UNITED STATES
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): April 1, 2019 | ||
Blonder Tongue Laboratories, Inc. (Exact Name of registrant as specified in its charter)
| ||
Delaware (State or other jurisdiction of incorporation) |
1-14120 (Commission File Number) |
52-1611421 (I.R.S. Employer 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) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition |
On April 1, 2019, Blonder Tongue Laboratories, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2018. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information disclosed in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits. The following exhibit is filed herewith:
Exhibit No. | Description |
99.1 | Press Release dated April 1, 2019. |
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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/ Eric Skolnik | |
Eric Skolnik | ||
Senior Vice President and Chief Financial Officer |
Date: April 1, 2019
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Exhibit 99.1
FOR IMMEDIATE RELEASE:
Blonder Tongue Reports Fourth Quarter and Year End 2018 Results
OLD BRIDGE, NJ / April 1, 2019 / Blonder Tongue Laboratories, Inc. (NYSE American: BDR) announced its sales and results for the fourth quarter and year ended December 31, 2018.
Net sales decreased $129,000 or 2.3% to $5,441,000 for the fourth quarter of 2018 from $5,570,000 for the comparable period in 2017. Net loss for the three months ended December 31, 2018 was $(742,000) or $(0.08) per share, compared to $(338,000) or $(0.04) per share for the comparable period in 2017.
For the year ended December 31, net sales decreased $1,576,000, or 6.8%, to $21,707,000 in 2018 from $23,283,000 in 2017. Net loss for the year ended December 31, 2018 was $(1,339,000) or $(0.15) per share, compared to $(384,000) or $(0.05) per share for the comparable period in 2017.
The decrease in sales is primarily attributable to a decrease in sales of data products offset, in part, by an increase in sales of digital video headend products. Sales of data products were $4,583,000 and $6,942,000 and sales of digital video headend products were $10,494,000 and $9,438,000 in 2018 and 2017, respectively. The Company has experienced and expects to continue to experience a shift in product mix from analog products to digital products.
Commenting on the year end results, Chief Executive Officer Robert J. Pallé noted, “The top line performance was clearly not in line with the goals we set for 2018, and not where we need to be. Just as disappointing is the operating loss of $(854,000), in contrast to the operating income of $463,000 in 2017. These are clear indications that we faced significant headwinds in our traditional distribution and service-operator-based markets in 2018. Regardless, although we are concerned about the prospective revenue in the first half of 2019, we are diligently working the areas that need to be addressed, and because of the improvement in liquidity as a result of the sale and leaseback of our headquarters building and property, we are cautiously optimistic, and anticipate that the Company’s performance should improve as the second half of 2019 unfolds.”
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© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com
Conference Call Reminder
Details of the live teleconference:
Date: Monday, April 1, 2019
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
The audio replay 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, 2018 (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
Robert J. Pallé
Chief Executive Officer & President
bpalle@blondertongue.com
(732) 679-4000
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© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com
Blonder Tongue Laboratories, Inc.
Condensed Consolidated Summary of Operating Results
(in thousands, except per share data)
(unaudited) | ||||||||||||||||
Three months ended | Years ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net sales | $ | 5,441 | $ | 5,570 | $ | 21,707 | $ | 23,283 | ||||||||
Gross profit | 1,592 | 2,233 | 8,419 | 8,936 | ||||||||||||
(Loss) earnings from operations | (680 | ) | 380 | (854 | ) | 463 | ||||||||||
Net (loss) earnings | $ | (742 | ) | $ | 256 | $ | (1,339 | ) | $ | (384 | ) | |||||
Basic and diluted net (loss) earnings per share | $ | (0.08 | ) | $ | 0.03 | $ | (0.15 | ) | $ | (0.05 | ) | |||||
Basic and diluted weighted average shares outstanding | 9,285 | 8,211 | 8,899 | 8,189 |
Condensed Consolidated Summary Balance Sheets
(in thousands)
December 31, 2018 | December 31, 2017 | |||||||
Current assets | $ | 10,377 | $ | 8,950 | ||||
Property, plant and equipment, net | 2,890 | 3,106 | ||||||
Total assets | 15,601 | 15,174 | ||||||
Current liabilities | 8,263 | 3,939 | ||||||
Long-term liabilities | 171 | 3,822 | ||||||
Stockholders’ equity | 7,167 | 7,413 | ||||||
Total liabilities and stockholders’ equity | $ | 15,601 | $ | 15,174 |
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© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com
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