EXHIBIT 99.1
[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 SECOND QUARTER RESULTS
OLD BRIDGE, NEW JERSEY, August 14, 2006 - Blonder Tongue Laboratories, Inc.
(AMEX: "BDR") today reported net sales of $10,012,000 for the second quarter
2006, a 6.4 percent increase over net sales of $9,408,000 reported in the second
quarter 2005. The additional sales are attributed to an overall increase in core
headend, distribution and fiber equipment as well as an increase in digital,
high definition and interdiction product sales. Sales of digital and high
definition products were $1,323,000 and $1,108,000 and sales of interdiction
products were $650,000 and $500,000 in the second quarter of 2006 and 2005,
respectively.
Net loss for the second quarter 2006 was $404,000, or ($0.05) per share,
compared to a net loss of $641,000 or ($0.08) per share for the comparable
period in 2005. Net loss for the six months ended June 30, 2006 was $212,000, or
($0.03) per share, compared to a net loss of $1,531,000 or ($0.19) per share for
the comparable period in 2005.
Commenting on the second quarter 2006 results, James A. Luksch, Chief Executive
Officer, said, "The comparable quarter-to-quarter sales improvement is
indicative of the continued long term progress of our new product offerings."
Mr. Luksch continued, "We are addressing the disappointing earnings through,
among other things, the elimination of certain non-core business units that
adversely affect our financial performance. We recently disposed of our interest
in Blonder Tongue Telephone and, as reported in the last several days, have
announced our intention to divest BDR Broadband, our Texas-based private cable
system. We anticipate that the divesture of these two businesses should result
in approximately a $600,000 improvement to our net income on an annual basis."
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", "should", "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. There can be no assurance
that Blonder Tongue will be successful in its efforts to sell BDR Broadband.
Blonder Tongue's actual results may differ from the anticipated results or other
expectations expressed in Blonder Tongue's "forward-looking" statements.
-MORE-
Blonder Tongue Laboratories, Inc.
Consolidated Summary of Operating Results
(in thousands, except per-share data)
(unaudited)
Three months ended Six months ended
June 30, June 30,
-----------------------------------------------
2006 2005 2006 2005
Net sales $10,012 $9,408 $20,399 $18,677
Gross profit 3,347 2,859 6,917 5,386
Earnings (loss) from operations (170) (341) 267 (944)
Net earnings (loss) (404) (641) (212) (1,531)
Net earnings (loss) per share:
Basic $(0.05) $(0.08) $(0.03) $(0.19)
Diluted $(0.05) $(0.08) $(0.03) $(0.19)
FOR IMMEDIATE RELEASE
outstanding:
Basic 8,010 8,015 8,013 8,015
Diluted 8,010 8,015 8,013 8,015
Consolidated Summary Balance Sheets
(in thousands)
June 30, 2006 December 31, 2005
(unaudited)
Current assets $15,076 $15,144
Property, plant, and equipment, net 5,965 6,184
Total assets 31,291 32,864
Current liabilities 7,613 8,036
Long-term liabilities 3,193 3,329
Stockholders' equity 20,485 21,499
Total liabilities and stockholders'
equity $31,291 $32,864
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