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):  April 27, 2011

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 April 27, 2011, Bolt Technology Corporation (the “Company”) issued a press release announcing the Company’s results of operations for the third quarter and the first nine months of fiscal year 2011.  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 April 27, 2011

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: April 28, 2011

Exhibit Index

Exhibit No.	Description
99.1	Press release issued April 27, 2011

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

For Immediate Release

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

BOLT TECHNOLOGY REPORTS THIRD QUARTER RESULTS.

NORWALK, CT., April 27, 2011 – Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced financial results for the third quarter and the first nine months of fiscal year 2011.

These financial results for the third quarter and the first nine months of fiscal year 2011 include SeaBotix, Inc., which was acquired by Bolt as of January 1, 2011.

Sales for the third quarter of fiscal 2011, the three months ended March 31, 2011, increased 59% to $9,381,000 compared to $5,897,000 for the third quarter last fiscal year.  Net income for the quarter increased 51% to $1,027,000 ($0.12 per share) compared to $681,000 ($0.08 per share) for the third quarter last fiscal year.

Sales for the nine months ended March 31, 2011 increased 30% to $28,039,000 compared to $21,605,000 for the same nine-month period in fiscal year 2010.  Net income for the nine-month period increased 25% to $4,141,000 ($0.49 per share) compared to $3,320,000 ($0.39 per share) in last fiscal year’s first nine months.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased that our operating results for the third quarter and the first nine months of fiscal year 2011, including SeaBotix, continue to show improvement from the comparable periods in fiscal year 2010.  We are hopeful that improved operating results will continue in the fourth quarter.”

Mr. Soto continued, “The financial results for SeaBotix included in our third quarter were sales of $895,000 and a loss before income taxes of $617,000.  During the past few years, SeaBotix has expended considerable effort and incurred substantial costs in the development of several new products.  SeaBotix is now bringing these products to market, and has received several orders for them in the three month period ended March 31, 2011.  Shipments of these new products are expected to begin in the coming months.”

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

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				Nine Months Ended
	March 31,				March 31,
	2011		2010		2011		2010
Sales	$	9,381,000	$	5,897,000	$	28,039,000	$	21,605,000
Costs and expenses		8,091,000		4,887,000		22,185,000		16,714,000
Income before income taxes		1,290,000		1,010,000		5,854,000		4,891,000
Provision for income taxes		263,000		329,000		1,713,000		1,571,000
Net Income	$	1,027,000	$	681,000	$	4,141,000	$	3,320,000
Earnings per share diluted	$	0.12	$	0.08	$	0.49	$	0.39
Average shares outstanding		8,544,000		8,603,000		8,529,000		8,617,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,
	2011		2010
Assets
Current Assets
Cash and cash equivalents	$	30,298,000	$	36,772,000
Accounts receivable		6,972,000		4,515,000
Inventories		15,091,000		13,419,000
Other		1,596,000		1,054,000
		53,957,000		55,760,000
Property and  equipment		5,160,000		3,986,000
Goodwill		16,875,000		10,957,000
Other intangible assets		9,256,000		1,052,000
Other		245,000		197,000
	$	85,493,000	$	71,952,000

	March 31,
	2011		2010
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	1,140,000	$	416,000
Accrued  liabilities		5,745,000		1,305,000
		6,885,000		1,721,000
Deferred income taxes		2,824,000		-
Stockholders’ equity		75,784,000		70,231,000
	$	85,493,000	$	71,952,000