Blonder Tongue Laboratories, Inc. (NYSE
Amex: BDR):
- Q4 2009 Sales: $7,001,000
- Q4 2009 Earnings from continuing
operations before income taxes: $43,000
- 2009 Sales: $29,034,000
- 2009 Earnings from continuing
operations before income taxes: $42,000
Blonder Tongue (NYSE Amex: “BDR”) today announced its
sales and results for the fourth quarter and year ended December
31, 2009. Net earnings for the year ended December 31, 2009 were
$75,000 or $0.01 per share, compared to a net loss of $(411,000) or
$(0.07) per share for the comparable period of 2008. For the year
ended December 31, 2009, net sales were $29,034,000, compared to
$35,320,000 in the comparable period of 2008. Net sales for the
fourth quarter 2009 were $7,001,000, compared to $10,165,000 for
the fourth quarter 2008.
Commenting on the fourth quarter and the year end 2009, Chairman
and Chief Executive Officer James A. Luksch noted, “The decrease in
quarterly and annual sales is attributed to the continuing
recessionary environment and overall economic conditions. Despite
the drop in sales compared to last year, we earned a small profit
for the year through the strength of our first quarter of 2009, our
continued gross margin improvements and a reduction in operating
expenses. Our gross margin was 38.8% for 2009, compared to 32.9% in
2008. We were pleased with the 2.3% sequential growth in our fourth
quarter 2009 sales after the 9.4% sequential growth in our Q3 2009
sales as compared to Q2 2009.”
Sales of analog video headend products were $11,737,000 and
$13,827,000 and digital transition headend products were $692,000
and $4,313,000 in 2009 and 2008, respectively. Digital video
headend product sales were $6,969,000 and $6,627,000 in 2009 and
2008, respectively. The category for digital transition headend
products includes those products required for the FCC mandated
digital conversion of broadcast channels. Digital video headend
products include the Company’s latest product offerings, including
high definition encoders and the newly released EdgeQAM.
“We continue to believe the Company is healthy despite the tough
economic environment.” Luksch continued, “We have had to make
difficult cuts to bring our operating expenses in line with current
sales levels. In February 2010, we implemented head count
reductions and reductions in consulting fees to further reduce our
operating expenses. We anticipate that these reductions should
result in annualized savings of approximately $1,137,000. While the
cost reductions that we have implemented were significant, we have
not compromised our research and development capacity and remain on
track with the development of new products in response to current
market trends. We shipped our first encoder in December 2008 and
followed that with the release of two new encoders and the EdgeQAM
in 2009. Early this year we will release four more encoders and
another version of the EdgeQAM by the end of the year. As 2010
unfolds, we are hopeful that capital spending in our core markets
will resume,” Mr. Luksch added.
Blonder Tongue Laboratories, Inc. provides professional
solutions for content contribution, distribution and video delivery
to the home or business, serving cable, broadcast, satellite, IPTV,
institutional and professional video markets. With nearly 60 years
of experience, the Company designs, manufactures, sells and
supports an equipment portfolio of digital and core analog video
solutions, as well as high speed data and telephony for
distribution over coax, fiber and IP networks. Additional
information on Blonder Tongue and its products can be found at
www.blondertongue.com.
“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, 2009 (See Item 1: Business,
Item 1A: Risk Factors and Item 7: Management’s Discussion and
Analysis of Financial Condition and Results of Operations), and
other filings with the Securities and Exchange Commission are
incorporated herein by reference. The words “believe”, “expect”,
“anticipate”, “indications”, “should”, “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.
Blonder Tongue Laboratories,
Inc.Consolidated Summary of Operating Results(in
thousands, except per share data)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
2009
2008
2009
2008
Net sales $7,001 $10,165 $29,034 $35,320 Gross profit 2,579
3,407 11,276 11,607 Earnings from operations 85 591 204 306
Earnings (loss) from
continuingoperations
(32 ) 544 (33 ) (86 )
Earnings(loss) from discontinued
operations
31 3 108 (325 ) Net earnings (loss) $(1 ) $547 $75 $(411 )
Basic and diluted earnings (loss)
pershare from continuing operations
$(0.01 ) $0.09 $(0.01 ) $(0.01 )
Basic and diluted gain (loss) per
sharefrom discontinued operations
$0.01 $- $0.02 $(0.06 )
Basic and diluted net earnings
(loss)per share
$- $0.09 $0.01 $(0.07 )
Basic and diluted weighted
averageshares outstanding:
6,191 6,220 6,191 6,220
Consolidated Summary Balance
Sheets(in thousands)
December 31,2009
December 31,2008
Current assets $13,195 $16,040 Property, plant, and
equipment, net 4,000 4,176 Total assets 25,172 27,042 Current
liabilities 1,952 3,827 Long-term liabilities 3,065 3,779
Stockholders’ equity 20,155 19,436 Total liabilities and
stockholders’ equity $25,172 $27,042
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