Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the second quarter and the first six months of fiscal
year 2007. Sales for the second quarter of fiscal 2007, the three
months ended December 31, 2006, increased 87% to $12,267,000
compared to $6,567,000 in last year�s second quarter and net income
for the quarter increased 164% to $2,370,000 or $0.42 per diluted
share compared to $897,000 or $0.16 per diluted share in last
year�s second quarter. For the first half of fiscal 2007, the six
months ended December 31, 2006, sales increased 53% to $22,268,000
compared to $14,561,000 last year and net income increased 128% to
$4,372,000 or $0.77 per diluted share compared to $1,917,000 or
$0.34 per diluted share last year. Bolt Chairman, President and
CEO, Raymond M. Soto, commented, �The results for our second
quarter of fiscal year 2007 represent another quarterly earnings
record for our Company and is the fourth consecutive quarter of
record results. Shipments of new systems and replacement parts
continued to be strong during the quarter and incoming orders and
requests for quotations also continued at a high level. We believe
that the second six months of fiscal year 2007 should continue to
show improved results and we anticipate that fiscal year 2007
should be another record breaking 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 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. BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Statements of Operations
(Unaudited) � � Three Months Ended ����December 31,���� Six Months
Ended December 31, 2006� 2005� 2006� 2005� Sales $ 12,267,000� $
6,567,000� $ 22,268,000� $ 14,561,000� Costs and expenses �
8,751,000� � 5,190,000� � 15,791,000� � 11,574,000� Income before
income taxes 3,516,000� 1,377,000� 6,477,000� 2,987,000� Provision
for income taxes � 1,146,000� � 480,000� � 2,105,000� � 1,070,000�
Net income $ 2,370,000� $ 897,000� $ 4,372,000� $ 1,917,000� �
Earnings per share (diluted) $ 0.42� $ 0.16� $ 0.77� $ 0.34�
Average shares outstanding (diluted) 5,677,000� 5,628,000�
5,677,000� 5,618,000� BOLT TECHNOLOGY CORPORATION Condensed
Consolidated Balance Sheets (Unaudited) � � December 31, � 2006� �
2005� Assets � Current Assets Cash and cash equivalents $
4,836,000� $ 5,290,000� Accounts receivable, net 9,454,000�
3,908,000� Inventories 10,806,000� 6,202,000� Other � 493,000� �
440,000� 25,589,000� 15,840,000� � Property and equipment, net
2,923,000� 1,793,000� Goodwill 10,978,000� 11,020,000� Other �
131,000� � 122,000� $ 39,621,000� $ 28,775,000� � � December 31, �
2006� � 2005� Liabilities and Stockholders� Equity � Current
Liabilities Accounts payable $ 3,591,000� $ 1,491,000� Accrued
expenses 1,770,000� 953,000� ��Income taxes payable 457,000�
945,000� Customer deposits � 559,000� � -� 6,377,000� 3,389,000�
Deferred income taxes � 501,000� � 394,000� Total liabilities
6,878,000� 3,783,000� � Stockholders� equity � 32,743,000� �
24,992,000� $ 39,621,000� $ 28,775,000�
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