Bolt Technology Corporation announced financial results for the second quarter and the first six months of fiscal year 2012.
Sales for the second quarter of fiscal year 2012, the three months ended December 31, 2011, amounted to $14,588,000 compared to $10,124,000 for the second quarter of fiscal year 2011. Net income for the quarter amounted to $1,946,000 ($0.23 per share) compared to $1,681,000 ($0.20 per share) for the second quarter of fiscal year 2011.
Sales for the first half of fiscal year 2012, the six months ended December 31, 2011, amounted to $24,160,000 compared to $18,658,000 for the same six month period in fiscal year 2011. Net income for the period amounted to $2,666,000 ($0.31 per share) compared to $3,114,000 ($0.37 per share) in the first six months of fiscal year 2011.
Raymond M. Soto, Bolt’s chairman and CEO , commented, “ I am pleased to report that sales and net income for the second quarter of fiscal year 2012 increased by $4,464,000 and $265,000, respectively, compared to the second quarter of fiscal year 2011 and that our second quarter sales and net income increased by $5,016,000 and $1,226,000, respectively, over the first quarter of fiscal year 2012. The increase in sales and net income was primarily due to the operations of SeaBotix, our underwater robotics business which we acquired in January 2011.”
Mr. Soto continued, “Sales for the first half of fiscal year 2012 increased by $5,502,000 over the first half of fiscal year 2011, but net income decreased by $448,000. The sales increase was due to SeaBotix, partially offset by lower sales in our marine seismic exploration businesses, and the net income decrease was primarily due to the lower sales in our seismic exploration businesses and higher research and development expense.”
Mr. Soto further commented, “ In December 2011, we paid a special dividend to our common stockholders of $1.00 per share which amounted to $8,576,000. I am pleased to report that our Board of Directors has approved a quarterly dividend program. The Board declared the first quarterly dividend of $0.05 per common share, which will be paid on April 5, 2012 to stockholders of record on March 8, 2012. Future quarterly dividends, which are anticipated to occur in January, April, July and October, will be subject to Board approval.”
Mr. Soto concluded, “ Based on our operating results to date, discussions with and inquiries by customers and the introduction of our new Digital Air Gun Controller System, we believe fiscal year 2012 will be another successful year for our Company.”
Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic data acquisition equipment used for offshore oil and natural gas exploration. Bolt, through its SeaBotix Inc. subsidiary, is also a developer and manufacturer of remotely-operated robotic vehicles systems used for a variety of underwater tasks.
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Subsea World News Staff , January 26, 2012; Image: Bolt Technology