Bolt Technology Reports Third
Quarter Results; Record Sales and Earnings Continue for the Fifth Consecutive
Quarter
Wednesday April 25, 8:00 am ET
Sales for the third quarter
of fiscal 2007, the three months ended March 31, 2007, increased 51% to
$12,728,000 compared to $8,418,000 in last year's third quarter and net income
for the quarter increased 118% to $2,845,000 or $0.50 per diluted share, compared
to $1,307,000 or $0.23 per diluted share in last year's third quarter.
For the nine months ended
March 31, 2007, sales increased 52% to $34,996,000 compared to $22,979,000 last
year. Net income for the nine months ended March 31, 2007 increased 124% to
$7,217,000 or $1.27 per diluted share, compared to $3,224,000 or $0.57 per
diluted share last year.
Raymond M. Soto, Bolt's
Chairman, President and CEO, commented, "We are pleased to report that the
financial results for the third quarter and the first nine months of fiscal
2007 represent record quarterly and nine month levels for our company. The
third quarter results are also the fifth consecutive quarter of record sales
and income. During the quarter, sales in our geophysical segment increased 54% and
sales in our industrial products segment increased 23% as compared to last
year's third quarter. Based on recent order activity, requests for quotations
and indications from our major customers, we believe that the strong levels of
business we have experienced during the first three quarters of fiscal 2007
will continue in our fourth quarter."
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, 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 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.
BOLT TECHNOLOGY CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended ------------------------ ------------------------- March 31, March 31, ------------------------ ------------------------- 2007 2006 2007 2006 ------------ ----------- ------------ ------------Sales $12,728,000 $8,418,000 $34,996,000 $22,979,000Costs and expenses 8,555,000 6,456,000 24,346,000 18,030,000 ------------ ----------- ------------ ------------Income before income taxes 4,173,000 1,962,000 10,650,000 4,949,000Provision for income taxes 1,328,000 655,000 3,433,000 1,725,000 ------------ ----------- ------------ ------------ Net income $2,845,000 $1,307,000 $7,217,000 $3,224,000 ============ =========== ============ ============ Diluted earnings per share $0.50 $0.23 $1.27 $0.57Average diluted shares outstanding 5,688,000 5,621,000 5,680,000 5,619,000 BOLT TECHNOLOGY CORPORATION Condensed Consolidated Balance Sheets (Unaudited) March 31, ------------------------- 2007 2006 ----------- ----------- Assets Current Assets Cash and cash equivalents $ 6,229,000 $ 4,211,000 Accounts receivable, net 10,022,000 6,897,000 Inventories 11,667,000 7,296,000 Other 503,000 422,000 ------------ ------------ 28,421,000 18,826,000 Property and Equipment 3,100,000 1,913,000Goodwill 10,967,000 11,010,000Other 130,000 107,000 ------------ ------------ $42,618,000 $31,856,000 ============ ============ March 31, ------------------------- 2007 2006 ----------- ----------- Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 3,178,000 $ 2,924,000 Accrued expenses 2,249,000 1,052,000 Income taxes payable 728,000 898,000 Customer deposits 253,000 - ------------ ------------ 6,408,000 4,874,000Deferred Income Taxes 512,000 414,000 ------------ ------------ Total liabilities 6,920,000 5,288,000 Stockholders' Equity 35,698,000 26,568,000 ------------ ------------ $42,618,000 $31,856,000 ============ ============
Contact:
Bolt Technology Corporation
Joseph Espeso, 203-853-0700