Figures in Millions except per share values Company Overview Low Risk Bolt Technology Corporation consists of three operating units that manufacture and 5 sell marine seismic data acquisition equipment: Bolt Technology Corporation (Bolt), A- 4 G Geophysical Products, Inc. (A-G) and Real Time Systems Inc. (RTS). Bolt develops, manufactures and sells marine seismic energy sources (air guns) and 3 Strong Moat High Growth replacement parts, and is referred to as the seismic energy sources segment. A-G 2 develops, manufactures and sells underwater cables, connectors, hydrophones, depth 1 and pressure transducers and seismic source monitoring systems, and is referred to as the underwater cables and connectors segment. RTS develops, manufactures and 0 sells air gun controllers/synchronizers, data loggers and auxiliary equipment, and is referred to as the seismic energy source controllers segment. In May 2008, the Company completed the selling of Custom Products Corporation (Custom), a wholly Good Financial Under Valued owned subsidiary of Bolt. Health
Valuation Well Managed
Current Price $ 8.60 Margin of Safety NCAV $ 6.10 -29%
Total Net Reprod. Cost $ 5.13 -40%
5 Year Historical Price vs DCF Intrinsic Value 40 Earnings Power Value (EPV) $ 16.57 93%
Discounted Cash Flow (DCF) $ 14.39 67% 35
Ben Graham Formula $ 8.28 -4% 30 25 Key Statistics Valuation Ratios 20 Market Cap (millions) $ 74.76 P/E (TTM) 13.4 52-Week High $ 13.40 P/S (TTM) 2.3 15 52-Week Low $ 8.09 P/Tang.B (MRQ) 1.3 10 % off 52-Week Low 6% P/Tang. BV (MRQ) 1.3 FCF/EV (TTM) 8.0% 5
Cash Flows P/FCF (TTM) 6.5 0
Free Cash Flow EV/Sales (TTM) #REF! 10/13/2003 10/13/2005 10/13/2007 10/13/2009 5 yr FCF Growth 84.6% EV/FCF (TTM) 12.5 Historical Price Intrinsic Value Buy Price 10 yr FCF Growth 20.5% Margins & Profitability Balance Sheet Effectiveness Gross Cash and Equiv $ 36.77 CROIC Gross Margin Short-Term Investments $ - Avg 9.7% Operating Accts Rec $ 4.52 FCF/S Operating Margin Inventory $ 13.42 Avg 6.8% Net Profit Total Current Assets $ 56.26 ROA Net Margin Net PP&E $ 3.99 Avg 15.9% Intangibles $ 12.01 ROE Financial Strength (MRQ) Total Assets $ 72.46 Avg 18.9% Quick Ratio 24.6 Current Ratio 32.4 Total Current Liabilities $ 1.73 Efficiency LT Debt to Equity 0.0 Long-Term Debt $ - Receivable Turnover (TTM) 4.5 Total Debt to Equity 0.0 Total Liabilities $ 1.72 Inventory Turnover (TTM) 1.2 Asset Turnover (TTM) 0.5