EXHIBIT 99.1
BLONDER One Jake Brown Road
TONGUE Old Bridge, NJ 08857-1000
LABORATORIES (732) 679-4000 Fax (732) 679-4353
[LOGO] www.blondertongue.com
For Immediate Release: Contact: James A. Luksch
May 13, 2004 Chairman and
Chief Executive Officer
(732) 679-4000
Blonder Tongue Reports 2004 First Quarter Results
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OLD BRIDGE, NEW JERSEY, May 13, 2004 - Blonder Tongue Laboratories, Inc. (AMEX:
"BDR") today announced its sales and earnings for the first quarter ended March
31, 2004.
Net sales for the first quarter 2004 were $8,529,000 compared to $8,602,000 for
the first quarter 2003. Reductions in sales in some product groups were offset
by increased sales in new product groups. Sales of both digital and interdiction
products were down from the comparable period in the prior year. Digital product
sales were $1,190,000 in the first quarter 2004, compared to $1,336,000 in the
first quarter 2003, and interdiction product sales were $677,000 in the first
quarter 2004 compared to $775,000 in the first quarter 2003. Products and
services with increased sales included telephony products, high speed data
products, and technical services. Also included in net sales are revenues from
BDR Broadband of $346,000, increased from $202,000 in first quarter 2003. The
Company's net loss was $397,000 for the first three months of 2004 compared to a
net loss of $758,000 for the same period in the prior year. Diluted loss per
share for the first three months of 2004 was $0.05, compared to a diluted loss
of $0.10 for the same period in the prior year.
Commenting on the first quarter 2004 results, James A. Luksch, Chairman, Chief
Executive Officer said, "Sales activity at the end of the first quarter suggests
that the bottom has been reached and the Company's core business should begin to
rebound, We expect that the pickup in our core business will be augmented by
increased sales activity for our telephony and high speed data products and
services, which are also anticipated to contribute positively to future sales
and earnings. Unless some unexpected events occur, the Company should return to
profitability in the second quarter. Sales should improve throughout the rest of
2004 resulting in positive performance for the year."
Blonder Tongue Laboratories is a designer, manufacturer, and supplier of a
comprehensive line of electronics and systems equipment for the franchised and
private cable television industries. The Company has also introduced equipment
and innovative solutions for the high-speed transmission of data and the
provision of telephony services in multiple dwelling unit applications. Founded
in 1950, Blonder Tongue offers a comprehensive product line and has grown to be
one of the leaders in cable television equipment manufacturing. For more
information regarding Blonder Tongue or its products, please visit the Company's
Internet 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, 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.
Blonder Tongue Laboratories, Inc.
Consolidated Summary of Operating Results
(in thousands, except per-share data)
(unaudited)
Three months ended
March 31,
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2004 2003
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Net Sales $ 8,529 $ 8,602
Gross Profit 2,941 2,159
Loss from operations (122) (951)
Net loss (397) (758)
Net loss per share:
Basic and diluted ($0.05) ($0.10)
Weighted average shares outstanding:
Basic and diluted 7,997 7,539
Consolidated Summary Balance Sheets
(in thousands)
March 31, 2004 December 31, 2003
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(unaudited)
Current assets $31,841 $31,376
Property, plant, and equipment, net 6,485 6,652
Total assets 47,842 47,990
Current liabilities 7,778 6,305
Long-term liabilities 8,501 9,745
Stockholders' equity 31,563 31,940
Total liabilities and stockholders' equity $47,842 $47,990
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