BDR Blonder Tongue Laboratories Inc

Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today reported net sales of $9,408,000 for the second quarter 2005, as compared to net sales of $10,917,000 reported in the second quarter 2004. Net loss for the second quarter 2005 was $641,000, or ($0.08) per share, compared to a net income of $236,000 or $0.03 per share for the comparable period in 2004. Commenting on the second quarter 2005 results, James A. Luksch, Chief Executive Officer, said, "After having such a positive first quarter, the second quarter sales performance is disappointing. Our net sales were $18,677,000 for the first six months of 2005 as compared to $19,446,000 for the same period in 2004. Last year's net sales were favorably impacted by the recognition of $745,000 of sales revenues relating to products shipped in prior years. Taking that into account, our six-month sales are relatively flat compared to last year. As stated previously, our primary goals in 2005 are to reduce slow moving inventory and improve our sales momentum. These goals are still attainable." Founded in 1950, Blonder Tongue Laboratories is a leading U.S. designer, manufacturer, and supplier of a comprehensive line of broadband systems equipment and technical engineering services for Voice, Video and Data service providers. With Blonder Tongue's optimized technologies, simplified deployment and qualified technical assistance, the service provider reduces costs, increases customer satisfaction and increases profitability. For more information regarding Blonder Tongue or its products, please visit the Company's Web site at www.blondertongue.com or contact the Company directly at (732) 679-4000. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The information set forth above includes "forward-looking" statements and accordingly, the cautionary statements contained in Blonder Tongue's Annual Report and Form 10-K for the year ended December 31, 2004 (See Item 1: Business and Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors), and other filings with the Securities and Exchange Commission are incorporated herein by reference. The words "believe", "expect", "anticipate", "project", and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Blonder Tongue undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Blonder Tongue's actual results may differ from the anticipated results or other expectations expressed in Blonder Tongue's "forward-looking" statements. -0- *T Blonder Tongue Laboratories, Inc. Consolidated Summary of Operating Results (in thousands, except per-share data) (unaudited) Three months Six months ended ended June 30, June 30, ------------------------------- 2005 2004 2005 2004 ------- ------- ------- ------- Net sales $9,408 $10,917 $18,677 $19,446 Gross profit 2,859 3,080 5,386 6,021 Earnings (loss) from operations (341) 247 (944) 125 Net earnings (loss) (641) 236 (1,531) (161) Net earnings (loss) per share: Basic $(0.08)$ 0.03 $ (0.19)$ (0.02) Diluted $(0.08)$ 0.03 $ (0.19)$ (0.02) Weighted average shares outstanding: Basic 8,015 8,002 8,015 7,999 Diluted 8,015 8,026 8,015 7,999 Consolidated Summary Balance Sheets (in thousands) June 30, December 31, 2005 2004 (unaudited) ----------- ------------- Current assets $ 17,084 $ 16,006 Property, plant, and equipment, net 6,058 6,214 Total assets 37,942 38,156 Current liabilities 9,873 5,403 Long-term liabilities 2,677 5,830 Stockholders' equity 25,392 26,923 Total liabilities and stockholders' equity $ 37,942 $ 38,156 *T