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Bolt Technology Announces Fourth Quarter And Full Year Results And Increased Quarterly Dividend

Stocks in this article: BOLT

NORWALK, Conn., Aug. 21, 2012 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) today announced financial results for the fourth quarter and the fiscal year ended June 30, 2012.

Sales for the fourth quarter of fiscal year 2012, ended June 30, 2012, increased 43% to $15,457,000, compared with $10,819,000 for the fourth quarter of fiscal year 2011. Adjusted Income before Income Taxes, which excludes a special charge, increased 56% to $3,316,000 from $2,121,000 in the fourth quarter of fiscal 2011.

In the fourth quarter of fiscal year 2012, Bolt recorded a non-cash and non-tax deductible $4,500,000 charge for additional contingent earnout payments, estimated through 2014, related to the acquisition of SeaBotix Inc. With the inclusion of the charge, the Company reported a net loss for the quarter of $2,269,000, or $0.26 per share, compared with net income of $1,386,000, or $0.16 per share for the fourth quarter of fiscal year 2011. Excluding the contingent earnout charge, adjusted net income and earnings per share for the fourth quarter of fiscal 2012 were $2,231,000 and $0.26, respectively.

In January 2011, Bolt acquired all of the outstanding shares of SeaBotix for $16,060,000 which included estimated contingent earnout payments of $5,000,000. In the 18 months since the date of the acquisition, SeaBotix sales have substantially exceeded the original estimates used to calculate the earnout accrued at closing, resulting in the fourth quarter charge of $4,500,000.

For the fiscal year ended June 30, 2012, sales increased 35% to $52,610,000, compared with $38,858,000 for fiscal year 2011. For fiscal year 2012, Adjusted Income before Income Taxes, which excludes the special charge, increased 18% to $9,377,000 from $7,975,000 in fiscal year 2011. After the $4,500,000 charge recorded in the fourth quarter, net income for fiscal year 2012 amounted to $1,982,000, or $0.23 per share, compared with $5,527,000, or $0.65 per share, in fiscal year 2011. Excluding the contingent earnout charge, adjusted net income and earnings per share for fiscal year 2012 were $6,482,000 and $0.75, respectively.

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