Blonder Tongue Reports 2005 Second 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 reported 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 of $9,408,000 for the second quarter 2005, as compared to net sales of $10,917,000 reported in the second quarter 2004. Net loss for the second quarter 2005 was $641,000, or ($0.08) per share, compared to a net income of $236,000 or $0.03 per share for the comparable period in 2004. Commenting on the second quarter 2005 results, James A. Luksch, Chief Executive Officer, said, "After having such a positive first quarter, the second quarter sales performance is disappointing. Our net sales were $18,677,000 for the first six months of 2005 as compared to $19,446,000 for the same period in 2004. Last year's net sales were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by the recognition of $745,000 of sales revenues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc products shipped in prior years. Taking that into account, our six-month sales are relatively flat compared to last year. As stated previously, our primary goals in 2005 are to reduce slow moving inventory and improve our sales momentum. These goals are still attainable." Founded in 1950, Blonder Tongue Laboratories is a leading U.S. designer, manufacturer, and supplier of a comprehensive line of broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Blonder Tongue undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or 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 Six months
ended ended
June 30, June 30,
-------------------------------
2005 2004 2005 2004
------- ------- ------- -------
Net sales $9,408 $10,917 $18,677 $19,446
Gross profit 2,859 3,080 5,386 6,021
Earnings (loss) from operations (341) 247 (944) 125
Net earnings (loss) (641) 236 (1,531) (161)
Net earnings (loss) per share:
Basic $(0.08)$ 0.03 $ (0.19)$ (0.02)
Diluted $(0.08)$ 0.03 $ (0.19)$ (0.02)
Weighted average shares outstanding:
Basic 8,015 8,002 8,015 7,999
Diluted 8,015 8,026 8,015 7,999
Consolidated Summary Balance Sheets
(in thousands)
June 30, December 31,
2005 2004
(unaudited)
----------- -------------
Current assets $ 17,084 $ 16,006
Property, plant, and equipment, net 6,058 6,214
Total assets 37,942 38,156
Current liabilities 9,873 5,403
Long-term liabilities 2,677 5,830
Stockholders' equity 25,392 26,923
Total liabilities and stockholders' equity $ 37,942 $ 38,156
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