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| 8-K - BLONDER TONGUE LABORATORIES INC | blonder8k111414.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
Blonder Tongue Reports Third Quarter 2014 Results
Second Consecutive Quarter of Profitability
OLD BRIDGE, New Jersey—November 14, 2014—Blonder Tongue Laboratories, Inc. (NYSE MKT:BDR) announced its sales and results for the third quarter and nine months ended September 30, 2014.
Net sales increased $1,836,000, or 26.9%, to $8,659,000 in the third three months of 2014 from $6,823,000 in the third three months of 2013. Net earnings for the third three months ended September 30, 2014 were $584,000 or $0.09 per share, compared to a net loss of $(688,000) or $(0.11) per share for the comparable period in 2013.
The increase in net sales is primarily attributed to an increase in sales of digital video headend products and analog video headend products offset by a decrease in sales of contract manufactured products. Sales of digital video headend products were $4,508,000 and $2,901,000, sales of analog video headend products were $2,318,000 and $1,655,000 and sales of contract manufactured products were $82,000 and $772,000 in the third three months of 2014 and 2013, respectively.
For the nine month period ended September 30, net sales increased $2,377,000, or 11.5%, to $23,065,000 in 2014 from $20,688,000 in 2013. Net loss for the nine months ended September 30, 2014 was $(230,000) or $(0.04) per share, compared to $(1,830,000) or $(0.29) per share for the comparable period in 2013.
The increase in net sales is primarily attributed to an increase in sales of digital video headend products and analog video headend products offset by a decrease in sales of contract manufactured products. Sales of digital video headend products were $12,034,000 and $9,309,000, sales of analog video headend products were $5,979,000 and $4,250,000 and sales of contract manufactured products were $296,000 and $2,802,000 in the first nine months of 2014 and 2013, respectively.
Commenting on the third quarter 2014, Chairman and Chief Executive Officer James A. Luksch noted, “Third quarter 2014 results, as with the second quarter, are a significant improvement over 2013. Our solid gains in both sales and gross margins, are driven by our ability to develop new products which are serving specific customer needs. Our price performance ratio relative to competition, is another driving factor. Our digital product strategy remains on course with planned releases of new products scheduled through the rest of 2014 and thereafter.”
Conference Call Reminder
Details of the live teleconference and webcast are as follows:
Date: Friday, November 14, 2014
Time: 11:00 a.m. Eastern Time (10:00 a.m. CT, 8:00 a.m. PT)
Investor Dial-in (US & Canada Toll-Free): 877-407-8033
Live Webcast: http://www.investorcalendar.com/IC/CEPage.asp?ID=173409
The teleconference replay can be accessed until February 14, 2015, by dialing 877-660-6853 and using Conference ID # 13595449. The webcast link will be available under Investor Related Information on the Blonder Tongue Investor Relations webpage.
About Blonder Tongue
Blonder Tongue Laboratories, Inc. together with R. L. Drake Holdings, LLC - its wholly owned subsidiary - offer customers more than 130 years of combined engineering and manufacturing excellence with solid histories of delivering reliable, quality products. As a leader in the field of cable television communications, the Company provides system operators and integrators serving the cable, broadcast, satellite, IPTV, institutional and professional video markets with comprehensive solutions for the provision of content contribution, distribution and video delivery to homes and businesses. The Company designs, manufactures, sells and supports an equipment portfolio of standard and high definition digital video solutions, as well as core analog video and high speed data solutions for distribution over coax, fiber and IP networks. Additional information on the Company and its products can be found at www.blondertongue.com, and www.rldrake.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act 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 for the year ended December 31, 2013 (See Item 1: Business, Item 1A: Risk Factors, Item 3: Legal Proceedings and Item 7: Management’s Discussion and Analysis 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”, “target”, “intend”, “plan”, “seek”, “estimate”, “endeavor”, “should”, “could”, “may” and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections for our future financial performance, our anticipated growth trends in our business and other characterizations of future events or circumstances are 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.
Contacts
Eric Skolnik
Chief Financial Officer
eskolnik@blondertongue.com
(732) 679-4000
James A. Luksch
Chief Executive Officer
jluksch@blondertongue.com
(732) 679-4000
Blonder Tongue Laboratories, Inc.
Consolidated Summary of Operating Results
(in thousands, except per share data)
(unaudited)
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Three months ended
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Nine months ended
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September 30,
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September 30,
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|||
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2014
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2013
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2014
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2013
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|
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Net sales
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$8,659
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$6,823
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$23,065
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$20,688
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Gross profit
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3,486
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2,273
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8,718
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7,213
|
|
Earnings (loss) from operations
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653
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(624)
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(47)
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(1,620)
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|
Net earnings (loss)
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$584
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$(688)
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$(230)
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$(1,830)
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Basic and diluted net earnings (loss) per share
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$0.09
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$(0.11)
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$(0.04)
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$(0.29)
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|
Basic weighted average shares outstanding
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6,226
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6,216
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6,220
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6,216
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|
Diluted weighted average shares outstanding
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6,320
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6,216
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6,220
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6,216
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Consolidated Summary Balance Sheets
(in thousands)
(unaudited)
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September 30,
2014
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December 31,
2013
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|
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Current assets
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$13,242
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$13,156
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Property, plant, and equipment, net
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3,879
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3,710
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Total assets
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22,402
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22,641
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Current liabilities
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7,284
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3,657
|
|
Long-term liabilities
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122
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3,956
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Stockholders’ equity
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14,996
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15,028
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Total liabilities and stockholders’ equity
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$22,402
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$22,641
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