Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the first quarter of fiscal year 2007, the three months
ended September 30, 2006. Sales for the first quarter of fiscal
2007 increased 25% to $10,001,000 compared to $7,994,000 in last
year�s first quarter and net income increased 96% to $2,002,000 or
$0.35 per diluted share compared to $1,020,000 or $0.18 per diluted
share last year. Raymond M. Soto, Bolt�s chairman, president and
CEO, commented, �We are pleased that the historical highs that we
reported for our fiscal year ended June 30, 2006 have continued in
our first quarter of fiscal 2007. Sales, income before income taxes
and net income for the three months ended September 30, 2006 are
all quarterly records for our Company. Although recent oil prices
have declined somewhat from their record highs of a few months ago,
we continue to experience strong incoming orders, requests for
quotations and general customer inquiries. Accordingly, we continue
to believe that fiscal 2007 should be another strong year for our
Company.� 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 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. BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Statements of Operations
(Unaudited) Three Months Ended September 30, 2006� 2005� Sales $
10,001,000� $ 7,994,000� Costs and expenses 7,040,000� 6,384,000�
Income before income taxes 2,961,000� 1,610,000� Provision for
income taxes 959,000� 590,000� Net income $ 2,002,000� $ 1,020,000�
� Earnings per share (diluted) $ 0.35� $ 0.18� Average shares
outstanding (diluted) 5,677,000� 5,608,000� BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2006� 2005� Assets � Current Assets Cash and cash
equivalents $5,878,000� $4,011,000� Accounts receivable,net
7,040,000� 4,683,000� Inventories 9,774,000� 5,975,000� Other
555,000� 477,000� 23,247,000� 15,146,000� � Property and
equipment,net 2,624,000� 1,820,000� � Goodwill 10,988,000�
11,031,000� Other 116,000� 112,000� $36,975,000� $28,109,000�
September 30, 2006� 2005� Liabilities and Stockholders� Equity �
Current Liabilities Accounts payable $2,783,000� $1,100,000�
Accrued expenses 1,735,000� 1,579,000� Income taxes payable
1,154,000� 582,000� Customer deposits 520,000� 380,000� 6,192,000�
3,641,000� � Deferred income taxes 449,000� 373,000� Total
Liabilities 6,641,000� 4,014,000� � � Stockholders� Equity
30,334,000� 24,095,000� $36,975,000� $28,109,000� Bolt Technology
Corporation (AMEX:BTJ) today announced financial results for the
first quarter of fiscal year 2007, the three months ended September
30, 2006. Sales for the first quarter of fiscal 2007 increased 25%
to $10,001,000 compared to $7,994,000 in last year's first quarter
and net income increased 96% to $2,002,000 or $0.35 per diluted
share compared to $1,020,000 or $0.18 per diluted share last year.
Raymond M. Soto, Bolt's chairman, president and CEO, commented, "We
are pleased that the historical highs that we reported for our
fiscal year ended June 30, 2006 have continued in our first quarter
of fiscal 2007. Sales, income before income taxes and net income
for the three months ended September 30, 2006 are all quarterly
records for our Company. Although recent oil prices have declined
somewhat from their record highs of a few months ago, we continue
to experience strong incoming orders, requests for quotations and
general customer inquiries. Accordingly, we continue to believe
that fiscal 2007 should be another strong year for our Company."
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 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 September 30,
----------------------------------------------------------------------
2006 2005 ----------------------- Sales $10,001,000 $7,994,000
Costs and expenses 7,040,000 6,384,000 -----------------------
Income before income taxes 2,961,000 1,610,000 Provision for income
taxes 959,000 590,000 ----------------------- Net income $2,002,000
$1,020,000 ======================= Earnings per share (diluted)
$0.35 $0.18 Average shares outstanding (diluted) 5,677,000
5,608,000 *T -0- *T BOLT TECHNOLOGY CORPORATION Condensed
Consolidated Balance Sheets (Unaudited) September 30, 2006 2005
Assets Current Assets Cash and cash equivalents $5,878,000
$4,011,000 Accounts receivable,net 7,040,000 4,683,000 Inventories
9,774,000 5,975,000 Other 555,000 477,000 ------------------------
23,247,000 15,146,000 Property and equipment,net 2,624,000
1,820,000 Goodwill 10,988,000 11,031,000 Other 116,000 112,000
------------------------ $36,975,000 $28,109,000 September 30, 2006
2005 Liabilities and Stockholders' Equity Current Liabilities
Accounts payable $2,783,000 $1,100,000 Accrued expenses 1,735,000
1,579,000 Income taxes payable 1,154,000 582,000 Customer deposits
520,000 380,000 ------------------------ 6,192,000 3,641,000
Deferred income taxes 449,000 373,000 ------------------------
Total Liabilities 6,641,000 4,014,000 Stockholders' Equity
30,334,000 24,095,000 ------------------------ $36,975,000
$28,109,000 *T
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