[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 ###
Blonder Tongue Laboratories (BDRL) 8-KResults of Operations and Financial Condition
Filed: 15 May 07, 12:00am