[LOGO] One Jake Brown Road P.O. Box 1000 Old Bridge, New Jersey 08857-1000 Tel: 732-679-4000 Fax: 732-679-4353 FOR IMMEDIATE RELEASE CONTACT: James A. Luksch Chairman and Chief Executive Officer (732) 679-4000 BLONDER TONGUE REPORTS 2006 FIRST QUARTER RESULTS OLD BRIDGE, NEW JERSEY, May 17, 2006 - Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today announced its sales and earnings for the first quarter ended March 31, 2006. Net sales for the first quarter 2006 increased 12.1% to $10,387,000 from $9,269,000 for the first quarter 2005. The increase in sales is primarily attributed to an increase in sales of the Company's digital and headend products. Digital product sales were $1,433,000 and $942,000 and headend product sales were $5,050,000 and $4,682,000 in the first quarter of 2006 and 2005, respectively. Operating income for the first quarter 2006 was $437,000 compared to an operating loss of $603,000 for the comparable period of 2005. The improvement in operating income in the first quarter of 2006 was primarily attributed to an increase in sales as compared to the first quarter of 2005. The first quarter operating loss in 2005 was primarily attributable to a $603,000 increase in inventory reserves. Comparatively, no increase in inventory reserves was required in the first quarter of 2006. The Company's net earnings were $192,000 for the first three months of 2006 compared to a net loss of $890,000 for the same period in the prior year. Basic and diluted earnings per share for the first three months of 2006 were $0.02, compared to a loss of $0.11 per share for the same period in the prior year. Commenting on the first quarter 2006 results, James A. Luksch, Chairman, Chief Executive Officer said, "I'm pleased to report that the Company has posted profitable performance for the period. First quarter results benefited from an expanded array of product offerings, particularly in the areas of fiber, digital and high definition products. We look forward to continuing long term progress as our new product offerings take hold and provide additional incremental sales." Founded in 1950, Blonder Tongue Laboratories, Inc. has evolved from a manufacturer of electronic equipment for the private cable industry to a principal provider of integrated network solutions and technical services to broadband service providers. The Company designs, manufactures, and supplies a comprehensive line of equipment to deliver video (analog & digital), high speed data and voice services over integrated coaxial and fiber optic broadband networks today and over packet based, Internet protocol networks of the future. For more information regarding Blonder Tongue or its products, please visit the Company's Web site at www.blondertongue.com or contact the Company directly at (732) 679-4000. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The information set forth above includes "forward-looking" statements and accordingly, the cautionary statements contained in Blonder Tongue's Annual Report and Form 10-K for the year ended December 31, 2005 (See Item 1: Business, Item 1A: Risk Factors and Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. The words "believe", "expect", "anticipate", "project", and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Blonder Tongue undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Blonder Tongue's actual results may differ from the anticipated results or other expectations expressed in Blonder Tongue's "forward-looking" statements. Blonder Tongue Laboratories, Inc. Consolidated Summary of Operating Results (in thousands, except per-share data) (unaudited) Three months ended March 31, -------------- -- -------------- 2006 2005 -------------- -- -------------- Net Sales $10,387 $9,269 Gross Profit 3,570 2,527 Earnings (loss) from operations 437 (603) Net earnings (loss) 192 (890) Net earnings (loss) per share: Basic and diluted $0.02 ($0.11) Weighted average shares outstanding: Basic and diluted 8,015 8,015 Consolidated Summary Balance Sheets (in thousands) March 31, 2006 December 31, 2005 (unaudited) Current assets $15,519 $15,144 Property, plant, and equipment, net 6,103 6,184 Total assets 32,907 32,864 Current liabilities 7,951 8,036 Long-term liabilities 3,262 3,329 Stockholders' equity 21,694 21,499 Total liabilities and stockholders' equity $32,907 $32,864
Blonder Tongue Laboratories (BDRL) 8-KResults of Operations and Financial Condition
Filed: 17 May 06, 12:00am