Bolt Technology Corporation (NASDAQ:BOLT) today announced financial results for the first quarter of fiscal year 2009, the three months ended September 30, 2008.
Sales for the first quarter of fiscal 2009 amounted to $11,263,000 compared to $14,336,000 in last year’s first quarter. Income from continuing operations amounted to $2,280,000 ($0.27 per share) compared to $3,295,000 ($0.38 per share) last year and net income amounted to $2,280,000 ($0.27 per share) this year compared to $3,455,000 ($0.40 per share) last year.
Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “During the first quarter of fiscal 2009, our sales decreased 21% from the first quarter of fiscal 2008 principally due to a decrease in sales of new energy sources (air guns). Sales of air guns decreased about 50% from last year but this was partially offset by a 33% increase in sales of underwater connectors and seismic source controllers.” Mr. Soto added, “Our current financial position remains solid with over $20,000,000 in cash and cash equivalents, over $41,000,000 in working capital and no debt. We continue to experience active customer inquiries and we remain cautiously optimistic that fiscal 2009 will be a good year for our Company. However, a reduction in worldwide exploration spending as a result of the recent turmoil in the world credit markets and/or a decrease in the demand for oil which could result from a severe economic downturn, would undoubtedly have an effect on our business.” 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 connectors used in the offshore seismic exploration for oil and gas.
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