NORWALK, Conn., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) today announced financial results for the first quarter of fiscal year 2013, the three months ended September 30, 2012.
Sales for the first quarter of fiscal year 2013 increased 49% to $14,268,000, compared to $9,572,000 for the first quarter of fiscal year 2012. Net income for the quarter increased 137% to $1,704,000 ($0.20 per share) from $720,000 ($0.08 per share) in the first quarter of fiscal year 2012.
Raymond M. Soto, Bolt's chairman and CEO, commented, "The increase in sales for the first quarter of fiscal year 2013 reflects increased volume at all of our operating units. Our underwater robotic vehicle business contributed 54% of the sales increase and our marine seismic businesses contributed 46%. The increase in income was primarily attributable to our underwater robotic vehicle operating unit reporting a profit for the first quarter of fiscal 2013, in contrast to a loss for last year's first quarter. Our balance sheet remains strong with working capital of $46,063,000 at September 30, 2012, including cash of $26,332,000, and we remain debt free."
Mr. Soto continued, "We are pleased that our underwater robotic vehicle business has continued its steady growth since we acquired it in January 2011 and that our marine seismic businesses have also shown improvement. We continue to anticipate that fiscal year 2013 will be another successful year for Bolt."
| BOLT TECHNOLOGY CORPORATION | ||
| Condensed Consolidated Statements of Operations (Unaudited) | ||
| Three Months Ended | ||
| September 30, | ||
| 2012 | 2011 | |
| Sales | $ 14,268,000 | $ 9,572,000 |
| Costs and expenses | 11,647,000 | 8,608,000 |
| Income before income taxes | 2,621,000 | 964,000 |
| Provision for income taxes | 917,000 | 244,000 |
| Net Income | $ 1,704,000 | $ 720,000 |
| Earnings per share | $ 0.20 | $ 0.08 |
| Average shares outstanding | 8,581,000 | 8,557,000 |
| BOLT TECHNOLOGY CORPORATION | |||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||
| September 30, | September 30, | ||||
| 2012 | 2011 | 2012 | 2011 | ||
| Assets | Liabilities and Stockholders' Equity | ||||
| Current Assets | Current Liabilities | ||||
| Cash and cash equivalents | $26,332,000 | $31,332,000 | Accounts payable | $ 1,570,000 | $ 1,678,000 |
| Accounts receivable | 8,619,000 | 6,600,000 | Accrued expenses | 2,181,000 | 1,688,000 |
| Inventories | 17,135,000 | 16,523,000 | Contingent earnout liability | 2,400,000 | 3,000,000 |
| Deferred income taxes | 530,000 | 638,000 | Dividends payable | 601,000 | -- |
| Other | 1,029,000 | 846,000 | Income taxes payable | 830,000 | 285,000 |
| 53,645,000 | 55,939,000 | 7,582,000 | 6,651,000 | ||
| Property and equipment | 5,098,000 | 5,169,000 | Contingent earnout liability | 2,600,000 | -- |
| Goodwill | 17,227,000 | 17,227,000 | Deferred income taxes | 2,494,000 | 2,570,000 |
| Other intangible assets | 7,653,000 | 8,643,000 | Total liabilities | 12,676,000 | 9,221,000 |
| Other | 250,000 | 227,000 | |||
| Stockholders' Equity | 71,197,000 | 77,984,000 | |||
| $83,873,000 | $87,205,000 | $83,873,000 | $87,205,000 | ||
About Bolt Technology Corporation
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.