Yahoo Finance: Bolt Technology Corporation (BOLT) today announced financial results for the second quarter and the first six months of fiscal year 2013.
Sales for the second quarter of fiscal year 2013, the three months ended December 31, 2012, amounted to $14,410,000 compared to $14,588,000 for the second quarter of fiscal year 2012. Net income for the quarter amounted to $1,701,000 ($0.20 per share) compared to $1,946,000 ($0.23 per share) for the second quarter of fiscal year 2012.
Sales for the first half of fiscal year 2013, the six months ended December 31, 2012, amounted to $28,678,000 compared to $24,160,000 for the same six month period in fiscal year 2012. Net income for the period amounted to $3,405,000 ($0.40 per share) compared to $2,666,000 ($0.31 per share) in the first six months of fiscal year 2012.
Second quarter sales decreased 1%
Raymond M. Soto, Bolt’s chairman and CEO, commented, “Sales in the second quarter of fiscal year 2013 decreased 1 percent from the prior year, reflecting a 57 percent decrease in our underwater robotics business, due to unusually high shipments of robotic vehicles to the United States government in last year’s second quarter.
However, this decrease in sales in our underwater robotics business was almost completely offset by a 43 percent increase in our marine seismic exploration businesses. Net income in the second quarter decreased 13 percent to $1,701,000 compared to last year, primarily due to the lower sales at our underwater robotics business.”
Mr. Soto concluded, “Although world economic conditions remain uncertain, particularly with regard to government spending constraints which could impact our underwater robotics business, we continue to be optimistic that fiscal year 2013 will be another successful year for our company.”
SeaBotix, (formerly a privately owned company established in 2001 in San Diego, CA, designs, manufactures and sells underwater remotely operated vehicle (ROV) systems known under the trade name ?Little Benthic Vehicles? (LBVsTM). The company was purchased by Bolt Technologies in 2011.
SeaBotix LBVs are used for a variety of underwater tasks such as maritime security, search and recovery, aquaculture, scientific research, hydro and nuclear energy applications, forensic investigations, as well as inspections of off-shore oil and gas drilling platforms and pipelines.
SeaBotix LBVs are designed for observation and light-duty operations, and can be equipped with a variety of sensors including high-definition video cameras, imaging sonar, tracking systems, as well as various tools such as multifunction grabbers and cutting heads.
A patented Crawler system offered in certain LBVs is designed to allow for precise and complete underwater ship hull inspections.
Bolt?s, “Sales for the first half of fiscal year 2013 increased 19 percent, reflecting a 34percent increase in our marine seismic exploration businesses, partially offset by a 15 percent decrease in our underwater robotics business. Net income for the first half of fiscal year 2013 increased 28 percent to $3,405,000 compared to last year, primarily due to the higher sales of our marine seismic exploration businesses.”
Mr. Soto further commented, “I am pleased to report that today the Board of Directors approved a quarterly dividend of $0.07 per common share, payable on April 4, 2013 to stockholders of record on March 7, 2013.”Read More