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 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�