BTJ Bolt Technology Corp

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