Exhibit 99.1
EARNINGS RELEASE
For Immediate Release
Contact: Joseph Espeso (203) 853-0700
BOLT TECHNOLOGY REPORTS BEST EVER FINANCIAL RESULTS FOR FISCAL YEAR 2006 AS NET INCOME NEARLY TRIPLES.
NORWALK, CT., August 22, 2006 – Bolt Technology Corporation (AMEX:BTJ) today announced record financial results for the fourth quarter and fiscal year ended June 30, 2006.
Fiscal year 2006 sales increased 73% to $32,591,000 compared to $18,796,000 last year. Net income for the year ended June 30, 2006 increased 192% to $4,845,000 or $0.86 per diluted share, compared to $1,659,000 or $0.30 per diluted share last year.
Sales for the fourth quarter of fiscal 2006, the three months ended June 30, 2006, increased 79% to $9,612,000 compared to $5,375,000 for the fourth quarter of fiscal 2005 and net income for the quarter increased 136% to $1,621,000 or $0.29 per diluted share, compared to $688,000 or $0.12 per diluted share in last year’s fourth quarter.
Raymond M. Soto, Bolt’s Chairman, President and CEO, commented, “The high global demand for marine seismic exploration services has resulted in the achievement of all-time record financial results for our Company in fiscal year 2006. Shipments of Bolt’s high quality seismic energy sources and underwater electrical connectors have increased steadily throughout the year.”
Mr. Soto added, “Based on the current level of sales orders, requests for quotations and other inquiries, we believe that fiscal year 2007 will be another strong year for our Company.”
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
| | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Year Ended June 30, |
| | | 2006 | | 2005 | | 2006 | | 2005 |
Sales | | $ | 9,612,000 | | $ | 5,375,000 | | $ | 32,591,000 | | $ | 18,796,000 |
Costs and expenses | | | 7,131,000 | | | 4,362,000 | | | 25,161,000 | | | 16,296,000 |
| | | | | | | | | | | | |
Income before income taxes | | | 2,481,000 | | | 1,013,000 | | | 7,430,000 | | | 2,500,000 |
Provision for income taxes | | | 860,000 | | | 325,000 | | | 2,585,000 | | | 841,000 |
| | | | | | | | | | | | |
Net income | | $ | 1,621,000 | | $ | 688,000 | | $ | 4,845,000 | | $ | 1,659,000 |
| | | | | | | | | | | | |
Diluted earnings per share | | $ | 0.29 | | $ | 0.12 | | $ | 0.86 | | $ | 0.30 |
Average diluted shares outstanding | | | 5,666,000 | | | 5,569,000 | | | 5,631,000 | | | 5,533,000 |
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets
| | | | | | |
| | | June 30, |
| | | 2006 | | 2005 |
Assets | | | | | | |
Current Assets | | | | | | |
Cash and cash equivalents | | $ | 4,580,000 | | $ | 3,654,000 |
Accounts receivable | | | 7,639,000 | | | 3,043,000 |
Inventories | | | 8,196,000 | | | 7,141,000 |
Other | | | 483,000 | | | 516,000 |
| | | | | | |
| | | 20,898,000 | | | 14,354,000 |
| | |
Property and Equipment | | | 2,603,000 | | | 1,815,000 |
Goodwill | | | 10,999,000 | | | 11,042,000 |
Other | | | 111,000 | | | 105,000 |
| | | | | | |
| | $ | 34,611,000 | | $ | 27,316,000 |
| | | | | | |
Liabilities and Stockholders’ Equity | | | | | | |
Current Liabilities | | | | | | |
Accounts payable | | $ | 2,389,000 | | $ | 2,100,000 |
Accrued expenses | | | 2,296,000 | | | 1,456,000 |
Income taxes payable | | | 1,158,000 | | | 348,000 |
| | | | | | |
| | | 5,843,000 | | | 3,904,000 |
| | | | | | |
| Deferred Income Taxes | | | 436,000 | | | 337,000 |
| | | | | | |
Total liabilities | | | 6,279,000 | | | 4,241,000 |
| | |
Stockholders’ Equity | | | 28,332,000 | | | 23,075,000 |
| �� | | | | | |
| | $ | 34,611,000 | | $ | 27,316,000 |
| | | | | | |
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