Blonder Tongue Reports Fourth Quarter and Year End 2013 Results
OLD BRIDGE, NJ--(Marketwired - Apr 1, 2014) - Blonder Tongue
Laboratories, Inc. (NYSEMKT: BDR) announced its sales and results
for the fourth quarter and twelve months ended December 31,
2013.
Net sales decreased $540,000 or 7.0% to $7,182,000 for the
fourth quarter of 2013 from $7,722,000 for the comparable period in
2012. Net loss for the three months ended December 31, 2013 was
$(992,000) or $(0.16) per share in 2013, compared to $(3,185,000)
or $(0.51) per share for the comparable period in 2012.
Net sales decreased $2,773,000 or 9.0% to $27,870,000 for the
year ended December 31, 2013 from $30,643,000 for the comparable
period in 2012. Net loss for the year was $(2,822,000) or $(0.45)
per share in 2013, compared to $(5,157,000) or $(0.83) per share
for the year ended December 31, 2012.
The net sales decrease for the year is primarily attributed to a
decrease in sales of digital video headend products, analog video
headend products and HFC distribution products, offset by an
increase in sales of contract manufactured products. Sales of
digital video headend products were $12,930,000 and $14,384,000,
sales of analog video headend products were $5,818,000 and
$6,875,000, sales of HFC distribution products were $4,375,000 and
$5,185,000 and sales of contract manufactured products were
$3,465,000 and $2,440,000 in 2013 and 2012, respectively. RLD sales
were $8,335,000 and $7,760,000 in 2013 and 2012, respectively.
The change in the net loss year over year is primarily
attributed to a change of $2,311,000 for deferred income taxes
recorded in 2012.
Commenting on the year end, Chairman and Chief Executive Officer
James A. Luksch noted, "Despite substantial investments in product
development and the introduction of several innovative new products
and platforms that will serve us well in the years ahead (including
a broadening portfolio of IP-based solutions), we fell short for
the year. We were working on several significant new programs and
applications during 2013 that we thought would come to fruition
before year end, but they did not. Those opportunities are not
lost, however, and we continue to work with our prospective
customers in an effort to provide these solutions during 2014. We
are taking steps to address our top line growth from both an
organic and an external standpoint and believe that we will see
improvement as we move deeper into 2014."
"Our loss for the year was magnified by the effect of increases
from 2012 to 2013 in the dollar volume of goods manufactured in our
Old Bridge facility. These increases, coupled with changes in the
mix of manufactured vs. purchased finished goods, caused us to
recognize a non-cash charge to the overhead component of our
finished goods inventory of more than $2,000,000 in 2013,
representing more than 70% of our total net loss for the year.
While we believe that the benefits of these efficiencies will be
recaptured in future periods through higher gross margins on sales,
they only exacerbated our loss in 2013," Mr. Luksch continued.
Conference Call Reminder Details of the live teleconference and
webcast are as follows: Date: Tuesday, April 1, 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=172536
The teleconference replay can be accessed until July 1, 2014, by
dialing 877-660-6853 and using Conference ID # 13579258. 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.
| |
|
| |
|
| Blonder Tongue Laboratories, Inc. |
|
| Consolidated Summary of Operating Results |
|
| (in thousands, except per share data) |
|
| (unaudited) |
|
| |
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
$ |
7,182 |
|
|
$ |
7,722 |
|
|
$ |
27,870 |
|
|
$ |
30,643 |
|
| Gross
profit |
|
2,098 |
|
|
|
2,190 |
|
|
|
9,311 |
|
|
|
10,018 |
|
|
Earnings (loss) from operations |
|
(925 |
) |
|
|
(779 |
) |
|
|
(2,545 |
) |
|
|
(2,495 |
) |
| Net
earnings (loss) |
$ |
(992 |
) |
|
$ |
(3,185 |
) |
|
$ |
(2,822 |
) |
|
$ |
(5,157 |
) |
| Basic
and diluted net earnings (loss) per share |
$ |
(0.16 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.83 |
) |
| Basic
and diluted weighted average shares outstanding |
|
6,216 |
|
|
|
6,216 |
|
|
|
6,216 |
|
|
|
6,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| Consolidated Summary Balance Sheets |
| (in thousands) |
|
|
December 31, 2013 |
|
December 31, 2012 |
|
|
|
|
|
|
Current assets |
$ |
13,156 |
|
$ |
15,956 |
|
Property, plant, and equipment, net |
|
3,710 |
|
|
4,009 |
| Total
assets |
|
22,641 |
|
|
26,303 |
|
Current liabilities |
|
3,657 |
|
|
5,485 |
|
Long-term liabilities |
|
3,956 |
|
|
4,193 |
|
Stockholders' equity |
|
15,028 |
|
|
16,625 |
|
|
|
|
|
|
|
| Total
liabilities and stockholders' equity |
$ |
22,641 |
|
$ |
26,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Laborator... (AMEX:BDR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Blonder Tongue Laborator... (AMEX:BDR)
Historical Stock Chart
From Dec 2023 to Dec 2024
