Wednesday January 14, 9:16 am Eastern Time
Company Press Release
Bolt Announces Second Quarter Results
NORWALK, Conn.--(BUSINESS WIRE)--Jan. 14, 1998--Bolt Technology Corp.
(AMEX:BTJ - news) announced the results of operations for the second quarter and first
six months of fiscal 1998.
The company reported that revenues and net income for the three months ended Dec.
31, 1997 amounted to $3,750,000 and $984,000 ($0.19 per share), respectively, as
compared to revenues of $2,353,000 and net income of $472,000 ($0.09 per share) in
last year's second quarter. This year's second quarter net income includes a net
income tax benefit of $100,000 ($0.02 per share).
For the six months ended Dec. 31, 1997, revenues and net income amounted to
$6,407,000 and $1,852,000 ($0.36 per share), respectively, as compared to revenues
of $4,671,000 and net income of $865,000 ($0.17 per share) during the corresponding
six months last year. This year's six months net income includes a net income tax
benefit of $358,000 ($0.07 per share).
Raymond M. Soto, chairman, president and chief executive officer of Bolt, said, ''The
strong gains reported for the second quarter and first six months of fiscal 1998 are the
result of continued increased shipments of our marine seismic energy sources.
Customer demand remains high and coupled with the expected contribution from
Custom Products Corp., which Bolt acquired on Jan. 6, 1998, earnings for the second
six months of fiscal 1998 should continue to show growth.''
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Bolt Technology Corp.
Financial Summary
Quarter ended Six months ended
Dec. 31, Dec. 31,
1997 1996 1997 1996
Revenues $3,750,000 $2,353,000 $6,407,000 $4,671,000
Net Income 984,000(a) 472,000 1,852,000(b) 865,000
Per share income
-Basic $ 0.19 $ 0.09 $ 0.36 $ 0.17
-Diluted $ 0.19 $ 0.09 $ 0.36 $ 0.17
Shares outstanding
-Basic 5,078,000 4,972,000 5,077,000 4,972,000
-Diluted 5,220,000 5,181,000 5,213,000 5,165,000
(a) Includes a net income tax benefit of $100,000 ($0.02 per share). (b) Includes a net
income tax benefit of $358,000 ($0.07 per share).
Contact:
Bolt Technology Corp.
Alan Levy, 203/853-0700 |
