Stocks in broadcast technology firm Blonder Tongue (NYSE:BDR) have surged two days in a row following the company’s announcement of a strong fourth quarter and year report for 2017.
Blonder Tongue reported a sales increases of 3.5% to $23.2 million for the year end on December 31st, up from $22.5 million in 2016. Meanwhile, the company reported a net loss in the same period of $384,000, down from $1,195,000 in 2016.
“We are generally satisfied with the full year 2017 performance, and especially the fourth quarter 2017 performance,” said Blonder Tongue CEO Robert J. Palle. Palle also noted that the firm remains ‘concerned’ about the first half of 2018 so far, though the company anticipates a return to 2017 levels in the second half of this year.
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Blonder Tongue stocks closed trading today at $1.07 USD, up 30.04% in 24 hrs. Prices continued to climb in after-hours trading, currently up a further 0.92% to $1.10 and bringing the firm’s market cap to $8.7M USD at the time of writing. This follows a similarly stellar performance yesterday, closing 35.8% higher than the day before. In fact, the company hasn’t seen such a rise in a short period of time since October 2014.
The company has been engaged in the development and manufacture of media distribution technologies for 65 years, serving broadcast, cable, satellite, and video markets. In addition to decades worth of experience, the company also explores the ‘new frontiers’ of 4K and digital streaming. Their high-end physical products can be used in the streaming, processing, and decoding of video.
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In recent news, the company announced that it would appear at the media tech showcase NABShow on April 9th – 12th this year, where it will introduce both its Chrysalis Platform and NeXgen Gateway. The Chrysalis Platform is a signal processing system, while the NexGen Gateway will allow video delivery to multiple locations in hospitality, healthcare, residential industries as well as stadiums. Despite these reports being a couple of weeks old by now, it is possible that they are playing a big part in driving the stock rise of the past couple of days.
The tech sector as a whole is mostly in the green today, with firms rebounding from a poor start to the week which saw the NASDAQ, S&P 500 and Dow 30 index plunge on Monday morning.
Featured image: Cecinfo.com
