Blonder Tongue Announces Improved Second-Quarter Financial Results.OLD BRIDGE, N.J.--(BUSINESS WIRE)--July 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 ), a leading manufacturer of systems and electronics to the cable television industry, today announced record revenues and record second-quarter net income for the three months that ended June 30, 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 second quarter rose 32% to a record $20,525,000 from $15,575,000 for the second quarter of 1997, driven by strong 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. General and administrative expenses rose modestly, due to increased amortization of goodwill and provision for doubtful accounts. The company's additional borrowings related to the recent acquisition of Scientific-Atlanta's interdiction line caused interest expense to increase for the quarter. Net income reached a second-quarter record $1,776,000, an 18% improvement over 1997's second-quarter net income of $1,510,000. On a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, net income rose to $0.21 from $0.18 for the prior-year period. For the first half of 1998, net sales increased to $35,644,000 from $29,616,000 for the first six months of last year, a 20% improvement. Net income rose 5% to $2,781,000 from $2,640,000. On a diluted per share basis, net income was $0.33 compared with $0.32 for the first half of 1997. "We experienced strong sales to the franchised cable markets during the second quarter," commented James A. Luksch, President and Chief Executive Officer. "Business activity for our interdiction products remains very high. While we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op , our second-half results are dependent on the timing of large orders, which is typical of interdiction and headend products." 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 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-
Consolidated Summary of Operating Results
(in thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
---- ---- ---- ----
Net sales $20,525 $15,575 $35,644 $29,616
Gross profit 6,739 5,284 11,834 10,029
Earnings from
operations 3,399 2,613 5,197 4,585
Net earnings 1,776 1,510 2,781 2,640
Net earnings per
share:
Basic $ 0.21 $ 0.18 $ 0.34 $ 0.32
Diluted $ 0.21 $ 0.18 $ 0.33 $ 0.32
Weighted average
shares outstanding:
Basic 8,321 8,223 8,282 8,216
Diluted 8,468 8,302 8,441 8,306
Consolidated Summary Balance Sheets
(in thousands)
June 30, December 31,
1998 1997
---- ----
Current assets $44,086 $32,932
Property, plant &
equipment, net 8,412 7,721
Total assets 70,747 42,272
Current liabilities 30,759 6,877
Long-term liabilities 3,496 3,600
Stockholders' equity 36,492 31,795
Total liabilities and
stockholders' equity $70,747 $42,272
CONTACT: Blonder Tongue Laboratories, Inc.
James A. Luksch, 732/679-4000
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