Bolt Technology Corporation (AMEX:BTJ) today announced financial
results for the third quarter and the first nine months of fiscal
year 2007. Sales for the third quarter of fiscal 2007, the three
months ended March 31, 2007, increased 51% to $12,728,000 compared
to $8,418,000 in last year�s third quarter and net income for the
quarter increased 118% to $2,845,000 or $0.50 per diluted share,
compared to $1,307,000 or $0.23 per diluted share in last year�s
third quarter. For the nine months ended March 31, 2007, sales
increased 52% to $34,996,000 compared to $22,979,000 last year. Net
income for the nine months ended March 31, 2007 increased 124% to
$7,217,000 or $1.27 per diluted share, compared to $3,224,000 or
$0.57 per diluted share last year. Raymond M. Soto, Bolt�s
Chairman, President and CEO, commented, �We are pleased to report
that the financial results for the third quarter and the first nine
months of fiscal 2007 represent record quarterly and nine month
levels for our company. The third quarter results are also the
fifth consecutive quarter of record sales and income. During the
quarter, sales in our geophysical segment increased 54% and sales
in our industrial products segment increased 23% as compared to
last year�s third quarter. Based on recent order activity, requests
for quotations and indications from our major customers, we believe
that the strong levels of business we have experienced during the
first three quarters of fiscal 2007 will continue in our fourth
quarter.� 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. BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Statements of Operations
(Unaudited) � Three Months Ended Nine Months Ended March 31, �March
31, � 2007� 2006� 2007� 2006� Sales $12,728,000� $8,418,000�
$34,996,000� $22,979,000� Costs and expenses 8,555,000� 6,456,000�
24,346,000� 18,030,000� Income before income taxes 4,173,000�
1,962,000� 10,650,000� 4,949,000� Provision for income taxes
1,328,000� 655,000� 3,433,000� 1,725,000� Net income $ 2,845,000�
$1,307,000� $ 7,217,000� $3,224,000� � Diluted earnings per share
$0.50� $ 0.23� $ 1.27� $ 0.57� Average diluted shares outstanding
5,688,000� 5,621,000� 5,680,000� 5,619,000� BOLT TECHNOLOGY
CORPORATION Condensed Consolidated Balance Sheets (Unaudited) � �
March 31, 2007� 2006� � Assets � Current Assets Cash and cash
equivalents $ 6,229,000� $ 4,211,000� Accounts receivable, net
10,022,000� 6,897,000� Inventories 11,667,000� 7,296,000� Other �
503,000� � 422,000� 28,421,000� 18,826,000� � � Property and
Equipment 3,100,000� 1,913,000� Goodwill 10,967,000� 11,010,000�
Other � 130,000� � 107,000� $ 42,618,000� $ 31,856,000� � � March
31, 2007� 2006� � Liabilities and Stockholders� Equity � Current
Liabilities Accounts payable $ 3,178,000� $ 2,924,000� Accrued
expenses 2,249,000� 1,052,000� Income taxes payable 728,000�
898,000� Customer deposits � 253,000� � -� 6,408,000� 4,874,000�
Deferred Income Taxes � 512,000� � 414,000� Total liabilities
6,920,000� 5,288,000� � � Stockholders� Equity � 35,698,000� �
26,568,000� $ 42,618,000� $ 31,856,000�
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