This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bolt Technology Reports Third Quarter Results

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.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs