Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the third quarter and the first nine months of fiscal
year 2006. Sales for the third quarter of fiscal 2006, the three
months ended March 31, 2006, increased 65% to $8,418,000 compared
to $5,115,000 in last year's third quarter and net income for the
quarter increased 171% to $1,307,000 or $0.23 per diluted share,
compared to $483,000 or $0.09 per diluted share in last year's
third quarter. For the nine months ended March 31, 2006, sales
increased 71% to $22,979,000 compared to $13,421,000 last year. Net
income for the nine months ended March 31, 2006 increased 232% to
$3,224,000 or $0.57 per diluted share, compared to $971,000 or
$0.18 per diluted share last year. Raymond M. Soto, Bolt's
chairman, president and CEO, commented, "The financial results for
the third quarter and first nine months of fiscal year 2006 set
several milestones for our company - sales for the quarter and nine
months are both all-time highs and income before taxes for the
quarter and nine months are also all-time highs. The third quarter
results reflect the strong demand for our marine seismic products
which we have been experiencing during this fiscal year." Mr. Soto
added, "We expect the strength in our business to continue and our
fourth quarter and full fiscal year 2006 results should continue to
show substantial improvement over last year." Bolt Technology
Corporation is a leading worldwide developer and manufacturer of
seismic energy sources and underwater connectors used in the
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 Nine Months Ended March 31, March
31, 2006 2005 2006 2005 Sales $8,418,000 $5,115,000 $22,979,000
$13,421,000 Costs and expenses 6,456,000 4,417,000 18,030,000
11,934,000 ---------------------------------------------- Income
before income taxes 1,962,000 698,000 4,949,000 1,487,000 Provision
for income taxes 655,000 215,000 1,725,000 516,000
---------------------------------------------- Net income
$1,307,000 $483,000 $3,224,000 $971,000
============================================== Diluted earnings per
share $0.23 $0.09 $0.57 $0.18
============================================== Average diluted
shares outstanding 5,621,000 5,565,000 5,619,000 5,522,000
============================================== BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Balance Sheets (Unaudited) March
31, 2006 2005 Assets Current Assets Cash and cash equivalents
$4,211,000 $3,364,000 Accounts receivable, net 6,897,000 2,928,000
Inventories 7,296,000 5,246,000 Other 422,000 589,000
------------------------------------------- 18,826,000 12,127,000
Property & Equipment, net 1,913,000 1,731,000 Goodwill
11,010,000 11,052,000 Other 107,000 98,000
------------------------------------------- $31,856,000 $25,008,000
=========================================== March 31, 2006 2005
Liabilities and Stockholders' Equity Current Liabilities Accounts
payable $2,924,000 $1,014,000 Accrued expenses 1,052,000 788,000
Income taxes payable 898,000 265,000 Customer advance deposit -
414,000 --------------------------------------- 4,874,000 2,481,000
Deferred Income Taxes 414,000 140,000
--------------------------------------- Total liabilities 5,288,000
2,621,000 Stockholders' Equity 26,568,000 22,387,000
--------------------------------------- $31,856,000 $25,008,000
======================================= *T
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