Blonder Tongue Laboratories, Inc.
(NYSE Amex:BDR) today announced its sales and results for the fourth quarter and year ended December 31, 2011.
Net sales decreased $1,042,000 or 13.9% to $6,455,000 for the fourth quarter of 2011 from $7,497,000 in the comparable period in 2010. Net loss for the three months ended December 31, 2011 was $(150,000) or $(0.02) per share in 2011, compared to net earnings of $368,000 or $0.06 per share for the comparable period in 2010.
Net sales decreased $3,845,000 or 12.6% to $26,663,000 for the year ended December 31, 2011 from $30,508,000 in the comparable period in 2010. Net loss for the year was $(411,000) or $(0.07) per share in 2011, compared to net earnings of $1,785,000 or $0.28 per share for the year ended December 31, 2010.
The reduction in net sales year over year can be attributed primarily to lower EdgeQAM sales, which were approximately $3,200,000 lower than the prior year due to the reduced volume as noted in prior releases. Without regard to EdgeQAM sales in either 2010 or 2011, sales in 2011 were down only 2% from 2010. Encoder sales increased from 2010 to 2011, by 22% or $629,000 and contract manufactured product sales increased over 2010 by approximately $965,000. Finally, as anticipated, analog product sales were down in 2011, by approximately $1,400,000 compared to 2010, and these declines are expected to continue as customers convert their systems to digital signal distribution, replacing analog equipment with digital products.
Commenting on the fourth quarter and the year-end 2011, Chairman and Chief Executive Officer James A. Luksch noted, “Our performance in 2011 was not as strong as we had anticipated, however significant progress was made on the continued transformation of our product lines, expansion of our digital offerings, and access to new markets. Sales of additional variations of EdgeQAM product have been slower to achieve than projected, however, we remain very bullish on the contributions that this product class will make in 2012 and thereafter. In 2011, four of the top ten MSOs evaluated and certified our products. While significant MSO sales did not materialize in 2011, we anticipate converting a number of these opportunities into sales during 2012.”