This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Blonder Tongue Reports First Quarter 2012 Results

Blonder Tongue Laboratories, Inc. (NYSE MKT:BDR) today announced its sales and results for the first quarter ended March 31, 2012.

Net sales increased $510,000, or 8.5%, to $6,508,000 in the first three months of 2012 from $5,998,000 in the first three months of 2011. The increase is primarily attributed to an increase in sales of digital video headend products and HFC distribution products. Sales of digital video headend products were $2,633,000 and $2,137,000 and HFC distribution products were $1,182,000 and $972,000 in the first three months of 2012 and 2011, respectively. The Company has experienced and expects to continue to see a shift in product mix from analog products to digital products. The previously announced Drake acquisition contributed $1,401,000 to net sales for the first three months of 2012.

Net loss was $(1,480,000) or $(0.24) per share for the first three months of 2012 compared to a net loss of $(316,000) or $(0.05) per share for the corresponding period of 2011.

Commenting on the first quarter 2012, Chairman and Chief Executive Officer James A. Luksch noted, “While our first quarter is historically a weak quarter, the first quarter of 2012 was significantly worse than recent previous first quarters. Net sales excluding Drake were actually 14.9% lower than 2011 and the net effect of the Drake acquisition on the first quarter (taking into account the contribution of Drake net sales and income as well as non-recurring transaction costs incurred by the Company in connection with the acquisition), increased our loss for the period by approximately $300,000. We also recognized more than a $100,000 increase in our inventory reserve additions for this quarter compared to the same period last year. Looking forward, as we continue to implement the transition of Drake’s manufacturing and administrative overhead from Ohio to Old Bridge (which commenced upon the closing and is expected to be completed by the end of the third quarter), we have already begun to enjoy the synergies that we anticipated from this transaction, including meaningful cross-selling opportunities, reductions in operating expenses beginning in the second quarter and meaningful improvements in our gross margins as the transition effort is concluded.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs