Bolt Technology Reports Fiscal Year 2007 Results; Second Consecutive Year of Record Sales and Earnings.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, 2007. Fiscal year 2007 sales increased 55% to $50,464,000 compared to $32,591,000 last year. Net income for the fiscal year increased 119% to $10,607,000 or $1.87 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 $4,845,000 or $0.86 per diluted share last year. Sales for the fourth quarter of fiscal 2007, the three months ended June 30, 2007, increased 61% to $15,468,000 compared to $9,612,000 for the fourth quarter of fiscal 2006 and net income for the quarter increased 109% to $3,390,000 or $0.60 per diluted share, compared to $1,621,000 or $0.29 per diluted share in last year's fourth 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, "We are pleased to report the second consecutive year of record sales and earnings for our Company. Global demand by marine seismic exploration providers for our 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 continued to steadily increase in fiscal 2007. During the year, we shipped almost 1,300 of our seismic energy sources to over 30 seismic exploration vessels." Mr. Soto added, "Although our 2008 fiscal year has only recently started, based on the current level of orders and current discussions with our customers and potential customers, we believe that fiscal 2008 should be another strong year for Bolt." 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 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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June 30, > >
> > 2007
2006
> >
Liabilities and > >
Stockholders' Equity > >
Current Liabilities > >
Accounts payable > > $ 3,668,000
$ 2,389,000
Accrued expenses > > 2,622,000
2,296,000
Income taxes payable > > -
1,158,000
> > 6,290,000
5,843,000
Deferred Income Taxes > > 529,000
436,000
Total liabilities > > 6,819,000
6,279,000
> >
> >
Stockholders' Equity > > 40,686,000
28,332,000
> > $47,505,000
$34,611,000
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