Blonder Tongue Reports 2006 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, 2006. 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 2006 increased 12.1% to $10,387,000 from $9,269,000 for the first quarter 2005. The increase in sales is primarily attributed to an increase in sales of the Company's digital and headend products. Digital product sales were $1,433,000 and $942,000 and headend product sales were $5,050,000 and $4,682,000 in the first quarter of 2006 and 2005, respectively. 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. for the first quarter 2006 was $437,000 compared to an 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. of $603,000 for the comparable period of 2005. The improvement in operating income in the first quarter of 2006 was primarily attributed to an increase in sales as compared to the first quarter of 2005. The first quarter operating loss in 2005 was primarily attributable to a $603,000 increase in inventory reserves. Comparatively, no increase in inventory reserves was required in the first quarter of 2006. The Company's net earnings were $192,000 for the first three months of 2006 compared to a net loss of $890,000 for the same period in the prior year. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first three months of 2006 were $0.02, compared to a loss of $0.11 per share for the same period in the prior year. Commenting on the first quarter 2006 results, James A. Luksch, Chairman, Chief Executive Officer said, "I'm pleased to report that the Company has posted profitable performance for the period. First quarter results benefited from an expanded array of product offerings, particularly in the areas of fiber, digital and high definition products. We look forward to continuing long term progress as our new product offerings take hold and provide additional incremental sales." 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 A network that supports both data and voice and/or different networking protocols. See converged network and new public network. solutions and technical services to broadband service providers An ISP, telephone company, cable company or other carrier that offers high-speed communications to homes and businesses, typically for Internet access. Cable modems, DSL and T1 lines are the common technologies. See broadband, cable modem, DSL and T1. . 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  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. today and over packet based, Internet protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching 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 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, 2005 (See Item 1: Business, Item 1A: Risk Factors 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. The words "believe", "expect", "anticipate", "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
March 31,
-------------------------
2006 2005
-------------------------
Net Sales $10,387 $9,269
Gross Profit 3,570 2,527
Earnings (loss) from operations 437 (603)
Net earnings (loss) 192 (890)
Net earnings (loss) per share:
Basic and diluted $0.02 ($0.11)
Weighted average shares outstanding:
Basic and diluted 8,015 8,015
Consolidated Summary Balance Sheets
(in thousands)
March 31, 2006 December 31, 2005
-------------- -----------------
(unaudited)
Current assets $15,519 $15,144
Property, plant, and equipment, net 6,103 6,184
Total assets 32,907 32,864
Current liabilities 7,951 8,036
Long-term liabilities 3,262 3,329
Stockholders' equity 21,694 21,499
Total liabilities and stockholders'
equity $32,907 $32,864
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