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 2007 THIRD QUARTER RESULTS OLD BRIDGE, NEW JERSEY, November 14, 2007 - Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today announced its sales and earnings for the third quarter ended September 30, 2007. Net sales increased $158,000, or 1.7%, to $9,246,000 in the third three months of 2007 from $9,088,000 in the third three months of 2006. The increase in sales is primarily attributed to an increase in digital product sales offset by a decrease in fiber, distribution and interdiction product sales. Digital product sales were $1,544,000 and $958,000, fiber products sales were $388,000 and $647,000, distribution product sales were $1,771,000 and $1,977,000 and interdiction product sales were $151,000 and $319,000 in the third three months of 2007 and 2006, respectively. Cost of goods sold increased to $5,758,000 for the third three months of 2007 from $5,650,000 for the third three months of 2006, and increased as a percentage of sales to 62.3% from 62.2%. The increase was attributed to an unfavorable product mix. Earnings from continuing operations after income taxes was $572,000 or $0.09 per share for the third three months of 2007 compared to a $345,000 or $0.04 per share for the comparable period in 2006. Commenting on the third quarter 2007 results, James A. Luksch, Chief Executive Officer, said, "Our China initiative remains on course and during the third quarter we started to realize noticeable benefits from reduced costs due to this effort. This is evidenced by the fact that our gross margin on sales of products improved from 36.3% in the second quarter of 2007 (after giving effect to our increase in inventory reserves) to 37.7% in the third quarter of 2007. We anticipate further improvements in gross margin in the fourth quarter of 2007 and continuing into 2008. Our third quarter sales were higher as compared to the prior year and we continued to show improvement sequentially as our third quarter sales in 2007 were approximately 14% higher than the second quarter of 2007." 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, including the anticipated gross margin improvements due to the China initiative. -MORE- Blonder Tongue Laboratories, Inc. Consolidated Summary of Operating Results (in thousands, except per-share data) (unaudited) Three months ended Nine months ended September 30, September 30, -------------------- ------------------- --------- ---------- ---------- -------- 2007 2006 2007 2006 Net sales $9,246 $9,088 $24,836 $28,567 Gross profit 3,488 3,438 8,362 9,748 Earnings (loss) from operations 694 515 (734) 979 Earnings (loss) from continuing operations 572 345 (1,092) 330 Loss from discontinued operations - (170) (59) (367) Net earnings (loss) $572 $175 $(1,151) $(37) Basic and diluted earnings (loss) per share from continuing operations $0.09 $0.04 $(0.17) $0.04 Basic and diluted loss per share from discontinued operations $- $(0.02) $(0.01) $(0.04) Basic and diluted net earnings (loss) per share $0.09 $0.02 $(0.18) $ - Basic and diluted weighted average shares outstanding: 6,222 7,515 6,222 7,845 Consolidated Summary Balance Sheets (in thousands) September 30, December 31, 2007 2006 (unaudited) Current assets $14,204 $14,942 Property, plant, and equipment, net 4,313 4,537 Total assets 26,693 27,222 Current liabilities 5,540 5,431 Long-term liabilities 1,375 1,559 Stockholders' equity 19,778 20,232 Total liabilities and stockholders' equity $26,693 $27,222 ###
Blonder Tongue Laboratories (BDRL) 8-KResults of Operations and Financial Condition
Filed: 14 Nov 07, 12:00am