Form 8-K BLONDER TONGUE LABORATOR For: Aug 15
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): August 15, 2016
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Blonder Tongue Laboratories, Inc.
(Exact Name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of incorporation)
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1-14120
(Commission File Number)
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52-1611421
(I.R.S. Employer Identification No.)
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One Jake Brown Road, Old Bridge, New Jersey 08857
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (732) 679-4000
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Not Applicable
(Former name or former address, if changed since last report)
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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
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Results of Operations and Financial Condition
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On August 15, 2016, Blonder Tongue Laboratories, Inc. issued a press release announcing its financial results for the second quarter of 2016. 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
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Financial Statements and Exhibits
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(d) Exhibits. The following exhibit is filed herewith:
Exhibit No.
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Description
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99.1
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Press Release dated August 15, 2016.
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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: August 15, 2016
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press Release dated August 15, 2016.
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4
Exhibit 99.1
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One Jake Brown Road
Old Bridge, NJ 08857
Tel: 732-679-4000
Fax: 732-679-4353
www.blondertongue.com
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FOR IMMEDIATE RELEASE:
Blonder Tongue Reports Second Quarter 2016 Results
OLD BRIDGE, New Jersey—August 15, 2016—Blonder Tongue Laboratories, Inc. (NYSE MKT: BDR) announced its sales and results for the second quarter and six months ended June 30, 2016.
Net sales increased $399,000 or 7.6% to $5,682,000 for the second quarter of 2016 from $5,283,000 for the comparable period in 2015. Net income (loss) for the three months ended June 30, 2016 was $73,000 or $0.01 per share in 2016, compared to $(1,262,000) or $(0.20) per share for the comparable period in 2015.
The increase in net sales is primarily attributed to an increase in sales of digital video headend products and data products offset by a decrease in sales of analog video headend products and contract-manufactured products. Sales of digital video headend products were $2,835,000 and $2,396,000, data products were $518,000 and $120,000, analog video headend products were $653,000 and $873,000 and contract-manufactured products were $293,000 and $526,000, in the second three months of 2016 and 2015, respectively.
For the six month period ended June 30, net sales increased $1,600,000, or 16.0%, to $11,625,000 in 2016 from $10,025,000 in 2015. Net loss for the six months ended June 30, 2016 was $(215,000) or $(0.03) per share, compared to $(2,677,000) or $(0.43) per share for the comparable period in 2015.
The increase in net sales is primarily attributed to an increase in sales of digital video headend products and data products offset by a decrease in sales of analog video headend products and contract-manufactured products. Sales of digital video headend products were $6,126,000 and $4,505,000, data products were $1,277,000 and $185,000, analog video headend products were $1,230,000 and $1,913,000 and contract-manufactured products were $529,000 and $697,000 in the first six months of 2016 and 2015, respectively.
Commenting on the second quarter, Chief Executive Officer Robert J. Palle noted, "We are reasonably pleased with the performance for both the second quarter and the first six months of 2016. We achieved a modest sales increase over 2015 that was directly attributable to both a major retailer systems upgrade and increased sales of Digital Video Headend products and DOCSIS-based data delivery products. Analog product sales continue to decline as we have predicted, as most systems in the markets we serve have retired their analog-based solutions in favor of digital-signal based solutions. While we continue to believe that sales will remain flat through 2016, we are actively working on a number of significant opportunities that if successful, should provide a lift in sales in 2017. For the remainder of 2016, we are focused performing at a level that allows us to achieve positive EBITDA for the calendar year, refinancing the revolver and term loan with a new lender and completing the development of the new products that will provide the projected sales increase in 2017."
Conference Call Reminder
Details of the live teleconference are as follows:
Date: Monday, August 15, 2016
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, 2015 (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
Robert J. Palle
Blonder Tongue Laboratories, Inc.
Consolidated Summary of Operating Results
(in thousands, except per share data)
(unaudited)
Three months ended
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Six months ended
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June 30,
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June 30,
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2016
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2015
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2016
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2015
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Net sales
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$5,682
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$5,283
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$11,625
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$10,025
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Gross profit
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2,477
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1,536
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4,685
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2,916
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Earnings (loss) from operations
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235
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(1,188)
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35
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(2,511)
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Net earnings (loss)
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$73
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$(1,262)
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$(215)
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$(2,677)
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Basic and diluted net earnings (loss) per share
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$0.01
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$(0.20)
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$(0.03)
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$(0.43)
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Basic weighted average shares outstanding
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7,029
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6,263
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6,897
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6,263
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Diluted weighted average shares outstanding
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7,036
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6,263
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6,897
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6,263
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Consolidated Summary Balance Sheets
(in thousands)
(unaudited)
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June 30,
2016
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December 31,
2015
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Current assets
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$8,536
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$8,313
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Property, plant, and equipment, net
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3,392
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3,621
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Total assets
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15,561
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16,230
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Current liabilities
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7,605
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8,622
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Long-term liabilities
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475
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239
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Stockholders' equity
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7,481
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7,369
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Total liabilities and stockholders' equity
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$15,561
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$16,230
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