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Bolt Technology Reports Second Quarter Results

Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced financial results for the second quarter and the first six months of fiscal year 2011.

Sales for the second quarter of fiscal year 2011, the three months ended December 31, 2010, were $10,124,000 compared to $8,675,000 for the second quarter of fiscal year 2010. Net income for the quarter was $1,681,000 ($0.20 per share) compared to $1,461,000 ($0.17 per share) for the second quarter of fiscal year 2010.

Sales for the first half of fiscal year 2011, the six months ended December 31, 2010, were $18,658,000 compared to $15,708,000 for the same six month period in fiscal year 2010. Net income for the period was $3,114,000 ($0.37 per share) compared to $2,639,000 ($0.31 per share) in the first six months of fiscal year 2010.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased that our operating results for the second quarter and first six months of fiscal year 2011 continue to reflect improvement over the comparable periods in fiscal year 2010. All three of our existing operating units, seismic energy sources, underwater cables and connectors and seismic energy source controllers continued to operate profitably.”

Mr. Soto continued, “As we reported earlier this month, we acquired all of the outstanding common stock of SeaBotix Inc., a manufacturer of underwater remotely operated vehicle systems, located in San Diego, California on January 6, 2011. The initial closing payment of $10,000,000 was funded from our existing cash balances. SeaBotix’s operating results will be included in our consolidated results of operations for future reporting periods effective as of January 1, 2011.”

Mr. Soto concluded, “We are hopeful that the results of operations (including our newly acquired SeaBotix subsidiary) for the second half of fiscal year 2011 will continue to show improvement over fiscal year 2010.”

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