[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 2007 FIRST QUARTER RESULTS
OLD BRIDGE, NEW JERSEY, May 15, 2007 - Blonder Tongue Laboratories, Inc. (AMEX:
"BDR") today announced its sales and earnings for the first quarter ended March
31, 2007.
Net sales for the first quarter 2007 decreased 24.7% to $7,499,000 from
$9,957,000 for the first quarter 2006. The decrease in sales is primarily
attributed to a decrease in the sales of the Company's analog headend,
distribution, and interdiction products. Headend product sales were $3,887,000
and $5,050,000, distribution product sales were $1,463,000 and $1,963,000 and
interdiction product sales were $198,000 and $622,000 for the first quarter of
2007 and 2006, respectively.
Loss from continuing operations after income taxes was $842,000 or $(0.14) per
share for the first three months of 2007 compared to income of $317,000 or $0.04
per share for the comparable period in 2006.
Commenting on the first quarter 2007 results, James A. Luksch, Chief Executive
Officer, said, "Historically, our first quarter is usually soft, while our
second quarter shows improvement. In 2006, our first quarter reaped the unusual
benefit of the introduction of several new product offerings, which have now
been fully introduced into the marketplace. We are still on course with our
China initiative and we expect noticeable benefits from reduced costs to begin
in the second half of 2007, with further improvements thereafter."
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)
(unaudited)
Three months ended
March 31,
----------------------------
2007 2006
Net sales $7,499 $9,957
Gross profit 2,495 3,298
Earnings (loss) from operations (724) 562
Earnings (loss ) from continuing operations (842) 317
Loss from discontinued operations - (125)
Net earnings (loss) $(842) $192
Basic and diluted earnings (loss) per share
from continuing operations (0.14) $0.04
Basic and diluted loss per share from
discontinued operations - (0.02)
Basic and diluted net income (loss) per
share $(0.14) $0.02
Basic and diluted weighted average shares
outstanding: 6,222 8,015
Consolidated Summary Balance Sheets
(in thousands)
March 31, December 31,
2007 2006
(unaudited)
Current assets $14,227 $14,942
Property, plant, and equipment, net 4,451 4,537
Total assets 27,063 27,222
Current liabilities 5,695 5,431
Long-term liabilities 1,498 1,559
Stockholders' equity 19,870 20,232
Total liabilities and stockholders' equity $27,063 $27,222
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