Bolt Technology Corp. posted a wider fiscal fourth-quarter profit on the Norwalk marine oil-exploration equipment supplier’s way to lower full-year earnings due to its recent $16 million buyout of undersea-robot maker SeaBotix Inc.
For three months ended June 30, Bolt lost $2.3 million, or 26 cents a share, wider than the $1.4 million, or 16 cents a share, lost the period a year ago.
Fourth-quarter sales rose 43 percent to $15.5 million vs. $10.8 million a year earlier.
For the full year, Bolt netted $2 million, or 23 cents a share, down from $5.5 million, or 67 cents a share, gained in fiscal 2011.
Fiscal 2012 sales rose 35 percent to $52.6 million vs. $38.9 million last year.
Bolt Chairman and CEO Raymond M. Soto said while Seabotix’s remote-controlled robots used in laying and repairing underwater pipelines propelled second-half sales, the cost of the buyout weighed on earnings.
Meantime, Bolt’s board hiked the quarterly dividend from a nickel to 7 cents to be paid Oct. 4 to common stockholders on record by Sept. 6.
