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): January 21, 2004

BOLT TECHNOLOGY CORPORATION

(Exact name of registrant as specified in its charter)

Connecticut	0-10723	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)

ITEM 7.    FINANCIAL STATEMENTS AND EXHIBITS.

  (c)     Exhibits. The following exhibit is furnished pursuant to Item 12.

Exhibit No.	Description
99.1	Press release issued January 21, 2004.

ITEM 12.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 21, 2004, Bolt Technology Corporation (the “Company”) issued a press release announcing the Company’s results of operations for the second quarter and the first six months of fiscal year 2004. A copy of this press release is furnished with this report as Exhibit 99.1 and shall be deemed provided under this Item 12 of Form 8-K.

The information in this report, including the exhibit attached hereto, is being furnished solely pursuant to Item 12 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.

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 and President

Dated: January 21, 2004

Exhibit Index

Exhibit No.	Description
99.1	Press release issued January 21, 2004.

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

For Immediate Release

Contact: Joseph Espeso (203) 853-0700

BOLT TECHNOLOGY REPORTS SECOND QUARTER RESULTS

NORWALK, CT., January 21, 2004 – Bolt Technology Corporation (AMEX:BTJ) today announced financial results for the second quarter and the first six months of fiscal year 2004.

Sales for the second quarter of fiscal 2004, the three months ended December 31, 2003, were $3,501,000 compared to $2,419,000 for the second quarter of fiscal 2003 and net income for the quarter amounted to $225,000 or $0.04 per diluted share, compared to a net loss of ($178,000) or ($0.03) per share in last year’s second quarter.

For the first half of fiscal 2004, the six months ended December 31, 2003, sales were $7,167,000 compared to $5,512,000 last year. Net income for the first half of fiscal 2004 amounted to $566,000 or $0.10 per diluted share compared to a net loss of ($27,000) or $0.00 per share last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased that the results for the second quarter and the first six months of fiscal 2004 show substantial improvement over last year’s second quarter and first six months. Based on the proposals we currently have outstanding and the current level of customer inquiries, we continue to believe that the increases in operating results reported for the first six months of fiscal 2004 should continue for the remainder of the year.”

Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in the offshore seismic exploration for oil and gas. Bolt also designs and sells precision miniature industrial clutches, brakes and electric motors.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “estimate,” “project,” “anticipate,” “expect,” “predict,” “believe,” and similar expressions are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks associated with decreased demand for the Company’s products due to fluctuation in energy industry activity, reliance on certain significant customers, significant amount of foreign sales and other risks detailed in the Company’s filings with the Securities and Exchange Commission.

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2003		2002			2003		2002
Sales	$	3,501,000	$	2,419,000		$	7,167,000	$	5,512,000
Costs and expenses		3,147,000		2,688,000			6,307,000		5,533,000
Income (loss) before income taxes		354,000		(269,000	)		860,000		(21,000	)
Provision (benefit) for income taxes		129,000		(91,000	)		294,000		6,000
Net income (loss)	$	225,000	$	(178,000	)	$	566,000	$	(27,000	)
Earnings (loss) per share	$	0.04	$	(0.03	)	$	0.10	$	0.00
Shares outstanding		5,485,000		5,414,000			5,482,000		5,414,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	December 31,					December 31,
	2003		2002			2003		2002
Assets					Liabilities and Stockholders’ Equity
Current Assets					Current Liabilities
Cash and cash equivalents	$	2,119,000	$	2,373,000	Accounts payable	$	365,000	$	232,000
Accounts receivable, net		1,936,000		1,534,000	Accrued liabilities		641,000		864,000
Inventories		5,387,000		4,988,000			1,006,000		1,096,000
Other		599,000		846,000	Deferred income taxes		—		166,000
		10,041,000		9,741,000	Total liabilities		1,006,000		1,262,000
Property and equipment, net		832,000		966,000
Goodwill		11,106,000		11,148,000
Other		132,000		80,000	Stockholders’ equity		21,105,000		20,673,000
	$	22,111,000	$	21,935,000		$	22,111,000	$	21,935,000