Bolt Technology Corporation Reports Fiscal Year 2005 Results; Fiscal Year 2005 Net Income Increases 94% from Fiscal Year 2004.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. -- 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 June: see month. 30, 2005. Fiscal year 2005 sales increased 27% to $18,796,000 compared to $14,806,000 last year. Net income for the year ended June 30, 2005 increased 94% to $1,659,000 or $0.30 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 $853,000 or $0.16 per diluted share last year. Sales for the fourth quarter of fiscal 2005, the three months ended June 30, 2005, increased 35% to $5,375,000 compared to $3,978,000 for the fourth quarter of fiscal 2004 and net income for the quarter increased 673% to $688,000 or $0.12 per diluted share, compared to $89,000 or $0.02 per diluted share in last year's fourth quarter. Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. 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, "We are pleased to report that fiscal 2005 was a good year for our Company. The results for fiscal 2005 improved significantly over last year driven by the strong global demand for Bolt's high quality products, including our 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. electrical connectors." Mr. Soto added, "Based on the outlook for oil prices and continued increases in worldwide energy demand, we are hopeful that the high level of marine seismic exploration activity will continue into fiscal 2006." Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision miniature miniature much smaller in size than normal animals of the species, but with normal proportions. Animals born prematurely are miniatures but show evidence of prematurity in their haircoat, unerupted teeth and immature hooves. 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. The words "estimate," "project," "anticipate," "expect," "predict," "believe," and similar expressions are intended to identify forward-looking statements. 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. Forward-looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated.
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended Year Ended
June 30, June 30,
2005 2004 2005 2004
----------- ----------- ------------ ------------
Sales $5,375,000 $3,978,000 $18,796,000 $14,806,000
Costs and expenses 4,362,000 3,848,000 16,296,000 13,498,000
----------- ----------- ------------ ------------
Income before income
taxes 1,013,000 130,000 2,500,000 1,308,000
Provision for income
taxes 325,000 41,000 841,000 455,000
----------- ----------- ------------ ------------
Net income $688,000 $89,000 $1,659,000 $853,000
=========== =========== ============ ============
Diluted Earnings
per share $0.12 $0.02 $0.30 $0.16
Average diluted
shares outstanding 5,569,000 5,498,000 5,533,000 5,489,000
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets
June 30,
--------
2005 2004
------------ -------------
Assets
Current Assets
Cash and cash equivalents $3,654,000 $2,890,000
Accounts receivable 3,043,000 2,336,000
Inventories 7,141,000 4,687,000
Other 516,000 599,000
------------ -------------
14,354,000 10,512,000
Property and Equipment 1,815,000 861,000
Goodwill 11,042,000 11,084,000
Other 105,000 117,000
------------ -------------
$27,316,000 $22,574,000
============ =============
June 30,
--------
2005 2004
------------ -------------
Liabilities and
Stockholders' Equity
Current Liabilities
Accounts payable $2,100,000 $461,000
Accrued expenses 1,390,000 721,000
Customer deposit 414,000 -
------------ -------------
3,904,000 1,182,000
------------ -------------
Deferred Income Taxes 337,000 -
------------ -------------
Total liabilities 4,241,000 1,182,000
Stockholders' Equity 23,075,000 21,392,000
------------ -------------
$27,316,000 $22,574,000
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