Bolt Technology Corp. Reports Operating Results (10-Q)

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gurufocus
Feb 11, 2013
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Bolt Technology Corp. (BOLT, Financial) filed Quarterly Report for the period ended 2012-12-31.

Bolt Technology Corporation has a market cap of $133 million; its shares were traded at around $15.4 with a P/E ratio of 44.9 and P/S ratio of 2.3. The dividend yield of Bolt Technology Corporation stocks is 1.6%.

Highlight of Business Operations:

Sales for the six month period ended December 31, 2012 increased by $4,518,000 or 19% from the six month period ended December 31, 2011. The combined sales for the marine seismic data acquisition segments increased from $16,609,000 for the six month period ended December 31, 2011 to $22,288,000 for the six month period ended December 31, 2012. In addition, sales for underwater robotic vehicles decreased from $7,551,000 for the six month period ended December 31, 2011 to $6,390,000 for the six month period ended December 31, 2012. This decrease reflects high sales of underwater robotic vehicles to the U.S. Government in the six month period ended December 31, 2011.

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 December 31, 2012 and June 30, 2012, the five customers with the highest accounts receivable balances represented 63% and 57% of the consolidated accounts receivable balances on those dates, respectively.

Consolidated sales for the six month period ended December 31, 2012 totaled $28,678,000, an increase of $4,518,000 or 19% from the six month period ended December 31, 2011. The change in net sales from the prior year period by reportable segment was as follows: seismic energy sources increased by $3,769,000 (43%), underwater cables and connectors increased by $1,186,000 (17%), seismic energy source controllers increased by $724,000 (83%) and underwater robotic vehicles decreased by $1,161,000 (15%).

Consolidated sales for the three month period ended December 31, 2012 totaled $14,410,000, a decrease of $178,000 or 1% from the three month period ended December 31, 2011. The change in sales by reportable segment was as follows: seismic energy sources increased by $3,191,000 (80%), underwater cables and connectors increased by $198,000 (6%), seismic energy source controllers increased by $110,000 (18%), and underwater robotic vehicles decreased by $3,677,000 (57%).

Consolidated gross profit as a percentage of consolidated sales was 44% for the three month period ended December 31, 2012 versus 46% for the three month period ended December 31, 2011. The decrease in the gross profit percentage was primarily due to lower manufacturing efficiencies in the underwater robotic vehicles segment associated with the 57% sales decrease.

Read the The complete Report

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