Blonder Tongue Laboratories, Inc. (NYSE Amex:BDR) today
announced its sales and results for the third quarter and nine
months ended September 30, 2010. Net sales for the third quarter
2010 were $9,151,000, compared to $6,843,000 for the third quarter
2009. Net earnings from continuing operations for the third quarter
of 2010 were $721,000 or $0.12 per share, compared to $2,000 or
zero per share for the comparable period of 2009. For the nine
months ended September 30, 2010, net sales were $23,011,000,
compared to $22,033,000 in the comparable period of 2009. Net
earnings from continuing operations for the first nine months of
2010 were $1,417,000 or $0.23 per share compared to a loss of
$(1,000) or zero per share for the comparable period in 2009.
Commenting on the third quarter and the first nine months of
2010, Chairman and Chief Executive Officer James A. Luksch noted,
“Blonder Tongue is pleased to report strong sales and profits for
its third quarter 2010. Our third quarter performance was a
continuation of the benefits that we enjoyed in Q-2 from increased
sales of higher margin digital products, supplemented by operating
expense reductions implemented during the first quarter. Our
year-to-date performance continues to be on track and is consistent
with our expectations expressed in our August release regarding
second quarter results.”
The overall sales increase in the third three months of 2010 is
primarily attributable to an increase in sales of the Company’s
digital video headend products and contract manufactured products.
Sales of digital video headend products were $3,744,000 and
$1,691,000 and sales of contract manufactured products were
$852,000 and $331,000 in the third three months of 2010 and 2009,
respectively.
“Our sales in the third quarter were buoyed again by our digital
product group (encoders, transcoders and EdgeQAM devices), which
has been the beneficiary of our continuing investment in research
and development,” said Bob Palle, President of Blonder Tongue. “The
purchase commitment of the EQAM-400 was fulfilled and two more
versions will be fielded in the fourth quarter, increasing the
Company’s market penetration to include additional satellite
applications as well as international deployments. Because the
digital group encompasses multiple applications and markets, we
anticipate the mix to fluctuate, but the long term trend of this
group should be positive into future quarters.”
Conference Call Reminder
- Thursday, November 4, 2010
- 11:00 AM EDT
- Live Call #877-407-8033
- Conference ID #359558
About Blonder Tongue
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
Nine months ended Sept. 30, Sept.
30,
2010
2009
2010
2009
Net sales $ 9,151 $ 6,843 $ 23,011 $ 22,033 Gross profit
3,465 2,838 9,531 8,697 Earnings from operations 775 44 1,565 119
Earnings (loss) from continuing operations 721 2 1,417 (1 )
Earnings from discontinued operations - 8 - 77 Net earnings $ 721 $
10 $ 1,417 $ 76 Basic and diluted earnings per share from
continuing operations $ 0.12 $ - $ 0.23 $ - Basic and diluted gain
per share from discontinued operations $ - $ - $ - $ 0.01 Basic and
diluted net earnings per share $ 0.12 $ - $ 0.23 $ 0.01 Basic and
diluted weighted average shares outstanding: 6,192 6,191 6,192
6,191
Consolidated Summary Balance
Sheets
(in thousands)
(unaudited)
Sept.
30,
December
31,
2010
2009
Current assets $ 14,156 $ 13,195 Property, plant, and
equipment, net 3,855 4,000 Total assets 27,254 25,172 Current
liabilities 5,573 1,952 Long-term liabilities 42 3,065
Stockholders’ equity 21,639 20,155 Total liabilities and
stockholders’ equity $ 27,254 $ 25,172
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