Bolt Technology Reports Third Quarter Results; Record Sales and Earnings Continue for the Fifth Consecutive Quarter.NORWALK, 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 third quarter and the first nine months of fiscal year 2007. Sales for the third quarter of fiscal 2007, the three months ended March 31, 2007, increased 51% to $12,728,000 compared to $8,418,000 in last year's third quarter and net income for the quarter increased 118% to $2,845,000 or $0.50 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 $1,307,000 or $0.23 per diluted share in last year's third quarter. For the nine months ended March 31, 2007, sales increased 52% to $34,996,000 compared to $22,979,000 last year. Net income for the nine months ended March 31, 2007 increased 124% to $7,217,000 or $1.27 per diluted share, compared to $3,224,000 or $0.57 per diluted share last year. 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 that the financial results for the third quarter and the first nine months of fiscal 2007 represent record quarterly and nine month levels for our company. The third quarter results are also the fifth consecutive quarter of record sales and income. During the quarter, sales 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. segment increased 54% and sales in our industrial products segment increased 23% as compared to last year's third quarter. Based on recent order activity, requests for quotations and indications from our major customers, we believe that the strong levels of business we have experienced during the first three quarters of fiscal 2007 will continue in our fourth quarter." 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, 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 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. Forward-looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated. [TABLE OMITTED] [TABLE OMITTED] |
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