Blonder Tongue Laboratories, Inc.
(NYSE Amex: BDR) today announced its sales and results for the fourth quarter and year ended December 31, 2010. Net sales for the fourth quarter 2010 were $7,497,000, compared to $7,001,000 for the fourth quarter 2009. Earnings from continuing operations for the fourth quarter of 2010 were $368,000 or $0.06 per share, compared to a loss of $(32,000) or $(0.01) per share for the comparable period of 2009. For the year ended December 31, 2010, net sales were $30,508,000, compared to $29,034,000 in the comparable period of 2009. Earnings from continuing operations for the year ended December 31, 2010 were $1,785,000 or $0.29 per basic share compared to a loss of $(33,000) or $(0.01) per basic share for the comparable period in 2009.
The Company’s overall improved performance can be attributed to the increase in sales of digital video headend products, which generally have higher margins, along with the reduction in operating expenses due to the previously announced head count and outside consulting fee reductions. Sales of digital video headend products were $12,770,000 and $6,969,000 in 2010 and 2009, respectively. Operating expenses were $10,288,000 and $11,072,000 in 2010 and 2009, respectively.
Commenting on the fourth quarter and the year end 2010, Chairman and Chief Executive Officer James A. Luksch noted, “2010 started slowly, consistent with our first quarter traditionally being our weakest quarter. We introduced our first EdgeQAM product toward the end of 2009 and closed a significant order with (and exclusive to) World Cinema for product that shipped in the second and third quarters of 2010. In the fourth quarter, the exclusive agreement was extended for this application shipping at a lower volume through 2011. During 2010, additional digital products were introduced in addition to the EdgeQAM, notably Standard and High Definition encoders. We achieved the first stage of our digital strategy and successfully sold to our existing customers. The goal for 2011 is to continue with our vision by securing new markets and customers with new variations of the extremely successful EdgeQAM, encoder and other digital products.”