[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
August 15, 2005 Chairman and
Chief Executive Officer
(732) 679-4000
BLONDER TONGUE REPORTS 2005 SECOND QUARTER RESULTS
OLD BRIDGE, NEW JERSEY, August 15, 2005 - Blonder Tongue Laboratories, Inc.
(AMEX: "BDR") today reported net sales of $9,408,000 for the second quarter
2005, as compared to net sales of $10,917,000 reported in the second quarter
2004.
Net loss for the second quarter 2005 was $641,000, or ($0.08) per share,
compared to a net income of $236,000 or $0.03 per share for the comparable
period in 2004.
Commenting on the second quarter 2005 results, James A. Luksch, Chief Executive
Officer, said, "After having such a positive first quarter, the second quarter
sales performance is disappointing. Our net sales were $18,677,000 for the first
six months of 2005 as compared to $19,446,000 for the same period in 2004. Last
year's net sales were favorably impacted by the recognition of $745,000 of sales
revenues relating to products shipped in prior years. Taking that into account,
our six-month sales are relatively flat compared to last year. As stated
previously, our primary goals in 2005 are to reduce slow moving inventory and
improve our sales momentum. These goals are still attainable."
Founded in 1950, Blonder Tongue Laboratories is a leading U.S. designer,
manufacturer, and supplier of a comprehensive line of broadband systems
equipment and technical engineering services for Voice, Video and Data service
providers. With Blonder Tongue's optimized technologies, simplified deployment
and qualified technical assistance, the service provider reduces costs,
increases customer satisfaction and increases profitability. 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, 2004 (See Item 1: Business
and Item 7: Management's Discussion and Analysis of Financial Condition and
Results of Operations and Risk Factors), and other filings with the Securities
and Exchange Commission are incorporated herein by reference. The words
"believe", "expect", "anticipate", "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,
------------------- ------------------------
2005 2004 2005 2004
Net sales $9,408 $10,917 $18,677 $19,446
Gross profit 2,859 3,080 5,386 6,021
Earnings (loss) from
operations (341) 247 (944) 125
Net earnings (loss) (641) 236 (1,531) (161)
Net earnings (loss) per share:
Basic $(0.08) $0.03 $(0.19) $(0.02)
$(0.08) $0.03 $(0.19) $(0.02)
Diluted
Weighted average shares
outstanding:
Basic 8,015 8,002 8,015 7,999
Diluted 8,015 8,026 8,015 7,999
Consolidated Summary Balance Sheets
(in thousands)
June 30, 2005 December 31, 2004
(unaudited)
------------------- -----------------
Current assets $17,084 $16,006
Property, plant, and equipment, net 6,058 6,214
Total assets 37,942 38,156
Current liabilities 9,873 5,403
Long-term liabilities 2,677 5,830
Stockholders' equity 25,392 26,923
Total liabilities and stockholders'
equity $37,942 $38,156
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