Exhibit 99.1
EARNINGS RELEASE
For Immediate Release
Contact: Raymond M. Soto (203) 853-0700
BOLT TECHNOLOGY REPORTS FISCAL YEAR 2007 RESULTS; SECOND CONSECUTIVE YEAR OF RECORD SALES AND EARNINGS.
NORWALK, CT., August 22, 2007 – Bolt Technology Corporation (AMEX:BTJ) today announced record financial results for the fourth quarter and fiscal year ended June 30, 2007.
Fiscal year 2007 sales increased 55% to $50,464,000 compared to $32,591,000 last year. Net income for the fiscal year increased 119% to $10,607,000 or $1.87 per diluted share, compared to $4,845,000 or $0.86 per diluted share last year.
Sales for the fourth quarter of fiscal 2007, the three months ended June 30, 2007, increased 61% to $15,468,000 compared to $9,612,000 for the fourth quarter of fiscal 2006 and net income for the quarter increased 109% to $3,390,000 or $0.60 per diluted share, compared to $1,621,000 or $0.29 per diluted share in last year’s fourth quarter.
Raymond M. Soto, Bolt’s Chairman, President and CEO, commented, “We are pleased to report the second consecutive year of record sales and earnings for our Company. Global demand by marine seismic exploration providers for our high quality seismic energy sources and underwater electrical connectors continued to steadily increase in fiscal 2007. During the year, we shipped almost 1,300 of our seismic energy sources to over 30 seismic exploration vessels.”
Mr. Soto added, “Although our 2008 fiscal year has only recently started, based on the current level of orders and current discussions with our customers and potential customers, we believe that fiscal 2008 should be another strong year for Bolt.”
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, |
| | | 2007 | | 2006 | | 2007 | | 2006 |
Sales | | $ | 15,468,000 | | $ | 9,612,000 | | $ | 50,464,000 | | $ | 32,591,000 |
Costs and expenses | | | 10,464,000 | | | 7,131,000 | | | 34,810,000 | | | 25,161,000 |
| | | | | | | | | | | | |
Income before income taxes | | | 5,004,000 | | | 2,481,000 | | | 15,654,000 | | | 7,430,000 |
Provision for income taxes | | | 1,614,000 | | | 860,000 | | | 5,047,000 | | | 2,585,000 |
| | | | | | | | | | | | |
Net income | | $ | 3,390,000 | | $ | 1,621,000 | | $ | 10,607,000 | | $ | 4,845,000 |
| | | | | | | | | | | | |
Diluted earnings per share | | $ | 0.60 | | $ | 0.29 | | $ | 1.87 | | $ | 0.86 |
Average diluted shares outstanding | | | 5,688,000 | | | 5,666,000 | | | 5,682,000 | | | 5,631,000 |
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets
| | | | | | | | | | | | | | |
| | | June 30, | | | | June 30, |
| | | 2007 | | 2006 | | | | 2007 | | 2006 |
Assets | | | | | | | | Liabilities and Stockholders’ Equity | | | | | | |
Current Assets | | | | | | | | Current Liabilities | | | | | | |
Cash and cash equivalents | | $ | 9,988,000 | | $ | 4,580,000 | | Accounts payable | | $ | 3,668,000 | | $ | 2,389,000 |
Accounts receivable, net | | | 10,619,000 | | | 7,639,000 | | Accrued expenses | | | 2,622,000 | | | 2,296,000 |
Inventories | | | 11,921,000 | | | 8,196,000 | | Income taxes payable | | | — | | | 1,158,000 |
| | | | | | | | | | | | | | |
Other | | | 694,000 | | | 483,000 | | | | | 6,290,000 | | | 5,843,000 |
| | | | | | | | | | | | | | |
| | | 33,222,000 | | | 20,898,000 | | Deferred Income Taxes | | | 529,000 | | | 436,000 |
| | | | | | | | | | | | | | |
| | | | | | | | Total liabilities | | | 6,819,000 | | | 6,279,000 |
Property and plant, net | | | 3,204,000 | | | 2,603,000 | | | | | | | | |
Goodwill | | | 10,956,000 | | | 10,999,000 | | | | | | | | |
Other | | | 123,000 | | | 111,000 | | Stockholders’ Equity | | | 40,686,000 | | | 28,332,000 |
| | | | | | | | | | | | | | |
| | $ | 47,505,000 | | $ | 34,611,000 | | | | $ | 47,505,000 | | $ | 34,611,000 |
| | | | | | | | | | | | | | |
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