Bolt Technology Reports Third Quarter Results.Business/Technology Editors NORWALK, Conn.--(BUSINESS WIRE)--April 17, 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 third quarter and first nine months of fiscal year 2002. Sales for the third quarter increased 8% to $4,760,000 from $4,405,000 in last year's third quarter. Net income for the quarter ended March 31, 2002 amounted to $469,000 or $0.09 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 net income of $253,000 or $0.05 per diluted share last year. For the first nine months of fiscal year 2002, sales increased 26% to $13,231,000 from $10,481,000 last year. Net income for the first nine months amounted to $1,180,000 or $0.22 per diluted share compared to a net loss of $9,000 or $0.00 per diluted share last year. On July 1, 2001, the Company adopted the new "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. " accounting standard that requires, among other things, the cessation cessation Vox populi The stopping of a thing. See Smoking cessation. of goodwill amortization and an initial 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 the Company's goodwill balances. The initial test was completed and resulted in no impairment of the Company's goodwill balances. If the new standard had been in effect last year, net income for the three and nine months ended March 31, 2001 would have been $0.07 and $0.08 per share, respectively. 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, "The financial results for our third quarter and first nine months of fiscal 2002 continue to reflect strong improvement 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 business. Our balance sheet at March 31, 2002 has also strengthened considerably since June 30, 2001 and includes an increase in working capital of more than $1,800,000. As we begin our final quarter of fiscal 2002, we are confident that the full year results will show substantial improvement from last year." 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 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 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.
BOLT TECHNOLOGY CORPORATION
SUMMARY OF OPERATIONS
(unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Sales $4,760,000 $4,405,000 $13,231,000 $10,481,000
Cost of Sales 2,640,000 2,457,000 7,495,000 6,072,000
Gross Profit 2,120,000 1,948,000 5,736,000 4,409,000
Research and
development 117,000 85,000 240,000 208,000
Selling, general and
administrative
expenses 1,190,000 1,140,000 3,406,000 3,209,000
Amortization of
goodwill - 165,000 - 495,000
Interest expense, net 44,000 78,000 156,000 259,000
Income before taxes 769,000 480,000 1,934,000 238,000
Provision for income
taxes 300,000 227,000 754,000 247,000
Net income (loss) $469,000 $253,000 $1,180,000 $(9,000)
Diluted net income
per share $0.09 $0.05 $0.22 $0.00
Diluted shares
outstanding 5,418,000 5,409,000 5,417,000 5,409,000
SELECTED BALANCE SHEET INFORMATION
March 31, June 30,
2002 2001
(unaudited)
Cash and cash equivalents $2,734,000 $1,329,000
Accounts receivable, net $3,568,000 $4,607,000
Total assets $24,570,000 $24,734,000
Total liabilities $4,561,000 $5,905,000
Stockholders' equity $20,009,000 $18,829,000
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