Blonder Tongue Reports First Quarter 2011 Results
May 09 2011 - 7:36AM
Business Wire
Blonder Tongue Laboratories, Inc. (NYSE Amex: BDR) today
announced its sales and results for the first quarter ended March
31, 2011. Net sales for the first quarter 2011 were $5,998,000,
compared to $5,594,000 for the first quarter 2010. Net loss for the
first quarter of 2011 was $(316,000) or $(0.05) per share, compared
to a net loss of $(205,000) or $(0.03) per share for the comparable
period in 2010.
The Company’s overall performance can be attributed to the
increase in sales of digital video headend products and contract
manufactured products along with the reduction in operating
expenses due to the previously announced head count and outside
consulting fee reductions offset by the decrease in sales across
most of the Company’s other product lines.
Sales of digital video headend products were $2,137,000 and
$1,742,000 in the first three months of 2011 and 2010,
respectively. Sales of contract manufactured products were $624,000
and $213,000 in the first quarter of 2011 and 2010, respectively.
Operating expenses were $2,429,000 and $2,676,000 in the first
three months of 2011 and 2010, respectively.
Commenting on the first quarter 2011, Chairman and Chief
Executive Officer James A. Luksch noted, “As we’ve noted over the
years, our first quarter is historically our weakest quarter and
2011’s first quarter is no exception. Although we had a small
increase in sales relative to 2010, we recorded a slightly higher
loss due to lower gross margins. The lower gross margins were
primarily due to product mix and are not indicative of any
significant trend. Our key individual product margins remain strong
and annualized margins should be consistent with last year. We
expect to release two new EdgeQAM products that will expand our
coverage of satellite applications and a new EdgeQAM product for
CATV applications. Expansion of our encoder line should also
increase our digital sales. Assuming reasonable success with the
many opportunities available to us, we should experience profitable
quarters for the balance of the year on increased sales.”
Conference Call Reminder
- Monday, May 9, 2011
- 11:00 AM EDT
- Live Call #877-407-8033
- Conference ID #372201
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 over 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 March 31,
2011
2010
Net sales $ 5,998 $ 5,594 Gross profit 2,157 2,515 Loss from
operations (272 ) (161 ) Net loss $ (316 ) $ (205 ) Basic and
diluted net loss per share $ (0.05 ) $ (0.03 )
Basic and diluted weighted averageshares
outstanding:
6,205 6,191
Consolidated Summary Balance
Sheets
(in thousands)
(unaudited)
March
31,
December
31,
2011
2010
Current assets $ 13,804 $ 13,878 Property, plant, and
equipment, net 3,774 3,812 Total assets 26,819 26,612 Current
liabilities 2,234 1,697 Long-term liabilities 2,818 2,872
Stockholders’ equity 21,767 22,043 Total liabilities and
stockholders’ equity $ 26,819 $ 26,612
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