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 23, 2008

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 23, 2008, 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 2008. 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 23, 2008.

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 23, 2008

Exhibit Index

Exhibit No.	Description
99.1	Press release issued April 23, 2008.

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

For Immediate Release

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

BOLT TECHNOLOGY ANNOUNCES THIRD QUARTER RESULTS

NORWALK, CT., April 23, 2008 – Bolt Technology Corporation (BOLT:NASDAQ) today announced financial results for the third quarter and the first nine months of fiscal year 2008.

Sales for the third quarter of fiscal 2008, the three months ended March 31, 2008, increased 31% to $16,679,000 compared to $12,728,000 in last year’s third quarter and net income for the quarter increased 20% to $3,404,000 or $0.40 per diluted share, compared to $2,845,000 or $0.33 per diluted share in last year’s third quarter.

For the nine months ended March 31, 2008, sales increased 41% to $49,374,000 compared to $34,996,000 last year. Net income for the nine months ended March 31, 2008 increased 45% to $10,459,000 or $1.22 per diluted share, compared to $7,217,000 or $0.85 per diluted share last year.

Raymond M. Soto, Bolt’s Chairman, President and CEO, commented, “The financial results of our third quarter and first nine months of fiscal year 2008 reflect strong improvement from the comparable periods last year. We are pleased to report that Real Time Systems Inc., which we acquired at the beginning of the fiscal year, has contributed over 15% of our earnings for the third quarter and first nine months of the fiscal year. We continue to experience strong customer inquiries and orders and we continue to believe that fiscal year 2008 will be another record earnings year for our Company.”

Bolt Technology Corporation is a leading worldwide developer and manufacturer of seismic energy sources, seismic source controllers and synchronizers 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 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, and (vi) 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,” and similar expressions are intended to identify forward-looking statements.

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,				Nine Months Ended March 31,
	2008		2007		2008		2007
Sales	$	16,679,000	$	12,728,000	$	49,374,000	$	34,996,000
Costs and expenses		11,570,000		8,555,000		33,867,000		24,346,000
Income before income taxes		5,109,000		4,173,000		15,507,000		10,650,000
Provision for income taxes		1,705,000		1,328,000		5,048,000		3,433,000
Net income	$	3,404,000	$	2,845,000	$	10,459,000	$	7,217,000
Diluted earnings per share	$	0.40	$	0.33	$	1.22	$	0.85
Average diluted shares outstanding		8,588,000		8,531,000		8,587,000		8,521,000

BOLT TECHNOLOGY CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,					March 31,
	2008		2007			2008		2007
Assets					Liabilities and Stockholders’ Equity
Current Assets					Current Liabilities
Cash and cash equivalents	$	11,039,000	$	6,229,000	Accounts payable	$	3,394,000	$	3,178,000
Accounts receivable, net		12,060,000		10,022,000	Accrued expenses		1,944,000		2,249,000
Inventories		14,701,000		11,667,000	Income taxes payable		6,000		728,000
Other		567,000		503,000	Customer deposits		—		253,000
		38,367,000		28,421,000			5,344,000		6,408,000
					Deferred Income Taxes		572,000		512,000
					Total liabilities		5,916,000		6,920,000
Property and Equipment		3,898,000		3,100,000
Goodwill and Other		14,972,000		11,097,000
					Stockholders’ Equity		51,321,000		35,698,000
	$	57,237,000	$	42,618,000		$	57,237,000	$	42,618,000

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