Bolt Technology Reports Fiscal Year 2008 Results; Third Consecutive Year of Record Sales and Earnings.NORWALK, Conn. -- Bolt Technology Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BOLT) today announced record financial results for the fourth quarter and fiscal year ended June 30, 2008. In May 2008, the Company sold its wholly-owned subsidiary, Custom Products Corporation (Custom). Therefore, the results of operations of Custom for the eleven months ended May 31, 2008 are being reported in the fiscal year 2008 financial statements as "Income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. " and the results of operations of Custom in prior years have also been restated as "Income from discontinued operations." In addition, the net gain on the sale of Custom has been reported as "Gain on sale of discontinued operations." The following summary sets forth the results of operations for the fiscal years and fourth quarters ended June 30, 2008 and 2007 and the 2007 per share data have been adjusted to reflect the 3-for-2 stock split to shareholders of record on January 16, 2008. [TABLE OMITTED] 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 our third consecutive year of record sales and earnings in fiscal 2008. Worldwide demand for our seismic exploration equipment, including the products of Real Time Systems which we acquired at the beginning of the year, continued at high levels. Sales of $61,635,000 increased 31% and earnings of $13,709,000 increased 37% over last year. We currently have cash in excess of $20,000,000 and we are actively seeking additional companies for acquisition." Mr. Soto added, "High oil and gas prices may result in some weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of worldwide energy demand. However, we believe that despite
such weakening, global energy production decreases and increasing demand
for energy in China, India and the Middle East are favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to increased spending for seismic exploration. Looking forward to fiscal 2009, we anticipate another strong year for our Company, although, depending on the timing of completion of additional seismic vessels quarterly results may be uneven." Bolt Technology Corporation is a leading worldwide developer and manufacturer of oilfield services equipment, including seismic energy sources, seismic source A seismic source generates controlled seismic energy that is used in both reflection and refraction seismic surveys. A seismic source can be simple, such as dynamite, or it can use more sophisticated technology, such as a specialized air gun. controllers and synchronizers and underwater connectors used in the offshore seismic exploration for oil and gas. 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. These include statements about anticipated financial performance, future revenues and earnings, business prospects, new products, anticipated energy industry activity, anticipated market performance, planned production and shipping of products, expected cash needs and similar matters. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation (i) the risk of technological change relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's products and the risk of the Company's inability to develop new competitive products in a timely manner, (ii) the risk of changes in demand for the Company's products due to fluctuations in energy industry activity, (iii) the Company's reliance on certain significant customers, (iv) risks associated with a significant amount of foreign sales, (v) the risk of fluctuations in future operating results, and (vi) other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company believes that forward-looking statements made by it are based on reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. The words "estimate," "project," "anticipate," "expect," "predict," "believe," and similar expressions are intended to identify forward-looking statements. |
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