Blonder Tongue Reports 2005 First Quarter Results.OLD BRIDGE, N.J. -- 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 its sales and earnings for the first quarter ended March 31, 2005. 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 first quarter 2005 increased 8.7% to $9,269,000 from $8,529,000 for the first quarter 2004. The increase in sales is primarily attributed to an increase in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by cable system operators, for the Company's headend and distribution products. Included in net sales are revenues from BDR Broadband of $417,000 and $346,000 for the first three months of 2005 and 2004, respectively. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the first quarter 2005 was $603,000 compared to an operating loss of $122,000 for the comparable period of 2004. The operating loss is primarily attributable to an increase in the inventory reserve of $603,000 in the first quarter of 2005. The Company's net loss was $890,000 for the first three months of 2005 compared to $397,000 for the same period in the prior year. 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. loss per share for the first three months of 2005 was $0.11, compared to a loss of $0.05 for the same period in the prior year. Commenting on the first quarter 2005 results, James A. Luksch, Chairman, Chief Executive Officer said, "It is a pleasure to report what appears to be a rebound in the markets we serve, as demonstrated by the sequential and year-to-year equivalent quarter sales increases that we have experienced. Unfortunately, continued slowness in some product categories required us to again take a significant non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. to our inventory, which adversely impacted the Company's reported performance. Considerable resources are being expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. to sell and/or convert this inventory and reverse the recent trend of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. non-cash charges on the Company's P&L. Sales are improving and further increase in sales momentum and management of slow moving inventory are the primary goals of the Company in 2005." 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 Blonder Tongue's 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 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, 2004 (See Item 1: Business 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 Risk Factors), 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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
March 31,
--------------------------
2005 2004
--------------------------
Net Sales $9,269 $8,529
Gross Profit 2,527 2,941
Loss from operations (603) (122)
Net loss (890) (397)
Net loss per share:
Basic and diluted ($0.11) ($0.05)
Weighted average shares outstanding:
Basic and diluted 8,015 7,997
Consolidated Summary Balance Sheets
(in thousands)
March 31, December 31,
2005 2004
(unaudited)
------------- ---------------
Current assets $16,899 $16,006
Property, plant, and equipment, net 6,086 6,214
Total assets 38,254 38,156
Current liabilities 5,513 5,403
Long-term liabilities 6,708 5,830
Stockholders' equity 26,033 26,923
Total liabilities and stockholders'
equity $38,254 $38,156
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