Bolt Technology Corporation Reports Second Quarter Results; Sales Growth is 43% Over Prior Year.Business/Technology Editors 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 , Ct.--(BUSINESS WIRE)--Jan. 22, 2002 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 second quarter and first six months of fiscal year 2002. Sales for the second quarter increased 43% to $4,280,000 from $3,000,000 in last year's second quarter. Net income for the quarter ended December 31, 2001 amounted to $409,000 or $0.08 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 $48,000 or $0.01 per diluted share last year. For the first half of fiscal year 2002, the six months ended December 31, 2001, sales increased 39% to $8,471,000 from $6,076,000 last year. Net income for the first half of fiscal 2002 amounted to $711,000 or $0.13 per diluted share compared to a net loss of $262,000 or $0.05 per diluted share last year. Effective July 1, 2001, the company adopted a new accounting rule that requires, among other things, the cessation cessation Vox populi The stopping of a thing. See Smoking cessation. of amortization of goodwill. If that accounting rule had been in effect in the prior fiscal year, the net loss reported for the second quarter of $48,000 ($0.01 per share) would have been net income of $96,000 ($0.02 per share) and the net loss reported for the six months ended December 31, 2000 of $262,000 ($0.05 per share) would have been net income of $26,000 ($0.00 per 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, "We are pleased that the financial results of our second quarter and first six months of fiscal 2002 continue to reflect the improvement in our business which began during the second half of fiscal 2001. The overall improvement is the result of strong sales 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 partially offset by continued weakness in our industrial equipment business." Mr. Soto added, "Although our company, along with our entire industry, is operating in a period of economic and commodity price uncertainty, we continue to believe that fiscal 2002 will be a strong year for Bolt." 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
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2001 2000 2001 2000
Sales $ 4,280,000 $ 3,000,000 $ 8,471,000 $ 6,076,000
Cost of Sales 2,350,000 1,724,000 4,855,000 3,615,000
Gross Profit 1,930,000 1,276,000 3,616,000 2,461,000
Research and
development 66,000 54,000 122,000 123,000
Selling, general
and administrative
expenses 1,138,000 955,000 2,217,000 2,069,000
Amortization of
goodwill -- 165,000 -- 330,000
Interest expense, net 52,000 88,000 112,000 181,000
Income (loss)
before taxes 674,000 14,000 1,165,000 (242,000)
Provision for
income taxes 265,000 62,000 454,000 20,000
Net income (loss) $ 409,000 $ (48,000) $ 711,000 $ (262,000)
Diluted net income
(loss) per share $ 0.08 $ (0.01) $ 0.13 $ (0.05)
Diluted shares
outstanding 5,411,000 5,409,000 5,416,000 5,409,000
SELECTED BALANCE SHEET INFORMATION
December 31, June 30,
2001 2001
(unaudited)
Cash and cash equivalents $ 2,634,000 $ 1,329,000
Accounts receivable, net $ 2,945,000 $ 4,607,000
Total assets $23,903,000 $24,734,000
Total liabilities $ 4,363,000 $ 5,905,000
Stockholders' equity $19,540,000 $18,829,000
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