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Blonder Tongue Reports Third Quarter And Nine Month 2011 Results

Stocks in this article: BDR

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.

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