This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Blonder Tongue Reports First Quarter 2010 Results

Blonder Tongue (NYSE Amex: BDR) today announced its results of operations for the first quarter ended March 31, 2010. Net sales for the quarter were $5,594,000, compared to $8,933,000 for the comparable quarter in 2009. Net loss for the quarter was $(205,000) or $(0.03) per share, compared to net earnings of $459,000 or $0.07 per share for the comparable quarter in 2009.

The overall sales decrease is attributed to reduced demand for the Companies products across all products lines, which first affected Blonder Tongue in the second quarter 2009, as deteriorating economic conditions adversely affected capital spending by customers. Sales of analog and digital transition products decreased, as sales of Digital Video Headend Products, which include recently released HD Encoders and EdgeQAM devices, increased slightly over the equivalent quarter in 2009.

Commenting on the first quarter of 2010, Chairman and Chief Executive Officer James A. Luksch noted, “We mitigated the impact of reduced sales in the first quarter of 2010 through a combination of cost reductions and gross margin improvements that were initially implemented during the second half of 2009 and which continued into the first quarter 2010. Our gross margins for the first quarter 2009 were 41%, compared to gross margins of 45% during the first quarter 2010. We also cut operating expenses by more than $547,000 in the first quarter 2010 compared to the same period last year.”

“Over time, we expect Digital Video Headend Products will overtake analog products as our core business. Our engineering strategy anticipated this transition and we continue launching new EdgeQAM devices and Encoders (four models will begin shipping this month including the HDE-2H, HDE-2C, SD10E and AV10E),” said Bob Palle, President of Blonder Tongue. “As just announced, we have booked a large commitment for our EdgeQAM-400 resulting in a significant backlog. The backlog is expected to ship in the next two quarters and we anticipate solid demand for our newly released digital encoders, leaving us optimistic about our financial performance through the rest of 2010,” he added.

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
March 31,

2010

 

2009

 
Net sales $ 5,594 $

8,933

 

Gross profit 2,515 3,654
Earnings (loss) from operations (161 ) 431
Earnings (loss) from continuing operations (205 ) 393

Earnings from discontinued operations

- 66
Net earnings (loss) $ (205 ) $ 459

Basic and diluted earnings (loss) per share from continuing operations

$ (0.03 ) $ 0.06
Basic and diluted gain per share from discontinued operations - $ 0.01
Basic and diluted net earnings (loss) per share $ (0.03 ) $ 0.07
Basic and diluted weighted average shares outstanding: 6,191 6,191
 
 

Consolidated Summary Balance Sheets(in thousands)(unaudited)

       

March 31,

2010

December 31,

2009

 
Current assets $

13,288

 

$

13,195

 

Property, plant, and equipment, net 3,922 4,000
Total assets 26,819 25,172
Current liabilities 3,836 1,952
Long-term liabilities 3,008 3,065
Stockholders’ equity 19,975 20,155
 
Total liabilities and stockholders’ equity $ 26,819 $ 25,172




1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs