Bolt Technology Reports First Quarter Results.Business/Technology Editors NORWALK, Conn.--(BUSINESS WIRE)--Oct. 30, 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 first quarter of fiscal year 2003 which ended on September 30, 2002. Sales for the first quarter of fiscal 2003 were $3,094,000 compared to $4,191,000 for the first quarter of fiscal 2002. Net income for the quarter ended September 30, 2002 amounted to $151,000 or $0.03 per share, compared to $302,000 or $0.06 per share in last year's first quarter. 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, "Although our overall financial results for the first quarter of fiscal year 2003 are somewhat disappointing, we are pleased that the quarter showed some positive signs for the Company. During the quarter we did not ship any complete energy source systems; nevertheless, 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 segment still recorded operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of over $230,000. Our industrial products business segment recorded operating cash flow of almost $100,000, a 25% increase over last year's first quarter. Mr. Soto added, "We presently have several complete energy source system proposals outstanding. Subject to the current economic and political uncertainties, we expect that multiple systems will be shipped during the remainder of fiscal year 2003. We are also encouraged regarding the use of our energy source systems in the emerging technology of oil field reservoir management utilizing 4-D seismic applications. In addition, we expect our industrial products business to continue improving. Accordingly, we remain cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the full year of fiscal 2003 will be a 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 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 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
FINANCIAL SUMMARY
Quarter ended
September 30,
2002 2001
Sales $3,094,000 $4,191,000
Income before taxes 248,000 491,000
Net income $ 151,000 $ 302,000
Per share:
Basic and diluted $ 0.03 $ 0.06
Average shares outstanding:
Basic 5,414,000 5,409,000
Diluted 5,414,000 5,422,000
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion