[BLONDER TONGUE LABORATORIES, INC.LOGO] One Jake Brown Road Old Bridge, NJ 08857-1000 (732) 679-4000 Fax (732) 679-4353 www.blondertongue.com For Immediate Release: Contact: James A. Luksch November 22, 2004 Chairman and Chief Executive Officer (732) 679-4000 BLONDER TONGUE REPORTS THIRD QUARTER 2004 RESULTS OLD BRIDGE, NEW JERSEY, November 22, 2004 - Blonder Tongue Laboratories, Inc. (AMEX: "BDR") today reported net sales of $11,215,000 for the third quarter 2004, a 22 % increase over net sales of $9,195,000 reported in the third quarter 2003. Earnings for the third quarter 2004 were $406,000, or $0.05 per share, a marked improvement over last year's net loss of $65,000, or ($0.01) per share, for the comparable period. Commenting on the third quarter 2004 results, James A. Luksch, Chief Executive Officer, said, "Third quarter results show a significant improvement over the third quarter for 2003 and our expectations are for continued long-term growth in revenues and profits. 40% of the quarter to quarter top line growth was achieved with increased sales from the Company's data and telephony product lines. These products combined with our core analog and digital television products, as well as the QT series of QAM Transcoders, including the QTM-HD transcoder module for high definition programming, complete the Blonder Tongue Triple Play needed by our customers to compete in today's marketplace. The Company's introduction of its TV Channel Blocker, which allows consumers to restrict access to undesirable programming, should begin to contribute to further increase in sales in 2005 and continue in the years ahead. The market potential for increased sales of these products is much greater than that which has been realized to date." 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 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/A for the year ended December 31, 2003 (See Item 1: Business 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", "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 Nine months ended September 30, September 30, 2004 2003 2004 2003 Net sales $11,215 $9,195 $30,661 $26,331 Gross profit 3,580 2,965 9,601 7,799 Earnings (loss) from operations 660 188 785 (1,116) Net earnings (loss) 406 (65) 245 (1,213) Net earnings (loss) per share: Basic $0.05 $(0.01) $0.03 $(0.16) Diluted $0.05 $(0.01) $0.03 $(0.16) Weighted average shares outstanding: Basic 8,002 7,577 7,995 7,539 Diluted 8,026 7,577 8,033 7,539 Consolidated Summary Balance Sheets (in thousands) September 30, 2004 December 31, 2003 (unaudited) Current assets $17,357 $18,951 Property, plant, and equipment, net 6,226 6,652 Total assets 43,590 47,990 Current liabilities 8,744 7,360 Long-term liabilities 3,696 9,745 Stockholders' equity 31,150 30,885 Total liabilities and stockholders' equity $43,590 $47,990
Blonder Tongue Laboratories (BDRL) 8-KResults of Operations and Financial Condition
Filed: 22 Nov 04, 12:00am