Bolt Technology Corp. (BOLT, Financial) filed Annual Report for the period ended 2010-06-30.
Bolt Technology Corp. has a market cap of $81.2 million; its shares were traded at around $9.33 with a P/E ratio of 16.1 and P/S ratio of 2.5. Bolt Technology Corp. had an annual average earning growth of 70.9% over the past 5 years.BOLT is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Effective May 31, 2008, substantially all of the assets of Custom Products Corporation (Custom), a wholly owned subsidiary of Bolt, were sold for $5,250,000, subject to adjustments for certain liabilities. Custom, a developer, manufacturer and seller of miniature industrial clutches and brakes and seller of sub-fractional horsepower electrical motors, formerly constituted the Companys industrial products segment. In the Consolidated Financial Statements, reported amounts relating to Custom have been reported as discontinued operations. During the year ended June 30, 2008, the Company recorded as discontinued operations the operating results of Custom for the eleven-month period ending May 31, 2008 of $575,000, net of income taxes, and a gain on the sale of the assets of Custom of $285,000, net of income taxes. In addition, prior year information relating to Custom was restated to report such information as discontinued operations. See the Consolidated Financial Statements and Note 3 to Consolidated Financial Statements for additional information concerning discontinued operations.
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Bolt Technology Corp. has a market cap of $81.2 million; its shares were traded at around $9.33 with a P/E ratio of 16.1 and P/S ratio of 2.5. Bolt Technology Corp. had an annual average earning growth of 70.9% over the past 5 years.BOLT is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Despite the 36% reduction in sales referred to above, the Company generated net income of $4,954,000 for the fiscal year ended June 30, 2010 and all three reportable segments operated profitably. The Companys balance sheet continued to strengthen during the fiscal year ended June 30, 2010. Cash, cash equivalents and short-term investments increased from $27,737,000 at June 30, 2009 to $39,468,000 at June 30, 2010, and working capital increased from $49,935,000 at June 30, 2009 to $55,802,000 at June 30, 2010. In addition, the Company remained debt free at June 30, 2010. The Company believes that these factors position the Company to pursue its strategic objectives, which include acquisitions and the repurchase of its shares under the repurchase program approved by the Board of Directors during the fourth quarter of fiscal year 2010. (Refer to Liquidity and Capital Resources for further information on the Companys stock repurchase program.)Effective May 31, 2008, substantially all of the assets of Custom Products Corporation (Custom), a wholly owned subsidiary of Bolt, were sold for $5,250,000, subject to adjustments for certain liabilities. Custom, a developer, manufacturer and seller of miniature industrial clutches and brakes and seller of sub-fractional horsepower electrical motors, formerly constituted the Companys industrial products segment. In the Consolidated Financial Statements, reported amounts relating to Custom have been reported as discontinued operations. During the year ended June 30, 2008, the Company recorded as discontinued operations the operating results of Custom for the eleven-month period ending May 31, 2008 of $575,000, net of income taxes, and a gain on the sale of the assets of Custom of $285,000, net of income taxes. In addition, prior year information relating to Custom was restated to report such information as discontinued operations. See the Consolidated Financial Statements and Note 3 to Consolidated Financial Statements for additional information concerning discontinued operations.
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