Blonder Tongue Laboratories, Inc.

Good morning, ladies and gentlemen, and welcome to the Blunder Tongue Laboratory's third quarter 2022 earnings call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Mr. Ted Grout, CEO of Blunder Tongue. Ted, the floor is yours.

Thank you. hi good morning everyone and thank you for joining us this morning and participating in blundertone laboratories third quarter 2022 earnings call i'm ted grau president and chief executive officer of the company as we give our remarks this morning we will be discussing certain subjects that will contain forward-looking statements including management's view of our prospects and evolving trends in the market as you know the future is all but impossible to predict and so i caution you that actual results may differ materially from those that may be projected in our comments. We would ask you to refer to our prior SEC filings, including our Form 10-K for the years 2019, 2020, and 2021, and our filed Form 10-Qs for the four quarters of 2020, the four quarters of 2021, and the first and second quarters of 2022, and our upcoming third quarter, 2022 10-Q. Each of those filings include additional detailed information concerning factors that could cause actual results to differ from the information we are discussing this morning. With me today is Eric Skolnick, our Chief Financial Officer and Senior Vice President. Eric's remarks will follow mine and will cover our detailed financial results. Both of us will be available to answer questions you may have during a Q&A session immediately following our prepared remarks. In the third quarter of 2022, Blondetongue Laboratories had a net loss of $703 thousand dollars due to being held to monthly allocations with several key semiconductor suppliers and to elevated raw materials costs in the chipset broker markets that have persisted the last nine to 12 months over the last quarter the company has been has seen a continued stabilization in the semiconductor markets and a general improvement in future lead times for parts including specific improvements in some chipset allocations that will begin before the end of the year with further improvements expected in the early part of 2023. Demand for the company's highest technology and highest margin products are currently strong with very healthy new bookings during Q3 as well as October and an overall sales backlog in excess of $7 million at the end of September and growing. With supply chain stabilizing over the last three months, We are happy to report that our R&D has been able to refocus more time and effort in product development and product customization in support of customer acquisition activities. We recently announced that our Drake PEG Plus product was standardized by a major Tier 1 cable operator in North America due to features and functions that we created specifically for use in large-scale video backhaul.

Apologies, ladies and gentlemen.