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Bolt Technology Announces Second Quarter Results And Quarterly Dividend Payment

Stocks in this article: BOLT

Mr. Soto further commented, "I am pleased to report that today the Board of Directors approved a quarterly dividend of $0.07 per common share, payable on April 4, 2013 to stockholders of record on March 7, 2013."

Mr. Soto concluded, "Although world economic conditions remain uncertain, particularly with regard to government spending constraints which could impact our underwater robotics business, we continue to be optimistic that fiscal year 2013 will be another successful year for our company."

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.

Forward Looking Statements

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements about anticipated financial performance, future revenues and earnings, dividends, business prospects, new products, anticipated energy industry activity, anticipated market performance, planned production and shipping of products, expected cash needs and similar matters. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation (i) the risk of technological change relating to the Company's products and the risk of the Company's inability to develop new competitive products in a timely manner, (ii) the risk of changes in demand for the Company's products due to fluctuations in energy industry activity, (iii) the Company's reliance on certain significant customers, (iv) risks associated with a significant amount of foreign sales, (v) the risk of fluctuations in future operating results, (vi) risks associated with global economic conditions, (vii) risks of changes in environmental or regulatory matters and (viii) other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company believes that forward-looking statements made by it are based on reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. The words "estimate," "project," "anticipate," "expect," "predict," "believe," "may," "could," "should" and similar expressions are intended to identify forward-looking statements.

         
BOLT TECHNOLOGY CORPORATION  
Condensed Consolidated Statements of Operations (Unaudited)
         
  Three Months Ended Six Months Ended
  December 31, December 31,
  2012 2011 2012 2011
         
Sales  $ 14,410,000 $ 14,588,000 $ 28,678,000 $ 24,160,000
Costs and expenses   11,906,000   11,701,000   23,553,000   20,309,000
Income before income taxes  2,504,000  2,887,000  5,125,000  3,851,000
Provision for income taxes   803,000  941,000   1,720,000   1,185,000
Net Income  $ 1,701,000  $ 1,946,000 $ 3,405,000  $ 2,666,000
         
Earnings per share (diluted) $ 0.20  $ 0.23 $ 0.40 $ 0.31
         
Average shares outstanding (diluted)   8,607,000   8,488,000  8,594,000   8,523,000
         
           
BOLT TECHNOLOGY CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
           
  December 31,   December 31,
  2012 2011   2012 2011
Assets     Liabilities and Stockholders' Equity    
Current Assets     Current Liabilities    
Cash and cash equivalents $ 21,825,000 $ 21,270,000 Accounts payable $ 1,754,000 $ 1,559,000
Accounts receivable 8,066,000 9,701,000 Accrued expenses 1,652,000 1,549,000
Inventories 16,167,000 17,071,000 Contingent earnout liability 285,000 3,000,000
Deferred income taxes 555,000 567,000 Income taxes payable 84,000 439,000
Other 917,000 885,000   3,775,000 6,547,000
  47,530,000 49,494,000 Contingent earnout liability 2,815,000 --
Property and equipment 4,973,000 4,782,000 Deferred income taxes 2,415,000 2,609,000
Goodwill 17,227,000 17,227,000 Total liabilities 9,005,000 9,156,000
Other intangible assets 7,421,000 8,387,000      
Other 248,000 226,000 Stockholders' Equity 68,394,000 70,960,000
           
  $ 77,399,000 $ 80,116,000   $ 77,399,000 $ 80,116,000
CONTACT: Raymond M. Soto
         Chairman and CEO
         (203) 853-0700

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