Last10K.com

Blonder Tongue Laboratories Inc (BDR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Blonder Tongue Laboratories Inc

CIK: 1000683 Ticker: BDR

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE:

 

Blonder Tongue Reports Year End and Fourth Quarter 2021 Results

 

OLD BRIDGE, NJ / March 31, 2022 / Blonder Tongue Laboratories, Inc. (NYSE American: BDR) announced its sales and results for the fourth quarter and year ended December 31, 2021.

 

Commenting on the Company’s year end and fourth quarter results, Chief Executive Officer Ted Grauch noted, “Although the Company was able to realize positive net earnings for the full year of 2021, the global semiconductor supply chain bottlenecks and supply uncertainties had a significant negative impact on our fourth quarter financial performance, and a number of those supply chain issues have continued into this year. We have been managing through this challenging environment with a combination of product price increases to compensate for raw material premiums, coupled with additional operating cost reductions. Throughout 2021 we continued our investments in product development, focusing on areas that could achieve near-term revenue and income growth. We believe our operating expense management, together with the more modern, higher technology product mix, and recent new product announcements best demonstrates the progress Blonder Tongue Laboratories made during 2021.”

 

Blonder Tongue Laboratories, Inc. net sales decreased $334,000 or 7.7% to $3,993,000 for the fourth quarter of 2021 from $4,327,000 for the comparable period in 2020. Net loss for the three months ended December 31, 2021 was $(927,000) or $(0.07) per share, compared to $(2,413,000) or $(0.23) per share for the comparable period in 2020.

 

The decrease in sales is primarily attributable to a decrease in sales of CPE products, DOCSIS data products, analog modulation products and coax distribution products offset in part by an increase in IP video encoder/transcoder products and our NXG IP video signal processing series of products. Sales of CPE products were $23,000 and $1,114,000, DOCSIS data products were $122,000 and $418,000, analog modulation products were $133,000 and $438,000, coax distribution products were $171,000 and $287,000, video encoder/transcoder products were $2,529,000 and $1,381,000 and our NXG series products were $614,000 and $135,000 in the fourth quarter of 2021 and 2020, respectively.

 

For the year ended December 31, 2021, net sales decreased $625,000 or 3.8% to $15,754,000 in 2021 from $16,379,000 in 2020. Net earnings for the twelve months ended December 31, 2021 was $84,000 or $0.02 per diluted share, compared to a net loss of $(7,474,000) or $(0.76) per share for the comparable period in 2020.

 

The decrease in sales is primarily attributable to a decrease in sales of CPE products, DOCSIS data products, analog modulation products and coax distribution products offset in part by an increase in IP video encoder/transcoder products and NXG IP video signal processing products. Sales of CPE products were $1,120,000 and $4,165,000, DOCSIS data products were $755,000 and $2,184,000, analog modulation products were $790,000 and $1,274,000, coax distribution products were $1,266,000 and $1,603,000, video encoder/transcoder products were $7,863,000 and $4,245,000 and our NXG series products were $1,924,000 and $705,000 in 2021 and 2020, respectively. The Company experienced a reduction in CPE products during 2021 due to the deemphasis of this product line, which the Company expects to continue into 2022. The Company experienced a reduction in DOCSIS data products due to reduced demand caused by the pandemic as these products are used primarily in the hospitality and assisted living environments. The Company expects sales of these products to improve during 2022. The Company experienced a reduction in analog modulation products due to the continued market shift away from analog modulation solutions. The Company experienced a reduction in coax distribution products due to the reduced demand for legacy products. The Company expects the sales of the analog modulation and coax distribution products to continue to decline in 2022. The Company experienced an increase in video encoder/transcoder products and NXG products as these product lines represent newer products with advanced technologies and higher demand from customers. The Company expects sales of these product lines to remain at 2021 levels or increase in 2022, depending on conditions in the semiconductor supply chain. Although the Company does not expect overall sales to return to pre pandemic levels during 2022, the Company does expect overall sales to be higher during 2022, due to approximately $10,240,000 of sales backlog at December 31, 2021.

 

 

© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com

 

 

 

 

 

 

The Company’s primary sources of liquidity have been its existing cash balances, cash generated from operations, amounts available under the MidCap Business Credit LLC revolving credit facility (the “MidCap Facility”), amounts available under a subordinated loan facility and cash generated from sales of its common stock, as well as funds made available to the Company through participation in several federal government financial assistance programs implemented pursuant to the Coronavirus Aid, Relief, and Economic Security Act, including the Paycheck Protection Program and the Employee Retention Tax Credit. On a going-forward basis, the Company expects its primary sources of liquidity will be its existing cash balances, cash generated from operations and amounts available under the MidCap Facility. The Company also may seek to raise additional capital through the issuance of shares of common stock or other securities convertible into, or exercisable for, shares of common stock, although the Company cannot provide any assurances that this type of additional financing will be available on reasonable terms, or at all. During 2021, the Company received approximately $700,000 under the subordinated loan facility and approximately $492,000 in net proceeds from sales of common stock. Our ability to continue as a going concern is dependent upon our becoming profitable in the future and having access to sufficient capital to execute our business plan and to meet our payment obligations on our debt financing arrangements and other financial obligations when they become due. The Company had approximately $92,000 and approximately $609,000 availability for borrowing under the MidCap Facility, as of December 31 2021 and 2020, respectively.

 

The Company’s Annual Report on Form 10-K, which is being filed today, includes an “Explanatory Paragraph-Going Concern” from its independent registered public accounting firm.  Although the Company has actively taken steps to address operating expenses and liquidity, there can be no assurance that those actions and others the Company intends to take in the future will be sufficient to address the concerns relating to the “Explanatory Paragraph-Going Concern.”

 

Conference Call Reminder

 

Details of the live teleconference:

 

Date: Thursday, March 31, 2022

Time: 11:00 a.m. Eastern Time (10:00 a.m. CT, 8:00 a.m. PT)

Investor Dial-in (US & Canada Toll-Free):  888-506-0062

Entry Code: 762058

 

The audio replay will be available under Investor Related Information on the Blonder Tongue Investor Relations webpage.

 

 

© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com

 

2

 

 

 

 

About Blonder Tongue

 

Blonder Tongue Laboratories, Inc. is the oldest designer and manufacturer of telecommunications and cable television video transmission technology in the USA. The majority of our products continue to be designed and built in our state-of-the-art New Jersey facility, which has been the Company’s home for more than 50 years. Blonder Tongue Labs offers U.S.-based engineering and manufacturing excellence with an industry reputation for delivering ultra-high reliability products. As a leader in cable television system design, the Company provides service operators and systems integrators with comprehensive solutions for the management and distribution of digital video, IPTV and high-speed data services, as well as RF broadband distribution over fiber, IP, and Coax networks for homes and businesses. Additional information on the Company 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 Tongue’s Annual Report and Form 10-K for the year ended December 31, 2020 (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. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Blonder Tongue anticipates or expects may or will occur in the future should be considered “forward-looking” statements, including statements that use the words “believe”, “expect”, “anticipate”, “project”, “target”, “intend”, “plan”, “seek”, “estimate”, “endeavor”, “should”, “could”, “may” and similar expressions. 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, including statements regarding our ability to continue as a going concern and our ability to maintain the listing of our shares on the NYSE American. 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 or update 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

 

Ted Grauch

Chief Executive Officer
tgrauch@blondertongue.com
(732) 679-4000

 

 

© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com 

 

3

 

 

 

 

Blonder Tongue Laboratories, Inc.

Condensed Consolidated Summary of Operating Results

(unaudited, in thousands, except per share data)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2021   2020   2021   2020 
                 
Net sales  $3,993   $4,327   $15,754   $16,379 
Gross profit   1,369    495    5,858    3,018 
Loss from operations   (777)   (2,305)   (2,960)   (7,114)
Net (loss) earnings  $(927)  $(2,413)  $84   $(7,474)
Basic net (loss) earnings per share  $(0.07)  $(0.23)  $0.01   $(0.76)
Diluted net (loss) earnings per share  $(0.07)  $(0.23)  $0.02   $(0.76)
Basic weighted average shares outstanding   12,729    10,286    12,151    9,898 
Diluted weighted average shares outstanding   12,729    10,286    15,450    9,898 

 

 

© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 | www.blondertongue.com

 

4

 

 

 

 

Blonder Tongue Laboratories, Inc

Condensed Consolidated Summary Balance Sheets

(in thousands)

          

  

December 31,
2021

  

December 31,
2020

 
         
Current assets  $7,678   $6,104 
Property, plant and equipment, net   290    372 
Total assets   11,910    11,130 
Current liabilities   6,060    5,534 
Long-term liabilities   2,565    4,359 
Stockholders’ equity   3,285    1,237 
           
Total liabilities and stockholders’ equity  $11,910   $11,130 

 

 

© Blonder Tongue Laboratories, Inc. | One Jake Brown Road, Old Bridge, NJ 08857 | (800) 523-6049 | Fax: (732) 679-4353 www.blondertongue.com 

 

 

5

 

 


The following information was filed by Blonder Tongue Laboratories Inc (BDR) on Thursday, March 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Blonder Tongue Laboratories Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Blonder Tongue Laboratories Inc.

Continue

Assess how Blonder Tongue Laboratories Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Blonder Tongue Laboratories Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Legal
Other
Filter Subcategory:
All
Debt
Product
Expense
Cash Flow
Income
Other
Inside Blonder Tongue Laboratories Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Stockholders??? Equity
Accounting Policies, By Policy (Policies)
Benefit Plans
Benefit Plans (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Concentration Of Credit Risk
Concentration Of Credit Risk (Details)
Concentration Of Credit Risk (Details) - Schedule Of Credit Risk With Respect To Customers As Percentage Of Accounts Receivable
Concentration Of Credit Risk (Details) - Schedule Of Credit Risk With Respect To Customers As Percentage Of Sales
Concentration Of Credit Risk (Details) - Schedule Of Credit Risk With Respect To Vendors As Percentage Of Accounts Payable
Concentration Of Credit Risk (Details) - Schedule Of Credit Risk With Respect To Vendors As Percentage Of Purchases
Concentration Of Credit Risk (Tables)
Debt
Debt (Details)
Debt (Details) - Schedule Of Long-Term Debt
Debt (Tables)
Equity Incentive Plans
Equity Incentive Plans (Details)
Equity Incentive Plans (Details) - Schedule Of Fair Value Of Employee Stock Options
Equity Incentive Plans (Details) - Schedule Of Stock Options Award
Equity Incentive Plans (Details) - Schedule Of Stock-Based Awards Outstanding
Equity Incentive Plans (Details) - Schedule Of Total Stock-Based Compensation Costs
Equity Incentive Plans (Details) - Schedule Of Warrant Activity
Equity Incentive Plans (Tables)
Executive And Director Stock Purchase Plans
Executive And Director Stock Purchase Plans (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Details) - Schedule Of Components Of Deferred Income Tax Assets And Liabilities
Income Taxes (Details) - Schedule Of Provision Benefit For Income Taxes
Income Taxes (Details) - Schedule Of Provision For Income Taxes Federal Statutory Rates
Income Taxes (Tables)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Details) - Schedule Of Intangible Assets Consisting Of License Agreements That Are Carried At Cost Less Accumulated Amortization
Intangible Assets (Tables)
Inventories
Inventories (Details)
Inventories (Details) - Schedule Of Inventories Net Of Reserves
Inventories (Tables)
Leases
Leases (Details) - Schedule Of Maturities Of Operating Leases, Excluding Short Term Leases
Leases (Details) - Schedule Of Operating And Financing Lease Expense
Leases (Tables)
Other Income
Other Income (Details)
Preferred Stock
Preferred Stock (Details)
Private Placement And Common Stock Sales
Private Placement And Common Stock Sales (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Details) - Schedule Of Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Details) - Schedule Of Disaggregation Revenues
Revenue (Tables)
Stock Repurchase Program
Stock Repurchase Program (Details)
Subordinated Convertible Debt With Related Parties
Subordinated Convertible Debt With Related Parties (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Details) - Schedule Of Basic And Diluted Net Income
Summary Of Significant Accounting Policies (Details) - Schedule Of Common Shares Due To Their Antidilutive Effect
Summary Of Significant Accounting Policies (Details) - Schedule Of Intangible Assets Consisting Of License Agreements That Are Carried At Cost Less Accumulated Amortization
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Blonder Tongue Laboratories Inc provided additional information to their SEC Filing as exhibits

Ticker: BDR
CIK: 1000683
Form Type: 10-K Annual Report
Accession Number: 0001213900-22-016788
Submitted to the SEC: Thu Mar 31 2022 4:19:09 PM EST
Accepted by the SEC: Thu Mar 31 2022
Period: Friday, December 31, 2021
Industry: Radio And Tv Broadcasting And Communications Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bdr/0001213900-22-016788.htm