NORWALK, Conn., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) today announced financial results for the first quarter of fiscal year 2014, the three months ended September 30, 2013.
Sales for the first quarter of fiscal year 2014 increased 14% to $16,208,000, compared to $14,268,000 for the first quarter of fiscal year 2013. Net income for the quarter increased 39% to $2,363,000 ($0.27 per share) from $1,704,000 ($0.20 per share) in the first quarter of fiscal year 2013.
Raymond M. Soto, Bolt's chairman and CEO, commented, "The 14% increase in sales for the first quarter of fiscal year 2014 is attributable to our marine seismic data acquisition businesses which reported a 23% increase in sales, partially offset by a 14% decrease in sales in our underwater robotic vehicle business. During the quarter we shipped the first order of our SmartSource™ digital controller which was a major contributor to the increase in sales and net income."Mr. Soto concluded, "We are pleased with the results of the first quarter of fiscal year 2014 and based on current customer orders and inquiries, we anticipate that fiscal year 2014 will be another successful year for our Company."
|BOLT TECHNOLOGY CORPORATION|
|Condensed Consolidated Statements of Operations (Unaudited)|
|Three Months Ended|
|Costs and expenses||12,680,000||11,647,000|
|Income before income taxes||3,528,000||2,621,000|
|Provision for income taxes||1,165,000||917,000|
|Earnings per share||$0.27||$0.20|
|Average shares outstanding||8,653,000||8,581,000|
|BOLT TECHNOLOGY CORPORATION|
|Condensed Consolidated Balance Sheets (Unaudited)|
|September 30,||September 30,|
|Assets||Liabilities and Stockholders' Equity|
|Current Assets||Current Liabilities|
|Cash and cash equivalents||$25,170,000||$26,332,000||Accounts payable||$2,288,000||$1,570,000|
|Accounts receivable||10,993,000||8,619,000||Accrued expenses||3,015,000||2,181,000|
|Inventories||18,568,000||17,135,000||Contingent earnout liability||2,170,000||2,400,000|
|Deferred income taxes||626,000||530,000||Dividends payable||779,000||601,000|
|Other||907,000||1,029,000||Income taxes payable||1,067,000||830,000|
|Property and equipment||4,907,000||5,098,000||Contingent earnout liability||1,145,000||2,600,000|
|Goodwill||17,227,000||17,227,000||Deferred income taxes||2,398,000||2,494,000|
|Other intangible assets||6,772,000||7,653,000||Total liabilities||12,862,000||12,676,000|
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