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reported on April 23, 2009 that its Q3 FY09 earnings decreased 11.8% due to lower revenue. Net income for the latest third quarter fell to $3.00 million or $0.35 per share from $3.40 million or $0.40 per share in Q3 FY08. The comparable quarter in the last year included $185,000 or $0.02 per share income from discontinued operations.
Bolt Technology's net sales declined 17.5% to $12.96 million from $15.71 million in the prior year's quarter. The decline in sales was primarily due to lower shipments of energy source systems and controllers, partially offset by higher shipments of energy source replacement parts and underwater cables and connectors. Costs and expenses of the company slipped 20.9% to $8.62 million from $10.90 million in the year-ago quarter. Income from continuing operations decreased 6.7% to $3.00 million or $0.35 per share from $3.22 million or $0.38 per share, in the comparable quarter of the last year.
Cash and cash equivalents at the end of Q3 FY09 more than doubled to $23.90 million from $11.04 million. The company remained debt free during the quarter, thereby leading to zero leverage level. Shareholders' equity spiked 25.1% to $64.19 million from $51.32 million in the prior year's quarter.
Looking forward, while reduction in the worldwide spending for marine seismic exploration as a result of economic slowdown and lower commodity prices has adversely impacted the company's performance, its expects to report favorable results for FY09 based on current level of customer inquiries and orders.