USA: Bolt Technology Announces Financial Results

Bolt Technology Corporation  announced financial results for the first quarter of fiscal year 2012, the three months ended September 30, 2011.

For the quarter ended September 30, 2011, sales amounted to $9,572,000 compared to $8,534,000 in last year’s first quarter. Net income for the quarter amounted to $720,000 ($0.08 per share) compared to $1,433,000 ($0.17 per share) last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “Our operating results for the first quarter of fiscal year 2012 reflect a sales increase of 12% but a net income decrease of 50%, compared to the first quarter of fiscal year 2011. The increase in sales is primarily attributable to the inclusion of sales of the SeaBotix underwater robotic vehicle business, which we acquired as of January 1, 2011, and increased sales reported by our seismic energy source business. The increase in sales was partially offset by decreased sales in our underwater cables and connectors and our seismic energy source controller businesses. The decrease in net income was primarily due to a net loss reported by SeaBotix Inc. and decreases in net income from our underwater cables and connectors and seismic energy source controllers businesses. Our balance sheet remained strong during the quarter as working capital increased to $49,288,000 at September 30, 2011, including cash of $31,332,000, and we remained debt free.

Mr. Soto continued, “Although the results of the first quarter of fiscal year 2012 are somewhat disappointing, there were several positive developments during the quarter, including our seismic energy source business received orders to equip two new seismic exploration vessels, our underwater cables and connectors business received an initial order for our SSMS Distributed Air Management System and our SeaBotix underwater robotic vehicle business received almost $5,000,000 in new orders during the quarter. In addition, our new Digital Air Gun Controller System is on final field test and we expect initial sales of the system to begin later in fiscal year 2012. Based on these developments, we anticipate that the full fiscal year 2012 should be a successful year for the Company.

Mr. Soto concluded, “To date in fiscal 2012, Bolt has repurchased almost 45,000 shares of its Common Stock at an average price of $10.45 per share. Also, the Directors will consider declaring a cash dividend to Stockholders at its November 2011 Board of Directors meeting.”

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.

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Source: Globe Newswire, October 31, 2011