Bolt Technology Reports Third Quarter Results
NORWALK, Conn.--April 22, 2004--Bolt Technology Corporation (AMEX:BTJ) today announced financial results for the third quarter and the first nine months of fiscal year 2004.Sales for the third quarter of fiscal 2004, the three months ended March 31, 2004, were $3,661,000 compared to $2,320,000 for the third quarter of fiscal 2003 and net income for the quarter amounted to $198,000 or $0.04 per diluted share, compared to a net loss of ($136,000) or ($0.03) per share in last year's third quarter.
For the nine months ended March 31, 2004, sales were $10,828,000 compared to $7,832,000 last year. Net income for the nine months ended March 31, 2004 amounted to $764,000 or $0.14 per diluted share, compared to a net loss of ($163,000) or ($0.03) per share last year.
Raymond M. Soto, Bolt's chairman, president and CEO, commented, "We are pleased to report that our third quarter and nine months results continue to show substantial improvement from last year. We believe that our final quarter of fiscal 2004 should continue to reflect improvement."
Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision miniature industrial clutches, brakes and electric motors.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "estimate," "project," "anticipate," "expect," "predict," "believe," and similar expressions are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks associated with decreased demand for the Company's products due to fluctuation in energy industry activity, reliance on certain significant customers, significant amount of foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission. Forward-looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated.
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2004 2003 2004 2003
Sales $3,661,000 $2,320,000 $10,828,000 $7,832,000
Costs and expenses 3,343,000 2,535,000 9,650,000 8,068,000
---------- ---------- ----------- -----------
Income (loss) before
income taxes 318,000 (215,000) 1,178,000 (236,000)
Provision (benefit) for
income taxes 120,000 (79,000) 414,000 (73,000)
---------- ---------- ----------- -----------
Net income (loss) $198,000 $(136,000) $764,000 $(163,000)
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Earnings (loss) per share $0.04 $(0.03) $0.14 $(0.03)
Shares outstanding 5,493,000 5,414,000 5,485,000 5,414,000
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
March 31,
2004 2003
Assets ------------ -----------
Current Assets
Cash and cash equivalents $2,411,000 $2,146,000
Accounts receivable, net 2,196,000 1,322,000
Inventories, net 5,486,000 5,292,000
Other 605,000 996,000
------------ -----------
10,698,000 9,756,000
Property and equipment, net 784,000 930,000
Goodwill, net 11,095,000 11,138,000
Other 82,000 84,000
------------ -----------
$22,659,000 $21,908,000
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March 31,
2004 2003
------------ -----------
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $550,000 $298,000
Accrued Liabilities 793,000 887,000
------------ -----------
1,343,000 1,185,000
------------ -----------
Deferred income taxes 13,000 186,000
------------ -----------
Total liabilities 1,356,000 1,371,000
Stockholders' equity 21,303,000 20,537,000
------------ -----------
$22,659,000 $21,908,000
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