Bolt Technology Corporation Reports Third Quarter Results.Business Editors/High-Tech Writers 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)--April 22, 2003 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 third quarter and first nine months of fiscal year 2003. Sales for the third quarter were $2,320,000 compared to $4,760,000 in last year's third quarter. Net loss for the quarter ended March 31, 2003 amounted to $136,000 or $0.03 per share, compared to net income of $469,000 or $0.09 per share last year. For the first nine months of fiscal year 2003, sales were $7,832,000 compared to $13,231,000 last year. Net loss for the first nine months of fiscal 2003 amounted to $163,000 or $0.03 per share compared to net income of $1,180,000 or $0.22 per share last year. 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, "During the third quarter our company continued to be adversely affected by the industry wide 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. in seismic exploration activity. We have not shipped any complete energy source systems during the first nine months of fiscal 2003 and our replacement parts business has also been weak. We have continued to closely monitor our costs and we are pleased that our net loss for the third quarter showed improvement from the second quarter. The fundamentals of our industry, oil prices and crude oil inventories, remain favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . In recent weeks, we have seen some signs of increased activity and we are hopeful that these will result in improved operations for our fourth quarter." 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
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2003 2002 2003 2002
Sales $2,320,000 $4,760,000 $7,832,000 $13,231,000
Expenses 2,535,000 3,991,000 8,068,000 11,297,000
Income (loss) before
income taxes (215,000) 769,000 (236,000) 1,934,000
Provision (benefit) for
income taxes (79,000) 300,000 (73,000) 754,000
Net income (loss) $ (136,000)$ 469,000 $ (163,000)$ 1,180,000
Earnings (loss) per
share $ (0.03)$ 0.09 $ (0.03)$ 0.22
Shares outstanding 5,414,000 5,418,000 5,414,000 5,417,000
Condensed Consolidated Balance Sheets (Unaudited)
March 31,
2003 2002
Assets
Current Assets:
Cash and cash equivalents $ 2,146,000 $ 2,734,000
Accounts receivable, net 1,322,000 3,568,000
Inventories 5,292,000 4,750,000
Other 996,000 897,000
9,756,000 11,949,000
Property and equipment, net 930,000 1,159,000
Goodwill and other 11,222,000 11,462,000
$21,908,000 $24,570,000
March 31,
2003 2002
Liabilities and Stockholders' Equity
Current Liabilities:
Current debt $ - $ 2,325,000
Accounts payable 298,000 809,000
Accrued liabilities 887,000 1,427,000
1,185,000 4,561,000
Deferred income taxes 186,000 -
Total Liabilities 1,371,000 4,561,000
Stockholders' equity 20,537,000 20,009,000
$21,908,000 $24,570,000
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