (54,188)
                                                   ----------    ----------
        Net cash used in financing activities         (83,832)     (554,188)
                                                   ----------    ----------
Increase (decrease) in cash and cash equivalents      639,803      (577,496)

Cash and cash equivalents at beginning of period    2,529,562     1,163,099
                                                   ----------    ----------
Cash and cash equivalents at end of period      $   3,169,365       585,603
                                                   ==========    ==========

Supplemental cash flow information:
  Cash paid for interest                        $           -         1,153
                                                    =========     =========
  Cash paid (received) for income taxes         $           -             -
                                                    =========     =========

See accompanying notes to condensed consolidated financial statements.




                                  - 3 -

                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (unaudited)


1.  The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting of normal recurring
adjustments) which are, in the opinion of management, necessary for the fair
statement of the financial information for the interim period.  These
statements should be read in conjunction with the consolidated financial
statements included in the Company's annual report on Form 10-K for the year
ended March 31, 2003.

The results of operations for the three-month period ended June 30, 2003 are
not necessarily indicative of the results to be expected for the full year.

2.  Basic earnings per share have been computed by dividing net earnings by the
weighted average number of common shares outstanding.

Diluted earnings per share have been computed by dividing net earnings by the
weighted average number of common and common equivalent shares outstanding.
The weighted average common and common equivalent shares outstanding has been
adjusted to include the number of shares that would have been outstanding if
the stock options had been exercised, at the average market price of the
period, with the proceeds being used to buy shares from the market (i.e. the
treasury stock method).

The table below reconciles the calculation of the diluted and basic earnings
per share:
                                         Three months ended June 30,
                                              2003         2002

    Net income                          $     584,100     129,455
                                           ==========  ==========
   Weighted average shares
     outstanding - basic                    5,445,475   5,437,497

   Dilutive common shares issuable
     upon exercise of stock options           180,519      29,449
                                           ----------  ----------
   Weighted average shares - diluted        5,625,994   5,466,946
                                           ==========  ==========
Earnings per common share:
Basic                                   $        0.11        0.02
Diluted                                 $        0.10        0.02
                                           ==========  ==========

For the three-month period ended June 30, 2003, options to purchase 250,000
shares of common stock were considered anti-dilutive for the purposes of
calculating earnings per share.  For the three-month period ended June 30,
2002, options to purchase 372,250 shares of common stock were considered anti-
dilutive for purposes of calculating earnings per share.





                                   - 4 -
3.  In June 2001, the Financial Accounting Standards Board ("FASB") issued the
Statement of Financial Accounting Standards ("SFAS") No. 143, Accounting for
Asset Retirement Obligations, effective for fiscal years beginning
after June 15, 2002.  SFAS No. 143 requires the Company to record the fair
value of an asset retirement obligation as a liability in the period in which
it incurs a legal obligation associated with the retirement of tangible long-
lived assets that result from the acquisition, construction, development and/or
normal use of the assets.  The Company would also record a corresponding asset,
which is depreciated over the life of the asset.  Subsequent to the initial
measurement of the asset retirement obligation, the obligation will be adjusted
at the end of each period to reflect the passage of time and changes in the
estimated future cash flows underlying the obligation.  The adoption of SFAS
No. 143 did not have a material effect on the Company's financial condition,
results of operations or cash flows.

4.  In December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based
Compensation - Transition and Disclosure, an amendment of SFAS No. 123.  SFAS
148 amends SFAS 123, Accounting for Stock-Based Compensation to provide
alternative methods of transition for a voluntary change to the fair value
based method of accounting for stock-based employee compensation.  In addition,
SFAS 148 amends the disclosure requirements of SFAS No. 123 to require more
prominent and more frequent disclosures in the financial statements regarding
the effects of stock-based compensation.  SFAS 148 is effective for financial
statements for fiscal years ending after December 15, 2002, including certain
amendments to require disclosures related to stock-based compensation included
in condensed financial statements for interim periods beginning after December
15, 2002.  The Company does not plan to change to the fair value based method
of accounting for stock-based compensation in the foreseeable future under the
existing accounting literature and therefore this standard will not have a
material impact on the Company's financial condition, results of operations or
cash flows.  Certain of the disclosure requirements are included in the notes
to these condensed consolidated financial statements.

5.  In January 2003, the FASB issued Interpretation 46 - Consolidation of
Variable Interest Entities.  This Interpretation clarifies the application of
Accounting Research Bulletin No. 51, Consolidated Financial Statements, to
certain entities in which the equity investors do not have the characteristics
of a controlling financial interest or do not have sufficient equity at risk
for the entity to finance its activities without additional subordinated
financial support from other parties.  A variable interest entity is required
to be consolidated by the company that has a majority of the exposure to
expected losses of the variable interest entity.  The Interpretation is
effective immediately for variable interest entities created after January 31,
2003.  For variable interest entities in which an enterprise holds a variable
interest that is acquired before February 1, 2003, the Interpretation applies
in the first fiscal year or interim period beginning after June 15, 2003.  The
application of this Interpretation did not have a material effect on the
Company's financial position, results of operations or cash flows.

6.  In April 2003, the FASB issued SFAS No. 149, Amendment of Statement 133 on
Derivative Instruments and Hedging Activities.  This statement amends and
clarifies financial accounting and reporting for derivative instruments,
including certain derivative instruments embedded in other contracts and for
hedging activities under SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities.  This statement is effective for contracts entered into




                                   - 5 -

or modified after June 30, 2003, except for hedging relationships designated
after June 30, 2003.  The adoption of SFAS No. 149 did not have a material
effect on the Company's financial condition, results of operations or cash
flows.

7.  In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity.  This
statement establishes standards for how an issuer classifies and measures
certain financial instruments with characteristics of both liabilities and
equity.  It requires that an issuer classify a financial instrument that is
within its scope as a liability.  This statement is effective for financial
instruments entered into or modified after May 31, 2003, and otherwise is
effective at the beginning of the first interim period beginning after June 15,
2003.  The adoption of SFAS No. 150 did not have a material effect on the
Company's financial condition, results of operations or cash flows.

8.  At June 30, 2003, the Company had four stock-based employee compensation
plans that are accounted for under the intrinsic value recognition and
measurement principles of the Accounting Principles Board ("APB") Opinion No.
25, Accounting for Stock Issued to Employees.  No stock-based employee
compensation expense is reflected in the net income, as all options granted
under the plans had an exercise price at least equal to the market value of the
underlying stock on the date of the grant.  The following table illustrates the
effect on net income and earnings per share if the Company had applied the fair
value recognition and measurement provisions of FASB Statement No. 123,
Accounting for Stock-Based Compensation, to stock-based employee compensation:

                                               Three months ended June 30,
                                                    2003         2002
                                               ---------------------------
Reported net income                          $     584,100     129,455

  Total stock-based employee compensation
    expense determined under fair value
    based method for all rewards, net of
    related tax effect                             (24,866)    (21,524)
                                                 =========    =========
  Pro forma net income                       $     559,234     107,931
                                                 =========    =========
  Earnings per common share:
    Reported net income per share-basic      $        0.11        0.02
    Pro forma net income per share-basic     $        0.10        0.02
    Reported net income per share-diluted    $        0.10        0.02
    Pro forma net income per share-diluted   $        0.10        0.02

The Company uses the Black-Scholes option-pricing model to estimate the fair
value of each option on the date of grant.  The following weighted-average
assumptions were used in the model for the three months ended June 30, 2003
and 2002:
                                           Three months ended June 30,
                                                2003          2002
                                           ---------------------------
     Stock Option Plans
     Expected dividend yield                    1.6%          1.7%
     Risk-free interest rate                    1.0%          1.0%
     Expected volatility                       91.9%         92.6%
     Expected life                              8.34 years    8.93 years

                                   - 6 -

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS

The following is management's discussion and analysis of certain significant
factors which have affected the Company's financial position and operating
results during the periods included in the accompanying condensed consolidated
financial statements.

Current Three Months Ended June 30, 2003 versus Three Months Ended
June 30, 2002

The Company's operating revenues for the first quarter ended June 30, 2003 were
$5,659,915, compared to $3,855,318 reported in the same quarter last year, an
increase of approximately 47%.  Net income for the current quarter was
$584,100, compared to $129,455, for the same quarter last year, an increase of
approximately 351%.  Basic earnings for the current period were $.11 per share
and diluted earnings were $.10 per share compared to basic and diluted earnings
of $.02 per share for the same quarter last year.

The Company completed its sixth straight quarter of increased earnings, which
were generated primarily by higher revenues.  The Company's manufacturing
facilities are also operating efficiently, and the Company continues to remain
debt-free, ending the quarter with $3,169,365 in cash.

The Company's commercial revenues for the quarter ended June 30, 2003, compared
to the prior year's quarter, increased by $848,112, military revenues increased
by $962,763 and royalty income was down $6,278.

The increase in commercial revenues was partially attributed to shipments of
product to a major sprayer/washer manufacturer in the amount of $450,000, and
the placement of approximately $145,000 of the Company's GFCI products in Home
Depot and Fire Shield(R) Surge Strips in Wal-Mart.  New accounts in the
Recreational Vehicle, Brand Label and Commercial Distribution markets
contributed to the remainder of the growth.  The outlook for commercial
revenues for the remainder of the fiscal year is positive.

Military revenues increased as a result of stronger direct military shipments
of support parts for existing systems and control devices related to the
Tactical Quiet Generator (TQG) programs.  The Company expects military
revenues to remain strong throughout the fiscal year.

The Company expects to make significant progress this year in marketing its
Fire Shield products.  Currently, the Company is shipping Fire Shield Power
Surge Strips to approximately 620 Wal-Mart Stores, Inc., and the Company is
pursuing opportunities to place like product in other major retailers.  In
addition, the Company expects Fire Shield licensed technology to generate
royalties of approximately $50,000 for the year.  The Company is also
well-positioned to participate in the estimated $60 million annual market
created by the 2002 National Electrical Code (NEC) and the Underwriters
Laboratories (UL) requirement for cord fire protection on portable room air
conditioners manufactured after August 1, 2004.  The Company's Fire Shield
LCDI power cords for this application have successfully completed the UL
testing requirements for the new 1699 standard and are available for
production.  The Company's patented Fire Shield technology has numerous
applications and represents the Company's most significant opportunity for
growth.


                                   - 7 -

The Company's gross profit margin on net sales was 34% for the current quarter
and 32% for the same quarter last year reflecting improved manufacturing
productivity and higher military sales as a percentage of total sales.

Selling, general and administrative expenses for the current quarter were
$847,892, compared to $785,780 in the same quarter last year, an increase of
approximately 8%, reflecting higher salary related expenses and insurance costs
of $51,495 and $15,273, respectively, and a decrease in other expenses of
$4,656.  Selling expenses were $466,202 for the current quarter, compared to
$459,927 the same quarter last year, an increase of approximately 1%.  General
and administrative expenses were $381,690, compared to $325,853 in the same
quarter last year, an increase of approximately 17%.

Research, development and engineering expenses for the current quarter were
$313,658, compared to $285,056 for the same quarter last year, an increase of
approximately 10%.  Salary related expenses increased by $20,290, and the
Company's Underwriters Laboratories ("UL") fees increased by $23,722 as a
result of the Company qualifying its Fire Shield Leakage Current Detection
Interrupter ("LCDI") power supply cords with UL.  As previously announced on
July 10,2003, the Company's LCDIs have successfully completed the testing as
required by the new UL 1699 standard, and these products are now available for
initial production for portable air conditioners as required by the UL standard
484, effective August 2004.  Other expenses were down $15,410.

Interest and sundry income, net of interest expense, was $1,989 for the
current quarter, compared to $3,096 for the same quarter last year,
reflecting little to no debt during each quarter.

In accordance with FSAS 109, "Accounting for Income Taxes", the Company does
not record deferred income taxes on the foreign undistributed earnings of an
investment in a foreign subsidiary that is essentially permanent in duration.
Accordingly, the Company's Honduras subsidiary was profitable which caused a
decrease in the effective tax rate of the Company.  If circumstances change,
and it becomes apparent that some or all of the undistributed earnings of the
subsidiary will be remitted in the foreseeable future, but U.S. income taxes
have not been recognized by the Company, the Company will record as an expense
of the current period the U.S. income taxes attributed to that remittance.


Liquidity and Capital Resources

As of June 30, 2003, the Company's cash and cash equivalents increased to
$3,169,365 from the March 31, 2003 total of $2,529,562.  Cash provided by
operating activities was $857,448, cash used in investing activities was
$133,813 and cash used in financing activities was $83,832, giving a total
increase of $639,803.

Cash provided by operating activities was primarily due to net income of
$584,100, depreciation in the amount of $222,796, an increase in accounts
payable and income taxes payable of $482,162 and $181,120, respectively,
offset to some extent by an increase in accounts receivable and prepaid
expenses of $214,155 and $265,727, respectively.  The increase in accounts
receivable and accounts payable was primarily the result of the Company's
increased business.  The increase in prepaid expenses was the result of up
front payments by the Company for its one year Honduran facility lease and for
its commercial property and casualty insurances.


                                   - 8 -

Cash used in investing activities was related to purchases of capital equipment
only.  The Company's capital expenditures were $133,813 in the first quarter
ended June 30, 2003 compared to $228,537 in the prior year's quarter.  The
decrease was due to the following capital expenditures which occurred in the
prior year's quarter but not the current quarter:  1) the Company purchasing a
375 ton molding press to further vertically integrate its plastic parts
requirements; and 2) the Company tooling for several new and existing products
to be manufactured at the Company's contract manufacturer in China.

Cash used in financing activities was due to the Company's payment of its
quarterly cash dividend in the amount of $83,832.

On November 12, 2002, the Company renewed its $3,000,000 revolving credit loan
with its institutional lender, extending the maturity date to December 14,
2004.  Although the Company did not utilize its line of credit in the first
quarter, the Company has the option of borrowing at the lender's prime rate of
interest minus 25 basis points or the 30-day London Interbank Offering Rate
(L.I.B.O.R.) plus 175 basis points.  The loan is collateralized with a
perfected first security interest on all of its accounts receivable and
inventories, and a blanket security interest on all of its assets.  The Company
continues to comply with its loan covenants.  The Company has no off-balance
sheet arrangements and no debt relationships other than noted above.

The Company's working capital decreased by $579,122 to $9,452,202 at
June 30, 2003, compared to $8,873,080 at March 31, 2003.  The Company believes
cash flow from operations, the available bank line and current cash position
will be sufficient to meet its working capital requirements for the immediate
future.

The Company's earnings before interest, income taxes and depreciation ("EBITD")
was $1,003,307 for the first quarter ended June 30, 2003, compared to $429,167
for the prior year's quarter.  The Company wishes to present its EBITD results
as an indication of its liquidity and should not be interpreted as earnings.
The chart below shows the reconciliation of EBITD to net earnings:

                           Three Months Ended
                               June 30

                            2003        2002
                         ----------  ----------

Net income              $   584,100 $   129,455
Interest expense                  -       1,153
Income taxes                196,411      60,851
Depreciation                222,796     237,708
                          ---------   ---------
  EBITD                 $ 1,003,307 $   429,167

The first quarter dividend of $.015 per share was be paid on July 25, 2003 to
shareholders of record on June 30, 2003.  The Company's annual dividend is $.06
per share.







                                   - 9 -

New Accounting Standards

In June 2001, the Financial Accounting Standards Board ("FASB") issued the
Statement of Financial Accounting Standards ("SFAS") No. 143, Accounting for
Asset Retirement Obligations, effective for fiscal years beginning
after June 15, 2002.  SFAS No. 143 requires the Company to record the fair
value of an asset retirement obligation as a liability in the period in which
it incurs a legal obligation associated with the retirement of tangible long-
lived assets that result from the acquisition, construction, development and/or
normal use of the assets.  The Company would also record a corresponding asset,
which is depreciated over the life of the asset.  Subsequent to the initial
measurement of the asset retirement obligation, the obligation will be adjusted
at the end of each period to reflect the passage of time and changes in the
estimated future cash flows underlying the obligation.  The adoption of SFAS
No. 143 did not have a material effect on the Company's financial condition,
results of operations or cash flows.

In December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based
Compensation - Transition and Disclosure, an amendment of SFAS No. 123.  SFAS
148 amends SFAS 123, Accounting for Stock-Based Compensation to provide
alternative methods of transition for a voluntary change to the fair value
based method of accounting for stock-based employee compensation.  In addition,
SFAS 148 amends the disclosure requirements of SFAS No. 123 to require more
prominent and more frequent disclosures in the financial statements regarding
the effects of stock-based compensation.  SFAS 148 is effective for financial
statements for fiscal years ending after December 15, 2002, including certain
amendments to require disclosures related to stock-based compensation included
in condensed financial statements for interim periods beginning after December
15, 2002.  The Company does not plan to change to the fair value based method
of accounting for stock-based compensation in the foreseeable future under the
existing accounting literature and therefore this standard will not have a
material impact on the Company's financial condition, results of operations or
cash flows.  Certain of the disclosure requirements are included in the notes
to these condensed consolidated financial statements.

In January 2003, the FASB issued Interpretation 46 - Consolidation of
Variable Interest Entities.  This Interpretation clarifies the application of
Accounting Research Bulletin No. 51, Consolidated Financial Statements, to
certain entities in which the equity investors do not have the characteristics
of a controlling financial interest or do not have sufficient equity at risk
for the entity to finance its activities without additional subordinated
financial support from other parties.  A variable interest entity is required
to be consolidated by the company that has a majority of the exposure to
expected losses of the variable interest entity.  The Interpretation is
effective immediately for variable interest entities created after January 31,
2003.  For variable interest entities in which an enterprise holds a variable
interest that is acquired before February 1, 2003, the Interpretation applies
in the first fiscal year or interim period beginning after June 15, 2003.  The
application of this Interpretation did not have a material effect on the
Company's financial position, results of operations or cash flows.

In April 2003, the FASB issued SFAS No. 149, Amendment of Statement 133 on
Derivative Instruments and Hedging Activities.  This statement amends and
clarifies financial accounting and reporting for derivative instruments,
including certain derivative instruments embedded in other contracts and for
hedging activities under SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities.  This statement is effective for contracts entered into

                                   - 10 -

or modified after June 30, 2003, except for hedging relationships designated
after June 30, 2003.  The adoption of SFAS No. 149 did not have a material
effect on the Company's financial condition, results of operations or cash
flows.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity.  This
statement establishes standards for how an issuer classifies and measures
certain financial instruments with characteristics of both liabilities and
equity.  It requires that an issuer classify a financial instrument that is
within its scope as a liability.  This statement is effective for financial
instruments entered into or modified after May 31, 2003, and otherwise is
effective at the beginning of the first interim period beginning after June 15,
2003.  The adoption of SFAS No. 150 did not have a material effect on the
Company's financial condition, results of operations or cash flows.


Item 3.  Quantitative and Qualitative Disclosure Regarding Market Risk

The Company had no derivative securities as of June 30, 2003.  The
Company's exposure to market risk for changes in interest rates would relate
primarily to the Company's debt obligations due to its variable LIBOR Rate
pricing; however, the Company has no debt obligations as of June 30, 2003.


Forward Looking Statements

Some of the statements in this report constitute forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act of 1995 and
the Securities Exchange Act of 1934.  These statements are related to future
events, other future financial performance or business strategies, and may be
identified by terminology such as "may," "will," "should," "expects,"
"scheduled," "plans," "intends," "anticipates," "believes," "estimates,"
"potential," or "continue," or the negative of such terms, or other comparable
terminology.  These statements are only predictions, and actual events as well
as results may differ materially.  In evaluating these statements, you should
specifically consider the factors described throughout this report.  Such key
factors include, but are not limited to, the acceptance of any new products,
such as "Fire Shield", into the marketplace, the effective utilization of the
Company's Honduran manufacturing facility, changes in manufacturing
efficiencies and the impact of competitive products and pricing.  The Company
cannot provide any assurance that predicted future results, levels of activity,
performance or goals will be achieved, and the Company disclaims any obligation
to revise any forward-looking statements subsequent to events or circumstances
or the occurrence of unanticipated events.













                                   - 11 -

Item 4. Controls and Procedures

The Company's management, including the Chairman of the Board (serving as the
principal executive officer) and Chief Financial Officer, have conducted an
evaluation of the effectiveness of disclosure controls and procedures pursuant
to Exchange Act Rule 13a-15(e).  Based on that evaluation, the Chairman of the
Board and the Chief Financial Officer concluded that the disclosure controls
and procedures are effective in ensuring that all material information required
to be filed in this quarterly report has been made known to them in a timely
fashion.  There have been no significant changes in internal controls, or in
other factors that could significantly affect internal controls, subsequent to
the date the Chairman of the Board and Chief Financial Officer completed their
evaluation.


Part II - Other Information

Item 1.  Legal Proceedings

The Company is involved in various claims and legal actions arising in the
ordinary course of business.  In the opinion of the Company, the ultimate
disposition of these matters will not have a material adverse effect on the
Company.

In November 2002, a civil complaint was filed against the Company and nine
other defendants in the United States District Court in and for the District of
Nevada.  The complaint alleges infringement by each of the defendants of two
patents registered in the name of the plaintiff, in the case of the Company
arising out of its manufacture and sale of recreational vehicle voltage
monitors and controllers, and seeks injunctive relief, an accounting of past
profits generated from such sales, monetary damages and cost recoveries.  The
Company has filed a general denial of plaintiff's claims and management
believes that the alleged infringement has not occurred.  The Company is in the
process of negotiating a settlement agreement for this matter, and the Company
believes the settlement amount will have no material adverse effect upon the
Company's consolidated financial position, liquidity or results of operations.

Item 2.  Changes in Securities

Not Applicable.

Item 3. Defaults Upon Senior Securities

Not Applicable.

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

Not Applicable.

Item 5.  Other Information

Not Applicable.

Item 6.  Exhibits and Reports on Form 8-K

The Company filed no reports on Form 8-K during the quarter covered by this
Report.

                                   - 12 -

                ___________________________________________


                                SIGNATURES


Pursuant to the requirements of the Security Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                              TECHNOLOGY RESEARCH CORPORATION
                                       (registrant)



     August 14, 2003           /s/ Scott J. Loucks
___________________________   __________________________________
          Date                Scott J. Loucks
                              Chief Financial Officer,
                              (principal financial, accounting and
                              Duly Authorized Officer)




































                                   - 13 -

                              CERTIFICATIONS PURSUANT TO
                    SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


CERTIFICATION
-------------

I, Robert S. Wiggins, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Technology Research
Corporation:

2.  Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)):

      (a)  Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the registrant, including
      its consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

      (b)  Evaluated the effectiveness of the registrant's disclosure controls
      and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
      the period covered by this report based on such evaluation; and

      (c)  Disclosed in this report any change in the registrant's internal
      control over financial reporting that occurred during the registrant's
      most recent fiscal quarter (the registrant's fourth fiscal quarter in
      the case of an annual report) that has materially affected, or is
      reasonably likely to materially affect, the registrant's internal control
      over financial reporting; and


5.  The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent function):

      (a)  All significant deficiencies and material weaknesses in the design
      or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant's ability to record,
      process, summarize and report financial information; and



                                   - 14 -

      (b)  Any fraud, whether or not material, that involves management or
      other employees who have a significant role in the registrant's internal
      control over financial reporting.




      August 14, 2003         /s/ Robert S. Wiggins
___________________________   __________________________________
          Date                Robert S. Wiggins
                              Chairman of the Board and
                              Chief Executive Officer


CERTIFICATION
-------------

I, Scott J. Loucks, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Technology Research
Corporation:

2.  Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)):

      (a)  Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the registrant, including
      its consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

      (b)  Evaluated the effectiveness of the registrant's disclosure controls
      and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
      the period covered by this report based on such evaluation; and

      (c)  Disclosed in this report any change in the registrant's internal
      control over financial reporting that occurred during the registrant's
      most recent fiscal quarter (the registrant's fourth fiscal quarter in
      the case of an annual report) that has materially affected, or is
      reasonably likely to materially affect, the registrant's internal control
      over financial reporting; and




                                   - 15 -

5.  The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent function):

      (a)  All significant deficiencies and material weaknesses in the design
      or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant's ability to record,
      process, summarize and report financial information; and

      (b)  Any fraud, whether or not material, that involves management or
      other employees who have a significant role in the registrant's internal
      control over financial reporting.




     August 14, 2003          /s/ Scott J. Loucks
___________________________   __________________________________
          Date                Scott J. Loucks
                              Chief Financial Officer,
                              (principal financial, accounting and
                              Duly Authorized Officer)



































                                   - 16 -