EXHIBIT 99.1
[LOGO] One Jake Brown Road
BLONDER Old Bridge, NJ 08857-1000
TONGUE (732) 679-4000 Fax (732) 679-4353
LABORATORIES, INC. www.blondertongue.com
For Immediate Release: Contact: James A. Luksch
- ---------------------- Chairman and
August 12, 2004 Chief Executive Officer
(732) 679-4000
BLONDER TONGUE REPORTS 2004 SECOND QUARTER RESULTS
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OLD BRIDGE, NEW JERSEY, August 12, 2004 - Blonder Tongue Laboratories, Inc.
(AMEX: "BDR") today reported net sales of $10,917,000 for the second quarter
2004, a 27.9 percent increase over net sales of $8,534,000 reported in the
second quarter 2003.
Earnings for the second quarter 2004 were $236,000, or $0.03 per share, a marked
improvement over last year's net loss of $390,000, or ($0.05) per share, for the
comparable period.
Commenting on the second quarter 2004 results, James A. Luksch, Chief Executive
Officer, said, "As we predicted in Blonder Tongue's first quarter 2004 earnings
release, the anticipated increased sales in core, telephony, and high speed data
products and services were realized and the Company returned to profitability.
Activity in digital products also rebounded in the second quarter. Looking
forward to the balance of the year, we anticipate continued progress in all
areas, fueled by increased sales of the Company's unique Voice, Video and Data
solution products."
New product sales for Telephony and Data lines totaled $495,000 in the second
quarter 2004, increased from $5,000 in the second quarter 2003. Digital product
sales were $793,000, increased from $223,000 in the comparable period in 2003.
Also included in net sales are revenues from BDR Broadband of $393,000, a
64%increase over the $239,000 reported for the comparable period in 2003.
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 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 Six months ended
June 30, June 30,
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2004 2003 2004 2003
-------- -------- -------- --------
Net sales $ 10,917 $ 8,534 $ 19,446 $ 17,136
Gross profit 3,080 2,675 6,021 4,834
Earnings (loss) from operations 247 (353) 125 (1,304)
Net earnings (loss) 236 (390) (161) (1,148)
Net earnings (loss) per share:
Basic $ 0.03 $ (0.05) $ (0.02) $ (0.15)
Diluted $ 0.03 $ (0.05) $ (0.02) $ (0.15)
Weighted average shares outstanding:
Basic 8,002 7,500 7,999 7,519
Diluted 8,026 7,500 7,999 7,519
Consolidated Summary Balance Sheets
(in thousands)
June 30, 2004 December 31, 2003
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(unaudited)
Current assets * $19,431 $18,951
Property, plant, and equipment, net 6,271 6,652
Total assets 46,240 47,990
Current liabilities 10,150 6,305
Long-term liabilities 4,291 9,745
Stockholders' equity 31,799 31,940
Total liabilities and stockholders' equity $46,240 $47,990
* Includes reclass of non-current inventory
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