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Bolt Technology Announces Third Quarter Results And Quarterly Dividend Payment

NORWALK, Conn., April 24, 2013 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) today announced financial results for the third quarter and the first nine months of fiscal year 2013.

Sales for the third quarter of fiscal year 2013, the three months ended March 31, 2013, amounted to $11,243,000 compared to $12,993,000 for the third quarter of fiscal year 2012. Net income for the quarter amounted to $1,381,000 ($0.16 per share) compared to $1,585,000 ($0.18 per share) for the third quarter of fiscal year 2012.

Sales for the nine months ended March 31, 2013 amounted to $39,921,000 compared to $37,153,000 for the same nine month period in fiscal year 2012. Net income for the period amounted to $4,786,000 ($0.56 per share) compared to $4,251,000 ($0.49 per share) in the first nine months of fiscal year 2012.

Raymond M. Soto, Bolt's chairman and CEO, commented, "In the third quarter of fiscal year 2013, sales and net income decreased 13% compared to last year's third quarter. The decreases in sales and net income are primarily due to a 25% decrease in sales at our underwater robotics business. This decrease in sales at our underwater robotics business is largely attributable to a delay in the shipment of an order in excess of $1,000,000 caused by customer requested additional add-on features which delayed shipment beyond March 31, 2013."

Mr. Soto continued, "Sales for the nine months ended March 31, 2013 increased 7% over the nine months ended March 31, 2012, reflecting a $4,800,000 increase in marine seismic equipment sales, partially offset by a $2,000,000 decrease in underwater robotics sales. Net income for the first nine months of fiscal year 2013 increased 13% to $4,786,000 compared to $4,251,000 last year, primarily due to the higher sales by our marine seismic equipment businesses."

Mr. Soto further commented, "I am pleased to report that today the Board of Directors approved a quarterly dividend of $0.07 per common share, payable on July 5, 2013 to stockholders of record on June 5, 2013."

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