Bolt Reports First Quarter Results.NORWALK Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn.--(BUSINESS WIRE)--Oct. 13, 1999-- Bolt Technology Corporation announced today that it recorded an 8% increase in revenues for the first quarter of fiscal year 2000 compared to the fourth quarter of fiscal 1999 and earnings before income taxes increased by 35%. For the first quarter ended September 30, 1999, revenues were $4,058,000 compared to $5,360,000 a year ago. Net income was $305,000, equal to $.06 per share. This compares to $1,535,000 or $.29 per share last year. It is important to note that this year's first quarter net income includes a $262,000 provision for income taxes compared to no provision last year. Raymond M. Soto, Chairman, President and Chief Executive Officer said, "We are pleased that revenues and earnings have increased on a sequential quarter basis. This indicates that the demand for seismic services and equipment may be increasing as a result of stronger oil and gas prices. As we stated in our last press release we believe we are well positioned to benefit from any improvement in market conditions and we are hopeful the first quarter trend will continue during the remainder of fiscal 2000." Bolt Technology Corporation develops, manufactures and sells the world's leading seismic energy sources and underwater Underwater 1. The condition a call option is in when its strike price is higher than the market price of the underlying stock. 2. The condition a put option is in when its strike price is lower than the market price of the underlying stock. connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision mechanical and pneumatic pneumatic /pneu·mat·ic/ (noo-mat´ik) 1. pertaining to air. 2. respiratory. pneu·mat·ic adj. 1. Of or relating to air or other gases. 2. industrial slip clutches n. 1. a friction clutch that will slip when the torque is too great Noun 1. slip clutch - a friction clutch that will slip when the torque is too great slip friction clutch . Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 Fluctuation A price or interest rate change. 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. -0-
BOLT TECHNOLOGY CORPORATION
FINANCIAL SUMMARY
Quarter ended
September 30,
1999 1998
Revenues $4,058,000 $5,360,000
Income before income taxes 567,000 1,535,000
Income taxes 262,000 -0-
Net income 305,000 1,535,000
Per share (basic and diluted) $ 0.06 $ 0.29
Average shares outstanding:
Basic 5,370,000 5,232,000
Diluted 5,415,000 5,372,000
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