Attached files
| file | filename |
|---|---|
| 8-K - Teledyne Bolt, Inc. | v209043_8k.htm |
Exhibit
99.1
EARNINGS
RELEASE
For
Immediate Release
Contact:
Raymond M. Soto (203) 853-0700
BOLT
TECHNOLOGY REPORTS SECOND QUARTER RESULTS.
NORWALK,
CT., January 26, 2011 – Bolt Technology Corporation (NASDAQ Global Select
Market: BOLT) today
announced financial results for the second quarter and the first six months of
fiscal year 2011.
Sales for
the second quarter of fiscal year 2011, the three months ended December 31,
2010, were $10,124,000 compared to $8,675,000 for the second quarter of fiscal
year 2010. Net income for the quarter was $1,681,000 ($0.20 per
share) compared to $1,461,000 ($0.17 per share) for the second quarter of fiscal
year 2010.
Sales for
the first half of fiscal year 2011, the six months ended December 31, 2010, were
$18,658,000 compared to $15,708,000 for the same six month period in fiscal year
2010. Net income for the period was $3,114,000 ($0.37 per share)
compared to $2,639,000 ($0.31 per share) in the first six months of fiscal year
2010.
Raymond
M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased that our
operating results for the second quarter and first six months of fiscal year
2011 continue to reflect improvement over the comparable periods in fiscal year
2010. All three of our existing operating units, seismic energy
sources, underwater cables and connectors and seismic energy source controllers
continued to operate profitably.”
Mr. Soto
continued, “As we reported earlier this month, we acquired all of the
outstanding common stock of SeaBotix Inc., a manufacturer of underwater remotely
operated vehicle systems, located in San Diego, California on January 6,
2011. The initial closing payment of $10,000,000 was funded from our
existing cash balances. SeaBotix’s operating results will be included
in our consolidated results of operations for future reporting periods effective
as of January 1, 2011.”
Mr. Soto
concluded, “We are hopeful that the results of operations (including our newly
acquired SeaBotix subsidiary) for the second half of fiscal year 2011 will
continue to show improvement over fiscal year 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’s operating segments include “Seismic
Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source
Controllers,” together with a fourth operating segment, as of January 1, 2011,
reflecting the acquisition of SeaBotix.
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
|
Six
Months Ended
|
|||||||||||||||
|
December
31,
|
December 31,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Sales
|
$ | 10,124,000 | $ | 8,675,000 | $ | 18,658,000 | $ | 15,708,000 | ||||||||
|
Costs
and expenses
|
7,718,000 | 6,496,000 | 14,094,000 | 11,827,000 | ||||||||||||
|
Income
before income taxes
|
2,406,000 | 2,179,000 | 4,564,000 | 3,881,000 | ||||||||||||
|
Provision
for income taxes
|
725,000 | 718,000 | 1,450,000 | 1,242,000 | ||||||||||||
|
Net
Income
|
$ | 1,681,000 | $ | 1,461,000 | $ | 3,114,000 | $ | 2,639,000 | ||||||||
|
Earnings
per share diluted
|
$ | 0.20 | $ | 0.17 | $ | 0.37 | $ | 0.31 | ||||||||
| Average shares outstanding | 8,529,000 | 8,626,000 | 8,522,000 | 8,624,000 | ||||||||||||
BOLT
TECHNOLOGY CORPORATION
Condensed Consolidated Balance
Sheets (Unaudited)
|
December 31,
|
December 31,
|
||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||||||||||
|
Assets
|
Liabilities
and Stockholders’ Equity
|
||||||||||||||||
|
Current
Assets
|
Current
Liabilities
|
||||||||||||||||
|
Cash
and cash equivalents
|
$ | 40,875,000 | $ | 34,803,000 |
Accounts
payable
|
$ | 533,000 | $ | 719,000 | ||||||||
|
Accrued
expenses
|
1,109,000 | 1,627,000 | |||||||||||||||
|
Accounts
receivable
|
6,742,000 | 7,024,000 |
Income
taxes payable
|
43,000 | 194,000 | ||||||||||||
|
Inventories
|
11,901,000 | 13,103,000 | |||||||||||||||
|
Other
|
697,000 | 669,000 | 1,685,000 | 2,540,000 | |||||||||||||
| 60,215,000 | 55,599,000 | ||||||||||||||||
|
Property
and equipment
|
3,949,000 | 4,054,000 | |||||||||||||||
|
Goodwill
|
10,957,000 | 10,957,000 |
Stockholders’
equity
|
74,565,000 | 69,398,000 | ||||||||||||
|
Other
intangible assets
|
904,000 | 1,112,000 | |||||||||||||||
|
Other
|
225,000 | 216,000 | |||||||||||||||
| $ | 76,250,000 | $ | 71,938,000 | $ | 76,250,000 | $ | 71,938,000 |