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SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current Report Pursuant to Section 13 or 15(d) of Date of Report (Date of earliest event reported): May 14, 2009 Blonder Tongue Laboratories, Inc. (Exact Name of registrant as specified in its charter) Registrants telephone number, including area code: (732) 679-4000 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)) Item 2.02. Results of Operations and Financial Condition On May 14, 2009, Blonder Tongue Laboratories, Inc. issued a press release announcing its unaudited financial results for the first quarter ended March 31, 2009. A copy of the press release is attached to this Report as Exhibit 99.1 and is incorporated herein by reference. The information disclosed in this report, 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
Washington, D.C. 20549
the Securities Exchange Act of 1934
Delaware
1-14120
52-1611421
(State or other jurisdiction of
(Commission File Number)
(I.R.S. Employer Identification No.)
incorporation)
One Jake Brown Road, Old Bridge, New Jersey 08857
(Address of principal executive offices) (Zip Code)
Not Applicable
(Former name or former address, if changed since last report)
(a)
Not applicable
(b)
Not applicable
(c)
Not applicable
(d)
The following exhibits are filed herewith:
Exhibit 99.1 Press Release dated May 14, 2009.
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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: May 14, 2009
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EXHIBIT INDEX
Exhibit No. | Description | |
Exhibit 99.1 | Press Release of Blonder Tongue Laboratories, Inc. dated | |
May 14, 2009 regarding its unaudited financial results for | ||
the first quarter ended March 31, 2009. |
4 |
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end
One Jake Brown Road Old Bridge, NJ 08857 Tel: 732-679-4000 Fax: 732-679-4353 www.blondertongue.com |
FOR IMMEDIATE RELEASE: |
Blonder Tongue Reports First Quarter 2009 Results
Reports Fourth Consecutive Quarter of Sequential Sales Increase
OLD BRIDGE, NEW JERSEY, May 14, 2009 Blonder Tongue Laboratories, Inc. (NYSE Amex: BDR) today announced its sales and results for the first quarter ended March 31, 2009.
Net sales increased $2,049,000, or 29.8%, to $8,933,000 for the first quarter 2009 from $6,884,000 for the first quarter 2008. The increase in sales for the period is primarily attributed to an increase in sales of analog headend products and digital products. For the first quarter 2009 and 2008, respectively, analog headend product sales were $4,120,000 and $3,111,000 and digital product sales were $2,344,000 and $963,000.
Earnings (loss) from continuing operations after income taxes was $393,000, or $0.06 per share, for the first quarter 2009 compared to $(516,000) or $(0.08) per share for the comparable period in 2008.
Earnings (loss) from discontinued operations was $66,000, or $0.01 per share, for the first quarter 2009 compared to $(428,000) or $(0.07) per share for the comparable period in 2008. The loss from discontinued operations in 2008 was the result of the previously announced decision by the Company to cease operations of its wholly-owned subsidiary, Hybrid Networks, LLC, and dispose of its assets.
Commenting on the first quarter 2009 results, James A. Luksch, Chief Executive Officer, said, The solid performance in our first quarter 2009 demonstrates the continuation of a positive trend at Blonder Tongue. This performance was achieved in what is traditionally our weakest quarter. This quarter represents a significant improvement over the first quarter of 2008 and is the fourth consecutive quarter in which sales have surpassed the sales of the prior years corresponding quarter. Operating expenses are under control, cash flow remains positive, we have not drawn down on our line of credit, we paid down term debt by $559,000 and our gross margin is five (5) percentage points higher than in last years first quarter. We believe that our suite of products provide the ideal solutions for our customers and will result in continued growth as we broaden our market coverage. As stated in our last quarters relea se, while it is certainly difficult to predict the future, all indications are that Blonder Tongues positive trend should continue in 2009 despite the overall economic slowdown.
Blonder Tongue Laboratories, Inc. provides professional solutions for content contribution, distribution and video delivery to the home or business, serving cable, broadcast, satellite, IPTV, institutional and professional video markets. With nearly 60 years of experience, the company designs, manufactures, sells and supports an equipment portfolio of digital and core analog video solutions, as well as high speed data and telephony for distribution over coax, fiber and IP networks. Additional information on Blonder Tongue and its products can be found at www.blondertongue.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 Tongues Annual Report and Form 10-K for the year ended December 31, 2008 (See Item 1: Business, Item 1A: Risk Factors and Item 7: Managements 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, indications, should, project, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect managements 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 Tongues actual results may differ from the anticipated results or other expectations expressed in Blonder Tongues 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 |
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Blonder Tongue Laboratories, Inc. | |||
Consolidated Summary of Operating Results | |||
(in thousands, except per-share data) | |||
(unaudited) | |||
Three months ended | |||
March 31, | |||
2009 | 2008 | ||
Net sales | $8,933 | $6,884 | |
Gross profit | 3,654 | 2,460 | |
Earnings (loss) from operations | 431 | (405) | |
Earnings (loss) from continuing | |||
operations | 393 | (516) | |
Earnings (loss) from discontinued | 66 | (428) | |
operations | |||
Net earnings (loss) | $459 | $(944) | |
Basic and diluted earnings (loss) per | |||
share from continuing operations | $0.06 | $(0.08) | |
Basic and diluted earnings (loss) per | |||
share from discontinued operations | $0.01 | $(0.07) | |
Basic and diluted net earnings (loss) | |||
per share | $0.07 | $(0.15) | |
Basic and diluted weighted average | |||
shares outstanding: | 6,191 | 6,222 | |
Consolidated Summary Balance Sheets | |||
(in thousands) | |||
March 31, | December 31, | ||
2009 | 2008 | ||
(unaudited) | |||
Current assets | $15,079 | $16,040 | |
Property, plant, and equipment, net | 4,114 | 4,176 | |
Total assets | 26,118 | 27,042 | |
Current liabilities | 2,935 | 3,827 | |
Long-term liabilities | 3,223 | 3,779 | |
Stockholders equity | 19,960 | 19,436 | |
Total liabilities and stockholders equity | $26,118 | $27,042 |
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