Exhibit 99.1
For Immediate Release
Contact: Raymond M. Soto (203) 853-0700
BOLT TECHNOLOGY REPORTS FISCAL YEAR 2009 RESULTS
NORWALK, CT., August 26, 2009 – Bolt Technology Corporation (NASDAQ: BOLT) today announced financial results for the fourth quarter and the fiscal year ended June 30, 2009.
For the year ended June 30, 2009, sales amounted to $48,876,000 compared to $61,635,000 last year. Income from continuing operations for the year amounted to $10,501,000 ($1.22 per share) compared to $13,709,000 ($1.60) last year, and net income for the year amounted to $10,501,000 ($1.22 per share) compared to $14,569,000 ($1.70 per share) last year.
Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “The Company had another strong year in fiscal 2009 recording net income of $10,501,0000 on sales of $48,876,000. Fiscal 2009 sales, which are the second highest in the Company’s 47 years of operation, decreased 21% from the record sales of fiscal 2008. The decrease resulted primarily from a decrease in the price of oil and the global economic slowdown which in turn slowed down the demand for marine seismic exploration. Looking to the future, we believe the fundamentals of our industry remain strong and as current economic conditions improve, we anticipate increased demand for our products in all three segments—“Seismic Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Controllers.”
Mr. Soto continued, “Our balance sheet continued to strengthen in fiscal 2009. Cash and short-term investments increased from $19,137,000 at June 30, 2008 to $27,737,000 at June 30, 2009, our working capital increased to $49,935,000 and the Company remained debt free. Our strong balance sheet puts us in a good position to sustain the current lower levels of marine seismic exploration activity and to pursue acquisitions as appropriate.”
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
| | | Three Months Ended | | | Fiscal Year | |
| | | June 30, | | | June 30, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| Sales | | $ | 11,063,000 | | | $ | 14,921,000 | | | $ | 48,876,000 | | | $ | 61,635,000 | |
| Costs and expenses | | | 7,806,000 | | | | 9,554,000 | | | | 33,352,000 | | | | 41,473,000 | |
| Income before income taxes | | | 3,257,000 | | | | 5,367,000 | | | | 15,524,000 | | | | 20,162,000 | |
| Provision for income taxes | | | 1,066,000 | | | | 1,675,000 | | | | 5,023,000 | | | | 6,453,000 | |
| Income from continuing operations | | | 2,191,000 | | | | 3,692,000 | | | | 10,501,000 | | | | 13,709,000 | |
| Income from discontinued operations, net of taxes | | | - | | | | 418,000 | | | | - | | | | 860,000 | |
| Net Income | | $ | 2,191,000 | | | $ | 4,110,000 | | | $ | 10,501.000 | | | $ | 14,569,000 | |
| Earnings per share: | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 0.25 | | | $ | 0.43 | | | $ | 1.22 | | | $ | 1.60 | |
| Income from discontinued operations, net of taxes | | | - | | | | 0.05 | | | | - | | | | 0.10 | |
| Net Income | | $ | 0.25 | | | $ | 0.48 | | | $ | 1.22 | | | $ | 1.70 | |
| Average diluted shares outstanding | | | 8,591,000 | | | | 8,586,000 | | | | 8,590,000 | | | | 8,587,000 | |
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets
| | | June 30, | | | | June 30, | |
| | | 2009 | | | 2008 | | | | 2009 | | | 2008 | |
| Assets | | | | | | | Liabilities and | | | | | | |
| | | | | | | | Stockholders’ Equity | | | | | | |
| | | | | | | | | | | | | | |
| Current Assets | | | | | | | Current Liabilities | | | | | | |
| Cash and cash equivalents | | $ | 25,696,000 | | | $ | 19,137,000 | | Accounts payable | | $ | 958,000 | | | $ | 2,479,000 | |
| Short term investments | | | 2,041,000 | | | | - | | | | | | | | | | |
| Accounts receivable | | | 11,576,000 | | | | 11,067,000 | | Accrued expenses | | | 2,904,000 | | | | 3,045,000 | |
| Inventories | | | 14,064,000 | | | | 14,879,000 | | Income taxes payable | | | 194,000 | | | | 826,000 | |
| Other | | | 614,000 | | | | 442,000 | | | | | 4,056,000 | | | | 6,350,000 | |
| | | | 53,991,000 | | | | 45,525,000 | | | | | | | | | | |
| Property and equipment | | | 4,191,000 | | | | 4,331,000 | | | | | | | | | | |
| Goodwill | | | 10,957,000 | | | | 10,330,000 | | Stockholders’ equity | | | 66,468,000 | | | | 55,517,000 | |
| Other intangible assets | | | 1,232,000 | | | | 1,472,000 | | | | | | | | | | |
| Other | | | 153,000 | | | | 209,000 | | | | | | | | | | |
| | | $ | 70,524,000 | | | $ | 61,867,000 | | | | $ | 70,524,000 | | | $ | 61,867,000 | |
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