8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 21, 2009

BOLT TECHNOLOGY CORPORATION

(Exact name of registrant as specified in its charter)

Connecticut	001-12075	06-0773922
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Four Duke Place, Norwalk, Connecticut	06854
(Address of principal executive office)	(Zip Code)
Registrant’s telephone number, including area code	(203) 853-0700

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2—Financial Information

Item 2.02. Results of Operations and Financial Condition.

On October 21, 2009, Bolt Technology Corporation (the “Company”) issued a press release announcing the Company’s results of operations for the first quarter of fiscal year 2010, the three months ended September 30, 2009.  A copy of this press release is furnished with this report as Exhibit 99.1 and shall be deemed provided under this Item 2.02 of Form 8-K.

The information in this report, including the exhibit attached hereto, is being furnished solely pursuant to Item 2.02 of this Form 8-K.  Consequently, it shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Section 9—Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.  The following exhibit is furnished pursuant to Item 2.02.

Exhibit No.	Description
99.1	Press release issued October 21, 2009.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BOLT TECHNOLOGY CORPORATION
By:	/s/ Raymond M. Soto
	Raymond M. Soto
	(Chairman of the Board, President and
	Chief Executive Officer)

Dated:   October 21, 2009

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Exhibit Index

Exhibit No.	Description
99.1	Press release issued October 21, 2009.

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EX-99.1

Exhibit 99.1

EARNINGS RELEASE

For Immediate Release

Contact: Raymond M. Soto (203) 853-0700

BOLT TECHNOLOGY REPORTS FIRST QUARTER RESULTS.

NORWALK, CT., October 21, 2009 – Bolt Technology Corporation (NASDAQ: BOLT) today announced financial results for the first quarter of fiscal year 2010, the three months ended September 30, 2009.

For the quarter ended September 30, 2009, sales amounted to $7,033,000 compared to $11,263,000 for the first quarter last year.  Net income for the quarter amounted to $1,178,000 ($0.14 per share) compared to $2,280,000 ($0.27 per share) for the first quarter last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “Our operating results for the first quarter of fiscal 2010 reflect the impact of lower marine seismic exploration activity caused by the global economic slowdown. Despite the backdrop of lackluster industry conditions which resulted in a 38% decrease in our first quarter sales compared to last year’s first quarter, all three of our reportable segments—Seismic Energy Sources, Underwater Cables and Connectors and Seismic Energy Source Controllers—operated profitably and we reported earnings before income taxes of over $1,700,000.  Our strong balance sheet, including cash and short-term investments of almost $34,000,000, enhances our ability to withstand the current low level of marine seismic exploration activity and to pursue acquisition opportunities.”

Mr. Soto continued, “We are hopeful that recent indications of an economic recovery will continue and that operating results during the remainder of fiscal 2010 will show improvement over the first quarter.”

Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic acquisition equipment used for offshore exploration for oil and gas. The Company operates in three segments: “Seismic Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source Controllers.”

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, 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 and (vii) 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 September 30,
	2009		2008
Sales	$	7,033,000	$	11,263,000
Costs and expenses		5,331,000		7,862,000
Income before income taxes		1,702,000		3,401,000
Provision for income taxes		524,000		1,121,000
Net income	$	1,178,000	$	2,280,000
Earnings per share (diluted)	$	0.14	$	0.27
Average shares outstanding (diluted)		8,622,000		8,596,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	September 30,					September 30,
	2009		2008			2009		2008
Assets					Liabilities and Stockholders’ Equity
Current Assets					Current Liabilities
Cash and cash equivalents	$	32,752,000	$	20,337,000	Accounts payable	$	609,000	$	2,126,000
Short term investments		1,000,000		-	Accrued expenses		2,248,000		2,004,000
Accounts receivable		6,485,000		9,772,000	Income taxes payable		591,000		1,153,000
Inventories		13,790,000		16,255,000			3,448,000		5,283,000
Other		761,000		429,000
		54,788,000		46,793,000
Property and  equipment		4,103,000		4,424,000
Goodwill		10,957,000		10,330,000
Other intangible assets		1,172,000		1,412,000
Other		197,000		220,000	Stockholders’ equity		67,769,000		57,896,000
	$	71,217,000	$	63,179,000		$	71,217,000	$	63,179,000

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