03 Sep 14. Teledyne Technologies Incorporated (TDY) (“Teledyne”) and Bolt Technology Corporation (BOLT) (“Bolt”) jointly announced that they have entered into a definitive agreement that provides for the merger of Bolt with a wholly-owned subsidiary of Teledyne. Pursuant to the transaction, Teledyne will acquire all of the outstanding common shares of Bolt for $22.00 per share payable in cash. The definitive agreement contemplates that Bolt will pay its previously announced quarterly dividend of $0.09 per common share, payable on October 2, 2014, to stockholders of record on September 3, 2014. The aggregate value for the transaction is approximately $171m, taking into account Bolt’s stock options and net cash as of March 31, 2014. The transaction was unanimously approved by the Boards of Directors of Teledyne and Bolt. In addition, Bolt’s directors and executive officers have agreed to vote their shares in favor of the transaction. Since 1965, Bolt has been a leading supplier of marine seismic energy sources and replacement parts for offshore energy exploration. Bolt also develops and manufactures high-reliability underwater cables and connectors, as well as related electronic controllers, monitoring systems and other auxiliary equipment. Through its SeaBotix business, Bolt is a leading designer and manufacturer of miniature underwater remotely operated vehicles (Mini ROVs) used in maritime security, search and rescue, aquaculture, and scientific research applications. (Source: Yahoo!/BUSINESS WIRE)
29 Aug 14. Russian Helicopters (“the Company”) – a subsidiary of Oboronprom, part of State Corporation Rostec – announces its non-audited consolidated financial results for the six months ended 30 June 2014 under IFRS.
• Firm backlog totaled 794 helicopters as of 30 June 2014;
• Revenue grew by 7.4% to RUB 69.2bn;
• EBITDA surged 16.1% to RUB 13.7bn, representing an EBITDA margin of 19.8%;
• Profit totaled RUB 4.4bn, up 44.7% year-on-year.
Financial Highlights
The Company’s consolidated revenues in 1H2014 totaled RUB 69.2bn, an increase of 7.4% year-on-year. Revenues from helicopter sales amounted to RUB 58.7bn, while revenues from services and support reached RUB 7.5bn.
Cost of sales increased by 6.3% year-on-year and amounted to RUB 42.2bn. Operating expenses increased by 6.4% year-on-year and totaled RUB 17.3bn.
EBITDA surged 16.1% year-on-year and reached RUB 13.7 bn. The EBITDA margin was 19.8%.Profit in 1H2014 totalled RUB 4.4bn, up 44.7% year-on-year. The Company’s order book reached 794 helicopters, with a total value of about RUB 401bn. Russian Helicopters, JSC is a subsidiary of UIC Oboronprom, which in turn is a part of State Corporation Rostec. It is one of the global leaders in helicopter production and the only helicopter design and production powerhouse in Russia. Russian Helicopters is headquartered in Moscow. The company comprises five helicopter production facilities, two design bureaus, a spare parts production and repair facility, as well as an aftersale service branch responsible for maintenance and repair in Russia and all over the world. Its helicopters are popular among Russian ministries and state authorities (Ministry of Defence, Ministry of Internal Affairs, Emergency Control Ministry), operators (Gazpromavia, UTair), major Russian corporations. Over 8000 helicopters of Soviet/Russian make are operated in 110 countries worldwide. Traditionally the demand is highest in the Middle East, Africa, Asia-Pacific, Latin America, Russia, and CIS countries. Russian Helicopters was established in 2007. In 2013 its IFRS revenues increased 10% to RUB 138.3bn. Deliveries reached 275 helicopters. UIC Oboronprom, JSC is a multi-profile industrial and investment group established in 2002. It is a part of Russian Technologies State Corporation. Its main tasks include: helicopter engineering (Russian Helicopters, JSC) and engine-building (United Engine Industry Corporation managing company). State Corporation R