Bolt Technology Reports Best Ever Financial Results for Fiscal Year 2006 as Net Income Nearly Triples.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 record financial results for the fourth quarter and fiscal year ended June June: see month. 30, 2006. Fiscal year 2006 sales increased 73% to $32,591,000 compared to $18,796,000 last year. Net income for the year ended June 30, 2006 increased 192% to $4,845,000 or $0.86 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 $1,659,000 or $0.30 per diluted share last year. Sales for the fourth quarter of fiscal 2006, the three months ended June 30, 2006, increased 79% to $9,612,000 compared to $5,375,000 for the fourth quarter of fiscal 2005 and net income for the quarter increased 136% to $1,621,000 or $0.29 per diluted share, compared to $688,000 or $0.12 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, "The high global demand for marine seismic exploration services has resulted in the achievement of all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record financial results for our Company in fiscal year 2006. Shipments of Bolt's high quality 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. electrical connectors have increased steadily throughout the year." Mr. Soto added, "Based on the current level of sales orders The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. , requests for quotations and other inquiries, we believe that fiscal year 2007 will be another strong year for our Company." 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,
2006 2005 2006 2005
----------- ----------- ------------ ------------
Sales $9,612,000 $5,375,000 $32,591,000 $18,796,000
Costs and expenses 7,131,000 4,362,000 25,161,000 16,296,000
----------- ----------- ------------ ------------
Income before income
taxes 2,481,000 1,013,000 7,430,000 2,500,000
Provision for income
taxes 860,000 325,000 2,585,000 841,000
----------- ----------- ------------ ------------
Net income $1,621,000 $688,000 $4,845,000 $1,659,000
=========== =========== ============ ============
Diluted earnings per
share $0.29 $0.12 $0.86 $0.30
Average diluted
shares outstanding 5,666,000 5,569,000 5,631,000 5,533,000
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets
June 30,
-------------------------
2006 2005
------------ ------------
Assets
Current Assets
Cash and cash equivalents $4,580,000 $3,654,000
Accounts receivable 7,639,000 3,043,000
Inventories 8,196,000 7,141,000
Other 483,000 516,000
------------ ------------
20,898,000 14,354,000
Property and Equipment 2,603,000 1,815,000
Goodwill 10,999,000 11,042,000
Other 111,000 105,000
------------ ------------
$34,611,000 $27,316,000
============ ============
June 30,
-------------------------
2006 2005
------------ ------------
Liabilities and
Stockholders' Equity
Current Liabilities
Accounts payable $2,389,000 $2,100,000
Accrued expenses 2,296,000 1,456,000
Income taxes payable 1,158,000 348,000
------------ ------------
5,843,000 3,904,000
------------ ------------
Deferred Income Taxes 436,000 337,000
------------ ------------
Total liabilities 6,279,000 4,241,000
Stockholders' Equity 28,332,000 23,075,000
------------ ------------
$34,611,000 $27,316,000
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