Bolt Reports Fourth Quarter and Fiscal Year 2001 Results.Business/Technology Editors NORWALK, Conn.--(BUSINESS WIRE)--Aug. 17, 2001 Bolt Technology Corporation (AMEX AMEX See: American Stock Exchange :BTJ BTJ Buried Tunnel Junction BTJ Bending Towards Justice (blog) ) today announced financial results for the fourth quarter and fiscal year ended June 30, 2001. Revenues for the fourth quarter increased 44% to $5,015,000 from last year's fourth quarter revenues of $3,473,000 and income before taxes increased over 400% to $833,000 compared to $165,000 last year. Net income for the fourth quarter was $405,000 ($0.07 per share) compared to $50,000 ($0.01 per share) last year. Fiscal year 2001 revenues were $15,496,000 compared to $14,748,000 last year and income before taxes was $1,071,000 compared to $1,090,000 last year. Net income this year amounted to $396,000 ($0.07 per share) compared to $533,000 ($0.10 per share) last year. "We are pleased with the sequential quarterly results achieved by the company in fiscal 2001", said Raymond M. Soto, Bolt's chairman, president and chief executive officer. "We progressed steadily from a net loss of $214,000 in the first quarter to the $405,000 net income we earned in the fourth quarter. This is the highest quarterly income we have recorded since the third quarter of fiscal 1999. Our improvement reflects the general trend in the seismic market which continues to recover from the extended downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. which began in 1999." "Although we are unable to predict the effect, if any, that the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. may have on our business, we are hopeful, based on current national and international indications, that the increases we experienced this year will continue into fiscal 2001," Soto continued. 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 miniature industrial clutches, brakes and electric motors. 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.
BOLT TECHNOLOGY CORPORATION
FINANCIAL SUMMARY
Quarter ended Year ended
June 30, June 30,
2001 2000 2001 2000
Sales $5,015,000 $3,473,000 $15,496,000 $14,748,000
Income before taxes 833,000 165,000 1,071,000 1,090,000
Income taxes 428,000 115,000 675,000 557,000
Net income 405,000 50,000 396,000 533,000
Per share
(basic and diluted) $ 0.07 $ 0.01 $ 0.07 $ 0.10
Average shares
outstanding
Basic 5,409,000 5,397,000 5,409,000 5,387,000
Diluted 5,422,000 5,406,000 5,414,000 5,408,000
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