Blonder Tongue Laboratories, Inc. (NYSE Amex:BDR) today
announced its sales and results for the third quarter and nine
months ended September 30, 2011. Net sales for the third quarter
2011 were $7,004,000, compared to $9,151,000 for the third quarter
2010. Net loss for the third quarter of 2011 was $(50,000) or
$(0.01) per share, compared to net earnings of $721,000 or $0.12
per share for the comparable period in 2010. Net sales for the nine
months ended September 30, 2011 were $20,208,000, compared to
$23,011,000 for the nine months ended September 30, 2010. Net loss
for the nine months ended September 30, 2011 was $(261,000) or
$(0.04) compared to net earnings of $1,417,000 or $0.23 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 along with a decrease in
analog video headend products 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 third quarter of 2011 and 2010, on a comparative period
basis, sales of digital video headend products were $2,190,000
(including $425,000 of EdgeQAM product sales) and $3,744,000
($2,027,000 of EdgeQAM), respectively. For the same comparative
periods, sales of analog video headend products were $1,556,000 and
$2,394,000, sales of contract manufactured products were $1,274,000
and $851,000, and operating expenses were $2,439,000 and
$2,690,000.
Sales of digital video headend products were $6,794,000
($1,425,000 of EdgeQAM) and $9,362,000 ($5,063,000 of EdgeQAM) in
the first nine months of 2011 and 2010, respectively. For the same
comparative periods, sales of analog video headend products were
$5,021,000 and $6,347,000, sales of contract manufactured products
were $2,837,000 and $1,648,000, and operating expenses were
$7,304,000 and $7,966,000.
“While we experienced somewhat disappointing sales in the third
quarter and essentially breakeven performance, we remain
optimistic. Like other manufacturing companies, we face significant
macro-economic challenges due to the state of our National economy.
Despite that, we are experiencing positive trends in several areas.
Our High Definition Encoder business has increased substantially
and should grow even more rapidly as we introduce additional
versions with alternative feature sets in the coming months. In
addition, our EdgeQAM product continues to dominate the
digital–free-to-guest segment of the hospitality market,” said
Chairman and Chief Executive Officer James A. Luksch. “On the
customer side, several of our most advanced products are being
considered by numerous multiple system operators, with evaluation
unit deployments underway. It is difficult to quantify these
opportunities and while they are generally subject to relatively
long lead times, we believe that the products being evaluated
represent creative solutions to address specific customer needs at
very competitive prices. The present market is difficult, but with
the down economy spending habits shift to more affordable options,
which is where we shine. With reasonable success in the MSO market
we should enjoy a return to profitability in 2012,” he added.
Conference Call Reminder
- Monday, November 14, 2011
- 11:00 AM EST
- Live Call #877-407-8033
- Conference ID #382478
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 Nine months ended
September 30, September 30,
2011
2010
2011
2010
Net sales $ 7,004 $ 9,151 $ 20,208 $ 23,011 Gross profit 2,431
3,465 7,182 9,531 Earnings (loss) from operations (8 ) 775 (122 )
1,565 Net earnings (loss) $ (50 ) $ 721 $ (261 ) $ 1,417 Basic and
diluted net earnings (loss) per share $ (0.01 ) $ 0.12 $ (0.04 ) $
0.23 Basic and diluted weighted average shares outstanding: 6,212
6,192 6,209 6,192
Consolidated Summary Balance Sheets
(in thousands)
(unaudited)
September
30,
December
31,
2011
2010
Current assets $ 14,562 $ 13,878 Property, plant, and equipment,
net 3,893 3,812 Total assets 27,140 26,612 Current liabilities
2,287 1,697 Long-term liabilities 2,885 2,872 Stockholders’ equity
21,968 22,043 Total liabilities and stockholders’ equity $ 27,140 $
26,612
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