OLD BRIDGE, N.J., April 3 /CNW/ - Blonder Tongue Laboratories, Inc.
(AMEX: BDR) today reported net sales of $35,775,000 for the year ended
December 31, 2006, a three percent (3%) increase over net sales of $34,730,000
reported for the year ended December 31, 2005. The increase in net sales is
primarily attributed to increased sales of digital headend and fiber products,
offset by decreased sales of interdiction and analog headend products. Digital
headend sales were $5,715,000 and $4,725,000, fiber sales were $1,731,000 and
$1,027,000, interdiction sales were $1,835,000 and $2,054,000 and analog
headend sales were $17,506,000 and $17,901,000 in 2006 and 2005, respectively.
Loss from continuing operations after income taxes was $ 96,000 or
$(0.01) per share for the year ended December 31, 2006 as compared to
$4,956,000 or $(0.62) per share, for the comparable period in 2005. Net income
was $342,000 or $0.05 per share in 2006 as compared to a net loss of
$5,500,000 or $(0.69) per share for the comparable period in 2005.
Commenting on the year end 2006 results, James A. Luksch, Chief Executive
Officer, said, "2006 was a year of consolidation and refocus of our attention
to core market needs, as contemplated by our strategic plan. In response to
the ongoing transition from analog to digital transmission of video signals,
we have added several new products to our digital product offerings and
continue to evaluate additional new digital product opportunities. The results
are increased sales, reduced debt and corresponding interest expense and
increased gross margin. Our initiative in China is on course and gaining
momentum, which should produce noticeable benefits in the second half of 2007
and increase in later time periods."
Founded in 1950, Blonder Tongue Laboratories, Inc. has evolved from a
manufacturer of electronic equipment for the private cable industry to a
principal provider of integrated network solutions and technical services to
broadband service providers in the multiple dwelling unit, lodging and
hospitality, and institutional cable markets. The Company designs,
manufactures, and supplies a comprehensive line of equipment to deliver video
(analog & digital), high speed data and voice services over integrated coaxial
and fiber optic broadband networks today and over packet based, Internet
protocol networks of the future. 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, 2006 (See
Item 1: Business, Item 1A: Risk Factors 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," "should," "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)
Net sales $35,775 $34,730
Gross profit 12,366 7,331
Earnings (loss) from operations 336 (3,724)
Loss from continuing operations (96) (4,956)
Loss from discontinued operations (net of tax) (500) (544)
Gain on disposal of subsidiary 938 -
Net income (loss) $342 $(5,500)
Basic and diluted loss per share from continuing
operations $(0.01) $(0.62)
Basic and diluted loss per share from discontinued
operations $(0.06) $(0.07)
Basic and diluted gain per share on disposal $0.12 -
Basic and diluted net income (loss) per share $0.05 $(0.69)
Basic and diluted weighted average shares
outstanding: 7,592 8,015
Consolidated Summary Balance Sheets
December 31, December 31,
Current assets $14,942 $15,144
Property, plant, and equipment, net 4,537 6,184
Total assets 27,222 32,864
Current liabilities 5,431 8,036
Long-term liabilities 1,559 3,329
Stockholders' equity 20,232 21,499
Total liabilities and stockholders' equity $27,222 $32,864
For further information:
For further information: Blonder Tongue Laboratories, Inc. James A.
Luksch, 732-679-4000 Chairman and Chief Executive Officer