Bolt Technology Reports Fiscal Year 2004 Results.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 fourth quarter and fiscal year ended June 30, 2004. Fiscal year 2004 sales increased by 37% to $14,806,000 from $10,842,000 last year and net income amounted to $853,000 or $0.16 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 a net loss of ($161,000) or ($0.03) per diluted share last year. Sales for the fourth quarter increased by 32% to $3,978,000 from $3,010,000 in last year's fourth quarter and net income amounted to $89,000 or $0.02 per diluted share compared to $2,000 or $0.00 per diluted share last year. Raymond M. Soto, Bolt's chairman, president and chief executive officer, said, "We are pleased to report that the results for fiscal year 2004 represent a substantial improvement from fiscal 2003. The improvement primarily reflects higher sales levels in 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 segment due to increased marine seismic activity as well as higher sales levels and improved operating results in our industrial products segment due to the improved U. S. economy. Our balance sheet also strengthened considerably from June 30, 2003." Soto continued, "We are hopeful that increased marine seismic activity will continue into fiscal year 2005 given the strong prevailing fundamentals which include the high price of oil and increased worldwide energy demand." 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 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.
BOLT TECHNOLOGY CORPORATION
FINANCIAL SUMMARY
Quarter ended Year ended
June 30, June 30,
2004 2003 2004 2003
--------- --------- ---------- ----------
Sales $3,978,000 $3,010,000 $14,806,000 $10,842,000
Income (loss) before
taxes 130,000 (99,000) 1,308,000 (335,000)
Income taxes 41,000 (101,000) 455,000 (174,000)
Net income (loss) 89,000 2,000 853,000 (161,000)
Per share:
Basic and diluted $ 0.02 $ 0.00 $ 0.16 ($0.03)
Average shares outstanding:
Basic 5,414,000 5,414,000 5,414,000 5,414,000
Diluted 5,498,000 5,429,000 5,489,000 5,414,000
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