BTJ Bolt Technology Corp

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