Blonder Tongue Reports First Quarter 2010 Results
May 06 2010 - 8:00AM
Business Wire
Blonder Tongue (NYSE Amex: BDR) today announced its results of
operations for the first quarter ended March 31, 2010. Net sales
for the quarter were $5,594,000, compared to $8,933,000 for the
comparable quarter in 2009. Net loss for the quarter was $(205,000)
or $(0.03) per share, compared to net earnings of $459,000 or $0.07
per share for the comparable quarter in 2009.
The overall sales decrease is attributed to reduced demand for
the Companies products across all products lines, which first
affected Blonder Tongue in the second quarter 2009, as
deteriorating economic conditions adversely affected capital
spending by customers. Sales of analog and digital transition
products decreased, as sales of Digital Video Headend Products,
which include recently released HD Encoders and EdgeQAM devices,
increased slightly over the equivalent quarter in 2009.
Commenting on the first quarter of 2010, Chairman and Chief
Executive Officer James A. Luksch noted, “We mitigated the impact
of reduced sales in the first quarter of 2010 through a combination
of cost reductions and gross margin improvements that were
initially implemented during the second half of 2009 and which
continued into the first quarter 2010. Our gross margins for the
first quarter 2009 were 41%, compared to gross margins of 45%
during the first quarter 2010. We also cut operating expenses by
more than $547,000 in the first quarter 2010 compared to the same
period last year.”
“Over time, we expect Digital Video Headend Products will
overtake analog products as our core business. Our engineering
strategy anticipated this transition and we continue launching new
EdgeQAM devices and Encoders (four models will begin shipping this
month including the HDE-2H, HDE-2C, SD10E and AV10E),” said Bob
Palle, President of Blonder Tongue. “As just announced, we have
booked a large commitment for our EdgeQAM-400 resulting in a
significant backlog. The backlog is expected to ship in the next
two quarters and we anticipate solid demand for our newly released
digital encoders, leaving us optimistic about our financial
performance through the rest of 2010,” he added.
Blonder Tongue Laboratories, Inc. provides system operators and
integrators serving the cable, broadcast, satellite, IPTV,
institutional and professional video markets with comprehensive
solutions for the provision of content contribution, distribution
and video delivery to homes and businesses. With 60 years of
experience, the company designs, manufactures, sells and supports
an equipment portfolio of standard and high definition digital
video solutions, as well as core analog video and high speed data
solutions 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 March
31,
2010
2009
Net sales $ 5,594 $
8,933
Gross profit 2,515 3,654 Earnings (loss) from operations (161 ) 431
Earnings (loss) from continuing operations (205 ) 393
Earnings from discontinued
operations
- 66 Net earnings (loss) $ (205 ) $ 459
Basic and diluted earnings (loss)
per share from continuing operations
$ (0.03 ) $ 0.06 Basic and diluted gain per share from discontinued
operations - $ 0.01 Basic and diluted net earnings (loss) per share
$ (0.03 ) $ 0.07 Basic and diluted weighted average shares
outstanding: 6,191 6,191
Consolidated Summary Balance
Sheets(in thousands)(unaudited)
March 31,
2010
December 31,
2009
Current assets $
13,288
$
13,195
Property, plant, and equipment, net 3,922 4,000 Total assets 26,819
25,172 Current liabilities 3,836 1,952 Long-term liabilities 3,008
3,065 Stockholders’ equity 19,975 20,155 Total liabilities
and stockholders’ equity $ 26,819 $ 25,172
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