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Bolt Technology Announces First Quarter Results

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NORWALK, Conn., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq: BOLT) today announced financial results for the first quarter of fiscal year 2013, the three months ended September 30, 2012.

Sales for the first quarter of fiscal year 2013 increased 49% to $14,268,000, compared to $9,572,000 for the first quarter of fiscal year 2012. Net income for the quarter increased 137% to $1,704,000 ($0.20 per share) from $720,000 ($0.08 per share) in the first quarter of fiscal year 2012.

Raymond M. Soto, Bolt's chairman and CEO, commented, "The increase in sales for the first quarter of fiscal year 2013 reflects increased volume at all of our operating units. Our underwater robotic vehicle business contributed 54% of the sales increase and our marine seismic businesses contributed 46%. The increase in income was primarily attributable to our underwater robotic vehicle operating unit reporting a profit for the first quarter of fiscal 2013, in contrast to a loss for last year's first quarter. Our balance sheet remains strong with working capital of $46,063,000 at September 30, 2012, including cash of $26,332,000, and we remain debt free."

Mr. Soto continued, "We are pleased that our underwater robotic vehicle business has continued its steady growth since we acquired it in January 2011 and that our marine seismic businesses have also shown improvement. We continue to anticipate that fiscal year 2013 will be another successful year for Bolt."

 
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
   
  Three Months Ended
  September 30,
  2012 2011
     
Sales  $ 14,268,000 $ 9,572,000
Costs and expenses  11,647,000  8,608,000
Income before income taxes  2,621,000  964,000
Provision for income taxes      917,000  244,000
 Net Income  $  1,704,000  $  720,000
     
Earnings per share     $ 0.20  $ 0.08
     
Average shares outstanding    8,581,000    8,557,000
     
     
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
   
   September 30,    September 30,
   2012  2011    2012  2011
           
Assets     Liabilities and Stockholders' Equity    
Current Assets     Current Liabilities    
Cash and cash equivalents $26,332,000   $31,332,000 Accounts payable $  1,570,000 $  1,678,000
Accounts receivable  8,619,000  6,600,000 Accrued expenses   2,181,000   1,688,000
Inventories  17,135,000  16,523,000 Contingent earnout liability   2,400,000  3,000,000
Deferred income taxes  530,000  638,000 Dividends payable    601,000  --
Other    1,029,000   846,000 Income taxes payable    830,000     285,000
   53,645,000  55,939,000     7,582,000   6,651,000
Property and equipment   5,098,000  5,169,000 Contingent earnout liability  2,600,000    --
Goodwill  17,227,000    17,227,000 Deferred income taxes    2,494,000   2,570,000
Other intangible assets  7,653,000  8,643,000 Total liabilities   12,676,000    9,221,000
Other   250,000   227,000      
      Stockholders' Equity   71,197,000   77,984,000
  $83,873,000   $87,205,000    $83,873,000 $87,205,000

About Bolt Technology Corporation

Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic data acquisition equipment used for offshore oil and natural gas exploration. Bolt, through its SeaBotix Inc. subsidiary, is also a developer and manufacturer of remotely operated robotic vehicles systems used for a variety of underwater tasks.
 

CONTACT: Raymond M. Soto Chairman and CEO (203) 853-0700
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