-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WBGEnqGkWlLzBPvLEMxrK7DzbkyvQHCSCEM3n7RsIRQyoav56tw/rvMKmttv6+Lo DQyaBOKvJKJSoQhbmh5Vww== 0000904280-03-000190.txt : 20030814 0000904280-03-000190.hdr.sgml : 20030814 20030814145719 ACCESSION NUMBER: 0000904280-03-000190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030814 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLONDER TONGUE LABORATORIES INC CENTRAL INDEX KEY: 0001000683 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 521611421 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14120 FILM NUMBER: 03846704 BUSINESS ADDRESS: STREET 1: ONE JAKE BROWN RD STREET 2: PO BOX 1000 CITY: OLD BRIDGE STATE: NJ ZIP: 08857 BUSINESS PHONE: 9086794000 MAIL ADDRESS: STREET 1: ONE JAKE BROWN ROAD CITY: OLD BRIDGE STATE: NJ ZIP: 08857 8-K 1 blonder8k081403.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 14, 2003 --------------- Blonder Tongue Laboratories, Inc. ------------------------------------------------------ (Exact Name of registrant as specified in its charter) Delaware 1-14120 52-1611421 - -------------------------------- ------------------------ ------------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) One Jake Brown Road, Old Bridge, New Jersey 08857 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (732) 679-4000 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (a) Not applicable (b) Not applicable (c) The following exhibits are filed herewith: Exhibit 99.1 Press Release dated August 14, 2003. ITEM 9. REGULATION FD DISCLOSURE (INFORMATION PROVIDED UNDER ITEM 12. RESULTS ----------------------------------------------------------------------- OF OPERATIONS AND FINANCIAL CONDITION) -------------------------------------- The following information is furnished under Item 12. The information required by Item 12 is being furnished pursuant to this Item 9 in accordance with the interim guidance provided by the Securities and Exchange Commission in Release No. 34-47583 dated March 27, 2003. On August 14, 2003, the Company issued a press release announcing its unaudited financial results for the second quarter ended June 30, 2003. A copy of the press release is attached to this Report as Exhibit 99.1 and is incorporated herein by reference. 2 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLONDER TONGUE LABORATORIES, INC. By:/s/ James A. Luksch ------------------------------------- James A. Luksch Chief Executive Officer Date: August 14, 2003 3 EX-99 3 blonder8k081403ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE: CONTACT: JAMES A. LUKSCH, - --------------------- CHAIRMAN AND CHIEF AUGUST 14, 2003 EXECUTIVE OFFICER (732) 679-4000 BLONDER TONGUE REPORTS SECOND QUARTER 2003 FINANCIAL RESULTS ------------------------------------------------------------ OLD BRIDGE, NEW JERSEY, AUGUST 14, 2003 - Blonder Tongue Laboratories, Inc. (AMEX:BDR) today announced its sales and earnings for the second quarter and six months ended June 30, 2003. Net sales for the second quarter 2003 decreased 24% to $8,534,000 from the $11,257,000 reported for the second quarter 2002. The decrease in net sales is primarily attributable to a decrease in capital spending by cable system operators and weak overall economic conditions. As a result, the Company experienced lower digital product sales. Net sales included approximately $1,122,000 and $218,000 of interdiction and digital product sales in the second three months of 2003, compared to approximately $866,000 and $1,172,000 for the comparable period in 2002. The net loss for the period was $390,000 compared to net income of $33,000 for the comparable period in 2002. The diluted loss per share for the second quarter 2003 was $0.05, compared to earnings of $0.01 for the same period in the prior year. For the six months ended June 30, 2003, net sales decreased 22.6 % to $17,136,000 compared to $22,147,000 for the same period in 2002. The net loss for the period was $1,148,000 compared to $6,670,00 for the comparable period in 2002. The diluted loss per share for the six months ended June 30, 2003 was $0.15, compared to $0.87 for the same period in the prior year. The loss for the six months ended June 30, 2002 was a result of a change in accounting rules, whereby the Company recorded a non-cash charge of $6,886,000 in the first quarter of 2002, to comply with new accounting principles concerning the accounting treatment of goodwill. Commenting on the second quarter 2003 results, James A. Luksch, Chief Executive Officer said, "The rebound anticipated for the second quarter of 2003 is occurring at a slower pace than was expected at the end of the first quarter. We have also incurred delays in the anticipated roll out of our new telephony and data solution products, although we remain optimistic that these new product offerings will provide material incremental revenues and profits commencing in the fourth quarter of this year. Our expectation of a transition to a period of growth in sales and earnings, although delayed, remains strong. Conceptually, our digital, data and voice triple play offering is being widely embraced by private cable operators, MSO's and real estate developers as the solution of choice for multi dwelling units (MDU's). We remain confident that once we begin to ship commercial quantities of our voice and data products, the growth in order input will be steady through the rest of this year and accelerate in 2004. Providing guidance for the full year of 2003 is a difficult task. The Company traditionally ships more than 70% of its orders in the same month the orders are received, rendering sales forecasting a difficult task depending on bidding activity, verbal customer commitments and trend analyses. In light of our disappointing performance in the second quarter and for the first six months of the year, our existing guidance for 2003 is too aggressive, but by how much is not known at this time. Sales and profits are expected to improve in the third and fourth quarters, but the level of improvement is impossible to predict at this time. Taking into account our performance thus far this year, it is more appropriate to provide a range of guidance rather than specific sales and profit projections. We anticipate sales will be between $40 and $50 million in 2003, with net profit in the range of breakeven to $0.15 per share. Blonder Tongue Laboratories is a designer, manufacturer and supplier of a comprehensive line of electronics and systems equipment for the franchised and private cable television industries. Founded in 1950, Blonder Tongue has grown to be one of the leaders in cable television equipment manufacturing. For more information regarding Blonder Tongue or its products, please visit the Company's Internet site at www.blondertongue.com or contact the Company directly at (732) 679-4000. "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, 2002 (See Item 1: Business 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", 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. -MORE- 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, --------------------- --------------------- 2003 2002 2003 2002 ---- ---- ---- ---- Net sales $ 8,534 $ 11,257 $ 17,136 $ 22,147 Gross profit 2,675 3,051 4,834 6,367 Earnings (loss) from operations (353) 330 (1,304) 834 Net earnings (loss) (390) 33 (1,148) (6,670) Net earnings (loss) per share: Basic $(0.05) $0.01 $(0.15) $(0.87) Diluted $(0.05) $0.01 $(0.15) $(0.87) Weighted average shares outstanding: Basic 7,500 7,613 7,519 7,613 Diluted 7,500 7,630 7,519 7,613
CONSOLIDATED SUMMARY BALANCE SHEETS (in thousands) JUNE 30, 2003 DECEMBER 31, 2002 ------------- ----------------- (unaudited) Current assets $32,199 $34,774 Property, plant, and equipment, net 6,956 6,831 Total assets 49,610 52,002 Current liabilities 17,213 4,457 Long-term liabilities 394 14,278 Stockholders' equity 32,003 33,267 Total liabilities and stockholders' equity $49,610 $52,002 -----END PRIVACY-ENHANCED MESSAGE-----