Blonder Tongue Announces First-Quarter Financial Results.OLD BRIDGE, N.J.--(BUSINESS WIRE)--April 28, 1998--Blonder Tongue Laboratories, Inc. (AMEX AMEX See: American Stock Exchange :BDR BDR Border BDR Bangladesh Rifles (military forces in Bangladesh) BDR Backup Designated Router (networking) BDR Bombardier (artillery rank) BDR Backup Disaster Recovery ) today announced financial results for the first quarter that ended March 31, 1998. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the 1998 three-month period set a first-quarter record, rising 7.7% to $15,119,000 from $14,041,000 for the first quarter of 1997. Higher sales of the company's interdiction INTERDICTION, civil law. A legal restraint upon a person incapable of managing his estate, because of mental incapacity, from signing any deed or doing any act to his own prejudice, without the consent of his curator or interdictor. 2. products, offsetting a modest decline in core product sales, accounted for the increase. Higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. caused operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. to fall to $1,798,000, a decline of 8.8% from $1,972,000 for the comparable period last year. Net income fell to $1,005,000, off 11.1% from $1,130,000 for the first quarter of 1997. Diluted net earnings per share for the 1998 first quarter were $0.12 compared with $0.14 for the same period in the prior year. "While we were disappointed by the modest decline we experienced in core product sales during the quarter, we were excited by the improvement in interdiction sales, which were up 91% percent over the first quarter of last year," commented James A. Luksch, President and Chief Executive Officer. Mr. Luksch added, "The process of integrating Scientific-Atlanta's interdiction business, which we recently acquired, into our Old Bridge facility, is underway and should be concluded by the end of the third quarter. With that integration, and as our interdiction volume continues to grow, we expect our gross margin to improve, bringing additional profit to our bottom line." Blonder Tongue is a manufacturer of electronics and systems equipment for the franchised and private cable television industries. Its products are used in the acquisition, conversion, distribution, and protection of television signals. Its customers typically provide television services to apartments and condominiums, hotels, motels Motels may refer to any of the following:
"Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1997 (See Item 1: Business, Item 3: Legal Proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , and Item 7: Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. Blonder Tongue's actual results may differ from the anticipated results or other expectations expressed in Blonder Tongue's "forward-looking" statements. -0-
Blonder Tongue Laboratories
Consolidated Summary of Operating Results
(in thousands except share data)
Three months ended
March 31,
1998 1997
Net sales $15,119 $14,041
Gross profit 5,095 4,745
Earnings from operations 1,798 1,972
Net earnings 1,005 1,130
Net earnings per share:
Basic $ 0.12 $ 0.14
Diluted $ 0.12 $ 0.14
Weighted average shares outstanding:
Basic 8,243 8,209
Diluted 8,473 8,310
Blonder Tongue Laboratories
Consolidated Summary Balance Sheets
(in thousands)
March 31, December 31,
1998 1997
Current assets $38,255 $32,932
Property, plant & equipment, net 8,471 7,721
Total assets 65,025 42,272
Current liabilities 25,729 6,877
Long-term liabilities 4,285 3,600
Stockholders' equity 35,011 31,795
Total liabilities and stockholders'
equity $65,025 $42,272
CONTACT: Blonder Tongue Laboratories James A. Luksch, 732/679-4000 |
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