Blonder Tongue Reports 2007 Second Quarter Results



    OLD BRIDGE, N.J., August 9 /CNW/ - Blonder Tongue Laboratories, Inc.
(AMEX:   "BDR") today announced its sales and earnings for the second quarter
ended June 30, 2007.

    Net sales decreased $1,431,000, or 15.0%, to $8,091,000 in the second
three months of 2007 from $9,522,000 in the second three months of 2006. The
decrease in sales is primarily attributed to a decrease in headend and
interdiction product sales. Headend product sales were $3,907,000 and
$4,806,000 and interdiction product sales were $308,000 and $650,000 in the
second three months of 2007 and 2006, respectively.

    Cost of goods sold decreased to $5,712,000 for the second three months of
2007 from $6,510,000 for the second three months of 2006, but increased as a
percentage of sales to 70.6% from 68.4%. The decrease was attributed primarily
to a decrease in sales in the second three months of 2007 as compared to 2006,
offset by an increase in the provision for inventory reserves of $558,000. Of
the 2.2% increase in cost of goods sold as a percentage of sales, 6.9%, as a
percentage of sales, is attributable to the increase in the provision for
inventory reserves offset by a decrease in cost of goods sold as percentage of
sales of 4.7% due to a more favorable product mix.

    Loss from continuing operations after income taxes was $822,000 or
$(0.13) per share for the second three months of 2007 compared to a loss of
$332,000 or $(0.04) per share for the comparable period in 2006.

    Commenting on the second quarter 2007 results, James A. Luksch, Chief
Executive Officer, said, "Although our second quarter sales were lower
compared to the prior year, we did see improvement sequentially as our second
quarter sales were approximately 8% higher than the first quarter. We are
continuing our efforts to reduce operating expenses and expect to see
annualized improvements in excess of $1,000,000. Our China initiative remains
on course and we expect to realize noticeable benefits from reduced costs
beginning in the third quarter of 2007, with further improvements continuing
into 2008."

    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)
                                 (unaudited)

                                      Three months ended Six months ended
                                           June 30,          June 30,
                                      ------------------------------------
                                         2007     2006     2007     2006
                                      ---------- ------- -------- --------

    Net sales                            $8,091  $9,522  $15,590  $19,479
    Gross profit                          2,379   3,012    4,874    6,310
    Earnings (loss) from operations        (704)    (98)  (1,428)     464
    Loss from continuing operations        (822)   (332)  (1,664)     (15)
    Loss from discontinued operations       (59)    (72)     (59)    (197)
    Net loss                             $ (881) $ (404) $(1,723) $  (212)
    Basic and diluted loss per share
     from continuing operations          $(0.13) $(0.04) $ (0.27) $ (0.02)
    Basic and diluted loss per share
     from discontinued operations        $(0.01) $(0.01) $ (0.01) $ (0.01)
    Basic and diluted net loss per
     share                               $(0.14) $(0.05) $ (0.28) $ (0.03)
    Basic and diluted weighted average
     shares outstanding:                  6,222   8,010    6,222    8,013
    

    
                     Consolidated Summary Balance Sheets
                                (in thousands)

                                                   June 30,   December 31,
                                                     2007         2006
                                                 ------------ ------------
                                                 (unaudited)

    Current assets                                 $   14,173   $   14,942
    Property, plant, and equipment, net                 4,375        4,537
    Total assets                                       26,026       27,222
    Current liabilities                                 5,491        5,431
    Long-term liabilities                               1,437        1,559
    Stockholders' equity                               19,098       20,232

    Total liabilities and stockholders' equity     $   26,026   $   27,222
    




For further information:

For further information: Blonder Tongue Laboratories, Inc. James A.
Luksch, 732-679-4000 Chairman and Chief Executive Officer

Organization Profile

BLONDER TONGUE LABORATORIES, INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890