Bolt Technology Reports First Quarter Results Which Include Record Quarterly Sales
October 25 2005 - 8:02AM
Business Wire
Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the first quarter of fiscal year 2006, the three months
ended September 30, 2005. Sales for the first quarter of fiscal
2006 increased 108% to $7,994,000 compared to $3,839,000 in last
year's first quarter and net income increased 383% to $1,020,000 or
$0.18 per share compared to $211,000 or $0.04 per share last year.
Raymond M. Soto, Bolt's chairman, president and CEO, commented, "I
am pleased to report that our sales of $7,994,000 in the first
quarter of fiscal 2006 are the highest quarterly sales ever
recorded by our Company. Additionally, our first quarter income
before income taxes of $1,610,000 is the highest quarterly income
before taxes reported by our Company during the last twenty-two
years. The first quarter results reflect the continuing
strengthening of the marine seismic market and a $2,000,000 sale of
our second system of Annular Port Guns ("APG"). Mr. Soto added, "We
expect the marine seismic market to remain strong as world oil
producers continue to increase their exploration, development and
production activity to meet global demand for energy. We remain
cautiously optimistic that the remainder of fiscal 2006 will
continue to show improved results compared to last year. In this
regard, we are pleased to report we have recently received two
major orders for marine seismic energy source systems which total
over $3,600,000. One of these orders is for another APG system, and
both orders are scheduled for shipment in the fourth quarter." Bolt
Technology Corporation is a leading worldwide developer and
manufacturer of seismic energy sources and underwater connectors
used in offshore seismic exploration for oil and gas. Bolt also
designs, manufactures and sells precision miniature industrial
clutches, brakes and electric motors. Forward-looking statements in
this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Act of 1995. The words "estimate,"
"project," "anticipate," "expect," "predict," "believe," and
similar expressions are intended to identify forward-looking
statements. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including, without
limitation, risks associated with decreased demand for the
Company's products due to fluctuation in energy industry activity,
reliance on certain significant customers, significant amount of
foreign sales and other risks detailed in the Company's filings
with the Securities and Exchange Commission. Forward-looking
statements involve a number of risks and uncertainties which could
cause actual results or events to differ materially from those
currently anticipated. -0- *T BOLT TECHNOLOGY CORPORATION Condensed
Consolidated Statements of Operations (Unaudited) Three Months
Ended September 30, ------------------------ 2005 2004 ------------
----------- Sales $7,994,000 $3,839,000 Costs and expenses
6,384,000 3,499,000 ------------ ----------- Income before income
taxes 1,610,000 340,000 Provision for income taxes 590,000 129,000
------------ ----------- Net income $1,020,000 $211,000
============ =========== Earnings per share (diluted) $0.18 $0.04
Average shares outstanding (diluted) 5,608,000 5,485,000 BOLT
TECHNOLOGY CORPORATION Condensed Consolidated Balance Sheets
(Unaudited) September 30, ------------------------- 2005 2004
------------ ------------ Assets Current Assets Cash and cash
equivalents $4,011,000 $3,121,000 Accounts receivable 4,683,000
2,526,000 Inventories 5,975,000 4,829,000 Other 477,000 498,000
------------ ------------ 15,146,000 10,974,000 Property and
equipment 1,820,000 805,000 Goodwill and other 11,143,000
11,180,000 ------------ ------------ $28,109,000 $22,959,000
============ ============ September 30, -------------------------
2005 2004 ------------ ------------ Liabilities and Stockholders'
Equity Current Liabilities Accounts payable $1,100,000 $596,000
Accrued expenses 1,579,000 691,000 Income taxes payable 582,000
66,000 Customer deposits 380,000 - ------------ ------------
3,641,000 1,353,000 Deferred income taxes 373,000 3,000
------------ ------------ Total Liabilities 4,014,000 1,356,000
Stockholders' Equity 24,095,000 21,603,000 ------------
------------ $28,109,000 $22,959,000 ============ ============ *T
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