-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, COGTUU8CFnQudc0pIuwk63EuwYllojYdZOoqYSAyYLqFzPrrFn4mIDhF8iX5bndN IlMboD52eZK744GzSSX6sA== 0001193125-09-085586.txt : 20090423 0001193125-09-085586.hdr.sgml : 20090423 20090423141559 ACCESSION NUMBER: 0001193125-09-085586 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090423 DATE AS OF CHANGE: 20090423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOLT TECHNOLOGY CORP CENTRAL INDEX KEY: 0000354655 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 060773922 STATE OF INCORPORATION: CT FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12075 FILM NUMBER: 09766135 BUSINESS ADDRESS: STREET 1: FOUR DUKE PL CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2038530700 MAIL ADDRESS: STREET 1: FOUR DUKE PL CITY: NORWALK STATE: CT ZIP: 06854 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2009

 

 

BOLT TECHNOLOGY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Connecticut   001-12075   06-0773922

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

Four Duke Place, Norwalk, Connecticut   06854
(Address of principal executive office)   (Zip Code)

Registrant’s telephone number, including area code (203) 853-0700

Not applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Section 2—Financial Information

 

Item 2.02. Results of Operations and Financial Condition.

On April 23, 2009, Bolt Technology Corporation (the “Company”) issued a press release announcing the Company’s results of operations for the third quarter and the first nine months of fiscal year 2009. A copy of this press release is furnished with this report as Exhibit 99.1 and shall be deemed provided under this Item 2.02 of Form 8-K.

The information in this report, including the exhibit attached hereto, is being furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Section 9—Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is furnished pursuant to Item 2.02.

 

Exhibit No.

  

Description

99.1    Press release issued April 23, 2009.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

BOLT TECHNOLOGY CORPORATION
By:  

/s/ Raymond M. Soto

  Raymond M. Soto
  (Chairman of the Board, President and Chief Executive Officer)

Dated: April 23, 2009


Exhibit Index

 

Exhibit No.

  

Description

99.1    Press release issued April 23, 2009.
EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

EARNINGS RELEASE

 

 

For Immediate Release

Contact: Raymond M. Soto (203) 853-0700

BOLT TECHNOLOGY REPORTED THIRD QUARTER RESULTS.

NORWALK, CT., April 23, 2009 – Bolt Technology Corporation (NASDAQ: BOLT) today announced financial results for the third quarter and the first nine months of fiscal year 2009.

Sales for the third quarter of fiscal 2009, the three months ended March 31, 2009, amounted to $12,960,000 compared to $15,713,000 in last year’s third quarter. Income from continuing operations for the quarter amounted to $3,004,000 ($0.35 per share) compared to $3,219,000 ($0.38 per share) in last year’s third quarter, and net income for the quarter amounted to $3,004,000 ($0.35 per share) compared to $3,404,000 ($0.40 per share) in last year’s third quarter.

For the nine months ended March 31, 2009, sales amounted to $37,813,000 compared to $46,714,000 for the same period last year. Income from continuing operations for the nine months ended March 31, 2009 amounted to $8,310,000 ($0.97 per share) compared to $10,017,000 ($1.17 per share) for the same period last year, and net income for the period amounted to $8,310,000 ($0.97 per share) compared to $10,459,000 ($1.22 per share) for the same period last year.

Raymond M. Soto, Bolt’s Chairman, President and CEO, commented, “In the third quarter of fiscal year 2009 our sales deceased 18% compared to the third quarter of fiscal year 2008 and our income from continuing operations decreased 7% compared to last year’s third quarter. The decreases reflect lower shipments of energy source systems and controllers partially offset by higher shipments of energy source replacement parts and underwater cables and connectors.”

Mr. Soto added, “Although the continuing economic slowdown and lower commodity prices have reduced expenditures for marine seismic exploration, we believe, based on our year-to-date earnings and current level of customer inquiries and orders, that fiscal year 2009 will be a good year for our company.”

Bolt Technology Corporation is a leading worldwide developer and manufacturer of oilfield services equipment, including seismic energy sources, seismic source controllers and synchronizers and underwater cables and connectors used in offshore seismic exploration for oil and gas.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements about anticipated financial performance, future revenues and earnings,


business prospects, new products, anticipated energy industry activity, anticipated market performance, planned production and shipping of products, expected cash needs and similar matters. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation (i) the risk of technological change relating to the Company’s products and the risk of the Company’s inability to develop new competitive products in a timely manner, (ii) the risk of changes in demand for the Company’s products due to fluctuations in energy industry activity, (iii) the Company’s reliance on certain significant customers, (iv) risks associated with a significant amount of foreign sales, (v) the risk of fluctuations in future operating results, (vi) risks associated with global economic conditions and (vii) other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company believes that forward-looking statements made by it are based on reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. The words “estimate,” “project,” “anticipate,” “expect,” “predict,” “believe,” “may,” “could,” “should,” and similar expressions are intended to identify forward-looking statements.

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

 

     Three Months Ended    Nine Months Ended
     March 31,    March 31,
     2009    2008    2009    2008

Sales

   $ 12,960,000    $ 15,713,000    $ 37,813,000    $ 46,714,000

Costs and expenses

     8,619,000      10,901,000      25,546,000      31,919,000
                           

Income before income taxes

     4,341,000      4,812,000      12,267,000      14,795,000

Provision for income taxes

     1,337,000      1,593,000      3,957,000      4,778,000
                           

Income from continuing operations

     3,004,000      3,219,000      8,310,000      10,017,000

Income from discontinued operations, net of taxes

     —        185,000      —        442,000
                           

Net Income

   $ 3,004,000    $ 3,404,000    $ 8,310.000    $ 10,459,000
                           

Earnings per share:

           

Income from continuing operations

   $ 0.35    $ 0.38    $ 0.97    $ 1.17

Income from discontinued operations, net of taxes

     —        0.02      —        0.05
                           

Net Income

   $ 0.35    $ 0.40    $ 0.97    $ 1.22
                           

Average shares outstanding

     8,587,000      8,588,000      8,590,000      8,587,000
                           


BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

 

     March 31,         March 31,
     2009    2008         2009    2008

Assets

        

Liabilities and Stockholders’ Equity

     

Current Assets

        

Current Liabilities

     

Cash and cash equivalents

   $ 23,902,000    $ 11,039,000   

Accounts payable

   $ 1,648,000    $ 3,354,000

Short term investments

     2,050,000      —           

Accounts receivable, net

     9,960,000      11,537,000   

Accrued expenses

     2,074,000      1,857,000

Inventories

     15,061,000      14,034,000   

Income taxes payable

     36,000      6,000
        

Current liabilities of discontinued operations

     —        127,000
                      

Other

     501,000      560,000         3,758,000      5,344,000

Current assets of discontinued operations

     —        1,197,000   

Deferred income taxes of discontinued operations

     —        716,000
                              
     51,474,000      38,367,000         
        

Total liabilities

     3,758,000      6,060,000

Property and equipment, net

     4,263,000      3,714,000         

Goodwill

     10,798,000      10,067,000   

Stockholders’ equity

     64,193,000      51,321,000
                      

Other intangible assets

     1,292,000      1,532,000         

Other assets

     124,000      253,000         

Long-term assets of discontinued operations

     —        3,448,000         
                      
   $ 67,951,000    $ 57,381,000       $ 67,951,000    $ 57,381,000
                              

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