Bolt Technology Corp. (BOLT) reported a decrease in its third-quarter profit to $1.38 million or $0.16 per share from $1.58 million or $0.18 per share in the third quarter of fiscal year 2012.
Sales for the third quarter amounted to $11.24 million down from $12.99 million in the prior year quarter.
The decreases in sales and net income were primarily due to a 25% decrease in sales at underwater robotics business. This decrease in sales at underwater robotics business was largely attributable to a delay in the shipment of an order in excess of $1 million caused by customer requested additional add-on features which delayed shipment beyond March 31, 2013.
Raymond Soto, Bolt's chairman and CEO, said, "It is difficult to predict the effect, if any, that the recent U.S. budget cuts, together with continued global economic and political uncertainties, will have on our businesses, especially our underwater robotics business. Nevertheless, we believe that fiscal year 2013 should be another successful year for our Company."
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