Bolt Technology Corp. (BOLT, Financial) filed Annual Report for the period ended 2009-06-30.
Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision miniature industrial clutches brakes and electric motors. Bolt Technology Corp. has a market cap of $97.9 million; its shares were traded at around $11.32 with a P/E ratio of 9.3 and P/S ratio of 2.
The Company primarily sells two types of air guns which create acoustic waves that penetrate the ocean bed: long-life marine air guns and Annular Port Air Guns (APG gun). The long-life marine air gun is designed to maximize the period between routine air gun maintenance and to provide characteristics that are advantageous to geoscientists in designing surveys. The APG gun is designed to maximize operating efficiency and acoustic output through a configuration that permits the implementation of simplified multi-gun arrays. These arrays produce less towing drag and provide ease of deployment and shielding of fragile hoses and cables from the high pressure air blasts released by the air gun. The selling prices are approximately $12,000 and $31,000 for the long-life marine air gun and APG gun, respectively. In addition to these types of air guns, the Company manufactures and sells guns for specific applications such as for use in existing wells.
Long-lived Assets Long-lived assets consist of property, plant and equipment, goodwill, other intangible assets and other non-current assets. All of the Companys long-lived assets are located in the United States. As of June 30, 2009 and 2008, the Companys long-lived assets totaled $16,533,000 and $16,342,000, respectively. For additional information on identifiable assets of our reportable segments, see Note 14 to Consolidated Financial Statements.
Research and Development During fiscal years 2009, 2008 and 2007, we spent $289,000, $272,000 and $270,000, respectively, to develop new products and to improve existing products.
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Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision miniature industrial clutches brakes and electric motors. Bolt Technology Corp. has a market cap of $97.9 million; its shares were traded at around $11.32 with a P/E ratio of 9.3 and P/S ratio of 2.
Highlight of Business Operations:
Sales of the Companys products are generally related to the level of worldwide oil and gas exploration and development activity, which is dependent, primarily, on oil and gas prices. In fiscal year 2009, the decrease in the price of oil and the global economic slowdown contributed to a decrease in demand for marine seismic surveys. For fiscal years ended June 30, 2009, 2008 and 2007, sales attributable to the seismic energy sources reportable segment were $23,445,000, $36,960,000 and $32,263,000, respectively, and sales attributable to the underwater cables and connectors reportable segment were $20,629,000, $19,210,000 and $14,666,000, respectively. Sales attributable to the seismic energy source controllers reportable segment, which relates to the RTS subsidiary acquired in fiscal 2008, were $4,802,000 and $5,465,000 for fiscal years ended June 30, 2009 and 2008, respectively.The Company primarily sells two types of air guns which create acoustic waves that penetrate the ocean bed: long-life marine air guns and Annular Port Air Guns (APG gun). The long-life marine air gun is designed to maximize the period between routine air gun maintenance and to provide characteristics that are advantageous to geoscientists in designing surveys. The APG gun is designed to maximize operating efficiency and acoustic output through a configuration that permits the implementation of simplified multi-gun arrays. These arrays produce less towing drag and provide ease of deployment and shielding of fragile hoses and cables from the high pressure air blasts released by the air gun. The selling prices are approximately $12,000 and $31,000 for the long-life marine air gun and APG gun, respectively. In addition to these types of air guns, the Company manufactures and sells guns for specific applications such as for use in existing wells.
Long-lived Assets Long-lived assets consist of property, plant and equipment, goodwill, other intangible assets and other non-current assets. All of the Companys long-lived assets are located in the United States. As of June 30, 2009 and 2008, the Companys long-lived assets totaled $16,533,000 and $16,342,000, respectively. For additional information on identifiable assets of our reportable segments, see Note 14 to Consolidated Financial Statements.
Research and Development During fiscal years 2009, 2008 and 2007, we spent $289,000, $272,000 and $270,000, respectively, to develop new products and to improve existing products.
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