Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced financial results for the third quarter and the first nine months of fiscal year 2010.
Sales for the third quarter of fiscal 2010, the three months ended March 31, 2010, amounted to $5,897,000 compared to $12,960,000 for the third quarter last year. Net income for the quarter amounted to $681,000 ($0.08 per share) compared to $3,004,000 ($0.35 per share) for the third quarter last year.
Sales for the nine months ended March 31, 2010, amounted to $21,605,000 compared to $37,813,000 for the same period last year. Net income for the period amounted to $3,320,000 ($0.39 per share) compared to $8,310,000 ($0.97 per share) in last year’s first nine months.
Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “The Company’s operating results for the third quarter and first nine months of fiscal 2010 continue to reflect the impact of lower marine seismic exploration activity caused by the global economic slowdown. However, I am pleased that despite these unfavorable conditions, we were able to operate profitably during the third quarter and first nine months of fiscal 2010. In addition, we have seen indications that industry and economic conditions are beginning to improve. As previously announced, we recently received orders in excess of $2,600,000 for two seismic source systems that are scheduled to ship in the fourth quarter. Further, the Administration’s recent proposal to allow exploration and drilling activity in certain territorial areas of the United States that were previously off limits for such activity should be beneficial to our Company.”Mr. Soto added, “We continue to pursue our initiative to enhance our Company’s growth through strategic acquisitions. Our financial condition remains strong with cash and cash equivalents of $36,772,000 and working capital of $54,039,000 at March 31, 2010.” Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic acquisition equipment used for offshore exploration for oil and gas. The Company operates in three segments: “Seismic Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source Controllers.”