Bolt Technology Corp. (BOLT) Swings to Q1 Loss

Bolt Technology Corp. (NASDAQ: BOLT) reported Q1 EPS of ($0.07), versus $0.27 reported last year. Revenue for the quarter came in at $11.9 million, versus $16.2 million reported last year.

Raymond M. Soto, Bolt's chairman and CEO, commented, "The 26% decrease in sales in the first quarter of fiscal year 2015 compared to the first quarter of fiscal year 2014 is mainly attributable to a general slowdown in marine seismic exploration activity. Our marine seismic exploration data acquisition segments reported a 51% decrease in sales which was partially offset by a 75% increase in sales by our underwater robotics segment."

Mr. Soto concluded, "The net loss reported in the first quarter of fiscal year 2015 is the result of $1,417,000 of non-tax deductible costs incurred during the quarter relating to the proposed merger of the Company with Teledyne Technologies Incorporated. The proposed merger is currently scheduled to be voted upon by the Company's stockholders at a special stockholders meeting on November 17, 2014."

For earnings history and earnings-related data on Bolt Technology Corp. (BOLT) click here.

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