Bolt Technology posts Q2 EPS below the Street
Bolt Technology Corp. (Nasdaq: BOLT) reported second-quarter fiscal 2008 earnings below the consensus on Wall Street, but noted that the outlook for the remaining six months of the fiscal year remains positive.
For the three months ended Dec. 31, 2007, the developer of seismic energy sources and underwater connectors used in offshore seismic exploration for oil and gas recorded net income of $3.6 million, or $0.42 per share, a 52% increase over net income of $2.37 million, or $0.28 per share, earned in the second quarter last year.
The company also issued a 3-for-2 stock split which will be distributed on Jan. 30 and was incorporated into the firm’s earnings release.
The company's current quarter earnings were below the $0.68 per share estimate an analyst polled by Thomson Financial was projecting; however, the analyst's estimate does not incorporate the stock split. Adjusting for the stock split, the analyst's estimate is $0.45 per share, still above the $0.42 the company recorded.
Sales were $17.43 million, roughly in line with the $17.13 million that two analysts polled by Thomson Financial were on average forecasting. The current quarter’s sales represented a 42% increase over the $12.27 million booked in last year’s second quarter.
Sales of Bolt’s geophysical products during the first six months of fiscal 2008 increased 50% compared with the first six months of fiscal 2007; however, sales of Real Time Systems Inc., which the company acquired at the beginning of its fiscal 2008 first quarter accounted for over 26% of the increase.
Shares of Bolt Technology (BOLT) edged down 1.92%, or $0.50, to $25.50 ahead of the opening. Shares of Bolt Technology have been trading in the range of $19.39 to $59.35 for the past 52 weeks.
