NORWALK, CT, April 26, 2012 - Bolt Technology Corporation
(NASDAQ Global Select Market: BOLT) today announced financial
results for the third quarter and the first nine months of
fiscal year 2012.
Sales for the third quarter of fiscal year 2012, the three
months ended March 31, 2012, increased
39% to $12,993,000 compared to $9,381,000 for the third
quarter of fiscal year 2011. Net
income for the quarter increased 54% to $1,585,000 ($0.18 per
share) compared to $1,027,000 ($0.12 per share) for the third
quarter of fiscal year 2011.
Sales for the nine months ended March 31, 2012 amounted to
$37,153,000 compared to
$28,039,000 for the same nine month period in fiscal year
2011. Net income for the period amounted to $4,251,000 ($0.49
per share) compared to $4,141,000 ($0.49 per share) in the
first nine months of fiscal year 2011.
Raymond M. Soto, Bolt's chairman and CEO, commented, "I am
pleased to report that sales and net income for the third
quarter of fiscal year 2012 increased by $3,612,000 and
$558,000, respectively, compared to the third quarter of
fiscal year 2011. The sales and net income increases were
primarily due to higher revenues at SeaBotix, our underwater
robotic vehicles segment, and at our seismic energy sources
segment."
Mr. Soto continued, "Sales for the nine months ended March
31, 2012 increased by $9,114,000 over the nine months ended
March 31, 2011 and net income increased by $110,000. The
sales increase was principally due to the inclusion of
SeaBotix for the full nine month period in fiscal year 2012.
In fiscal year 2011, SeaBotix was only included for a three
month period since it was acquired as of January 1, 2011. The
net income increase reflects the increase in SeaBotix sales
substantially offset by higher research and development costs
and selling, general and administrative expenses."
Mr. Soto further commented, "In April 2012, we paid an
initial quarterly dividend of $0.05 per common share and
today, our Board of Directors approved a dividend payment of
$0.05 per common share, which will be paid on July 6, 2012 to
stockholders of record on June 6, 2012."
Mr. Soto concluded, "Based on our operating results for the
first nine months of this fiscal year and our outlook for the
fourth quarter, we are hopeful that fiscal year 2012 will be
another successful year for our Company."
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Bolt Technology Corporation is a leading worldwide developer
and manufacturer of marine seismic data acquisition equipment
used for offshore oil and natural gas exploration. Bolt,
through its SeaBotix Inc. subsidiary, is also a developer and
manufacturer of remotely-operated robotic vehicles systems
used for a variety of underwater tasks.
Forward-looking statements in this release are made pursuant
to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These include statements about
anticipated financial performance, future revenues and
earnings, dividends, business prospects, new products,
anticipated energy industry activity, anticipated market
performance, planned production and shipping of products,
expected cash needs and similar matters. Investors are
cautioned that all forward-looking statements involve risks
and uncertainty, including without limitation (i) the risk of
technological change relating to the Company's products and
the risk of the Company's inability to develop new
competitive products in a timely manner, (ii) the risk of
changes in demand for the Company's products due to
fluctuations in energy industry activity, (iii) the Company's
reliance on certain significant customers, (iv) risks
associated with a significant amount of foreign sales, (v)
the risk of fluctuations in future operating results, (vi)
risks associated with global economic conditions, (vii) risks
of changes in environmental or regulatory matters and (viii)
other risks detailed in the Company's filings with the
Securities and Exchange Commission. The Company believes that
forward-looking statements made by it are based on reasonable
expectations. However, no assurances can be given that actual
results will not differ materially from those contained in
such forward-looking statements. The words "estimate,"
"project," "anticipate," "expect," "predict," "believe,"
"may," "could," "should" and similar expressions are intended
to identify forward-looking statements.
Three Months Ended Nine Months Ended
March 31, March 31,
2012 | 2011 | 2012 | 2011 | |
Sales | $ 12,993,000 | $ 9,381,000 | $ 37,153,000 | $ 28,039,000 |
Costs and expenses | 10,783,000 | 8,091,000 | 31,092,000 | 22,185,000 |
Income before income taxes | 2,210,000 | 1,290,000 | 6,061,000 | 5,854,000 |
Provision for income taxes | 625,000 | 263,000 | 1,810,000 | 1,713,000 |
Net Income | $ 1,585,000 | $ 1,027,000 | $ 4,251,000 | $ 4,141,000 |
Earnings per share (diluted) | $ 0.18 | $ 0.12 | $ 0.49 | $ 0.49 |
Average shares outstanding (diluted) | 8,575,000 | 8,544,000 | 8,606,000 | 8,529,000 |
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BOLT TECHNOLOGY CORPORATION Condensed Consolidated Balance Sheets (Unaudited)March 31, March 31,
2012 2011 2012 2011
Assets Liabilities and Stockholders' EquityCurrent Assets Current Liabilities
Cash and cash equivalents | $ 20,790,000 | $ 30,298,000 | Accounts payable | $ 1,758,000 | $ 1,140,000 |
Accounts receivable | 9,202,000 | 6,972,000 | Accrued expenses | 2,550,000 | 5,745,000 |
Inventories | 17,828,000 | 15,091,000 | Income taxes payable | 264,000 | - |
Other | 1,528,000 | 1,596,000 | Dividends payable | 429,000 | - |
49,348,000 | 53,957,000 | 5,001,000 | 6,885,000 | ||
Property and equipment | 4,946,000 | 5,160,000 | Deferred income taxes | 2,550,000 | 2,824,000 |
Total liabilities | 7,551,000 | 9,709,000 |
Goodwill | 17,227,000 | 16,875,000 | Stockholders' equity | 72,336,000 | 75,784,000 |
Other intangible assets | 8,143,000 | 9,256,000 | |||
Other | 223,000 | 245,000 | |||
$ 79,887,000 | $ 85,493,000 | $ 79,887,000 | $ 85,493,000 |
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{Client FilesJBKSEC 0226925.DOC ver 4}
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