[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.
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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
