[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 SECOND QUARTER RESULTS OLD BRIDGE, NEW JERSEY, August 9, 2007 - Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today announced its sales and earnings for the second quarter ended June 30, 2007. Net sales decreased $1,431,000, or 15.0%, to $8,091,000 in the second three months of 2007 from $9,522,000 in the second three months of 2006. The decrease in sales is primarily attributed to a decrease in headend and interdiction product sales. Headend product sales were $3,907,000 and $4,806,000 and interdiction product sales were $308,000 and $650,000 in the second three months of 2007 and 2006, respectively. Cost of goods sold decreased to $5,712,000 for the second three months of 2007 from $6,510,000 for the second three months of 2006, but increased as a percentage of sales to 70.6% from 68.4%. The decrease was attributed primarily to a decrease in sales in the second three months of 2007 as compared to 2006, offset by an increase in the provision for inventory reserves of $558,000. Of the 2.2% increase in cost of goods sold as a percentage of sales, 6.9%, as a percentage of sales, is attributable to the increase in the provision for inventory reserves offset by a decrease in cost of goods sold as percentage of sales of 4.7% due to a more favorable product mix. Loss from continuing operations after income taxes was $822,000 or $(0.13) per share for the second three months of 2007 compared to a loss of $332,000 or $(0.04) per share for the comparable period in 2006. Commenting on the second quarter 2007 results, James A. Luksch, Chief Executive Officer, said, "Although our second quarter sales were lower compared to the prior year, we did see improvement sequentially as our second quarter sales were approximately 8% higher than the first quarter. We are continuing our efforts to reduce operating expenses and expect to see annualized improvements in excess of $1,000,000. Our China initiative remains on course and we expect to realize noticeable benefits from reduced costs beginning in the third quarter of 2007, with further improvements continuing into 2008." 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 Six months ended June 30, June 30, ------------------------- ----------------------- ------------ ------------ ----------- ----------- 2007 2006 2007 2006 Net sales $8,091 $9,522 $15,590 $19,479 Gross profit 2,379 3,012 4,874 6,310 Earnings (loss) from operations (704) (98) (1,428) 464 Loss from continuing operations (822) (332) (1,664) (15) Loss from discontinued operations (59) (72) (59) (197) Net loss $(881) $(404) $(1,723) $(212) Basic and diluted loss per share from continuing operations $(0.13) $(0.04) $(0.27) $(0.02) Basic and diluted loss per share from discontinued operations $(0.01) $(0.01) $(0.01) $(0.01) Basic and diluted net loss per share $(0.14) $(0.05) $(0.28) $(0.03) Basic and diluted weighted average shares outstanding: 6,222 8,010 6,222 8,013 Consolidated Summary Balance Sheets (in thousands) June 30, December 31, 2007 2006 (unaudited) Current assets $14,173 $14,942 Property, plant, and equipment, net 4,375 4,537 Total assets 26,026 27,222 Current liabilities 5,491 5,431 Long-term liabilities 1,437 1,559 Stockholders' equity 19,098 20,232 Total liabilities and stockholders' equity $26,026 $27,222 ### 2
Blonder Tongue Laboratories (BDRL) 8-KResults of Operations and Financial Condition
Filed: 9 Aug 07, 12:00am