Bolt Technology Corporation (AMEX:BTJ) today announced record
financial results for the fourth quarter and fiscal year ended June
30, 2006. Fiscal year 2006 sales increased 73% to $32,591,000
compared to $18,796,000 last year. Net income for the year ended
June 30, 2006 increased 192% to $4,845,000 or $0.86 per diluted
share, compared to $1,659,000 or $0.30 per diluted share last year.
Sales for the fourth quarter of fiscal 2006, the three months ended
June 30, 2006, increased 79% to $9,612,000 compared to $5,375,000
for the fourth quarter of fiscal 2005 and net income for the
quarter increased 136% to $1,621,000 or $0.29 per diluted share,
compared to $688,000 or $0.12 per diluted share in last year's
fourth quarter. Raymond M. Soto, Bolt's Chairman, President and
CEO, commented, "The high global demand for marine seismic
exploration services has resulted in the achievement of all-time
record financial results for our Company in fiscal year 2006.
Shipments of Bolt's high quality seismic energy sources and
underwater electrical connectors have increased steadily throughout
the year." Mr. Soto added, "Based on the current level of sales
orders, requests for quotations and other inquiries, we believe
that fiscal year 2007 will be another strong year for our Company."
Bolt Technology Corporation is a leading worldwide developer and
manufacturer of seismic energy sources and underwater connectors
used in the offshore seismic exploration for oil and gas. Bolt also
designs 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 Reform 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 Three Months Ended Year Ended
------------------ ---------- June 30, June 30, 2006 2005 2006 2005
----------- ----------- ------------ ------------ Sales $9,612,000
$5,375,000 $32,591,000 $18,796,000 Costs and expenses 7,131,000
4,362,000 25,161,000 16,296,000 ----------- -----------
------------ ------------ Income before income taxes 2,481,000
1,013,000 7,430,000 2,500,000 Provision for income taxes 860,000
325,000 2,585,000 841,000 ----------- ----------- ------------
------------ Net income $1,621,000 $688,000 $4,845,000 $1,659,000
=========== =========== ============ ============ Diluted earnings
per share $0.29 $0.12 $0.86 $0.30 Average diluted shares
outstanding 5,666,000 5,569,000 5,631,000 5,533,000 BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Balance Sheets June 30,
------------------------- 2006 2005 ------------ ------------
Assets Current Assets Cash and cash equivalents $4,580,000
$3,654,000 Accounts receivable 7,639,000 3,043,000 Inventories
8,196,000 7,141,000 Other 483,000 516,000 ------------ ------------
20,898,000 14,354,000 Property and Equipment 2,603,000 1,815,000
Goodwill 10,999,000 11,042,000 Other 111,000 105,000 ------------
------------ $34,611,000 $27,316,000 ============ ============ June
30, ------------------------- 2006 2005 ------------ ------------
Liabilities and Stockholders' Equity Current Liabilities Accounts
payable $2,389,000 $2,100,000 Accrued expenses 2,296,000 1,456,000
Income taxes payable 1,158,000 348,000 ------------ ------------
5,843,000 3,904,000 ------------ ------------ Deferred Income Taxes
436,000 337,000 ------------ ------------ Total liabilities
6,279,000 4,241,000 Stockholders' Equity 28,332,000 23,075,000
------------ ------------ $34,611,000 $27,316,000 ============
============ *T
Bolt (AMEX:BTJ)
Historical Stock Chart
From Sep 2024 to Oct 2024
Bolt (AMEX:BTJ)
Historical Stock Chart
From Oct 2023 to Oct 2024