Blonder Tongue Laboratories, Inc. (NYSE Amex:BDR) today
announced its sales and results for the second quarter and six
months ended June 30, 2011. Net sales for the second quarter 2011
were $7,206,000, compared to $8,266,000 for the second quarter
2010. Net earnings for the second quarter of 2011 were $105,000 or
$0.02 per share, compared to $901,000 or $0.15 per share for the
comparable period in 2010. Net sales for the six months ended June
30, 2011 were $13,204,000, compared to the $13,860,000 for the six
months ended June 30, 2010. Net loss for the six months ended June
30, 2011 was $(211,000) or $(0.03) compared to net earnings of
$696,000 or $0.11 for the comparable period in 2010.
The decrease in the Company’s overall performance can be
attributed to reduced sales of digital video headend products,
which includes the EdgeQAM product subcategory. The expected (and
previously disclosed) decrease in EdgeQAM was offset by an increase
in other digital video products as well as contract manufactured
products. In addition, the Company continues to benefit from the
operating expense reductions previously announced in 2010.
For the second quarter of 2011 and 2010, on a comparative period
basis, sales of digital video headend products were $2,467,000
(including $522,000 of EdgeQAM product sales) and $3,876,000
($2,228,000 of EdgeQAM), respectively. For the same comparative
periods, sales of contract manufactured products were $939,000 and
$584,000, and operating expenses were $2,436,000 and
$2,600,000.
Sales of digital video headend products were $4,604,000
($1,000,000 of EdgeQAM) and $5,618,000 ($3,036,000 of EdgeQAM) in
the first six months of 2011 and 2010, respectively. For the same
comparative periods, sales of contract manufactured products were
$1,563,000 and $797,000, and operating expenses were $4,865,000 and
$5,276,000.
“Despite the sales decrease from the comparable period in 2010,
sequential sales showed a significant increase in the second
quarter relative to the first quarter, with sales improving more
than 20% and our period net earnings improving by more than
$400,000. In our first quarter release I anticipated we would be
profitable for the next three quarters and, as noted, we did have a
small profit in this second quarter and a healthy EBITDA,” said
Chairman and Chief Executive Officer James A. Luksch. “The results
relative to the second quarter 2010 were largely due to the
expected lower EQAM volume. We released new digital products
serving our traditional market and these have been adopted by our
top customers, resulting in improved sales to our premier
distributors,” he added.
Looking to the remainder of the year, Mr. Luksch said, “It is
difficult to evaluate the effects of recent negative macro-economic
trends, however, key building blocks have been positioned in our
long term strategy. We have released new EdgeQAM and digital
products to serve the franchise cable market and we have on-going
product evaluations and field trials in six of the top MSOs (multi
system operators). We are in the game, we may not win every play,
but we are cautiously confident that the last two quarters should
have increased sales and profits as our new EdgeQAM and digital
devices are successful and sales are made to a reasonable portion
of the many opportunities that we are now pursuing.”
Conference Call Reminder
- Tuesday, August 9, 2011
- 11:00 AM EDT
- Live Call #877-407-8033
- Conference ID #00376922
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
amounts)
(unaudited)
Three months ended
Six months ended June 30,
June 30,
2011
2010
2011
2010
Net sales $ 7,206 $ 8,266 $ 13,204 $ 13,860 Gross profit
2,594 3,551 4,751 6,066 Earnings (loss) from operations 158 951
(114 ) 790 Net earnings (loss) $ 105 $ 901 $ (211 ) $ 696
Basic and diluted net earnings (loss)
per share
$ 0.02 $ 0.15 $ (0.03 ) $ 0.11 Basic and diluted weighted average
shares outstanding: 6,211 6,191 6,208 6,191
Consolidated Summary Balance
Sheets
(in thousands)
(unaudited)
June
30,
December
31,
2011
2010
Current assets $ 14,394 $ 13,878 Property, plant, and
equipment, net 3,996 3,812 Total assets 27,294 26,612 Current
liabilities 2,393 1,697 Long-term liabilities 2,953 2,872
Stockholders’ equity 21,948 22,043 Total liabilities and
stockholders’ equity $ 27,294 $ 26,612
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