President’s Message:
I am pleased to report that fiscal year 2011 was a successful year for Bolt. Our sales
increased 23% to $38,858,000 compared to $31,485,000 last fiscal year and our net
income increased 12% to $5,527,000 ($0.65 per share) compared to $4,954,000 ($0.58 per share) last fiscal year. At June 30, 2011, our working capital was $48,829,000, including
cash and cash equivalents of $31,683,000 and we continue to be debt free.
Highlights of our 2011 fiscal year included our acquisition of SeaBotix Inc. as of January
1, 2011. This acquisition is consistent with our strategic objective to add to our growth
through appropriate acquisitions. SeaBotix, based in San Diego, California, develops and
markets underwater remotely operated robotic vehicles used to perform underwater
tasks at various underwater depths. Their major customer groups include the defense
industry, federal, state and local governmental units, fire and rescue organizations and
educational institutions. We acquired SeaBotix because we believe that its products offer
excellent quality and usefulness to customers, including potential opportunities for
use in the oil and gas industry.
The operating results of SeaBotix for the period of January 1, 2011 through June 30, 2011
are included in our fiscal year 2011 financial statements. SeaBotix had sales of $2,575,000
and a net loss of $462,000 for this six month period. These results were disappointing,
but we believe reflect the negative impact of budgetary constraints experienced by many
of its major customer groups. SeaBotix expended considerable effort and costs in the
development of new products over the past several years, which we anticipate should
have a positive impact on its future results.
We also continued our research and development efforts in fiscal year 2011 and we are in
the final test stage of a new digital air gun control system. This system has been designed
to reduce complexity, increase reliability and accommodate the demands of the latest air
gun array design and monitoring. We anticipate the initial sales of this system should
occur in fiscal year 2012.
At the 2011 Annual Meeting of the Society of Exploration Geophysists (SEG) in September,
we announced a joint effort between Bolt and WesternGeco, a group of Schlumberger
Ltd., to develop a new environmentally friendly seismic energy source (air gun). The new
air gun will be designed to reduce the potential impact of seismic signals on marine life.
This is a multi-phase development project, but we believe that this product, if fully
developed and commercialized, will be a successful new product for our Company.
Going forward into fiscal year 2012, we are hopeful that the successes of fiscal year 2011
will continue. We believe we are well positioned to participate in the ongoing need for
world-wide hydrocarbon exploration and we are hopeful that our product development
efforts and the SeaBotix acquisition will provide positive contributions to our financial
results. We remain committed to exploring suitable acquisition opportunities as they arise.
In closing, I am grateful to our employees who have worked closely with our customers
to better serve their needs in product development, manufacturing and customer sales
and support. I also wish to welcome our SeaBotix em
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.
XBRL
First Quarter Fiscal Year 2012 Form 10-Q September 30, 2011 (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
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