Blonder Tongue Laboratories, Inc. (NYSE Amex: BDR) today
announced its sales and results for the fourth quarter and year
ended December 31, 2010. Net sales for the fourth quarter 2010 were
$7,497,000, compared to $7,001,000 for the fourth quarter 2009.
Earnings from continuing operations for the fourth quarter of 2010
were $368,000 or $0.06 per share, compared to a loss of $(32,000)
or $(0.01) per share for the comparable period of 2009. For the
year ended December 31, 2010, net sales were $30,508,000, compared
to $29,034,000 in the comparable period of 2009. Earnings from
continuing operations for the year ended December 31, 2010 were
$1,785,000 or $0.29 per basic share compared to a loss of $(33,000)
or $(0.01) per basic share for the comparable period in 2009.
The Company’s overall improved performance can be attributed to
the increase in sales of digital video headend products, which
generally have higher margins, along with the reduction in
operating expenses due to the previously announced head count and
outside consulting fee reductions. Sales of digital video headend
products were $12,770,000 and $6,969,000 in 2010 and 2009,
respectively. Operating expenses were $10,288,000 and $11,072,000
in 2010 and 2009, respectively.
Commenting on the fourth quarter and the year end 2010, Chairman
and Chief Executive Officer James A. Luksch noted, “2010 started
slowly, consistent with our first quarter traditionally being our
weakest quarter. We introduced our first EdgeQAM product toward the
end of 2009 and closed a significant order with (and exclusive to)
World Cinema for product that shipped in the second and third
quarters of 2010. In the fourth quarter, the exclusive agreement
was extended for this application shipping at a lower volume
through 2011. During 2010, additional digital products were
introduced in addition to the EdgeQAM, notably Standard and High
Definition encoders. We achieved the first stage of our digital
strategy and successfully sold to our existing customers. The goal
for 2011 is to continue with our vision by securing new markets and
customers with new variations of the extremely successful EdgeQAM,
encoder and other digital products.”
Conference Call Reminder
- Monday, March 21, 2011
- 11:00 AM EDT
- Live Call #877-407-8033
- Conference ID #368842
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, 2010 (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
Year ended December 31, December 31,
2010
2009
2010
2009
Net sales $ 7,497 $ 7,001 $ 30,508 $ 29,034 Gross profit
2,734 2,579 12,265 11,276 Earnings from operations 412 85 1,977 204
Earnings (loss) from continuing operations 368 (32 ) 1,785 (33 )
Earnings from discontinued operations - 31 - 108 Net earnings
(loss) $ 368 $ (1 ) $ 1,785 $ 75 Basic earnings (loss) per share
from continuing operations $ 0.06 $ (0.01 ) $ 0.29 $ (0.01 )
Diluted earnings (loss) per share from continuing operations $ 0.06
$ (0.01 ) $ 0.28 $ (0.01 ) Basic and diluted gain per share from
discontinued operations $ - $ 0.01 $ - $ 0.02 Basic net earnings
per share $ 0.06 $ - $ 0.29 $ 0.01 Diluted net earnings per share $
0.06 $ - $ 0.28 $ 0.01 Basic weighted average shares outstanding
6,192 6,191 6,192 6,191 Diluted weighted average shares
outstanding: 6,285 6,206 6,285 6,206
Consolidated Summary Balance
Sheets
(in thousands)
December
31,
2010
December
31,
2009
Current assets $13,878 $13,195 Property, plant, and
equipment, net 3,812 4,000 Total assets 26,612 25,172 Current
liabilities 1,697 1,952 Long-term liabilities 2,872 3,065
Stockholders’ equity 22,043 20,155 Total liabilities and
stockholders’ equity $26,612 $25,172
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