Bolt Technology Reports First Quarter Results; Record Sales and Earnings Continue.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 first quarter of fiscal year 2007, the three months ended September September: see month. 30, 2006. Sales for the first quarter of fiscal 2007 increased 25% to $10,001,000 compared to $7,994,000 in last year's first quarter and net income increased 96% to $2,002,000 or $0.35 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 $1,020,000 or $0.18 per diluted share last year. 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 historical highs that we reported for our fiscal year ended June 30, 2006 have continued in our first quarter of fiscal 2007. Sales, income before income taxes and net income for the three months ended September 30, 2006 are all quarterly records for our Company. Although recent oil prices have declined somewhat from their record highs of a few months ago, we continue to experience strong incoming orders, requests for quotations and general customer inquiries. Accordingly, we continue to believe that fiscal 2007 should be another strong year for our Company." Bolt Technology Corporation is a leading worldwide developer and manufacturer of 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 offshore seismic exploration for oil and gas. Bolt also designs, manufactures 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. 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.
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BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
September 30,
2006 2005
Assets
Current Assets
Cash and cash equivalents $5,878,000 $4,011,000
Accounts receivable,net 7,040,000 4,683,000
Inventories 9,774,000 5,975,000
Other 555,000 477,000
23,247,000 15,146,000
Property and equipment,net 2,624,000 1,820,000
Goodwill 10,988,000 11,031,000
Other 116,000 112,000
$36,975,000 $28,109,000
September 30,
2006 2005
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $2,783,000 $1,100,000
Accrued expenses 1,735,000 1,579,000
Income taxes payable 1,154,000 582,000
Customer deposits 520,000 380,000
6,192,000 3,641,000
Deferred income taxes 449,000 373,000
Total Liabilities 6,641,000 4,014,000
Stockholders' Equity 30,334,000 24,095,000
$36,975,000 $28,109,000
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