EXHIBIT 99.1
[LOGO]
One Jake Brown Road
P.O. Box 1000
Old Bridge, NJ 08857-1000
(732) 679-4000 Fax (732) 679-4353
www.blondertongue.com
FOR IMMEDIATE RELEASE CONTACT: James A. Luksch
Chairman and
Chief Executive Officer
(732) 679-4000
BLONDER TONGUE REPORTS 2006 YEAR END RESULTS
OLD BRIDGE, NEW JERSEY, April 3, 2007 - Blonder Tongue Laboratories, Inc. (AMEX:
"BDR") today reported net sales of $35,775,000 for the year ended December 31,
2006, a three percent (3%) increase over net sales of $34,730,000 reported for
the year ended December 31, 2005. The increase in net sales is primarily
attributed to increased sales of digital headend and fiber products, offset by
decreased sales of interdiction and analog headend products. Digital headend
sales were $5,715,000 and $4,725,000, fiber sales were $1,731,000 and
$1,027,000, interdiction sales were $1,835,000 and $2,054,000 and analog headend
sales were $17,506,000 and $17,901,000 in 2006 and 2005, respectively.
Loss from continuing operations after income taxes was $ 96,000 or $(0.01) per
share for the year ended December 31, 2006 as compared to $4,956,000 or $(0.62)
per share, for the comparable period in 2005. Net income was $342,000 or $0.05
per share in 2006 as compared to a net loss of $5,500,000 or $(0.69) per share
for the comparable period in 2005.
Commenting on the year end 2006 results, James A. Luksch, Chief Executive
Officer, said, "2006 was a year of consolidation and refocus of our attention to
core market needs, as contemplated by our strategic plan. In response to the
ongoing transition from analog to digital transmission of video signals, we have
added several new products to our digital product offerings and continue to
evaluate additional new digital product opportunities. The results are increased
sales, reduced debt and corresponding interest expense and increased gross
margin. Our initiative in China is on course and gaining momentum, which should
produce noticeable benefits in the second half of 2007 and increase in later
time periods."
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 in the multiple dwelling unit, lodging and
hospitality, and institutional cable markets. 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, 2006 (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. 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)
Year ended
December 31,
----------------------------
2006 2005
Net sales $35,775 $34,730
Gross profit 12,366 7,331
Earnings (loss) from operations 336 (3,724)
Loss from continuing operations (96) (4,956)
Loss from discontinued operations (net of
tax) (500) (544)
Gain on disposal of subsidiary 938 -
Net income (loss) $342 $(5,500)
Basic and diluted loss per share from
continuing operations $(0.01) $(0.62)
Basic and diluted loss per share from
discontinued operations $(0.06) $(0.07)
Basic and diluted gain per share on disposal $0.12 -
Basic and diluted net income (loss) per
share $0.05 $(0.69)
Basic and diluted weighted average shares
outstanding: 7,592 8,015
Consolidated Summary Balance Sheets
(in thousands)
December 31, 2006 December 31, 2005
Current assets $14,942 $15,144
Property, plant, and equipment, net 4,537 6,184
Total assets 27,222 32,864
Current liabilities 5,431 8,036
Long-term liabilities 1,559 3,329
Stockholders' equity 20,232 21,499
Total liabilities and
stockholders' equity $27,222 $32,864
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