Blonder Tongue Slips in 3Q11/14/2005 2:53 AM Eastern
Blonder Tongue Laboratories Inc. reported its third-quarter financial results Monday.
The vendor posted net sales of $9.666 million, down from $11.215 million in the third quarter of 2004. Blonder Tongue said lower headend-product sales contributed to the decline.
The company’s net loss on a generally accepted accounting principles basis was $3.516 million, or $0.44 per share, compared with net income of $406,000 ($0.05) in the year-ago quarter. The 2005 figure included an increase to the inventory reserve of $3.494 million, while the previous-year period had no increase in inventory reserve.
Explaining Blonder Tongue’s inventory reserve, vice president of marketing Emily Nikoo said in a prepared statement, “The shift in products is evident in the sales of our digital products. Third-quarter-2005 digital sales were $1.324 million compared to $696,000 in the comparable period in 2004.”