Bolt Technology Corporation Reports First Quarter Results; Sales Growth is 36% Over Prior Year.Business/Technology Editors NORWALK, Conn.--(BUSINESS WIRE)--Oct. 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 first quarter of fiscal year 2002 which ended on September 30, 2001. Sales increased 36% to $4,191,000 for the first quarter of fiscal 2002, from $3,076,000 for the first quarter of fiscal 2001. Net income for the quarter ended September 30, 2001 amounted to $302,000 or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $214,000 or $0.04 per diluted share in last year's first quarter. Bolt Technology adopted a new accounting rule in the first quarter of fiscal 2002 that requires, among other things, the company to cease amortization of goodwill. If the same rule had been in effect in the prior fiscal year, the net loss in the first quarter of fiscal 2001 would have been $70,000 or $0.01 per diluted share. Raymond M. Soto, Bolt's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Our first quarter financial results reflect a continuation of the improvement in our geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. equipment business, which began in the second half of fiscal 2001, partially offset by weakness in our industrial equipment business due to the general 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. ." Mr. Soto added, "We continue to believe that fiscal 2002 will be a strong year for Bolt not only in profitability but balance sheet strengthening as well. In view of a slowing international economy and the instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability caused by the recent terrorist attacks, however, we will closely monitor our operations to ensure that we react quickly and effectively to a changing environment. This will enable us to better meet our strategic objectives, which include maintaining the highest standards of customer satisfaction, protecting our significant market share and achieving our financial objectives." 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act 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
SUMMARY OF OPERATIONS
Quarter Ended
September 30,
(unaudited)
2001 2000
Sales $ 4,191,000 $ 3,076,000
Cost of Sales 2,505,000 1,891,000
Gross Profit 1,686,000 1,185,000
Research and development 56,000 69,000
Selling, general and administrative
expenses 1,079,000 1,114,000
Amortization of goodwill - 165,000
Interest expense, net 60,000 93,000
Income (loss) before taxes 491,000 (256,000)
Provision (benefit) for income taxes 189,000 (42,000)
Net income (loss) $ 302,000 $ (214,000)
Diluted net income (loss) per share $ 0.06 $ (0.04)
Diluted shares outstanding 5,422,000 5,409,000
SELECTED BALANCE SHEET INFORMATION
September 30, June 30,
2001 2001
unaudited
Cash and cash equivalents $ 2,582,000 $ 1,329,000
Accounts receivable, net $ 3,345,000 $ 4,607,000
Total assets $ 24,462,000 $ 24,734,000
Total liabilities $ 5,331,000 $ 5,905,000
Total stockholder's equity $ 19,131,000 $ 18,829,000
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