Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced financial results for the third quarter and the first nine months of fiscal year 2010.

Sales for the third quarter of fiscal 2010, the three months ended March 31, 2010, amounted to $5,897,000 compared to $12,960,000 for the third quarter last year. Net income for the quarter amounted to $681,000 ($0.08 per share) compared to $3,004,000 ($0.35 per share) for the third quarter last year.

Sales for the nine months ended March 31, 2010, amounted to $21,605,000 compared to $37,813,000 for the same period last year. Net income for the period amounted to $3,320,000 ($0.39 per share) compared to $8,310,000 ($0.97 per share) in last year’s first nine months.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “The Company’s operating results for the third quarter and first nine months of fiscal 2010 continue to reflect the impact of lower marine seismic exploration activity caused by the global economic slowdown. However, I am pleased that despite these unfavorable conditions, we were able to operate profitably during the third quarter and first nine months of fiscal 2010. In addition, we have seen indications that industry and economic conditions are beginning to improve. As previously announced, we recently received orders in excess of $2,600,000 for two seismic source systems that are scheduled to ship in the fourth quarter. Further, the Administration’s recent proposal to allow exploration and drilling activity in certain territorial areas of the United States that were previously off limits for such activity should be beneficial to our Company.”

Mr. Soto added, “We continue to pursue our initiative to enhance our Company’s growth through strategic acquisitions. Our financial condition remains strong with cash and cash equivalents of $36,772,000 and working capital of $54,039,000 at March 31, 2010.”

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.

       

       BOLT TECHNOLOGY CORPORATION

                    Condensed Consolidated Statements of Operations (Unaudited)
 

Three Months Ended

  Nine Months Ended

  March 31,

  March 31,
 

  2010

2009

  2010

2009
Sales $ 5,897,000 $ 12,960,000 $ 21,605,000 $ 37,813,000
Costs and expenses   4,887,000   8,619,000   16,714,000   25,546,000
Income before income taxes 1,010,000 4,341,000 4,891,000 12,267,000
Provision for income taxes   329,000   1,337,000   1,571,000   3,957,000
Net Income $ 681,000 $ 3,004,000 $ 3,320,000 $ 8,310,000
 
Earnings per share diluted $ 0.08 $ 0.35 $ 0.39 $ 0.97
 

Average shares outstanding

  8,603,000

 8,587,000

 8,617,000

   8,590,000
 

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)
     

 

March 31,

 
 

March 31,

2010
 

2009

2010
 

2009
 
Assets Liabilities and Stockholders’ Equity
 
Current Assets

 
Cash and cash

Current Liabilities
equivalents $36,772,000 $23,902,000

Accounts payable
$416,000 $1,648,000
Short term investments - 2,050,000

Accrued expenses
1,285,000 2,074,000

  Accounts receivable
4,515,000 9,960,000 Income taxes payable

20,000

36,000

Inventories
13,419,000 15,061,000

1,721,000

3,758,000

Other
1,054,000 501,000
55,760,000 51,474,000
Property and equipment 3,986,000 4,263,000

 

 

 

 
Goodwill 10,957,000 10,798,000 Stockholders’ equity 70,231,000 64,193,000
Other intangible assets 1,052,000 1,292,000
Other

197,000
124,000
 
 
$71,952,000 $67,951,000 $71,952,000 $67,951,000

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