I am pleased to report that Bolt delivered strong financial results for its shareholders in fiscal year 2012. These financial results were primarily driven by the full fiscal year 2012 contribution of our SeaBotix underwater robotics business, which we acquired in January 2011.
Our consolidated sales increased 35% to $52,610,000 compared to $38,858,000 for fiscal
year 2011. Our operating earnings, exclusive of a $4,500,000 special charge, increased 18% to $9,377,000 compared to $7,975,000 for fiscal year 2011. Based on the strong improvement in SeaBotix revenues in fiscal year 2012, we took the special charge at June 30, 2012 to reflect additional estimated contingent earnout payments related to the SeaBotix acquisition.
Our net income for the 2012 fiscal year was $1,982,000 ($0.23 per share) compared to $5,527,000 ($0.65 per share) in the prior fiscal year. Excluding the special charge for contingent earnout payments, our net income would have been $6,482,000 ($0.75 per share).
Our balance sheet remained strong at June 30, 2012 with cash and working capital of $24,613,000 and $45,303,000, respectively.
In fiscal 2012, we delivered value to our shareholders by payment of a special dividend of $1.00 per share. We also instituted a quarterly dividend program in January 2012. We have declared three quarterly dividends under this program; the first two quarterly dividends at $0.05 per share and the third dividend, declared in August 2012, at $0.07 per share. In addition, we repurchased $966,000 of our shares under our stock repurchase program in fiscal year 2012.
We increased substantially our investment in research and development during the 2012
fiscal year. A major project currently underway is a joint effort with WesternGeco, a unit of
Schlumberger Ltd., to develop an environmentally sensitive energy source for marine seismic exploration. In addition, we expect to begin marketing our Smart Energy Source Controller, a digital energy source controller developed by our Real Time Systems operating unit, in fiscal year 2013.
In November 2011, Michael C. Hedger, President of our A-G Geophysical Products subsidiary, was elected President and Chief Operating Officer of Bolt Technology Corporation. Michael will assist me in overseeing the operations of all of our operating units, as well as continuing his responsibilities at A-G.
Our outlook for fiscal 2013 is for another successful year for Bolt. The major factors influencing our outlook are the current price of oil, the level of customer inquiries and the growth of the SeaBotix underwater robotics business in fiscal year 2012.
In closing, I would like to thank all of our employees. Bolt has many strengths, but none more important than our employees and their contributions to our company. Their dedication and hard work is a key component of our continuing to be successful in the future.
Raymond M. Soto
Chairman, President and Chief Executive Officer
Bolt Technology Corporation is listed on the NASDAQ and trades under the symbol BOLT.
As a public company all financial information is readily available from the links on this page.
The Securities Exchange Commission (SEC) requires Bolt to provide an XBRL (eXtensible Business Reporting Language) files. XBRL data, also referred to as "interactive data" by the SEC, does not change accounting standards or methods used for financial and business reporting; it is an electronic filing format for annual and quarterly reports that is supplemental to existing formats (ASCII or HTML). The XBRL files provided here are available for download through a zip file and may be viewed by importing them into an XBRL viewer application of your choice. XBRL documents can also be viewed in a web-friendly format through the SEC's Interactive Financial Report Viewer.
Third Quarter Fiscal Year 2013 Form 10-Q March 31, 2013 (download)
Second Quarter Fiscal Year 2013 Form 10-Q December 31, 2012 (download)
First Quarter Fiscal Year 2013 Form 10-Q September 30, 2012 (download)
Fiscal Year 2012 XBRL file (download)
First Quarter Fiscal Year 2012 Form 10-Q September 30, 2011 (download)
Second Quarter Fiscal Year 2012 Form 10-Q December 31, 2011 (download)
Third Quarter Fiscal Year 2012 Form 10-Q March 31, 2012 (download)
SEC Filings for Bolt Technology
Section 16 Filings for Bolt Technology
Code of Ethics
Insider Trading Policy
Audit Committee Charter
Executive Compensation Committee Charter
Nominating Committee Charter
Contact: Joseph Espeso
Senior Vice President,Finance and Chief Financial Officer