BOLT TECHNOLOGY CORP

CIK:0000354655|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (USD $)	Sep. 30, 2014	Sep. 30, 2013
Sales	$ 11,913,000	$ 16,208,000
Costs and Expenses:
Cost of sales	6,134,000	7,957,000
Research and development	958,000	926,000
Selling, general and administrative	3,680,000	3,847,000
Merger expense	1,417,000	0
Interest income	(50,000)	(50,000)
Operating Expenses, Total	12,139,000	12,680,000
(Loss) Income before income taxes	(226,000)	3,528,000
Provision for income taxes	344,000	1,165,000
Net (loss) income	$ (570,000)	$ 2,363,000
(Loss) Earnings per share:
Basic (in dollars per share)	$ (0.07)	$ 0.27
Diluted (in dollars per share)	$ (0.07)	$ 0.27
Average number of common shares outstanding:
Basic (in shares)	8,694,083	8,643,400
Diluted (in shares)	8,694,083	8,653,426

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities:
Net (loss) income	$ (570,000)	$ 2,363,000
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities:
Depreciation and amortization	419,000	400,000
Deferred income taxes	6,000	(129,000)
Stock-based compensation expense	176,000	174,000
Change in operating assets and liabilities:
Accounts receivable	(637,000)	1,315,000
Inventories	(1,191,000)	(1,431,000)
Other assets	287,000	74,000
Accounts payable	593,000	(477,000)
Accrued expenses	(576,000)	(227,000)
Income taxes payable	0	995,000
Net cash (used) provided by operating activities	(1,493,000)	3,057,000
Cash Flows From Investing Activities:
Capital expenditures and other non-current assets	(178,000)	(181,000)
Net cash used by investing activities	(178,000)	(181,000)
Cash Flows From Financing Activities:
Dividends paid	(781,000)	(604,000)
Exercise of stock options	0	24,000
Tax benefit from vested restricted stock	37,000	58,000
Net cash used by financing activities	(744,000)	(522,000)
Net (decrease) increase in cash and cash equivalents	(2,415,000)	2,354,000
Cash and cash equivalents at beginning of period	24,245,000	22,816,000
Cash and cash equivalents at end of period	21,830,000	25,170,000
Supplemental Disclosure of Cash Flow Information:
Income taxes paid	250	241,000
Non Cash transactions:
Transfer of property and equipment to inventory	161,000	0
Transfer of inventory to property and equipment	$ 325,000	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 30, 2014
Current Assets:
Cash and cash equivalents	$ 21,830,000	$ 24,245,000
Accounts receivable, less allowance for uncollectible accounts of $195,000 at September 30, 2014 and $129,000 at June 30, 2014	8,205,000	7,568,000
Inventories	21,839,000	20,812,000
Deferred income taxes	540,000	498,000
Other current assets	1,073,000	1,360,000
Total current assets	53,487,000	54,483,000
Property, Plant and Equipment, net	5,665,000	5,544,000
Goodwill, net	17,227,000	17,227,000
Other Intangible Assets, net	5,969,000	6,172,000
Other Assets	242,000	237,000
Total assets	82,590,000	83,663,000
Current Liabilities:
Accounts payable	2,238,000	1,645,000
Accrued expenses	3,285,000	3,861,000
Contingent earnout liability	2,810,000	2,810,000
Dividends payable	784,000	781,000
Total current liabilities	9,117,000	9,097,000
Deferred Income Taxes	2,219,000	2,171,000
Total liabilities	11,336,000	11,268,000
Stockholders' Equity:
Common stock	33,420,000	33,207,000
Retained earnings	39,760,000	41,114,000
Treasury stock, at cost	(1,926,000)	(1,926,000)
Total stockholders' equity	71,254,000	72,395,000
Total liabilities and stockholders' equity	$ 82,590,000	$ 83,663,000