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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. 14, 2013 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) today announced financial results for the fourth quarter and fiscal year ended June 30, 2013.

Sales for the fourth quarter of fiscal year 2013, the three months ended June 30, 2013, amounted to $17,921,000, compared with $15,457,000 for the fourth quarter of fiscal year 2012. Net income for the fourth quarter of fiscal year 2013 amounted to $1,914,000 ($0.22 per share) compared to a net loss of $2,269,000 ($0.26 per share) in the fourth quarter of fiscal year 2012.    

For the fiscal year ended June 30, 2013, sales amounted to $57,842,000, compared with $52,610,000 for fiscal year 2012. Net income for fiscal year 2013 amounted to $6,700,000 ($0.78 per share) compared to $1,982,000 ($0.23 per share) in fiscal year 2012. 

In the fourth quarter of fiscal years 2013 and 2012, Bolt recorded non-tax deductible charges of $500,000 and $4,500,000, respectively, for additional estimated contingent earnout payments relating to the acquisition of SeaBotix Inc. These charges reflect estimated contingent earnout payments payable by the Company through the end of the earnout period ending December 31, 2014.

Raymond M. Soto, Bolt's Chairman and CEO, commented, "We are pleased to report that our consolidated sales increased 10% in fiscal year 2013 to $57,842,000 from $52,610,000 in fiscal year 2012 and our income before income taxes and contingent earnout charges increased 14% to $10,691,000 from $9,377,000 last year. The improved results are mainly attributable to our marine seismic data acquisition businesses, which reported a 16% increase in sales and income before taxes. The fiscal year 2013 financial results of our underwater robotic vehicles business were slightly below fiscal year 2012 levels."

Mr. Soto concluded, "Fiscal year 2013 was a successful year for our Company and we look forward to continued success in fiscal year 2014."

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