-----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, D8ue5Qx9fEa6vKEy2iGUmcjQr/Qt6syWERmVATsQVNJzdABMkpA8jwYkgMWd8Whj eFz/5k2mqkJ+qNWRrQ81Ig== 0001308012-05-000119.txt : 20051114 0001308012-05-000119.hdr.sgml : 20051111 20051114123142 ACCESSION NUMBER: 0001308012-05-000119 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051114 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051114 DATE AS OF CHANGE: 20051114 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: 051198622 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 blonder8k111405.htm Blonder Tongue Form 8-K as filed November 14, 2005
                       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): November 14, 2005


                        Blonder Tongue Laboratories, Inc.
             (Exact Name of registrant as specified in its charter)



               Delaware                    1-14120                 52-1611421
      (State or other jurisdiction (Commission File Number)    (I.R.S. Employer
           of 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)


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 November 14, 2005, Blonder Tongue  Laboratories,  Inc. issued a press release
announcing its unaudited financial results for the third quarter ended September
30, 2005. 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

(a)  Not applicable


(b)  Not applicable


(c)  The following exhibits are filed herewith:


Exhibit 99.1 Press Release dated November 14, 2005.


                                      -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/Eric Skolnik
                                         Eric Skolnik
                                         Senior Vice President and
                                         Chief Financial Officer

Date: November 14, 2005


                                      -3-


                                  EXHIBIT INDEX


Exhibit No.         Description

Exhibit 99.1        Press Release of Blonder  Tongue  Laboratories,  Inc.  dated
                    November 14, 2005 regarding its unaudited  financial results
                    for the third quarter ended September 30, 2005.


                                      -4-


EX-99.1 2 blond8k111405.htm




                                                                 Exhibit EX-99.1


[BLONDER TONGUE LABORATORIES, INC. LOGO]                     One Jake Brown Road
                                                                   P.O. Box 1000
                                               Old Bridge, New Jersey 08857-1000
                                           Tel: 732-679-4000   Fax: 732-679-4353



FOR IMMEDIATE RELEASE                    CONTACT:     James A. Luksch
                                                      Chairman and
                                                      Chief Executive Officer
                                                      (732) 679-4000


                BLONDER TONGUE REPORTS 2005 THIRD QUARTER RESULTS
                     AND REALIGNMENT OF IT'S STRATEGIC PLAN


OLD BRIDGE, NEW JERSEY,  November 14, 2005 - Blonder Tongue  Laboratories,  Inc.
(AMEX: "BDR"), today announced its financial results for the third quarter ended
September 30, 2005.  The Company also  announced that it will record an increase
in inventory  reserve in the third quarter as part of an overall  strategic plan
to realign  products  and  services to meet  anticipated  future  demands in the
marketplace.

Blonder  Tongue is  undertaking  a major plan to realign  products and services,
streamline manufacturing capabilities, and expand sales channels internationally
and domestically.  These initiatives were the subject of previous press releases
announcing  new products such as the Cable Modem  Termination  System (CMTS) and
the new Agile QAM  Modulator.  Also reported was the latest  initiative to begin
manufacturing in the Peoples Republic of China.  These  initiatives are intended
to respond to the significant changes taking place in communications  technology
as the shift  from  analog to  digital  accelerates  and as the use of fiber and
applications relying on VoIP expand, in future deployments for cable television,
high speed data and voice in the US and internationally. In anticipation of this
realignment,  the Company has  increased  its  inventory  reserve to reflect the
anticipated  shift in  product  mix going  forward.  "The shift in  products  is
evident in the sales of our Digital  products.  Third quarter 2005 Digital sales
were $1,324,000  compared to $696,000 in the comparable  period in 2004." stated
Emily Nikoo, Vice President of Marketing.

Net sales for the third quarter 2005 were  $9,666,000,  as compared to net sales
of  $11,215,000  reported in the third  quarter  2004.  The decrease in sales is
primarily attributed to lower headend product sales. In addition,  net sales for
the third three months of 2004 included the  recognition of $458,000 of revenues
from the note  receivable  obtained by the Company in connection  with a sale of
goods to a customer in September 2002.

Net loss on a GAAP basis for the third quarter 2005 was $(3,516,000), or ($0.44)
per  share,  compared  to a net  income of  $406,000  or $0.05 per share for the
comparable  period  in  2004.  The  loss in 2005  includes  an  increase  to the
inventory  reserve  of  $3,494,000  while the  comparable  period in 2004 had no
increase in inventory reserve.  Excluding the inventory reserve adjustment,  the
third quarter net loss would have been  ($22,000) in 2005 compared to net income
of $406,000 for the same period in 2004.  "This non-cash charge will allow us to
focus our  efforts on the more  current  product  offerings.  Along with our new
credit facility with National City Business Credit, we believe we are taking the
appropriate  steps  to  further  solidify  the  Company's  financial  position."
commented Eric Skolnik, Chief Financial Officer.

Commenting on the third quarter 2005 results,  James A. Luksch,  Chief Executive
Officer,  said, "The joint venture in China,  the new product  offerings and our
new credit  facility,  set the stage for Blonder  Tongue to be more  dynamic and
innovative.  Blonder  Tongue will  continue to provide  products  employing  the
latest technology,  with the highest  performance to cost ratio in the industry.
Our investment in a facility in China that is within our control,  will allow us
to deliver  the  superior  quality our  customers  expect  while  simultaneously
increasing gross margins and  international  sales. This effort may also present
us with  opportunities  to acquire  strategic  additions to our existing product
lines."

Founded  in 1950,  Blonder  Tongue  Laboratories  is a  leading  U.S.  designer,
manufacturer,  and  supplier  of  a  comprehensive  line  of  broadband  systems
equipment and technical  engineering  services for Voice, Video and Data service
providers.  With Blonder Tongue's optimized technologies,  simplified deployment
and  qualified  technical  assistance,   the  service  provider  reduces  costs,
increases   customer   satisfaction  and  increases   profitability.   For  more
information regarding Blonder Tongue or its products, please visit the Company's
Web 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/A  for the year  ended  December  31,  2004  (See Item 1:
Business and Item 7: Management's Discussion and Analysis of Financial Condition
and  Results  of  Operations  and Risk  Factors),  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-


                                       -2-



                        Blonder Tongue Laboratories, Inc.
                    Consolidated Summary of Operating Results
                      (in thousands, except per-share data)
                                   (unaudited)


                                        Three months ended       Nine months ended
                                           September 30,           September 30,
                                      ----------------------- -----------------------
                                         2005         2004       2005        2004

Net sales                               $9,666      $11,215    $28,343     $30,661
Gross profit (loss)                        (53)       3,580      5,333       9,601
Earnings (loss) from operations         (3,271)         660     (4,215)        785
Net earnings (loss)                     (3,516)         406     (5,047)        245
Net earnings (loss) per share:
   Basic                                $(0.44)       $0.05     $(0.63)      $0.03
                                        $(0.44)       $0.05     $(0.63)      $0.03
Diluted
Weighted average shares outstanding:
   Basic                                 8,015        8,002      8,015       7,995
   Diluted                               8,015        8,026      8,015       8,033






                       Consolidated Summary Balance Sheets
                                 (in thousands)


                                        September 30, 2005     December 31, 2004
                                           (unaudited)

Current assets                                $15,871                $16,006
Property, plant, and equipment, net             6,199                  6,214
Total assets                                   32,576                 38,156
Current liabilities                             8,157                  5,403
Long-term liabilities                           2,543                  5,830
Stockholders' equity                           21,876                 26,923

Total liabilities and
 stockholders' equity                         $32,576                $38,156


                                       -3-


-----END PRIVACY-ENHANCED MESSAGE-----