Tuesday April 7, 8:49 am Eastern Time
Company Press Release
Bolt Announces 115 Percent Increase In Third
Quarter Earnings
NORWALK, Conn.--(BUSINESS WIRE)--April 7, 1998--Bolt Technology Corp.
(AMEX:BTJ - news) today announced the results of operations for its third quarter and
the first nine months of fiscal 1998.
Revenues for the three months ended March 31, 1998 increased 77 percent to
$5,117,000 from $2,886,000 reported in last year's third quarter and net income
increased 115 percent to $1,223,000 or 23 cents per common share from $570,000, or
11 cents per common share, last year.
For the nine months ended March 31, 1998, revenues increased 52 percent to
$11,524,000 from last year's nine months revenues of $7,557,000 and this year's nine
months net income increased 114 percent to $3,075,000 or 59 cents per common
share from $1,435,000, or 28 cents per common share, last year. This year's nine
months net income includes a net income tax benefit of $358,000.
President and Chief Executive Officer Raymond M. Soto, commented: ''The excellent
results for the third quarter and first nine months of fiscal year 1998 primarily reflect the
continued high demand for our marine seismic energy sources as our customers
continue to increase and upgrade their seismic exploration fleets. Third quarter results
also benefited from the inclusion of the operations of Custom Products Corp. which
was acquired in January 1998. Custom Products contributed approximately 16 percent
of revenue and net income for the quarter.''
Soto also commented, ''Our order flow during the third quarter was very strong and we
anticipate that increased shipments for our final quarter of 1998 should result in one of
the best fiscal years in our Company's history.''
Bolt Technology Corp. develops, manufactures and sells the world's leading Seismic
Energy Sources used in the offshore seismic exploration for oil and gas and through its
subsidiary, Custom Products Corporation, designs, manufactures and sells precision
mechanical and pneumatic slip clutches.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. 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.
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Bolt Technology Corp.
Financial Summary
Quarter ended Nine months ended
March 31, March 31,
1998 1997 1998 1997
Revenues $5,117,000 $2,886,000 $11,524,000 $7,557,000
Net Income 1,223,000 570,000 3,075,000(a) 1,435,000
Per share income:
-Basic $0.23 $0.11 $0.60 $0.29
-Diluted $0.23 $0.11 $0.59 $0.28
Shares outstanding:
-Basic 5,204,000 4,977,000 5,119,000 4,973,000
-Diluted 5,336,000 5,185,000 5,254,000 5,172,000
(a) Includes a net income tax benefit of $358,000
Contact:
Bolt Technology Corp.
Alan Levy, 203/853-0700
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