By Business Wirevia The Motley Fool
Filed under: Investing
Blonder Tongue Reports Fourth Quarter and Year End 2012 Results
OLD BRIDGE, N.J.–(BUSINESS WIRE)– Blonder Tongue Laboratories, Inc. (NYSE MKT:BDR) announced its sales and results for the fourth quarter and year ended December 31, 2012.
Net sales increased $1,267,000 or 19.6% to $7,722,000 for the fourth quarter of 2012 from $6,455,000 for the comparable period in 2011. Net loss for the three months ended December 31, 2012 was $(3,185,000) or $(0.51) per share in 2012, compared to $(150,000) or $(0.02) per share for the comparable period in 2011.
Net sales increased $3,980,000 or 14.9% to $30,643,000 for the year ended December 31, 2012 from $26,663,000 for the comparable period in 2011. Net loss for the year was $(5,157,000) or $(0.83) per share in 2012, compared to $(411,000) or $(0.07) per share for the year ended December 31, 2011.
The increase in net sales is primarily attributed to an increase in sales of digital video headend products offset by a decrease in sales of contract manufactured products and ClassroomEdge products. Sales of digital video headend products were $14,384,000 and $9,096,000, sales of contract manufactured products were $2,440,000 and $3,296,000 and sales of ClassroomEdge products were $6,000 and $930,000 in 2012 and 2011, respectively. Included in the 2012 results were sales of $7,760,000 attributed to the Drake acquisition.
The change in the net loss year over year is primarily attributed to changes in non-cash items including $2,311,000 for deferred income taxes, $1,147,000 provision for inventory reserves and $297,000 for depreciation and amortization, coupled with the incurrence of approximately $1,000,000 of transaction and transition expense associated with the Drake acquisition.
Commenting on the fourth quarter and the year-end 2012, Chairman and Chief Executive Officer James A. Luksch noted, “2012 was a transition year in many respects. We completed the integration of RL Drake into Blonder Tongue, refined our overall inventory reserve methodology and continued to invest heavily in engineering to further broaden and improve our digital products and expand their opportunity for penetration in the MSO market, the broadcast market and our traditional private cable markets.” Luksch continued, “The consequences of all this activity resulted in a combination of transaction costs and non-cash charges that substantially increased the loss reported. The broad coverage of the combination of Drake and Blonder Tongue products is expected to result in a healthy 2013 and future years.”
Conference Call Reminder
