Blonder Tongue Reports Third Quarter & Nine Month 2010 Results
Blonder Tongue Laboratories, Inc. (NYSE Amex:BDR) today announced its sales and results for the third quarter and nine months ended September 30, 2010. Net sales for the third quarter 2010 were $9,151,000, compared to $6,843,000 for the third quarter 2009. Net earnings from continuing operations for the third quarter of 2010 were $721,000 or $0.12 per share, compared to $2,000 or zero per share for the comparable period of 2009. For the nine months ended September 30, 2010, net sales were $23,011,000, compared to $22,033,000 in the comparable period of 2009. Net earnings from continuing operations for the first nine months of 2010 were $1,417,000 or $0.23 per share compared to a loss of $(1,000) or zero per share for the comparable period in 2009.
Commenting on the third quarter and the first nine months of 2010, Chairman and Chief Executive Officer James A. Luksch noted, “Blonder Tongue is pleased to report strong sales and profits for its third quarter 2010. Our third quarter performance was a continuation of the benefits that we enjoyed in Q-2 from increased sales of higher margin digital products, supplemented by operating expense reductions implemented during the first quarter. Our year-to-date performance continues to be on track and is consistent with our expectations expressed in our August release regarding second quarter results.”
The overall sales increase in the third three months of 2010 is primarily attributable to an increase in sales of the Company’s digital video headend products and contract manufactured products. Sales of digital video headend products were $3,744,000 and $1,691,000 and sales of contract manufactured products were $852,000 and $331,000 in the third three months of 2010 and 2009, respectively.
“Our sales in the third quarter were buoyed again by our digital product group (encoders, transcoders and EdgeQAM devices), which has been the beneficiary of our continuing investment in research and development,” said Bob Palle, President of Blonder Tongue. “The purchase commitment of the EQAM-400 was fulfilled and two more versions will be fielded in the fourth quarter, increasing the Company’s market penetration to include additional satellite applications as well as international deployments. Because the digital group encompasses multiple applications and markets, we anticipate the mix to fluctuate, but the long term trend of this group should be positive into future quarters.”
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