This Day On The Street
Continue to site
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

Bolt Technology Reports Fourth Quarter And Fiscal 2010 Results

Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced financial results for the fourth quarter and the fiscal year ended June 30, 2010.

Sales for the fourth quarter of fiscal 2010, the three months ended June 30, 2010, amounted to $9,880,000 compared to $11,063,000 for the fourth quarter last year. Net income for the quarter amounted to $1,634,000 ($0.19 per share) compared to $2,191,000 ($0.25 per share) for the fourth quarter last year.

For the year ended June 30, 2010, sales amounted to $31,485,000 compared to $48,876,000 last year. Net income for the year amounted to $4,954,000 ($0.58 per share) compared to $10,501,000 ($1.22 per share) last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “The Company’s operating results for the fourth quarter and fiscal 2010 continue to reflect industry-wide lower marine seismic exploration activity. However, we are pleased to report that fourth quarter sales and net income increased 68% and 140%, respectively, over the third quarter and resulted in our best quarter of fiscal 2010. We are hopeful that the momentum of the fourth quarter will continue into fiscal 2011 and that the impact on the marine seismic industry associated with the Deepwater Horizon incident in the Gulf of Mexico will be minimal.”

Mr. Soto continued, “We remain committed to enhance our Company’s growth through acquisitions, and we are currently evaluating several acquisition possibilities. In addition, in June 2010, our Board of Directors authorized a program to repurchase up to $10,000,000 of our common stock and to date, we have repurchased approximately 100,000 shares.”

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.”

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements about anticipated financial performance, future revenues and earnings, business prospects, new products, anticipated energy industry activity, anticipated market performance, planned production and shipping of products, expected cash needs and similar matters. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation (i) the risk of technological change relating to the Company’s products and the risk of the Company’s inability to develop new competitive products in a timely manner, (ii) the risk of changes in demand for the Company’s products due to fluctuations in energy industry activity, (iii) the Company’s reliance on certain significant customers, (iv) risks associated with a significant amount of foreign sales, (v) the risk of fluctuations in future operating results, (vi) risks associated with global economic conditions and (vii) other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company believes that forward-looking statements made by it are based on reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. The words “estimate,” “project,” “anticipate,” “expect,” “predict,” “believe,” “may,” “could,” “should” and similar expressions are intended to identify forward-looking statements.


Condensed Consolidated Statements of Operations

Three Months Ended

Fiscal Year Ended

June 30,

June 30,




Sales $ 9,880,000 $ 11,063,000 $ 31,485,000 $ 48,876,000
Costs and expenses   7,467,000   7,806,000   24,181,000   33,352,000
Income before income taxes 2,413,000 3,257,000 7,304,000 15,524,000
Provision for income taxes   779,000   1,066,000   2,350,000   5,023,000
Net Income $ 1,634,000 $ 2,191,000 $ 4,954,000 $ 10,501,000
Earnings per share diluted $ 0.19 $ 0.25 $ 0.58 $ 1.22

Average shares outstanding






Condensed Consolidated Balance Sheets


June 30,


June 30,





Liabilities and Stockholders’ Equity



Current Assets

Current Liabilities

Cash and cash equivalents
$ 39,468,000 $ 25,696,000

Accounts payable
$ 631,000 $ 958,000
Short Term Investments - 2,041,000

Accrued expenses
1,787,000 2,904,000
Accounts receivable 6,210,000 11,576,000 Income taxes payable   448,000   194,000


12,390,000 14,064,000







Property and equipment 3,957,000 4,191,000


Goodwill 10,957,000 10,957,000 Stockholders’ equity  


Other intangible assets 992,000 1,232,000


$ 74,821,000 $ 70,524,000 $ 74,821,000 $ 70,524,000

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BOLT $21.99 0.05%
AAPL $111.79 2.10%
FB $92.93 0.50%
GOOG $641.51 0.37%
TSLA $221.67 -2.20%


Chart of I:DJI
DOW 17,037.19 -13.56 -0.08%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,820.6660 +9.8780 0.21%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs