SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12

Technology Research Corporation
_______________________________________________________________________________
(Name of Registrant as Specified In Its Charter)

_______________________________________________________________________________
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required.

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

(1) Title of each class of securities to which transaction applies:
_____________________________________________________________________
(2) Aggregate number of securities to which transaction applies:
_____________________________________________________________________
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
_____________________________________________________________________
(4) Proposed maximum aggregate value of transaction:
_____________________________________________________________________
(5) Total fee paid:
_____________________________________________________________________

[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:
_____________________________________________
(2) Form, Schedule or Registration Statement No.:
_____________________________________________
(3) Filing Party:
_____________________________________________
(4) Date Filed:
______________________________________________
TECHNOLOGY RESEARCH CORPORATION

Notice of Annual Meeting to Shareholders
to be held August 21, 2003

To the Shareholders of
TECHNOLOGY RESEARCH CORPORATION

You are cordially invited to attend the Annual Meeting of Shareholders of
Technology Research Corporation, a Florida corporation (the "Company"), which
will be held on August 21, 2003, at 2:30 P.M. local time, at the Hampton Inn,
21030 U.S. 19 North, Clearwater, Florida 33765, Clearwater, Florida, for the
following purposes:

1. To elect eight members of the Board of Directors who will be elected
to a one-year term of office.

2. To ratify the selection by the Company's Board of Directors of
KPMG LLP, Certified Public Accountants, as independent auditors of
the Company for its fiscal year ending March 31, 2004.

3. To consider and vote upon a proposal to increase by 300,000 the number
of shares to be reserved for future issuance under the Technology
Research Corporation 2000 Long Term Incentive Plan.

4. To consider and act upon any matters related to the foregoing purposes
and to transact such other business as may properly be brought before
the meeting and at any adjournments thereof.

A Proxy Statement and Board of Directors Proxy are being mailed with this
notice. You are invited to attend the meeting in person, but if you are unable
to do so, the Board of Directors requests that you sign, date and return the
proxy, as promptly as practicable, by means of the enclosed envelope. If you
are present at the meeting and desire to vote in person, you may revoke the
proxy, and if you receive more than one proxy (because of different addresses
of stockholdings), please fill in and return each proxy to complete your
representation.

By order of the Board of Directors

/s/ Robert S. Wiggins
Robert S. Wiggins
Chairman of the Board and
Chief Executive Officer

Clearwater, Florida
July 14, 2003
Enclosures

TECHNOLOGY RESEARCH CORPORATION
5250 140th Avenue North
Clearwater, Florida 33760
_________________________

PROXY STATEMENT
_________________________

FOR ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD AUGUST 21, 2003

This Proxy Statement is being furnished to each holder of record of one or
more outstanding shares of the single class of common capital stock authorized
for issuance by the Articles of Incorporation of Technology Research
Corporation (the "Company"), for his, her or its use in considering whether to
comply with the proxy solicitation being made by the Company's Board of
Directors (the "Board of Directors" or the "Board") in connection with the
conduct of the 2003 annual meeting of the Company's shareholders, and of any
adjournments or postponements thereof (the "Meeting"). Each copy of this Proxy
Statement being mailed or otherwise delivered to shareholders is accompanied by
a Proxy card and a Notice of Annual Meeting of Shareholders, and such materials
are being mailed to Company shareholders of record on or about July 14, 2003.

PURPOSE OF THE MEETING

The Meeting is scheduled to be held on August 21, 2003 at 2:30 P.M. local
time, at the Hampton Inn, 21030 U.S. 19 North, Clearwater, Florida 33765. Only
holders of record of the Company's common voting stock at the close of business
on July 3, 2003 (the "Record Date") are entitled to receive notice of and to
vote at the Meeting. At the Meeting, such holders will be asked to consider
and vote upon the following proposals:

PROPOSAL ONE: To elect a board of directors to consist of eight
members, each of whom shall be entitled to serve for a term of one year;

PROPOSAL TWO: To ratify the selection by the Board of Directors of
KPMG LLP as the Company's independent auditors for the fiscal year ending
March 31, 2004;

PROPOSAL THREE: To approve an increase of 300,000 shares of the
Company's common stock to be reserved for future issuance under the
Company's 2000 Long Term Incentive Plan; and

PROPOSAL FOUR: To consider and act upon such other matters as may
properly be brought before the Meeting.

VOTING RIGHTS AND SOLICITATION OF PROXIES

The Company's common stock, $.51 par value (the "Common Stock"), is the
only type of security entitled to vote at the Meeting. On the Record Date for
determining shareholders entitled to vote at the Meeting, there were 5,448,037
shares of Common Stock outstanding. Each shareholder of record on the Record
Date is entitled to one vote for each share of Common Stock then held. Shares
of Common Stock may not be voted cumulatively. All votes will be tabulated by
the Registrar and Transfer Company, the Company's stock transfer agent, who
will tabulate affirmative and negative votes, abstentions and broker non-votes
prior to the Meeting. The Company's Chief Financial Officer will be the
inspector of elections for the Meeting and determine the validity of the
tabulation, including those shares voted or changed at the Meeting.

Quorum Required

The Company's Bylaws provide that the holders of a majority of the issued
and outstanding shares of Common Stock (2,724,019), present in person or
represented by valid proxy, shall constitute a quorum for the transaction of
business at the Meeting. Abstentions and broker non-votes will be counted as
present for the purpose of determining the presence of a quorum.
Vote Required

PROPOSAL ONE: Directors are elected by a plurality of the
affirmative votes cast by those shares present in person or represented by
proxy and entitled to vote at the Meeting. The eight nominees for
director positions receiving the highest number of affirmative votes will
be elected. Abstentions and broker non-votes will not be counted toward a
nominee's total.

PROPOSALS TWO, THREE and FOUR: Passage of each other proposal to be
considered by shareholders will require an affirmative vote by the holders
of a majority of those shares present in person or represented by proxy,
and which are cast either affirmatively or negatively at the Meeting. As
in the case of Proposal One, abstentions and broker non-votes will not be
counted as having been voted on any such proposal.

The current directors and executive officers of the Company and their
affiliates are expected to be the beneficial owners, as of the Record Date, of
657,441 shares (or approximately 12.1% of the outstanding shares) of Common
Stock. Each has indicated an intention to vote in favor of Proposals One, Two
and Three.

Voting of Shares

If your shares of Common Stock are registered directly in your name with
the Company's transfer agent, you are considered, with respect to those shares,
the shareholder of record, and these proxy materials are being sent directly to
you by the Company. As the shareholder of record, you have the right to vote
in person at the Meeting or to grant your voting proxy directly to the Company
or another proxy holder. The Company has enclosed a proxy card for you to use.

If your shares are held in a brokerage account, or by another nominee, you
are considered the beneficial owner of shares held in street name, and these
proxy materials are being forwarded to you, together with a voting instruction
card, by your broker or other nominee. As the beneficial owner, you have the
right to direct your broker or other nominee how to vote and are also invited
to attend the Meeting. Your broker or other nominee has enclosed or provided
voting instructions for you to use in directing the broker or other nominee bow
to vote your shares.

Shares of Common Stock held in a shareholder's name as the shareholder of
record may be voted in person at the Meeting. Shares of Common Stock held
beneficially in street name may be voted in person only if you obtain a legal
proxy from the broker or other nominee that holds your shares giving you the
right to vote the shares.

Whether you hold shares directly as the shareholder of record or
beneficially in street name, you may direct how your shares are voted without
attending the Meeting. If you are a shareholder of record, you may vote by
submitting a proxy. If you hold shares beneficially in street name, you may
vote by submitting voting instructions to your broker or other nominee.

Whether or not you are able to attend the Meeting, you are urged to
complete and return your proxy or voting instructions, which are being
solicited by the Board of Directors and which will be voted as you direct on
your proxy or voting instructions when properly completed. In the event no
directions are specified, such proxies and voting instructions will be voted
FOR the nominees for election to the Board of Directors as set forth in
Proposal One below, FOR each of Proposals Two and Three, and in the discretion
of the proxy holders as to other matters that may properly come before the
Meeting. You may also revoke or change your proxy or voting instructions at
any time before the Meeting. To revoke your proxy, please send a written
notice of revocation or another signed proxy with a later date to the Chief
Financial Officer of the Company at the Company's principal executive offices
before the beginning of the Meeting. You may also automatically revoke your
proxy by attending the Meeting and voting in person. To revoke your voting
instructions, please submit new voting instructions to your broker or other
nominee, or, if your have obtained a legal proxy from your broker or other
nominee giving you the right to vote your shares, by attending the meeting and
voting in person. All shares represented by a valid proxy received prior to
the Meeting will be voted.

Solicitation of Proxies

As this solicitation is being made exclusively by the Board of Directors,
any costs incurred in connection therewith, including the costs of preparation,
assembly, printing and mailing of this Proxy Statement, the accompanying Notice
of Annual meeting, and any additional soliciting material furnished to
shareholders, will be borne by the Company. Copies of solicitation material
will be furnished to brokerage houses, fiduciaries and custodians holding
shares in their names that are beneficially owned by others so that they may
forward this solicitation material to such beneficial owners. The Company may
reimburse such persons for their costs of forwarding the solicitation material
to such beneficial owners. All proxies are being solicited by mail in the
accompanying form, but further solicitation following the original mailing may
be made by Board representatives or agents by telephone, telegraph or personal
contact with certain shareholders. No additional compensation will be paid to
these representatives for such services. Except as described above, the
Company does not intend to solicit proxies other than by mail.

WHILE MANAGEMENT ENCOURAGES YOUR ATTENDANCE AT THE MEETING, HOLDERS OF
COMMON STOCK ARE REQUESTED TO SIGN, DATE AND RETURN PROMPTLY THE ACCOMPANYING
PROXY TO THE COMPANY IN THE ENCLOSED POSTAGE-PAID, ADDRESSED ENVELOPE.

PROPOSAL ONE - ELECTION OF DIRECTORS

Number and Composition of the Board of Directors

The Company's By-Laws of the Company provide that its Board of Directors
shall consist of not less than three members and may be composed of such higher
number as may be fixed from time to time by action of the Board of Directors or
of the shareholders. The Board recommends that the exact number of directors
not be determined by shareholder action, thus permitting the Board to increase
or decrease the number of directors during the year and to fill any vacancy, as
it deems advisable to do so. The Board is currently comprised of six members.
All six members of the Board of Directors will stand for election at the 2003
Annual Meeting. In addition, Jerry T. Kendall and Jack S. Painter, Jr. have
been nominated to stand for election to the Board bringing the total number of
Board recommended nominees to eight.

Information Concerning Nominees

Unless authority is withheld as to one or more of the Board's designated
nominees, the shares represented by Board of Directors proxies properly
executed and timely received will be voted for the election as Directors of the
eight nominees named below, six of whom presently serve in that capacity. If
any such nominee fails to stand for election for any reason, the proxy will be
voted for a substitute nominee designated by the Board of Directors. The Board
has no reason to believe that any nominee will be unavailable to serve if
elected. The nominees listed below, if elected, will serve a one-year term,
expiring on the date of the annual meeting of shareholders in 2004. Certain
information with respect to each nominee is hereafter set forth:

Year
Name Age Position First Elected

Robert S. Wiggins 73 Director, Chairman of the Board 1988
Board and Chief Executive Officer

Jerry T. Kendall 60 President and Nominated
Chief Operating Officer

Raymond H. Legatti 71 Director and Senior Vice President 1981

Raymond B. Wood 68 Director, Senior Vice President 1981
and Director of Government
Operations and Marketing

Gerry Chastelet 56 Director 1999

Edmund F. Murphy, Jr. 74 Director 1988

Jack S. Painter, Jr. 58 Director Nominated

Martin L. Poad 63 Director 1998

ROBERT S. WIGGINS has been Chairman of the Board, Chief Executive officer
and Director of the Company since March 1988. From 1974 to 1987, he was
Chairman, Chief Executive Officer and President of Paradyne Corporation, Largo,
Florida, a data communications company. Mr. Wiggins served as a consultant for
Paradyne from 1987 to March 1988. In addition, he spent three years with GTE
Information Systems Division as a Vice President and 13 years in various sales
and product development managerial positions with IBM Corporation.

JERRY T. KENDALL attended Georgia Institute of Technology and Georgia
State University receiving his BA in Management in 1967 and his MBA in 1970
from Georgia State University. Mr. Kendall most recently served as Executive
Vice President, The Americas, for Sensormatic Electronics Corporation, then a
$1.1 billion electronics security company. Previous executive management
positions include Senior Vice President of Sales, Marketing and Customer
Service for Security Tag Corporation, President of Lasergate Corporation and
President and Chief Executive Officer of Paradyne Corporation. He also held
sales management positions with Inforex, sales positions with IBM and was a
financial analyst with the Lockheed Georgia Company. Mr. Kendall also
previously served on the Company's Board of Directors for 4 1/2 years in the
1994 - 1998 time frame.

RAYMOND H. LEGATTI, a founder of the Company, has been a member of the
Board since 1981. Mr. Legatti recently announced his intended retirement from
the Company, effective December 31, 2003, and as a result resigned as President
to allow Mr. Kendall to assume that position. Mr. Legatti will remain with the
Company as Senior Vice President until his retirement and, if elected, as a
Director until August 2004. From 1980 to 1981, he served as Corporate Director
of Electronic Activity for Square D Company, whose offices are located in
Palatine, Illinois. From 1978 to 1980, he served as Manager of Square D
operations in Clearwater, Florida. From 1975 to 1978, he served as President
of Electromagnetic Industries, Inc., a subsidiary of Square D Company. During
the prior 20 years, he was Vice President of Engineering, Director and General
Manager of the Electronics Division of Electromagnetic Industries, Inc. which
was acquired by Square D Company in 1974. He has served on the Board of
Directors of the Building Equipment Division of the National Electrical
Manufacturers Association ("NEMA") and was the Technical Representative for
NEMA on the National Fire Prevention Association's Committee for Standards for
Anesthetizing Locations. He has served as Chairman of the Ground Fault and
Health Care sections of NEMA. Mr. Legatti was appointed as Technical Advisor
to the United States National Committee of the International Electrotechnical
Commission ("IEC") (which establishes International Electrical Standards) SC23E
for GFCI technology and also is Chairman of the U.S. Technical advisory groups
for IEC SC23E/WG2 and WG7, and serves as the expert delegate on several IEC
committees representing the USA. Mr. Legatti is also Chairman of IEC 23E/WG7
Committee for Protective Devices for Battery Powered Vehicles. Mr. Legatti
serves on the NEMA Electric Vehicle Council; is a NEMA representative on the
Electric Power Research Institute ("EPRI"); is on the Electric Vehicle
Infrastructure Working Council ("IWC"); is on Health and Safety and Personnel
Protection Committees; serves as a liaison representative between the IWC and
the IEC; is a Member of the Task Group for the U. S. Consumer Products Safety
Commission Home Electrical Systems Fire Project; is a Member of the Society of
Automotive Engineers; and is a Fellow of the Institution of Incorporated
Executive Engineers. Mr. Legatti also serves on the Underwriters Laboratories
Advisory Committee. Mr. Legatti, English-born and educated, has acquired
extensive management experience and expertise in the areas of electrical
control and measurement in various environments. His 26 separate United States
patents are applied in products in wide use in military engine generator
systems, hospital insulated electrical systems, and in electrical safety
products that prevent fires and protect against electrocution and electrical
shock. On October 12, 1999, Xerox Corporation was issued a patent, which
listed Mr. Legatti as a co-inventor for the Modular, Distributed Equipment
Leakage Circuit Interrupter.

RAYMOND B. WOOD, a founder of the Company, has been a Director, Senior
Vice President and Director of Government Operations and Marketing of the
Company since its inception in 1981. From 1974 to 1981, he was Manager of
Engine Generator Component Marketing for Square D Company. He was employed by
Electromagnetic Industries, Inc. for 20 years prior to its acquisition by
Square D Company. During this time, he held the position of General Manager of
Electromagnetic Industries of Georgia Inc., the systems manufacturing plant for
military products such as diesel generating systems, generators, controls,
semi-trailers, etc. Previous assignments included service as Project and
Design Engineer for military products produced by Electromagnetic Industries
Inc. Mr. Wood is a charter member of the industries association, Electrical
Generating Systems Association ("EGSA"), has served on its Board of Directors
and has been the Chairman of the Government Liaison Committee for over 25
years. Mr. Wood is also a member of the U.S. Naval Institute. For over 40
years, he has been involved in design, manufacture and qualification
conformance evaluation for listing by the Department of Defense, marketing and
product application concerning control and measurement of electric power for
Mobile Ground Power Military Engine Generator Systems, and electrical power
controls for Naval Shipboard and Military Armored Tracked Vehicle application.
During such period, Mr. Wood has had extensive contact with the military
procurement, contract administration, engineering and test qualifying
locations, as well as with the government prime contractors to the Department
of Defense. Mr. Wood has served on numerous ad hoc committees for military
engine generator specification review requirements and is frequently consulted
for solutions to problems encountered with military engine generator systems by
both the military and prime contractors to the Department of Defense.

GERRY CHASTELET was first appointed to membership on the Board of
Directors by action of the Board taken as of March 31, 1999. Mr. Chastelet is
currently retired. From October 1998 to January 2003, Mr. Chastelet was
Chairman of the Board, Chief Executive Officer, President and a Director of
Digital Lightwave, Inc., a leading provider of optical network test and
management products. Mr. Chastelet is also currently a director of Waverider
Communications, Inc. From December 1995 to October 1998, Mr. Chastelet was
President, Chief Executive Officer and a Director of Wandel & Goltermann
Technologies, Inc., a global supplier of communications test and measurement
equipment. Prior to joining Wandel & Goltermann, Mr. Chastelet was Vice
President of Sales, Marketing and Service - Americas and Asia Pacific for
Network Systems Corporation. He also held senior management positions with
Gandalf Systems Corporation and Paradyne Corporation. He spent 15 years with
the IBM Corporation in various sales, service, marketing and management
positions. Mr.Chastelet has a degree in Electronic Engineering from Devry
Institute of Technology and is a graduate of the University of Toronto
Executive MBA Program.

EDMUND F. MURPHY, JR. has been a member of the Board since 1988. For many
years, Mr. Murphy functioned as the sole owner and Chief Executive of Murphy
Management Consultants, Inc., a Belleair, Florida based consulting firm. Prior
to that activity, Mr. Murphy served as Senior Vice President of International
Marketing for Paradyne Corporation, a Largo, Florida based, publicly held
distributor of data communications equipment.

JACK S. PAINTER, JR. attended Georgia Tech University, receiving his
Bachelor of Industrial Engineering degree in 1966 and his MBA in 1968 from the
Wharton School of Finance and Commerce. Mr. Painter is currently a consultant
and serves on the Boards of Beall's Inc., Raymond James Bank and Colliers
Arnold. Previous executive management positions include service as President
of Benito Advertising, President of Fahlgren Martin's Florida operations after
it merger with Benito Advertising and Vice President of Fawcett McDermott
Cavanagh. Mr. Painter was also the founder and interim CEO of The Tampa Bay
Partnership, the regional economic development organization for West Central
Florida. Mr. Painter was also the transition CEO of the State of Florida's
Division of Tourism, which he privatized in 1996 and which has subsequently
functioned as Visit Florida, Inc., a marketing company.

MARTIN L. POAD has served as a member of the Board of Directors since late
1998. Mr. Poad is the founder, Chairman and Chief Executive Officer of
Interlink Communication Systems, Inc. (ICS), a value-added distribution company
for data communications equipment and internet working products. Mr. Poad has
significant expertise in using the Internet for market development and on-line
commerce. ICS has one of the most complete web sites on the Internet. Prior
to founding ICS, Mr. Poad had been with the IBM Corporation for 19 years in
various sales and senior management positions. He held a number of senior
management positions with Paradyne Corporation and AT&T Paradyne, including
Vice President of Distribution. Mr. Poad is a graduate of Carnegie-Mellon
University, majoring in industrial management with a minor in mechanical
engineering.

Meetings and Committees of the Board Of Directors

The Board of Directors has not appointed a standing nominations committee.
Nominees for election to the Board are selected by the incumbent board at a
regular meeting thereof. With the exception of Audit and Compensation
Committees, no other standing Board Committee has been formed as of the present
time. During the fiscal year ended March 31, 2003, the Board of Directors held
four meetings and did not act by written consent in lieu of a meeting on any
occasion. During that period, each of the current directors attended or
participated in at least 75% of the aggregate of (i) the total number of
meetings of the Board of Directors and (ii) the total number of meetings held
by all committees of the Board on which he served.

Audit Committee. During the fiscal year ended March 31, 2003, the
Audit Committee of the Board of Directors (the "Audit Committee") held six
meetings and did not act by written consent in lieu of any meeting. The Audit
Committee reviews, acts upon and reports to the Board of Directors with respect
to various auditing and accounting matters, including the adequacy of the
Company's internal system of accounting controls; the selection of, fees paid
to and performance of the Company's accountants; the scope of the annual audit;
and other matters regarding the financial affairs of the Company. Mr. Chastelet
chairs the Audit Committee and Messrs. Murphy and Poad constitute its
remaining members.

Compensation Committee. During the fiscal year ended March 31, 2003,
the Compensation Committee of the Board of Directors (the "Compensation
Committee") held four meetings and did not act by written consent in lieu of
any meeting. The Compensation Committee administers the Company's Long Term
Incentive Plan and other plans and programs relating to benefits, incentives
and compensation of the Company's executive officers, reviews the performance
of the Company's executive officers, and makes recommendations to the Board of
Directors with respect to compensation, including salary, cash bonuses and
grants of stock options to management employees. Non-qualified stock options
which are granted to the members of the Compensation Committee are recommended
by the Company's Chief Executive Officer and approved by the Board of
Directors. The chair of the Compensation Committee is Mr. Murphy and Messrs.
Chastelet and Poad constitute its remaining members.

Director Compensation

Directors who are also salaried employees of the Company do not receive
any additional cash compensation for serving as a director. Non-employee
directors receive $500 for each committee meeting and $1,500 for each full
board meeting they attend with the Audit Committee Chairman receiving an
additional $500 per such meeting. The Company also grants non-qualified stock
options and, in some instances, incentive stock options to certain Directors.

Recommendation of the Board of Directors

THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" EACH OF THE EIGHT NOMINEES
LISTED ABOVE.

PROPOSAL TWO - RATIFICATION OF
SELECTION OF INDEPENDENT AUDITORS

For the 20th consecutive year, the Company's Board of Directors has
selected the independent certified public accounting firm of KPMG LLP to
perform audit and related functions with respect to the Company's accounts for
its fiscal year ending March 31, 2004. The Board recommends ratification of
its selection. In the event the shareholders fail to ratify the appointment,
the Board of Directors will reconsider its selection, and even if ratification
occurs, the Board, in its discretion, may direct the appointment of a different
independent accounting firm at any time during the fiscal year if it determines
that such a change would be in the best interest of the Company and its
shareholders.

One or more representatives of KPMG LLP will be in attendance at the
Meeting to respond to appropriate shareholder questions and to have an
opportunity to make any statement which they may care to address to the
attending shareholders.

Audit Fees

Audit fees billed the Company by KPMG LLP for the audit of the Company's
annual financial statements for fiscal year 2003 and the review of the
quarterly financial statements included in the Company's quarterly reports on
Form 10-Q for that fiscal year totaled approximately $82,500.

Audit-Related Fees

KPMG LLP billed the Company $7,500 during the Company's 2003 fiscal year
for the audit of its 401(k) Plan for the period ended December 31, 2001.

Financial Information Systems Design and Implementation Fees

No financial information systems design and implementation services were
provided to the Company by KPMG LLP during the Company's 2003 fiscal year.

All Other Fees

KPMG LLP also billed the Company $11,390 for income tax preparation for
the Company's 2002 tax year. No other fees were billed the Company except as
is mentioned herewith.

Recommendation of the Board of Directors

THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE RATIFICATION OF THE
SELECTION OF KPMG LLP TO SERVE AS THE COMPANY'S INDEPENDENT PUBLIC ACCOUNTANTS
FOR THE FISCAL YEAR ENDING MARCH 31, 2004.

PROPOSAL THREE - TO APPROVE AN INCREASE OF 300,000 SHARES
TO BE RESERVED UNDER THE COMPANY'S 2000 LONG TERM INCENTIVE PLAN

The Company is asking its shareholders to approve an increase of 300,000
shares to be reserved for future issuance under the Company's 2000 Long Term
Incentive Plan (the "Incentive Plan"). The Incentive Plan was originally
approved by shareholder action at the annual meeting held in August 2000, and
provides for the grant of both tax-qualified "incentive" stock options and non-
qualified stock options to acquire shares of Common Stock. The Incentive Plan
will remain in effect as long as any awards made thereunder are outstanding.
If approved, the proposed increase will raise to 600,000 the total number of
shares reserved for issuance under the Plan, and will provide the basis for
future long-term compensation awards by means of stock option grants. To date,
298,250 shares of Common Stock have been made the subject of previous option
grants. Approval of the increase is believed by management to be critical to
the Company's ability to attract and retain highly motivated and qualified
employees and directors, particularly in the competitive labor market that
currently exists.

Recommendation of the Board of Directors

THE BOARD OF DIRECTORS BELIEVES THAT APPROVAL OF THE 300,000 SHARE
INCREASE IN THE NUMBER OF SHARES TO BE RESERVED FOR FUTURE ISSUANCE UNDER THE
2000 LONG TERM INCENTIVE PLAN IS IN THE BEST INTEREST OF ALL SHAREHOLDERS AND,
ACCORDINGLY, RECOMMENDS A VOTE "FOR" SUCH INCREASE.

VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF

Beneficial Ownership Table

The following table enumerates, as of July 3, 2003, certain information
with respect to shares beneficially owned by (i) each person known by the
Company to be the beneficial owner of more than five percent (5%) of the
Company's outstanding shares of Common Stock, (ii) each of the Company's
directors and the executive officers named in the Summary Compensation Table
below, and (iii) all current directors and executive officers as a group:

Shares Percentage
Beneficial Owner Beneficially Owned(1) of Class

Robert S. Wiggins, 352,638 6.5%
Chairman of the Board,
Chief Executive Officer and Director

Jerry T. Kendall, -0- N/A
President and Chief Operating Officer

Raymond H. Legatti(2), 177,872 3.3%
Senior Vice President and Director

Raymond B. Wood,(2) 161,375 3.0%
Senior Vice President and Director
of Government Operations

Gerry Chastelet,(2) 25,000 0.5%
Director

Edmund F. Murphy, Jr.,(2) 38,568 0.7%
Director

Martin L. Poad,(2) 25,000 0.5%
Director

Scott J. Loucks,(2) 18,757 0.3%
Vice President and Chief Financial Officer

Dimensional Fund Advisors, Inc.(3) 300,300 5.5%
1299 Ocean Avenue, 11th Floor
Santa Monica, California 90401

All directors, officers and 5%(2) 1,099,510 19.7%
beneficial owner as a group (nine persons)

Footnotes:

(1) For purposes of this table, a person or group of persons is deemed to be
the "beneficial owner" of any shares that such person has the right to acquire
within 60 days following July 3, 2003. For purposes of computing the
percentage of outstanding shares held by each person or group of persons named
above on a given date, any security that such person or persons has the right
to acquire within 60 days following July 3, 2003 is deemed to be outstanding,
but is not deemed to be outstanding for the purpose of computing the percentage
ownership of any other person.

(2) Includes the following shares subject to currently exercisable options
held by Messrs. Legatti (16,700), Wood (16,700), Chastelet (25,000), Murphy
(38,334), Poad (25,000) and Loucks (11,701).

(3) 5% beneficial owner as reported in the shareholder's Schedule 13G/A filed
with the Securities and Exchange Commission ("SEC") on February 10, 2003.

Compliance with Section 16(a) of The Exchange Act

The members of the Company's Board of Directors and its executive
officers, as well as persons who own more than ten per cent of the Company's
outstanding shares of Common Stock are subject to the reporting requirements of
Section 16(a) of the Exchange Act ("Section 16(a)"), which require them to file
with the Securities and Exchange Commission reports with respect to their
ownership of Common Stock and their transactions therein. Based upon (i) the
copies of Section 16(a) reports that the Company received from such persons for
their fiscal year 2003 transactions in the Common Stock and their Common Stock
holdings, and (ii) the written representations received from one or more of
such persons that no annual Form 5 reports were required to be filed by them
for fiscal year 2003, the Company believes that all reporting requirements
under Section 16(a) were met in a timely manner by all such persons except that
Form 4 filings arising from stock options, each for 5,000 shares, granted on
March 20, 2003, respectively, to Messrs. Chastelet, Murphy and Poad, at an
exercise price of $2.33, were filed some eight days after the due date.

EXECUTIVE COMPENSATION AND RELATED INFORMATION

The following Summary Compensation Table sets forth for the fiscal years
ended March 31, 2003, 2002 and 2001 the compensation earned by the Company's
Chief Executive Officer and each of the other four most highly compensated
executive officers whose compensation for fiscal year 2003 exceeded $100,000
(each a "Named Officer" and collectively the "Named Officers").

Long-Term
Annual Compensation
Compensation(4) Awards(5)

Name and Principal Stock All Other
Position Year Salary($) Bonus Options(#) Compensation($)

Robert S. Wiggins 2003 225,000 15,000 -0- 400(6)
Chairman of the 2002 225,000 -0- 25,000 400(6)
Board and CEO 2001 225,000 -0- -0- 400(6)

Raymond H. Legatti 2003 125,000 -0- -0- 400(6)
Senior Vice President 2002 125,000 -0- 15,000 400(6)
2001 125,000 -0- -0- 400(6)

Raymond B. Wood 2003 125,000 21,700 -0- 400(6)
Senior Vice President 2002 125,000 -0- 15,000 400(6)
and Director of 2001 125,000 -0- -0- 400(6)
Government Operations

Hamze M. Moussa 2003 110,000 25,000 -0- 30,400(6)
President of TRC/ 2002 110,000 20,000 -0- 28,900(6)
Honduras S.A. de C.V. 2001 97,500 5,000 10,000 3,400(6)

Edward A. Schiff 2003 110,000 5,000 -0- 400(6)
Vice President of 2002 100,000 14,000 -0- 400(6)
U.S. Commercial Sales 2001 99,583 7,417 15,000 400(6)
and Marketing

Footnotes:

(4) The column for "Other Annual Compensation" has been omitted because there
is no compensation required to be reported in such column. The aggregate
amount of perquisites and other personal benefits provided to each of the
Company's Chairman of the Board and other named executives did not exceed the
lesser of $50,000 or 10% of the total of annual salary and bonus of such
officer.

(5) The columns "Restricted Stock Award" and "LTIP Payouts" have been deleted
because the Company does not currently offer either type of awards.

(6) The amount indicated consists of a matching contributions made by the
Company to its 401(k) Plan, and for Mr. Moussa only, a housing allowance paid
for by TRC Honduras S.A. de C.V., the Company's Honduran manufacturing
facility.

Stock Option Grants in Last Fiscal Year

No stock options were granted by the Company during its fiscal year 2003
to any of the Named Officers.

Aggregate Option Exercises in Last Fiscal Year and Fiscal Year-End Option
Values

The following table sets forth information concerning option exercises in
fiscal year 2003 and option holdings as of March 31, 2003 with respect to each
of the Named Officers. No stock appreciation rights were outstanding at the
end of that year.

Value of
Unexercised
Number of In-the-
Unexercised Money
Options at Options at
Fiscal Year- Fiscal Year-
End (#) End ($)(8)
Shares
Acquired on Value Exercisable/ Exercisable/
Name Exercise(#) Realized($)(7) Unexercisable Unexercisable

Robert S. Wiggins -0- -0- 8,334/25,000 10,001/28,958(9)
Raymond H. Legatti -0- -0- 16,700/10,000 18,578/12,000(9)
Raymond B. Wood -0- -0- 16,700/10,000 18,578/12,000(9)
Hamze M. Moussa 12,166 12,966 -0- /3,333 -0- /3,113(9)
Edward A. Schiff -0- -0- 25,000/55,000 25,465/4,670(9)

Footnotes:

(7) An individual option holder, upon exercise of an option, does not receive
cash equal to the amount set forth in the Value Realized column of this table.
The amount set forth above reflects the increase in the price of the Company's
Common Stock from the date of grant to the price of the Company's Common Stock
on the option exercise date (i.e. $2.70 per share on March 31, 2003),
multiplied by the applicable number of options. No cash is realized until the
shares received upon exercise of an option are sold.

(8) Options are "in-the-money" at the fiscal year end if the fair market value
of the underlying securities on such date exceeds the exercise price of the
option.

(9) These amounts represent the difference between the exercise price of such
stock options and the closing price of the Company's stock on March 31, 2003.

Compensation Committee Report

The Compensation Committee (the "Committee") has the authority to
establish the level of base salary payable to the Chief Executive Officer (the
"CEO") and the other executive officers of the Company and to administer the
Company's 2000 Long Term Incentive plan. In addition, the Committee has the
responsibility for approving the individual bonus programs to be in effect for
the CEO and the other executive officers. The Committee is comprised of non-
employee directors and acts periodically to evaluate the effectiveness of the
compensation program in tying Company performance to executive pay.
Additionally, the Committee or the Board of Directors is routinely consulted to
approve the compensation package of a newly hired executive or of an executive
whose scope of responsibility has changed significantly.

For the fiscal year ended March 31, 2003, the process utilized by the
Committee in determining executive officer compensation levels was based on the
subjective judgment of the Committee. Among the factors considered by the
Committee were the recommendations of the CEO with respect to the compensation
of the Company's key executive officers. However, the Committee made the final
compensation decisions concerning such officers.

General Compensation Policy. The objective of the Company's executive
compensation program is to align executive compensation with the Company's
long-term and short-term business objectives and performance. Additionally,
executive compensation is designed to enable the Company to attract, retain and
motivate qualified executives who are able to contribute to the long-term
success of the Company. The specific strategies relied upon to guide the
Company's executive compensation decisions include tying some portion of the
executive's pay to performance and comparing levels of compensation to those of
other companies operating within similar industries so as to ensure the
competitiveness of the Company's programs.

Submitted by the Compensation Committee of the
Board of Directors:

Edmund F. Murphy, Jr., Chair
Gerry Chastelet
Martin L. Poad

COMPENSATION COMMITTEE INTERLOCKS
AND INSIDER INFORMATION

No member of the Company's Compensation Committee was at any time during
the Company's fiscal year 2003 an officer or employee of the Company, and no
executive officer of the Company served (or serves) as a member of the board of
directors or compensation committee of any entity that has one or more
executive officers serving as a member of the Company's Board of Directors or
Compensation Committee.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Company's Bylaws provide that the Company shall indemnify its
directors and officers to the fullest extent permitted by Florida law,
including in circumstances in which indemnification is otherwise discretionary
under such law.

AUDIT COMMITTEE REPORT

As set forth in more detail in the Audit Committee Charter as adopted by
the Board of Directors (a copy of which was attached as Exhibit A to the
Company's proxy statement for its 2001 annual meeting of shareholders), the
Audit Committee (the "Committee") assists the Board of Directors in fulfilling
its responsibility for oversight of the quality and integrity of the
accounting, auditing and financial reporting practices of the Company, and also
recommends to the Board of Directors, subject to shareholder ratification, the
selection of the Company's independent accountants.

Management is responsible for the Company's internal controls. The
Company's independent auditors are responsible for performing an independent
audit of the Company's consolidated financial statements in accordance with
generally accepted accounting standards and to issue a report thereon. The
Committee has general oversight responsibility with respect to the Company's
financial reporting, and reviews the results and scope of the audit and other
services provided by the Company's independent accountants.

In fulfilling these responsibilities, the Committee met with both the
Company's management and its independent accountants to review all financial
statements and to discuss significant accounting policies and issues prior to
the issuance of those statements. Management represented to the Committee that
the Company's consolidated financial statements were prepared in accordance
with generally accepted accounting principles, and the discussions held with
the Company's independent accountants covered those matters required to be
discussed by Statement on Auditing Standards No. 61 (Codification of Statements
on Auditing Standards). During those discussions, the accountants provided to
the Committee the written disclosures and the letter required by Independence
Standards Board Standard No 1 (Independence Discussions with Audit Committees),
and the Committee discussed with the accountants their independence and whether
the non-audit services provided by them to the Company during fiscal year 2003
was compatible with the accountants' independence.

The members of the Committee are not professionally engaged in the
practice of auditing or accounting and are not experts in the fields of
accounting or auditing, including in respect of auditor independence. Members
of the Committee rely without independent verification on the information
provided to them and on the representations made by management and the
independent accountants. Accordingly, the Committee's oversight does not
provide an independent basis to determine that management has maintained
appropriate accounting and financial reporting principles or internal control
and procedures designed to assure compliance with accounting standards and
applicable laws and regulations. Moreover, the Committee's above-referenced
considerations and discussions do not ensure that the audit of the Company's
financial statements has been carried out in accordance with generally accepted
accounting principles or that the Company's auditors are in fact "independent."

On the basis of its reviews and discussions and the report of the
independent auditors to the Committee, the Committee recommended to the Board
of Directors, and the Board has approved, that the audited financial statements
be included in the Company's Annual Report on Form 10-K for the fiscal year
ended March 31, 2003, as filed with the Securities and Exchange Commission, and
that KPMG LLP be selected as the Company's independent auditors for the
Company's 2004 fiscal year.

Submitted by the Audit Committee of the
Board of Directors:

Gerry Chastelet, Chair
Edmund F. Murphy, Jr.
Martin L. Poad

FORM 10-K

A copy of the 2003 Annual Report to Stockholders, which includes the
Company's Form 10-K for the fiscal year ended March 31, 2003, has been mailed
with this Proxy Statement to all shareholders entitled to vote at the Annual
Meeting. THE COMPANY WILL MAIL, WITHOUT CHARGE, UPON WRITTEN REQUEST, A COPY
OF THE COMPANY'S ANNUAL REPORT ON FORM 10-K, INCLUDING CONSOLIDATED FINANCIAL
STATEMENTS, SCHEDULES, AND LISTS DESCRIBING ALL EXHIBITS THERETO. REQUESTS
SHOULD BE ADDRESSED TO TECHNOLOGY RESEARCH CORPORATION, 5250 140th AVENUE
NORTH, CLEARWATER, FLORIDA 33760, ATTENTION: SCOTT J. LOUCKS, VICE PRESIDENT OF
FINANCE AND CHIEF FINANCIAL OFFICER.

SHAREHOLDER PROPOSALS FOR 2004 ANNUAL MEETING

Shareholders who intend to have a proposal considered for inclusion in the
Company's proxy statement and form of proxy for presentation at the Company's
2004 annual meeting of shareholders pursuant to Rule 14a-8 under the Exchange
Act must submit the proposal to the Company at its principal executive offices
not later than March 15, 2004. If next year's annual meeting of shareholders
is moved to a date more than 30 days before or after the anniversary date of
the Meeting, the deadline for inclusion of proposals in the Company's proxy
statement and proxy is instead a reasonable time before the Company begins to
print and mail its proxy materials. Shareholders who intend to present a
proposal at the 2004 annual meeting of shareholders without inclusion of such
proposal in the Company's proxy materials are required to provide notice of
such proposal to the Company no later than June 1, 2004.

OTHER MATTERS

The management has no information that any other matter will be brought
before the Annual Meeting. If, however, other matters are presented, it is the
intention of the persons named in the accompanying form of proxy to vote the
proxy in accordance with their best judgment, discretionary authority to do so
being included in the proxy.

By order of the Board of Directors

/s/ Robert S. Wiggins
Robert S. Wiggins
Chairman of the Board and
Chief Executive Officer

Clearwater, Florida
July 14, 2003

TECHNOLOGY RESEARCH CORPORATION

PROXY FOR ANNUAL MEETING OF SHAREHOLDERS-TO BE HELD AUGUST 21, 2003
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

Each of the undersigned, as the owner(s) as of July 3, 2003 of common stock of
Technology Research Corporation, a Florida corporation(the "Company") hereby
appoints Robert S. Wiggins, Chairman of the Board and Scott J. Loucks, Chief
Financial Officer, and each of them, jointly and severally, as attorney-in-fact
and proxy, each with full power of substitution for the limited purpose of
voting all shares of the common stock owned by the undersigned at the Annual
Meeting of Shareholders of the Company to be held at the Hampton Inn, 21030
U.S. 19 North, Clearwater, Florida at 2:30 P.M., local time, August 21, 2003,
and at any adjournments thereof, but only in accordance with the following
instructions:

If you are unable to attend the meeting personally, the Board of Directors
requests that you complete and mail the proxy to insure adequate shareholder
representations at the Meeting. As this proxy is being solicited by the Board
of Directors, you are encouraged to contact any member of the incumbent Board
if you have any question concerning this proxy or the matters referenced
herein.
(Continued on reverse side)

TECHNOLOGY RESEARCH CORPORATION

PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY
PROMPTLY USING THE ENCLOSED ENVELOPE.

Election of Directors FOR WITHHOLD FOR ALL To withhold authority to vote, mark "For All Except"
ALL ALL EXCEPT and write the nominee's number on line below.

1. Nominees: 01) Robert S. Wiggins, [ ] [ ] [ ] ____________________________________________________
02) Jerry T. Kendall,
03) Raymond H. Legatti,
04) Raymond B. Wood,
05) Gerry Chastelet,
06) Edmund F. Murphy, Jr.,
07) Jack S. Painter, Jr.,
08) Martin L. Poad

Vote on Proposal FOR AGAINST ABSTAIN

2. Approval of KPMG LLP, Certified Public Accountants, as independent auditors of the
Company for operating year ending March 31, 2004. [ ] [ ] [ ]

3. Approval to increase by 300,000 the number of shares to be reserved for future issuance under the Technology
Research Corporation 2000 Long Term Incentive Plan.

In accordance with their best judgment on any other matter that may properly be voted upon at the meeting.

This proxy, when properly executed, will be voted in the manner
directed herein by the undersigned shareholder(s). If none of the
choices specified in any of the Proposals 1, 2 or 3 shall be marked,
the named proxy is authorized and directed to vote as described
therein and in accordance with that certain Proxy Statement dated
July 14, 2003.

If signing in a fiduciary or representative capacity, please give full title as
such. If signing as a corporate officer, please give your title and full name of the
corporation; or if ownership is in more than one name, each additional owner
should sign.

____________________________________ _______ ____________________________________ _______
|____________________________________|_______| |____________________________________|_______|
Signature [PLEASE SIGN WITHIN BAX] Date Signature [Joint Owners] Date