Bolt Technology Reports Fiscal Year 2002 Results; Net Income Increases 372% Over Prior Year.Business/Technology Editors NORWALK, Conn.--(BUSINESS WIRE)--Aug. 15, 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 fourth quarter and fiscal year ended June 30, 2002. Fiscal year 2002 sales were $17,991,000 compared to $15,496,000 last year and net income increased 372% to $1,871,000 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 from $396,000 or $0.07 per diluted share last year. Sales for the fourth quarter were $4,760,000 compared to $5,015,000 in last year's fourth quarter and net income was $691,000 or $0.13 per diluted share compared to $405,000 or $0.07 per diluted share last year. As required, the Company adopted SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. " effective July 1, 2001. This accounting standard provides for, among other things, the cessation of goodwill amortization and an initial test and annual testing thereafter for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill balances. The initial test has been completed and resulted in no impairment of the Company's goodwill balances. If this standard had been in effect last year, net income per share for the three months and fiscal year ended June 30, 2001 would have been $0.10 and $0.17, respectively. Raymond M. Soto, Bolt's chairman, president and chief executive officer, said, "We are pleased to report that the results of fiscal year 2002 show strong improvement over 2001. Our international business was a large contributor this year as foreign shipments increased to 58% of total sales from 46% last year. Bolt's products continue to be the most widely used energy sources and underwater connectors for worldwide offshore seismic exploration. Our financial position also strengthened considerably this year as we completely liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. our long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and reduced our total liabilities from $5,905,000 at June 30, 2001 to $2,160,000 at June 30, 2002. Soto continued, "In view of the unsettled political situation in the Middle East and the uncertain signals of domestic and international economic growth it is difficult to predict the full results for next year. We intend to continue searching for suitable acquisition candidates and to maintain our high customer satisfaction levels by continuing to deliver products of the highest quality and reliability to ensure that the Company is well positioned to achieve maximum growth." Bolt Technology Corporation develops, manufactures and sells the world's leading seismic energy sources and underwater connectors used in the 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. 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 Year ended
June 30, June 30,
2002 2001 2002 2001
Sales $4,760,000 $5,015,000 $17,991,000 $15,496,000
Income before
taxes 1,155,000 833,000 3,089,000 1,071,000
Income taxes 464,000 428,000 1,218,000 675,000
Net income 691,000 405,000 1,871,000 396,000
Per share:
Basic and
diluted $0.13 $0.07 $0.35 $0.07
Avg. shares
outstanding
Basic 5,414,000 5,409,000 5,412,000 5,409,000
Diluted 5,418,000 5,422,000 5,416,000 5,414,000
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion