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 December 31, 2003

Commission File Number:  0-13763



                        TECHNOLOGY RESEARCH CORPORATION
       (Exact name of small business issuer 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)



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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.  Yes [X] No [ ]

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


            Class                              Outstanding at January 31, 2004
Common stock, $.51 par value                            5,710,591


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












                     TECHNOLOGY RESEARCH CORPORATION

                                 INDEX


Part I - Financial Information                                          Page

Item 1.  Financial Statements

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

Condensed Consolidated Statements of Operations (unaudited)
     - Three months and Nine months ended
       December 31, 2003 and December 31, 2002........................... 2

Condensed Consolidated Statements of Cash Flows (unaudited)
     - Nine months ended December 31, 2003 and December 31, 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 - Controls and Procedures........................................ 14


Part II - Other Information


Item 1 - Legal Proceedings.............................................. 14

Item 2 - Changes in Securities.......................................... 14

Item 3 - Defaults Upon Senior Securities................................ 14

Item 4 - Submission of Matters to a Vote of Security Holders............ 14

Item 5 - Other Information.............................................. 14

Item 6 - Exhibits and Reports on Form 8-K............................... 15


Signatures.............................................................. 15

Certifications.......................................................... 16













PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

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

                                               December 31,     March 31,
                                                    2003          2003
                                                -----------    ---------
                 ASSETS

Current assets:
  Cash and cash equivalents                  $   5,195,426     2,529,562
  Accounts receivable, net                       3,042,386     2,772,825
  Inventories:
    Raw material                                 2,850,460     3,020,076
    Work in process                                509,405       265,645
    Finished goods                               1,563,909     1,378,155
                                                ----------    ----------
      Total inventories                          4,923,774     4,663,876
  Prepaid expenses                                 150,987       122,323
  Deferred income taxes                            251,399       288,708
  Income taxes receivable                                -        19,766
                                                ----------    ----------
      Total current assets                      13,563,972    10,397,060
                                                ----------    ----------
Property, plant, and equipment                  10,146,960     9,777,497
  Less accumulated depreciation                  7,014,971     6,391,480
                                                ----------    ----------
      Net property, plant, and equipment         3,131,989     3,386,017
                                                ----------    ----------
Other assets                                        88,233        52,612
                                                ----------    ----------
                                              $ 16,784,194    13,835,689
                                                ==========    ==========























        LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                           $   1,070,691     1,052,817
  Accrued expenses                                 327,977       363,857
  Dividends payable                                 98,892        96,781
  Income taxes payable                             693,389             -
  Deferred income                                   10,525        10,525
                                                ----------    ----------
     Total current liabilities                   2,201,474     1,523,980
Deferred income - long term                         31,582        39,475
Noncurrent deferred income taxes                   218,246       195,604
                                                ----------    ----------
     Total liabilities                           2,451,302     1,759,059
                                                ----------    ----------
Stockholders' equity:
  Common stock                                   2,920,563     2,785,554
  Additional paid-in capital                     7,842,556     7,528,194
  Retained earnings                              3,609,918     1,803,027
                                                ----------    ----------
                                                14,373,037    12,116,775
  Treasury stock                                   (40,145)      (40,145)
                                                ----------    ----------
     Total stockholders' equity                 14,332,892    12,076,630
                                                ----------    ----------

                                              $ 16,784,194    13,835,689
                                                ==========    ==========



See accompanying notes to condensed consolidated financial statements.



























                                  - 1 -
                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (unaudited)

                                  Three Months Ended      Nine Months Ended
                                     December 31,           December 31,
                                ----------------------  ----------------------
                                   2003        2002        2003        2002
                                ----------  ----------  ----------  ----------
Operating revenues:
  Net sales                  $   5,772,339   4,557,732  17,591,635  12,300,369
  Royalties                         33,217      24,552      86,490     106,049
                                ----------  ----------  ----------  ----------
                                 5,805,556   4,582,284  17,678,125  12,406,418
                                ----------  ----------  ----------  ----------
Operating expenses:
  Cost of sales                  3,437,637   3,066,482  10,878,635   8,256,462
  Selling, general, and
           administrative        1,109,686     741,506   2,963,136   2,283,489
  Research, development and
            engineering            323,173     309,182     959,605     909,453
                                ----------  ----------  ----------  ----------
                                 4,870,496   4,117,170  14,801,376  11,449,404
                                ----------  ----------  ----------  ----------
    Operating income               935,060     465,114   2,876,749     957,014
                                ----------  ----------  ----------  ----------
Other income (deductions):
  Interest and sundry income         4,564       1,553       9,587       6,668
  Interest expense                       -           -           -      (1,153)
  Loss on disposal of asset           (148)    (24,032)       (148)    (34,737)
                                ----------  ----------  ----------  ----------
                                     4,416     (22,479)      9,439     (29,222)
                                ----------  ----------  ----------  ----------
    Income before income taxes     939,476     442,635   2,886,188     927,792

Income tax expense                 259,088     130,672     827,840     280,243
                                ----------  ----------  ----------  ----------
       Net income            $     680,388     311,963   2,058,348     647,549
                                ==========  ==========  ==========  ==========
Basic earnings per share     $        0.12        0.06        0.37        0.12
                                ==========  ==========  ===========  =========
Weighted average number of
  Common shares outstanding      5,664,032   5,438,215   5,549,324   5,437,784
                                ==========  ==========  ==========  ==========
Diluted earnings per share   $        0.11        0.06        0.36        0.12
                                ==========  ==========  ===========  =========
Weighted average number of
  common and equivalent
  shares outstanding             5,974,485   5,449,051   5,763,281   5,453,231
                                ==========  ==========  ==========  ==========

Dividends paid               $       0.015        0.01       0.045        0.03
                                ==========  ==========  ==========  ==========

See accompanying notes to condensed consolidated financial statements.




                                  - 2 -
                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (unaudited)

                                                          Nine Months Ended
                                                             December 31,
                                                        ----------------------
                                                           2003        2002
                                                        ----------  ----------
Cash flows from operating activities:

  Net income                                        $   2,058,348      647,549

  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation                                        623,930      657,412
      Loss on disposal of assets                              148       34,737
      Decrease (increase) in accounts receivable         (269,561)     (91,984)
      Decrease in inventories                            (259,898)     208,857
      Decrease (increase) in prepaid expenses             (28,664)     (86,751)
      Decrease in income taxes receivable                  19,766            -
      Change in deferred income taxes                      59,951      192,266
      Decrease (increase) in other assets                 (35,621)      18,320
      Increase (decrease) in accounts payable              17,874      144,271
      Increase (decrease) in accrued expenses             (35,880)      11,599
      Increase in income taxes payable                    693,389       41,619
      Decrease in deferred income                          (7,893)           -
                                                       ----------    ----------
        Net cash provided by operating activities       2,835,889    1,777,895
                                                       ----------    ----------
Cash flows from investing activities:
  Capital expenditures                                   (370,050)    (518,252)
                                                       ----------    ----------
        Net cash used in investing activities            (370,050)    (518,252)
                                                       ----------    ----------

Cash flows from financing activities:
  Net payments of long-term debt                                -     (500,000)
  Proceeds from exercise of stock options                 449,371        3,188
  Dividends paid                                         (249,346)    (162,566)
                                                       ----------    ----------
        Net cash provided by (used in)
            financing activities                          200,025     (659,378)
                                                       ----------    ----------
Increase in cash and cash equivalents                   2,665,864      600,265

Cash and cash equivalents at beginning of period        2,529,562    1,163,099
                                                       ----------    ----------
Cash and cash equivalents at end of period          $   5,195,426    1,763,364
                                                       ==========    ==========

Supplemental cash flow information:
  Cash paid for interest                            $           -        1,153
                                                        =========     =========
  Cash paid (received) for income taxes             $      54,734       46,358
                                                        =========     =========

See accompanying notes to condensed consolidated financial statements.

                                  - 3 -
                TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (unaudited)

                     December 31, 2003 and March 31, 2003

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
presentation of the condensed consolidated financial statements 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 nine-month period ended December 31, 2003
are not necessarily indicative of the results to be expected for the full
year.

2.  Basic earnings per share has 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         Nine months ended
                                      December 31,              December 31,
                                 --------------------      --------------------
                                    2003       2002           2003       2002
                                 --------------------      --------------------
   Net earnings                 $  680,388    311,963     $2,058,348    647,549
                                 =========  =========      =========  =========
   Weighted average shares
     outstanding - basic         5,664,032  5,438,215      5,549,324  5,437,784
   Dilutive common shares
     issuable upon exercise
     of stock options              310,453     10,836        213,957     15,447
                                 ---------  ---------      ---------  ---------
   Weighted average shares
     outstanding - diluted       5,974,485  5,449,051      5,763,281  5,453,231
                                 =========  =========      =========  =========
Earnings per common share:
Basic                           $     0.12       0.06     $     0.37       0.12
Diluted                         $     0.11       0.06     $     0.36       0.12
                                 =========  =========      =========  =========

For the three-month and nine-month periods ended December 31, 2003, no shares
of common stock were considered anti-dilutive for the purposes of calculating
earnings per share.  For the three-month and nine-month periods ended December
31, 2002, options to purchase 544,750 shares and 397,250 shares, respectively,
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 November 2002, the FASB issued interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others".  Interpretation 45 changes the
accounting for and the disclosure of guarantees.  Interpretation 45 requires
that guarantees meeting certain characteristics be initially recorded as a
liability at fair value, in contrast to FASB No. 5 which requires recording
a liability only when a loss is probable and reasonably estimable.  The
disclosure requirements of Interpretation 45 are effective for financial
statements and annual periods ending after December 15, 2002.  The initial
recognition and initial measurement provisions of Interpretation 45 are
effective on a prospective basis to guarantees issued or modified after
December 31, 2002.  The adoption of Interpretation 45 did not have a material
effect on the Company's financial condition, results of operations or cash
flows.

5.  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 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 -

6.  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 ending after December 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.

7.  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
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.

8.  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.

9.  At December 31, 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 earnings, 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 earnings 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:










                                   - 6 -

                                   Three months ended      Nine months ended
                                      December 31,            December 31,
                                 --------------------    -------------------
                                    2003       2002         2003      2002
                                 --------------------    -------------------
   Net earnings                 $  680,388    311,963   $2,058,348   647,549
  Total stock-based employee compensation
    expense determined under fair value
    based method for all rewards, net of
    related tax effect              (22,336)   (19,509)     (67,007)   (58,527)
                                  ---------  ---------    ---------  ---------
  Pro forma net earnings         $  658,052    292,454   $1,991,341    589,022
                                  =========  =========    =========  =========
  Earnings per common share:
    Reported earnings
         per share-basic         $     0.12       0.06         0.37       0.12
    Pro forma earnings
         per share-basic         $     0.12       0.05         0.36       0.11
    Reported earnings
         per share-diluted       $     0.11       0.06         0.36       0.12
    Pro forma earnings
         per share-diluted       $     0.11       0.05         0.35       0.11

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 and nine months ended
December 31, 2003 and 2002, respectively:  1.6% to 1.7% dividend yield; risk-
free interest rate of 1.0%; expected volatility of 91.9% to 92.6%; and expected
holding period of eight to nine years.


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

                          Critical Accounting Policies

The Company's critical accounting policies are: (1) revenue recognition; and
(2) excess and obsolete inventory reserves.

Revenue Recognition.  The Company recognizes revenue when an order has been
received, pricing is fixed, product has been shipped and collectibility is
reasonably assured.  Title to goods passes to customers upon shipment, there
are no customer acceptance provisions included in sales contracts and the
Company has no installation obligation subsequent to product shipment.
Similarly, revenue is recognized upon shipment to distributors as title passes
to them without additional involvement or obligation.  Collection of
receivables related to distributor sales is not contingent upon subsequent
sales to third parties.  Cost of sales includes the cost of the product and the
Company's estimate of any additional warranty, rework or other concessions the
Company expects to incur in connection with a sale.

Government sales are fixed price contracts.  The Company has not experienced
losses in the past on such contracts.  Should the Company identify a loss on a
future contract, the Company would account for the loss under Statement of
Position 81-1, Accounting for Performance of Construction-Type and Certain
Production Type Contracts, and record a charge against earnings in the period
the estimated loss was identified.

                                   - 7 -

The Company accrues minimum royalties due from customers over the related
royalty period.  Royalties earned in excess of minimum royalties due are
recognized as reported by the licensees.  The Company enters into license
agreements and receives nonrefundable license fees in exchange for the use of
technology previously developed by the Company.  The licensee receives the
right to manufacture and sell certain products exclusively within specified
geographic areas.  The nonrefundable license fees are recorded as deferred
revenue and recognized as income on a straight-line basis over the exclusivity
period of the agreement.  A termination or change to the initial license
agreement could result in an accelerated recognition of the deferred revenue.
License fees are included in royalty revenue.

Excess and Obsolete Inventory Reserves.  The Company's condensed consolidated
financial statements include an estimate associated with reserves with respect
to inventory.  Various assumptions and other factors underlie the determination
of this estimate.  The process of determining this estimate is fact specific
and takes into account primarily historical experience and expected economic
conditions.  The Company evaluates this estimate on a monthly basis and makes
adjustments each quarter where facts and circumstances dictate.  The Company
evaluates all inventory which has not had activity for twelve months.  As of
December 31, 2003, the Company's inventory reserve was $452,610 or
approximately 8% of total inventory.

The preparation of the condensed consolidated financial statements in
conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions about future
events that affect the reported amount of assets and liabilities and disclosure
of contingent assets and liabilities as of the date of the financial statements
and the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates.


                               Operating Results

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

Current Three Months and Nine Months Ended December 31, 2003 versus
December 31, 2002

The Company's operating revenues for the third quarter ended December 31, 2003
were $5,805,556, compared to $4,582,284 reported in the same quarter last year,
an increase of 27% with military revenues increasing by $958,773, commercial
revenues by $255,834 and royalty income by $8,665.  Net income for the current
quarter was $680,388, compared to $311,963, for the same quarter last year, an
increase of 118%.  Basic earnings were $.12 per share and diluted earnings were
$.11 per share for the current quarter compared to basic and diluted earnings
of $.06 per share for the same quarter last year.  The Company recorded
expenses of $137,923 in the quarter for new account setup and the promotion of
its Fire Shield(R) products in retail stores.  In addition, the Company
recorded a non-recurring expense of approximately $75,000 due to a change in
its severance policy at its Honduran subsidiary during the quarter.




                                  - 8 -

The Company's operating revenues for the nine-month period ended December 31,
2003 were $17,678,125, compared to $12,406,418 reported in the same period of
the prior year, an increase of 42%.  Net income for the nine-month period was
$2,058,348, compared to $647,549, for the same period in the prior year, an
increase of 218%.  Basic earnings were $.37 per share and diluted earnings were
$.36 per share for the nine-month period compared to basic and diluted earnings
of $.12 per share for the same period of the prior year.

For the nine-month period ended December 31, 2003, commercial revenues
increased by $1,933,095, military revenues improved by $3,358,171 and royalty
income was down by $19,559 compared to the same period of the prior year.  The
increase in commercial revenues was primarily attributed to product sales of
$1,008,831 into retail stores and $450,000 to a major sprayer/washer
manufacturer.  New accounts in the Recreational Vehicle, Brand Label and
Commercial Distribution markets contributed to the remainder of the growth.
Military revenues continue to be strong due to direct military shipments of
support parts for existing systems and control devices related to the Tactical
Quiet Generator (TQG) programs.  The increase in direct military shipments is
primarily the result of current U.S. military activity.

The Company continues to make progress in establishing its Fire Shield(R) brand
name.  Fire Shield(R) product sales were $750,957, or 8.3% of commercial sales,
for the nine-month period.  In addition, the Company recorded royalty income
of $67,536 for the nine-month period from Applica Inc., a licensee that
incorporates a Fire Shield(R) cord set on its line of Black & Decker(R)
portable heaters.  The Company's patented Fire Shield(R) technology has
numerous applications and represents a significant opportunity for growth.  One
example is that the Company is well-positioned to participate in the estimated
$60 million annual market created by the 2002 National Electrical Code (NEC)
and the Underwriters Laboratories (UL) currently scheduled requirement for cord
fire protection on portable room air conditioners which are manufactured after
August 1, 2004.  The Company's products are currently under evaluation by a
number of room air conditioner manufacturers.

The Company's gross profit margin on net sales was approximately 40% for the
current quarter and approximately 38% for the nine-month period ended September
30, 2003, compared to 33% for the same periods last year.  The improvement in
gross profit margins was the result of product mix plus productivity
improvements in manufacturing.

Selling, general and administrative expenses were $1,109,686 for the current
quarter and $2,963,136 for the nine-month period ended December 31, 2003,
compared to $741,506 and $2,283,489 for the same periods in the prior year, an
increase of 50% and 30%, respectively.  The increase in expenses for the nine-
month period was generally due to increased personnel and business related
activities to support the Company's expanding business.  Specifically, salary
related expenses increased by $176,919, advertising costs by $40,777,
professional fees by $32,681, general insurance expense by $26,976, outside
sales commissions by $26,623 and other expenses by $7,489.  Selling expenses
were $662,933 for the current quarter and $1,716,263 for the nine-month period
ended December 31, 2003, compared to $435,307 and $1,327,972 for the same
periods in the prior year, an increase of approximately 52% and 29%,
respectively.  General and administrative expenses were $446,753 for the
current quarter and $1,246,873 for the nine-month period ended December 31,
2003, compared to $306,199 and $955,517 for the same periods in the prior year,
an increase of approximately 46% and 30%, respectively.


                                  - 9 -

Research, development and engineering expenses were $323,173 for the current
quarter and $959,605 for the nine-month period ended December 31, 2003,
compared to $309,182 and $909,453 for the same periods in the prior year, an
increase of approximately 5% and 6%, respectively.  The increase was primarily
related to an increased number of engineering personnel.

Interest and sundry income, net of interest expense, for the current quarter
was $4,564 and $9,587 for the nine-month period ended December 31, 2003,
compared to $1,553 and $5,515 for the same periods in the prior year,
reflecting no debt and interest income on increased cash balances.

In accordance with SFAS 109, "Accounting for Income Taxes", the Company does
not record deferred income taxes on the undistributed earnings of its
foreign subsidiary, as it is management's intention to permanently reinvest
these earnings outside of the U.S. Accordingly, as the Company's Honduras
subsidiary was profitable, this has a favorable impact on the Company's
overall effective income tax rate.  Should circumstances change, and it
becomes necessary to repatriate these undistributed earnings, the Company
will record U.S. income taxes associated with these amounts in the period in
which any such change in facts and circumstances occurs.  Conversely, as the
Company's mix of profits between domestic and international change, this will
affect the Company's overall effective tax rate.


Liquidity and Capital Resources

As of December 31, 2003, the Company's cash and cash equivalents increased to
$5,195,426 from the March 31, 2003 total of $2,529,562.  Cash provided by
operating activities was $2,835,889, cash used in investing activities was
$370,050 and cash provided by financing activities was $200,025, giving a total
increase of $2,665,864 for the nine-month period ended December 31, 2003.

Cash provided by operating activities was primarily due to earnings of
$2,058,348, depreciation in the amount of $623,930, an increase in income
taxes payable of $693,389, offset to some extent by an increase in accounts
receivable and inventories of $269,561 and $259,898, respectively.  The
increase in accounts receivable and accounts payable was primarily the result
of the Company's increased business.  Income taxes payable increased as a
result of the Company's increased earnings for the current year while
remittance of estimated payments are based upon the Company's prior year's tax
obligation.

Cash used in investing activities was related to purchases of capital equipment
only.  The Company's capital expenditures were $370,050 for the nine-month
period ended December 31, 2003, compared to $518,252 in the prior year.  The
decrease was due to the following capital expenditures which occurred in the
prior year's nine-month period ended December 31, 2002:  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 provided by financing activities was due to proceeds from exercises of
stock options in the amount of $449,371, offset to some extent by the
Company's payment of cash dividends in the amount of $249,346.




                                   - 10 -

On November 12, 2003, the Company renewed its $3,000,000 revolving credit loan
with its institutional lender, extending the maturity date to December 14,
2005.  Although the Company did not utilize its line of credit in the third
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 increased by $2,489,418 to $11,362,498 at
December 31, 2003, compared to $8,873,080 at March 31, 2003.  The Company
believes cash flow from operations, the available bank line and current cash
and cash equivalents position will be sufficient to meet its working capital
requirements for the next twelve months.

The Company's earnings before interest, income taxes, depreciation and
amortization ("EBITDA") was $1,134,448 for the three-month period and
$3,510,118 for the nine-month period ended December 31, 2003, compared to
$635,317 for the three-month period and $1,586,357 for the nine-month period
ended December 31, 2002.  The chart below shows the reconciliation of
EBITDA to net earnings:
                              Three Months Ended          Nine Months Ended
                                  December 31                 December 31
                              2003          2002          2003          2002
                          ----------    ----------    ----------    ----------
Net income               $   680,388       311,963   $ 2,058,348       647,549
Interest expense                   -             -             -         1,153
Income taxes                 259,088       130,672       827,840       280,243
Depreciation                 194,972       192,682       623,930       657,412
Amortization                       -             -             -             -
                           ---------       -------     ---------     ---------
EBITDA                   $ 1,134,448       635,317   $ 3,510,118     1,586,357
                           =========       =======     =========     =========

The record date for the Company's third fiscal quarter dividend of $.015 per
share was December 31, 2003, and the Company paid that dividend on January
23, 2004.  The Company's annual dividend is expected to be $.06 per share.


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.

                                   - 11 -

In November 2002, the FASB issued interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others".  Interpretation 45 changes the
accounting for and the disclosure of guarantees.  Interpretation 45 requires
that guarantees meeting certain characteristics be initially recorded as a
liability at fair value, in contrast to FASB No. 5 which requires recording
a liability only when a loss is probable and reasonably estimable.  The
disclosure requirements of Interpretation 45 are effective for financial
statements and annual periods ending after December 15, 2002.  The initial
recognition and initial measurement provisions of Interpretation 45 are
effective on a prospective basis to guarantees issued or modified after
December 31, 2002.  The adoption of Interpretation 45 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 ending after December 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.










                                   - 12 -

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
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.


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.















                                   - 13 -

Item 3. Controls and Procedures

As of the end of the period covered by this report, an evaluation was carried
out under the supervision and with participation of the Company's management,
including the Chief Executive Officer ("CEO") and Chief Financial Officer
("CFO"), of the effectiveness of the design and operation of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) or
15d-15(e)).  Based on that evaluation, the CEO and CFO have concluded that the
Company's disclosure controls and procedures are effective to ensure that
information required to be disclosed by the Company in reports that it files or
submits under the Securities and Exchange Act of 1934 are recorded, processed,
summarized and reported within the time periods specified in the Securities and
Exchange Commission rules and forms.  There were no changes in the Company's
internal control over financial reporting (as defined in Rules 13a-15(f) or
15d-15(f)) during the quarter covered by this report that have materially
effected, or are reasonably likely to materially affect, the Company's internal
control over financial reporting.


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.


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.











                                   - 14 -

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.

(a)  Exhibits:

     Exhibit 32.1  The Chief Executive Officer's certification required under
                   Section 906 of the Sarbanes-Oxley Act of 2002.

     Exhibit 32.2  The Chief Financial Officer's certification required under
                   Section 906 of the Sarbanes-Oxley Act of 2002.

(b)  Reports on Form 8-K:

     Form 8-K dated January 21, 2004 reported under "Item 12. Results of
     Operations and Financial Condition" that the Company issued a press
     release describing its results of operations for the second quarter ended
     December 31, 2003 and attached such press release. This information is
     not deemed to be "filed" for purposes of Section 18 of the Securities
     Exchange Act of 1934 and is not incorporated by reference into any
     Securities Act registration statements.

                ___________________________________________


                                SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


                              TECHNOLOGY RESEARCH CORPORATION
                                       (registrant)



    February 12, 2004         /s/ Scott J. Loucks
___________________________   __________________________________
          Date                Scott J. Loucks
                              Chief Financial Officer,
                              (principal financial and accounting Officer)














                                   - 15 -

                              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-QSB 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)) for the registrant and we have:

      (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



                                   - 16 -

      (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.




    February 12, 2004         /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-QSB 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)) for the registrant and we have:

      (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




                                   - 17 -

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.




    February 12, 2004         /s/ Scott J. Loucks
___________________________   __________________________________
          Date                Scott J. Loucks
                              Chief Financial Officer,
                              (principal financial and accounting Officer)




































                                   - 18 -