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 25, 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 October 25, 2005, Bolt Technology Corporation (the “Company”) issued a press release announcing the Company’s results of operations for the first quarter of fiscal year 2006, the three months ended September 30, 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.

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

Exhibit No.	Description
99.1	Press release issued October 25, 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:  October 25, 2005

Exhibit Index

Exhibit No.	Description
99.1	Press release issued October 25, 2005.

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

For Immediate Release

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

BOLT TECHNOLOGY REPORTS FIRST QUARTER RESULTS WHICH INCLUDE RECORD QUARTERLY SALES

NORWALK, CT., October 25, 2005 – Bolt Technology Corporation (AMEX:BTJ) today announced financial results for the first quarter of fiscal year 2006, the three months ended September 30, 2005.

Sales for the first quarter of fiscal 2006 increased 108% to $7,994,000 compared to $3,839,000 in last year’s first quarter and net income increased 383% to $1,020,000 or $0.18 per share compared to $211,000 or $0.04 per share last year.

Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “I am pleased to report that our sales of $7,994,000 in the first quarter of fiscal 2006 are the highest quarterly sales ever recorded by our Company. Additionally, our first quarter income before income taxes of $1,610,000 is the highest quarterly income before taxes reported by our Company during the last twenty-two years. The first quarter results reflect the continuing strengthening of the marine seismic market and a $2,000,000 sale of our second system of Annular Port Guns (“APG”).

Mr. Soto added, “We expect the marine seismic market to remain strong as world oil producers continue to increase their exploration, development and production activity to meet global demand for energy. We remain cautiously optimistic that the remainder of fiscal 2006 will continue to show improved results compared to last year. In this regard, we are pleased to report we have recently received two major orders for marine seismic energy source systems which total over $3,600,000. One of these orders is for another APG system, and both orders are scheduled for shipment in the fourth quarter.”

Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources and underwater connectors used in offshore seismic exploration for oil and gas. Bolt also designs, manufactures 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 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 September 30,
	2005		2004
Sales	$	7,994,000	$	3,839,000
Costs and expenses		6,384,000		3,499,000
Income before income taxes		1,610,000		340,000
Provision for income taxes		590,000		129,000
Net income	$	1,020,000	$	211,000
Earnings per share (diluted)	$	0.18	$	0.04
Average shares outstanding (diluted)		5,608,000		5,485,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	September 30,
	2005		2004
Assets
Current Assets
Cash and cash equivalents	$	4,011,000	$	3,121,000
Accounts receivable		4,683,000		2,526,000
Inventories		5,975,000		4,829,000
Other		477,000		498,000
		15,146,000		10,974,000
Property and equipment		1,820,000		805,000
Goodwill and other		11,143,000		11,180,000
	$	28,109,000	$	22,959,000
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	1,100,000	$	596,000
Accrued expenses		1,579,000		691,000
Income taxes payable		582,000		66,000
Customer deposits		380,000		—
		3,641,000		1,353,000
Deferred income taxes		373,000		3,000
Total Liabilities		4,014,000		1,356,000
Stockholders’ Equity		24,095,000		21,603,000
	$	28,109,000	$	22,959,000

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