Blonder Tongue Laboratories, Inc. (NYSE Amex:
“BDR”)
- Q2 2010 sales: $8,266,000
- Q2 2010 net earnings:
$901,000
- Six month 2010 sales:
$13,860,000
- Six month 2010 net earnings:
$696,000
Blonder Tongue (NYSE Amex: “BDR”) today announced its
sales and results of operations for the second quarter and six
months ended June 30, 2010. Net sales for the second quarter 2010
were $8,266,000, compared to $6,257,000 for the second quarter
2009. Earnings from continuing operations for the second quarter
2010 were $901,000 or $0.15 per share, compared to a loss of
$(396,000) or $(0.06) per share for the comparable period of 2009.
For the six months ended June 30, 2010, net sales were $13,860,000,
compared to $15,190,000 in the comparable period of 2009. Earnings
from continuing operations for the first six months of 2010 were
$696,000 or $0.11 per share compared to a loss of $(3,000) or
almost zero cents per share for the comparable period in 2009.
Commenting on the second quarter and the first six months of
2010, Chairman and Chief Executive Officer James A. Luksch noted,
“Blonder Tongue had a solid performance in the second quarter of
2010. All of the important metrics were favorable. Sales were up,
gross margin increased (from 35% to 43%) during the quarter and
operating expenses are at their restructured low point, resulting
in significantly improved profit performance, which we anticipate
can be sustained through the end of the year. The recessionary
economy has been slow to rebound, but we are seeing a gradual
increase in sales of some of our core products. If the overall
economy continues to rebound and we are able to continue to
increase our penetration of the digital market, Blonder Tongue
should embark on an accelerated growth cycle.”
The overall sales increase in the second three months of 2010 is
primarily attributable to an increase in sales of the Company’s
digital video headend products and contract manufactured products
offset by a decrease in sales of analog video headend products.
Sales of digital video headend products were $3,876,000 and
$1,406,000, sales of contract manufactured products were $584,000
and $249,000 and analog video headend sales were $2,008,000 and
$2,671,000 in the second three months of 2010 and 2009,
respectively.
“The sales increase is being driven by the superiority of our
digital lineup of products-the encoders and EdgeQAM devices. We are
now shipping our second generation of both High Definition and
Standard Definition encoders with very positive results, and we
have shipped over $2,000,000 of our EdgeQAM product,” said Bob
Palle, President of Blonder Tongue. “Competition is attacking from
all directions, but the superior picture quality of our digital
products, which derives from our proprietary software platform and
is not dependant on computer processing hardware, provides the best
quality-to-cost performance in the high definition television
market.”
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 Six months ended June 30,
June 30,
2010
2009
2010
2009
Net sales $8,266 $6,257 $13,860 $15,190 Gross profit 3,551
2,205 6,066 5,859 Earnings (loss) from operations 951 (356) 790 75
Earnings (loss) from continuing operations 901 (396) 696 (3)
Earnings from discontinued operations - 3 - 69 Net earnings (loss)
$901 $(393) $696 $66 Basic and diluted earnings (loss) per share
from continuing operations $0.15 $(0.06) $0.11 $ - Basic and
diluted gain per share from discontinued operations $- $- $- $0.01
Basic and diluted net earnings (loss) per share $0.15 $(0.06) $0.11
$0.01 Basic and diluted weighted average shares outstanding: 6,191
6,191 6,191 6,191
Consolidated Summary Balance
Sheets
(in thousands)
(unaudited)
June 30,
December 31,
2010
2009
Current assets $14,751 $13,195 Property, plant, and
equipment, net 3,899 4,000 Total assets 28,104 25,172 Current
liabilities 4,224 1,952 Long-term liabilities 2,986 3,065
Stockholders’ equity 20,894 20,155 Total liabilities and
stockholders’ equity $28,104 $25,172
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