$BDRL
BLONDER TONGUE LABORATORIES INC

2016 Q4 Form 10-Q Financial Statement

#000114420416133646 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $5.450M $5.432M $5.704M
YoY Change 4.61% -4.77% -34.13%
Cost Of Revenue $3.680M $3.531M $4.931M
YoY Change -22.53% -28.39% -4.68%
Gross Profit $1.770M $1.901M $773.0K
YoY Change 276.6% 145.92% -77.83%
Gross Profit Margin 32.48% 35.0% 13.55%
Selling, General & Admin $1.420M $1.604M $1.779M
YoY Change -18.86% -9.84% -9.6%
% of Gross Profit 80.23% 84.38% 230.14%
Research & Development $640.0K $711.0K $869.0K
YoY Change -12.33% -18.18% 0.46%
% of Gross Profit 36.16% 37.4% 112.42%
Depreciation & Amortization $220.0K $230.0K $360.0K
YoY Change -29.03% -36.11% 0.0%
% of Gross Profit 12.43% 12.1% 46.57%
Operating Expenses $2.060M $2.315M $2.648M
YoY Change -16.94% -12.58% -6.53%
Operating Profit -$290.0K -$414.0K -$1.875M
YoY Change -85.57% -77.92% -387.14%
Interest Expense -$20.00K -$107.0K $83.00K
YoY Change -75.0% -228.92% 20.29%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$310.0K -$642.0K -$1.958M
YoY Change -85.17% -67.21% -435.27%
Income Tax $30.00K $0.00 $0.00
% Of Pretax Income
Net Earnings -$340.0K -$642.0K -$1.958M
YoY Change -84.11% -67.21% -435.27%
Net Earnings / Revenue -6.24% -11.82% -34.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.04 -$0.08 -$0.30
COMMON SHARES
Basic Shares Outstanding 8.098M shares 7.738M shares 6.555M shares
Diluted Shares Outstanding 7.738M shares 6.555M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $470.0K $210.0K $300.0K
YoY Change 4600.0% -30.0% -79.02%
Cash & Equivalents $468.0K $304.0K
Short-Term Investments
Other Short-Term Assets $280.0K $310.0K $280.0K
YoY Change 0.0% 10.71% -75.0%
Inventory $5.064M $5.200M $7.620M
Prepaid Expenses
Receivables $2.273M $2.250M $2.170M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.080M $7.970M $10.38M
YoY Change -2.8% -23.22% -21.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.279M $3.350M $3.740M
YoY Change -9.44% -10.43% -3.58%
Goodwill $493.0K
YoY Change 0.0%
Intangibles $117.0K
YoY Change -74.45%
Long-Term Investments
YoY Change
Other Assets $428.0K $1.160M $1.520M
YoY Change 265.81% -23.68% 1025.93%
Total Long-Term Assets $6.920M $6.861M $8.181M
YoY Change -12.59% -16.13% -10.69%
TOTAL ASSETS
Total Short-Term Assets $8.080M $7.970M $10.38M
Total Long-Term Assets $6.920M $6.861M $8.181M
Total Assets $15.00M $14.83M $18.56M
YoY Change -7.58% -20.1% -17.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.390M $1.120M $1.944M
YoY Change 0.22% -42.39% 30.38%
Accrued Expenses $600.0K $550.0K $1.010M
YoY Change -37.5% -45.54% 16.09%
Deferred Revenue
YoY Change
Short-Term Debt $2.120M $1.910M $2.540M
YoY Change -20.3% -24.8% 154.0%
Long-Term Debt Due $228.0K $3.440M $3.673M
YoY Change -93.67% -6.34% -5.82%
Total Short-Term Liabilities $4.616M $7.400M $9.191M
YoY Change -46.46% -19.49% 26.25%
LONG-TERM LIABILITIES
Long-Term Debt $3.335M $410.0K $14.00K
YoY Change 33250.0% 2828.57% -76.67%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $3.335M $410.0K $14.00K
YoY Change 33250.0% 2828.57% -76.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.616M $7.400M $9.191M
Total Long-Term Liabilities $3.335M $410.0K $14.00K
Total Liabilities $8.466M $7.940M $9.205M
YoY Change -1.92% -13.74% 24.22%
SHAREHOLDERS EQUITY
Retained Earnings -$17.18M -$9.471M
YoY Change 40.83%
Common Stock $26.14M $26.40M
YoY Change -0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.149M $6.312M
YoY Change -79.61%
Treasury Stock Shares 342.0 shares 366.0K shares 1.909M shares
Shareholders Equity $6.534M $6.890M $9.261M
YoY Change
Total Liabilities & Shareholders Equity $15.00M $14.83M $18.56M
YoY Change -7.58% -20.1% -17.14%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$340.0K -$642.0K -$1.958M
YoY Change -84.11% -67.21% -435.27%
Depreciation, Depletion And Amortization $220.0K $230.0K $360.0K
YoY Change -29.03% -36.11% 0.0%
Cash From Operating Activities $10.00K $290.0K $670.0K
YoY Change -102.27% -56.72% -71.24%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $80.00K $20.00K
YoY Change 300.0% -77.78%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $30.00K -$80.00K -$20.00K
YoY Change 300.0% -77.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 210.0K -310.0K -380.0K
YoY Change 31.25% -18.42% -55.81%
NET CHANGE
Cash From Operating Activities 10.00K 290.0K 670.0K
Cash From Investing Activities 30.00K -80.00K -20.00K
Cash From Financing Activities 210.0K -310.0K -380.0K
Net Change In Cash 250.0K -100.0K 270.0K
YoY Change -189.29% -137.04% -80.43%
FREE CASH FLOW
Cash From Operating Activities $10.00K $290.0K $670.0K
Capital Expenditures -$30.00K $80.00K $20.00K
Free Cash Flow $40.00K $210.0K $650.0K
YoY Change -109.09% -67.69% -70.98%

Facts In Submission

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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Entity Registrant Name
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BLONDER TONGUE LABORATORIES INC
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(b)</i></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><i>Derivative Financial Instruments</i></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivative financial instruments to be separately accounted for in accordance with Topic 815 of the Financial Accounting Standards Board (&#8220;<b>FASB</b>&#8221;) Accounting Standards Codification (<b>&#8220;ASC</b>&#8221;). The accounting treatment of derivative financial instruments requires that the Company record the embedded conversion option at its fair value as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Black-Scholes Model, which approximates the Binomial Lattice Model was used to estimate the fair value of the conversion options that is classified as a derivative liability on the condensed consolidated balance sheets. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion options.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Conversion options are recorded as a discount to the host instrument and are amortized as interest expense over the life of the underlying instrument.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>(a)</i></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><i>Use of Estimates</i></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.72

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