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 26, 2005

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)

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 January 26, 2005, 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 2005. 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.

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

Exhibit No.	Description
99.1	Press release issued January 26, 2005.

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 26, 2005

Exhibit Index

Exhibit No.	Description
99.1	Press release issued January 26, 2005.

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 26, 2005 – Bolt Technology Corporation (AMEX:BTJ) today announced financial results for the second quarter and the first six months of fiscal year 2005.

Sales for the second quarter of fiscal 2005, the three months ended December 31, 2004, were $4,467,000 compared to $3,501,000 for the second quarter of fiscal 2004 and net income for the quarter amounted to $277,000 or $0.05 per diluted share, compared to $225,000 or $0.04 per diluted share in last year’s second quarter.

For the first half of fiscal 2005, the six months ended December 31, 2004, sales were $8,306,000 compared to $7,167,000 last year. Net income for the first half of fiscal 2005 amounted to $488,000 or $0.09 per diluted share compared to $566,000 or $0.10 per diluted share last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased to report that our sales for the second quarter of fiscal 2005 increased 28% from last years second quarter and 16% from the first quarter of fiscal 2005. The increased sales are primarily due to increased world-wide marine seismic exploration activity.”

Mr. Soto added, “We believe marine seismic exploration activity will continue to increase during the last two quarters of the year and such increase should benefit our geophysical equipment sales. In this regard, we recently received an order from the China Petroleum Materials and Equipment Corporation for a Marine Seismic Exploration Source System which is in excess of $2,000,000. This system which includes our new Annular Port Air Guns is scheduled for delivery in the fourth quarter. Customer inquiries and requests for quotations also continue at a high level. Accordingly, we continue to be cautiously optimistic that fiscal 2005 will be a good year for our Company.”

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. Forward-looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated.

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended December 31,				Six Months Ended December 31,
	2004		2003		2004		2003
Sales	$	4,467,000	$	3,501,000	$	8,306,000	$	7,167,000
Costs and expenses		4,018,000		3,147,000		7,517,000		6,307,000
Income before income taxes		449,000		354,000		789,000		860,000
Provision for income taxes		172,000		129,000		301,000		294,000
Net income	$	277,000	$	225,000	$	488,000	$	566,000
Earnings per share	$	0.05	$	0.04	$	0.09	$	0.10
Average shares outstanding		5,515,000		5,485,000		5,500,000		5,482,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	December 31,
	2004		2003
Assets
Current Assets
Cash and cash equivalents	$	3,582,000	$	2,119,000
Accounts receivable, net		2,460,000		1,936,000
Inventories		5,063,000		5,387,000
Other		343,000		599,000
		11,448,000		10,041,000
Property and equipment, net		776,000		832,000
Goodwill		11,063,000		11,106,000
Other		108,000		132,000
	$	23,395,000	$	22,111,000
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	644,000	$	365,000
Accrued liabilities		792,000		641,000
		1,436,000		1,006,000
Deferred income taxes		55,000		—
Total liabilities		1,491,000		1,006,000
Stockholders’ equity		21,904,000		21,105,000
	$	23,395,000	$	22,111,000

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