Bolt Technology Announces Second Quarter Results And Quarterly Dividend Payment

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

Sales for the second quarter of fiscal year 2013, the three months ended December 31, 2012, amounted to $14,410,000 compared to $14,588,000 for the second quarter of fiscal year 2012. Net income for the quarter amounted to $1,701,000 ($0.20 per share) compared to $1,946,000 ($0.23 per share) for the second quarter of fiscal year 2012.

Sales for the first half of fiscal year 2013, the six months ended December 31, 2012, amounted to $28,678,000 compared to $24,160,000 for the same six month period in fiscal year 2012. Net income for the period amounted to $3,405,000 ($0.40 per share) compared to $2,666,000 ($0.31 per share) in the first six months of fiscal year 2012.

Raymond M. Soto, Bolt's chairman and CEO, commented, "Sales in the second quarter of fiscal year 2013 decreased 1% from the prior year, reflecting a 57% decrease in our underwater robotics business, due to unusually high shipments of robotic vehicles to the United States government in last year's second quarter. However, this decrease in sales in our underwater robotics business was almost completely offset by a 43% increase in our marine seismic exploration businesses. Net income in the second quarter decreased 13% to $1,701,000 compared to last year, primarily due to the lower sales at our underwater robotics business."

Mr. Soto continued, "Sales for the first half of fiscal year 2013 increased 19%, reflecting a 34% increase in our marine seismic exploration businesses, partially offset by a 15% decrease in our underwater robotics business. Net income for the first half of fiscal year 2013 increased 28% to $3,405,000 compared to last year, primarily due to the higher sales of our marine seismic exploration businesses."

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