Blonder Tongue Reports 2006 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 $10,012,000 for the second quarter 2006, a 6.4 percent increase over net sales of $9,408,000 reported in the second quarter 2005. The additional sales are attributed to an overall increase in core headend, distribution and fiber equipment as well as an increase in digital, high definition and 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. product sales. Sales of digital and high definition products were $1,323,000 and $1,108,000 and sales of interdiction products were $650,000 and $500,000 in the second quarter of 2006 and 2005, respectively. Net loss for the second quarter 2006 was $404,000, or ($0.05) per share, compared to a net loss of $641,000 or ($0.08) per share for the comparable period in 2005. Net loss for the six months ended June 30, 2006 was $212,000, or ($0.03) per share, compared to a net loss of $1,531,000 or ($0.19) per share for the comparable period in 2005. Commenting on the second quarter 2006 results, James A. Luksch, Chief Executive Officer, said, "The comparable quarter-to-quarter sales improvement is indicative of the continued long term progress of our new product offerings." Mr. Luksch continued, "We are addressing the disappointing earnings through, among other things, the elimination of certain non-core business units that adversely affect our financial performance. We recently disposed of our interest in Blonder Tongue Telephone and, as reported in the last several days, have announced our intention to divest BDR Broadband, our Texas-based private cable system. We anticipate that the divesture Di`ves´ture n. 1. Divestiture. of these two businesses should result in approximately a $600,000 improvement to our net income on an annual basis." 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 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", "should", "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. There can be no assurance that Blonder Tongue will be successful in its efforts to sell BDR Broadband. 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 Six months ended
June 30, June 30,
------------------------------------
2006 2005 2006 2005
------------------------------------
Net sales $10,012 $9,408 $20,399 $18,677
Gross profit 3,347 2,859 6,917 5,386
Earnings (loss) from operations (170) (341) 267 (944)
Net earnings (loss) (404) (641) (212) (1,531)
Net earnings (loss) per share:
Basic $(0.05) $(0.08) $(0.03) $(0.19)
Diluted $(0.05) $(0.08) $(0.03) $(0.19)
Weighted average shares
outstanding:
Basic 8,010 8,015 8,013 8,015
Diluted 8,010 8,015 8,013 8,015
Consolidated Summary Balance Sheets
(in thousands)
June 30, 2006 December 31, 2005
(unaudited)
------------- -----------------
Current assets $15,076 $15,144
Property, plant, and equipment, net 5,965 6,184
Total assets 31,291 32,864
Current liabilities 7,613 8,036
Long-term liabilities 3,193 3,329
Stockholders' equity 20,485 21,499
Total liabilities and stockholders' equity $31,291 $32,864
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