Bolt Technology Corp. (BOLT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Bolt Technology Corp. has a market cap of $82.6 million; its shares were traded at around $9.51 with a P/E ratio of 14.9 and P/S ratio of 1.6. BOLT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Consolidated sales for the nine month period ended March 31, 2010 totaled $21,605,000, a decrease of $16,208,000 or 43% from the nine month period ended March 31, 2009. Sales decreased in all three reportable segments: sales of seismic energy sources decreased by $8,223,000 (46%), sales of underwater cables and connectors decreased by $7,003,000 (45%), and sales of seismic energy source controllers decreased by $982,000 (24%). The above sales decreases are due to lower marine seismic exploration activity caused by the global economic slowdown.
Selling, general and administrative expenses decreased by $471,000 or 7% in the nine month period ended March 31, 2010 from the nine month period ended March 31, 2009, primarily due to expense reductions in the following areas: compensation costs ($154,000); freight out ($122,000); bad debts ($50,000); professional fees ($51,000); and travel and entertainment ($34,000).
Consolidated sales for the three month period ended March 31, 2010 totaled $5,897,000, a decrease of $7,063,000 or 54% from the three month period ended March 31, 2009. Sales in all three reportable segments decreased: sales of seismic energy sources decreased by $4,733,000 (71%), sales of underwater cables and connectors decreased by $2,302,000 (42%), and sales of seismic energy source controllers decreased by $28,000 (4%). The above sales decreases are due to lower marine seismic exploration activity caused by the global economic slowdown.
Selling, general and administrative expenses decreased by $202,000 or 10% in the three month period ended March 31, 2010 from the three month period ended March 31, 2009, primarily due to expense reductions in the following areas: professional fees ($69,000), freight out ($61,000), bad debts ($49,000) and compensation costs ($21,000).
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 reserve for inventory valuation at March 31, 2010 and June 30, 2009 was $790,000 and $651,000, respectively. At March 31, 2010 and June 30, 2009, approximately $2,706,000 and $1,777,000, 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, less an estimate for scrap value. 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. At March 31, 2010, the cost of inventory for which the Company has more than a five-year supply on hand and the cost of inventory for which the Company has had no sales during the last five years amounted to approximately $1,275,000. Management believes that this inventory is properly valued and appropriately reserved. Even if management s estimate were incorrect, that would not result in a cash outlay since the cash required to manufacture or purchase the older inventory was expended in prior years.
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Bolt Technology Corp. has a market cap of $82.6 million; its shares were traded at around $9.51 with a P/E ratio of 14.9 and P/S ratio of 1.6. BOLT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the nine month period ended March 31, 2009, cash flow from investing activities was ($3,135,000), primarily relating to the purchase of short-term investments of $2,050,000, an RTS earn-out payment of $760,000 and capital expenditures of $325,000 for new and replacement equipment and leasehold improvements.Consolidated sales for the nine month period ended March 31, 2010 totaled $21,605,000, a decrease of $16,208,000 or 43% from the nine month period ended March 31, 2009. Sales decreased in all three reportable segments: sales of seismic energy sources decreased by $8,223,000 (46%), sales of underwater cables and connectors decreased by $7,003,000 (45%), and sales of seismic energy source controllers decreased by $982,000 (24%). The above sales decreases are due to lower marine seismic exploration activity caused by the global economic slowdown.
Selling, general and administrative expenses decreased by $471,000 or 7% in the nine month period ended March 31, 2010 from the nine month period ended March 31, 2009, primarily due to expense reductions in the following areas: compensation costs ($154,000); freight out ($122,000); bad debts ($50,000); professional fees ($51,000); and travel and entertainment ($34,000).
Consolidated sales for the three month period ended March 31, 2010 totaled $5,897,000, a decrease of $7,063,000 or 54% from the three month period ended March 31, 2009. Sales in all three reportable segments decreased: sales of seismic energy sources decreased by $4,733,000 (71%), sales of underwater cables and connectors decreased by $2,302,000 (42%), and sales of seismic energy source controllers decreased by $28,000 (4%). The above sales decreases are due to lower marine seismic exploration activity caused by the global economic slowdown.
Selling, general and administrative expenses decreased by $202,000 or 10% in the three month period ended March 31, 2010 from the three month period ended March 31, 2009, primarily due to expense reductions in the following areas: professional fees ($69,000), freight out ($61,000), bad debts ($49,000) and compensation costs ($21,000).
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 reserve for inventory valuation at March 31, 2010 and June 30, 2009 was $790,000 and $651,000, respectively. At March 31, 2010 and June 30, 2009, approximately $2,706,000 and $1,777,000, 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, less an estimate for scrap value. 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. At March 31, 2010, the cost of inventory for which the Company has more than a five-year supply on hand and the cost of inventory for which the Company has had no sales during the last five years amounted to approximately $1,275,000. Management believes that this inventory is properly valued and appropriately reserved. Even if management s estimate were incorrect, that would not result in a cash outlay since the cash required to manufacture or purchase the older inventory was expended in prior years.
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