Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the second quarter and the first six months of fiscal
year 2006. Sales for the second quarter of fiscal 2006, the three
months ended December 31, 2005, increased 47% to $6,567,000
compared to $4,467,000 in last year's second quarter and net income
for the quarter increased 224% to $897,000 or $0.16 per diluted
share compared to $277,000 or $0.05 per diluted share in last
year's second quarter. For the first half of fiscal 2006, the six
months ended December 31, 2005, sales increased 75% to $14,561,000
compared to $8,306,000 last year and net income increased 293% to
$1,917,000 or $0.34 per diluted share compared to $488,000 or $0.09
per diluted share last year. Raymond M. Soto, Bolt's chairman,
president and CEO, commented, "The improved results in the second
quarter and the first six months of fiscal year 2006 reflect the
continued strengthening of the marine seismic market. Major
customers for our seismic energy sources have indicated that the
demand for their services continues to increase and we expect that
the final two quarters of fiscal 2006 will continue to show
improvement over last year." Mr. Soto added, "To date in fiscal
2006, in addition to receiving increasing orders for (a)
replacement parts for our energy sources, (b) energy source
monitoring systems and (c) underwater electrical connectors and
cables, we have received firm orders for energy source systems
which aggregate in excess of $7,500,000. Approximately $3,000,000
of these system orders are scheduled for shipment in our third
quarter and $4,500,000 are scheduled for shipment in our fourth
quarter." Bolt Technology Corporation is a leading worldwide
developer and manufacturer of seismic energy sources and underwater
connectors used in offshore seismic exploration for oil and gas.
Bolt also designs, manufactures and sells precision miniature
industrial clutches, brakes and electric motors. Forward-looking
statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The words "estimate," "project," "anticipate," "expect," "predict,"
"believe," and similar expressions are intended to identify
forward-looking statements. Investors are cautioned that all
forward-looking statements involve risks and uncertainties,
including, without limitation, risks associated with decreased
demand for the Company's products due to fluctuation in energy
industry activity, reliance on certain significant customers,
significant amount of foreign sales and other risks detailed in the
Company's filings with the Securities and Exchange Commission.
Forward-looking statements involve a number of risks and
uncertainties which could cause actual results or events to differ
materially from those currently anticipated. -0- *T BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Statements of Operations
(Unaudited) Three Months Ended Six Months Ended December 31,
December 31, 2005 2004 2005 2004 Sales $6,567,000 $4,467,000
$14,561,000 $8,306,000 Costs and expenses 5,190,000 4,018,000
11,574,000 7,517,000 ---------------------------------------------
Income before income taxes 1,377,000 449,000 2,987,000 789,000
Provision for income taxes 480,000 172,000 1,070,000 301,000
--------------------------------------------- Net income $897,000
$277,000 $1,917,000 $488,000
============================================= Earnings per share
(diluted) $0.16 $0.05 $0.34 $0.09 Average shares outstanding
(diluted) 5,628,000 5,515,000 5,618,000 5,500,000 BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Balance Sheets (Unaudited)
December 31, 2005 2004 Assets Current Assets Cash and cash
equivalents $5,290,000 $3,582,000 Accounts receivable, net
3,908,000 2,460,000 Inventories 6,202,000 5,063,000 Other 440,000
343,000 ------------------------ 15,840,000 11,448,000 Property and
equipment, net 1,793,000 776,000 Goodwill and other 11,142,000
11,171,000 ------------------------ $28,775,000 $23,395,000
======================== Liabilities and Stockholders' Equity
Current Liabilities Accounts payable $1,491,000 $644,000 Accrued
expenses 953,000 702,000 Income taxes payable 945,000 90,000
------------------------ 3,389,000 1,436,000 Deferred income taxes
394,000 55,000 ------------------------ Total liabilities 3,783,000
1,491,000 Stockholders' equity 24,992,000 21,904,000
------------------------ $28,775,000 $23,395,000
======================== *T
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