At least one bright spot today.
Wednesday August 5, 8:05 am Eastern Time
Company Press Release
Bolt Announces Record Net Income for Fourth
Quarter and Fiscal Year
NORWALK, Conn.--(BUSINESS WIRE)--Aug. 5, 1998--Bolt Technology Corporation
(AMEX:BTJ - news) today announced that net income for the fourth quarter and fiscal
year ended June 30, 1998 were the highest in the company's history.
Fiscal year revenues increased 71% and net income increased 142%.
Revenues for the fiscal year ended June 30, 1998 were $18,053,000 compared with
$10,531,000 for the prior year. Net income for the fiscal year increased to $5,134,000,
or $0.97 per diluted share, compared to net income of $2,121,000, or $0.41 per diluted
share, last year. Net income in the current year includes an income tax benefit of
$358,000 or $0.07 per share.
Fourth quarter revenues increased 120% and net income increased 200%.
Revenues for the fourth quarter ended June 30, 1998 were $6,529,000 compared with
$2,974,000 last year and net income for the fourth quarter increased to $2,059,000, or
$0.38 per diluted share, compared to net income of $686,000 or $0.13 per share last
year.
Raymond M. Soto, Bolt Chairman, President and Chief Executive Officer said, ''We are
proud of the record earnings reported for our fourth quarter and fiscal year 1998. Our
record earnings reflect the high shipment level of both original order energy sources and
replacement parts which support our large installed base. The last six months of fiscal
1998 also benefited from the inclusion of Custom Products Corporation which we
acquired in January, 1998.''
Bolt Technology Corporation 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.
BOLT TECHNOLOGY CORPORATION
FINANCIAL SUMMARY
Quarter ended Year ended
June 30, June 30,
1998 1997 1998 1997
Revenues $6,529,000 $2,974,000 $18,053,000 $10,531,000
Net income 2,059,000 686,000 5,134,000(a) 2,121,000
Per share income:
Basic $0.39 $0.14 $1.00 $0.43
Diluted $0.38 $0.13 $0.97 $0.41
Shares outstanding:
Basic 5,227,000 5,037,000 5,146,000 4,989,000
Diluted 5,387,000 5,196,000 5,287,000 5,178,000
(a) includes a net income tax benefit of $358,000.
Contact:
Bolt Technology Corporation
Alan Levy, 203/853-0700
|
