Bolt Technology Corp. (BOLT, Financial) filed Annual Report for the period ended 2012-06-30.
Bolt Technology Corp. has a market cap of $123.2 million; its shares were traded at around $15.27 with a P/E ratio of 19.2 and P/S ratio of 2.3. The dividend yield of Bolt Technology Corp. stocks is 1.4%.
Since a relatively small number of customers account for the majority of the Companys sales, the consolidated accounts receivable balance at the end of any period tends to be concentrated in a small number of customers. At June 30, 2012 and June 30, 2011, the five customers with the highest accounts receivable balances represented 57% and 66% of the consolidated accounts receivable balances on those dates, respectively. The decrease in concentration is due to higher SBX accounts receivable balances at June 30, 2012.
Higher sales in the seismic energy sources segment was due primarily to increased air gun replacement business. Lower sales in the seismic energy source controllers segment reflects decreasing demand for analog controllers in favor of digital controllers. A digital controller, the Smart Energy Source, has been developed, and is in final field testing. Commercial marketing of the Smart Energy Source digital controller is anticipated to commence in fiscal year 2013. SBXs sales in fiscal year 2011 were $2,575,000, representing six months of activity due to the January 1, 2011 acquisition date. SBXs sales in fiscal year 2012 were $15,344,000 reflecting SBXs successful introduction of new products, easing of governmental budget constraints, several large orders from the U.S. Department of Defense, and twelve months of activity.
Consolidated sales for the fiscal year ended June 30, 2011 totaled $38,858,000, an increase of $7,373,000 or 23% from the fiscal year ended June 30, 2010. The change in sales by reportable segment was as follows: seismic energy sources increased by $3,348,000 (23%), underwater cables and connectors increased by $2,767,000 (22%), and seismic energy source controllers decreased by $1,317,000 (32%). Sales for SBX, which was acquired effective January 1, 2011, were $2,575,000 for the six month period ended June 30, 2011. The increase in net sales reflects an increase in marine seismic exploration activity ($4,798,000) and the acquisition of SBX ($2,575,000). The improvement in sales of seismic energy sources and underwater cables and connectors reflects the outfitting of several new seismic vessels with the Companys equipment.
Management establishes the inventory valuation reserve by reviewing the inventory for items that should be reserved in full based on a lack of usage for a specified period of time and for which future demand is not forecasted and establishes an additional reserve for slow moving inventory based on varying percentages of the cost of the items. The inventory valuation reserve at June 30, 2012 and June 30, 2011 was $519,000 and $768,000, respectively. At June 30, 2012 and June 30, 2011, approximately $808,000 and $978,000, respectively, of the raw materials and sub-assemblies inventory were considered slow moving and subject to a reserve provision equal to all or a portion of the cost. In certain instances, this inventory has been unsold for more than five years from the date of manufacture or purchase, and in other instances the Company has more than a five-year supply of inventory on hand based on recent sales volume. Management believes that this
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Bolt Technology Corp. has a market cap of $123.2 million; its shares were traded at around $15.27 with a P/E ratio of 19.2 and P/S ratio of 2.3. The dividend yield of Bolt Technology Corp. stocks is 1.4%.
Highlight of Business Operations:
Effective January 1, 2011, the Company acquired SeaBotix Inc., a developer, manufacturer and seller of underwater remotely operated robotic vehicles. SBXs sales for the Companys fiscal year 2011 amounted to $2,575,000 representing only six months of activity due to the January 1, 2011 acquisition date. In fiscal year 2012, SBXs sales increased to $15,344,000 reflecting its successful introduction of new products, the easing of budgetary constraints previously experienced by its major customer groups, including the U.S. defense budget, and federal, state and local governmental units, overall improvement in economic conditions and the inclusion of the full twelve months of SBX activity. However, SBXs sales growth remains dependent on higher demand from its major customer groups, fluctuations in government budget levels and continued competitive success in the marketplace. Refer to Notes 2, 9 and 13 to Consolidated Financial Statements for additional information concerning SBX.Since a relatively small number of customers account for the majority of the Companys sales, the consolidated accounts receivable balance at the end of any period tends to be concentrated in a small number of customers. At June 30, 2012 and June 30, 2011, the five customers with the highest accounts receivable balances represented 57% and 66% of the consolidated accounts receivable balances on those dates, respectively. The decrease in concentration is due to higher SBX accounts receivable balances at June 30, 2012.
Higher sales in the seismic energy sources segment was due primarily to increased air gun replacement business. Lower sales in the seismic energy source controllers segment reflects decreasing demand for analog controllers in favor of digital controllers. A digital controller, the Smart Energy Source, has been developed, and is in final field testing. Commercial marketing of the Smart Energy Source digital controller is anticipated to commence in fiscal year 2013. SBXs sales in fiscal year 2011 were $2,575,000, representing six months of activity due to the January 1, 2011 acquisition date. SBXs sales in fiscal year 2012 were $15,344,000 reflecting SBXs successful introduction of new products, easing of governmental budget constraints, several large orders from the U.S. Department of Defense, and twelve months of activity.
Consolidated sales for the fiscal year ended June 30, 2011 totaled $38,858,000, an increase of $7,373,000 or 23% from the fiscal year ended June 30, 2010. The change in sales by reportable segment was as follows: seismic energy sources increased by $3,348,000 (23%), underwater cables and connectors increased by $2,767,000 (22%), and seismic energy source controllers decreased by $1,317,000 (32%). Sales for SBX, which was acquired effective January 1, 2011, were $2,575,000 for the six month period ended June 30, 2011. The increase in net sales reflects an increase in marine seismic exploration activity ($4,798,000) and the acquisition of SBX ($2,575,000). The improvement in sales of seismic energy sources and underwater cables and connectors reflects the outfitting of several new seismic vessels with the Companys equipment.
Management establishes the inventory valuation reserve by reviewing the inventory for items that should be reserved in full based on a lack of usage for a specified period of time and for which future demand is not forecasted and establishes an additional reserve for slow moving inventory based on varying percentages of the cost of the items. The inventory valuation reserve at June 30, 2012 and June 30, 2011 was $519,000 and $768,000, respectively. At June 30, 2012 and June 30, 2011, approximately $808,000 and $978,000, respectively, of the raw materials and sub-assemblies inventory were considered slow moving and subject to a reserve provision equal to all or a portion of the cost. In certain instances, this inventory has been unsold for more than five years from the date of manufacture or purchase, and in other instances the Company has more than a five-year supply of inventory on hand based on recent sales volume. Management believes that this
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