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Blonder Tongue Reports First Quarter 2011 Results

Stocks in this article: BDR

Blonder Tongue Laboratories, Inc. (NYSE Amex: BDR) today announced its sales and results for the first quarter ended March 31, 2011. Net sales for the first quarter 2011 were $5,998,000, compared to $5,594,000 for the first quarter 2010. Net loss for the first quarter of 2011 was $(316,000) or $(0.05) per share, compared to a net loss of $(205,000) or $(0.03) per share for the comparable period in 2010.

The Company’s overall performance can be attributed to the increase in sales of digital video headend products and contract manufactured products along with the reduction in operating expenses due to the previously announced head count and outside consulting fee reductions offset by the decrease in sales across most of the Company’s other product lines.

Sales of digital video headend products were $2,137,000 and $1,742,000 in the first three months of 2011 and 2010, respectively. Sales of contract manufactured products were $624,000 and $213,000 in the first quarter of 2011 and 2010, respectively. Operating expenses were $2,429,000 and $2,676,000 in the first three months of 2011 and 2010, respectively.

Commenting on the first quarter 2011, Chairman and Chief Executive Officer James A. Luksch noted, “As we’ve noted over the years, our first quarter is historically our weakest quarter and 2011’s first quarter is no exception. Although we had a small increase in sales relative to 2010, we recorded a slightly higher loss due to lower gross margins. The lower gross margins were primarily due to product mix and are not indicative of any significant trend. Our key individual product margins remain strong and annualized margins should be consistent with last year. We expect to release two new EdgeQAM products that will expand our coverage of satellite applications and a new EdgeQAM product for CATV applications. Expansion of our encoder line should also increase our digital sales. Assuming reasonable success with the many opportunities available to us, we should experience profitable quarters for the balance of the year on increased sales.”

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