NORWALK, Conn. (AP) ¿ Bolt Technology Corp., which provides geophyscial equipment for gas and oil exploration, on Wednesday said its fiscal fourth-quarter fell 47 percent on lower sales.
The company said its profit sank to $2.2 million, or 25 cents per share, for the three months ended June 30 from $4.1 million, or 43 cents per share, a year ago.
Sales dropped to $11.1 million from $14.9 million a year ago.
Bolt Technology said the decrease in revenue was due to a decline in the price of oil and the global economic slowdown, which slowed demand for marine seismic exploration.For the full fiscal year, net income fell to $10.5 million, or $1.22 per share, down from $14.6 million, or $1.70 per share, a year ago. Sales fell to $48.9 million from $61.6 million a year earlier. Bolt Technology shares fell 49 cents, or 3.7 percent, to $12.81 in morning trading.