Bolt Technology Reports Fiscal Year 2002 Results; Net Income Increases 372% Over Prior Year

    NORWALK, Conn.--Aug. 15, 2002--Bolt Technology Corporation (AMEX:BTJ) today announced financial results for the fourth quarter and fiscal year ended June 30, 2002.
    Fiscal year 2002 sales were $17,991,000 compared to $15,496,000 last year and net income increased 372% to $1,871,000 or $0.35 per diluted share from $396,000 or $0.07 per diluted share last year.
    Sales for the fourth quarter were $4,760,000 compared to $5,015,000 in last year's fourth quarter and net income was $691,000 or $0.13 per diluted share compared to $405,000 or $0.07 per diluted share last year.
    As required, the Company adopted SFAS 142, "Goodwill and Other Intangible Assets" effective July 1, 2001. This accounting standard provides for, among other things, the cessation of goodwill amortization and an initial test and annual testing thereafter for impairment of goodwill balances. The initial test has been completed and resulted in no impairment of the Company's goodwill balances. If this standard had been in effect last year, net income per share for the three months and fiscal year ended June 30, 2001 would have been $0.10 and $0.17, respectively.
    Raymond M. Soto, Bolt's chairman, president and chief executive officer, said, "We are pleased to report that the results of fiscal year 2002 show strong improvement over 2001. Our international business was a large contributor this year as foreign shipments increased to 58% of total sales from 46% last year. Bolt's products continue to be the most widely used energy sources and underwater connectors for worldwide offshore seismic exploration. Our financial position also strengthened considerably this year as we completely liquidated our long-term debt and reduced our total liabilities from $5,905,000 at June 30, 2001 to $2,160,000 at June 30, 2002.
    Soto continued, "In view of the unsettled political situation in the Middle East and the uncertain signals of domestic and international economic growth it is difficult to predict the full results for next year. We intend to continue searching for suitable acquisition candidates and to maintain our high customer satisfaction levels by continuing to deliver products of the highest quality and reliability to ensure that the Company is well positioned to achieve maximum growth."

    Bolt Technology Corporation develops, manufactures and sells the world's leading seismic energy sources and underwater connectors used in the 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. 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
                           FINANCIAL SUMMARY

                     Quarter ended                   Year ended
                        June 30,                      June 30,
                   2002          2001           2002           2001

Sales           $4,760,000    $5,015,000    $17,991,000    $15,496,000
Income before
 taxes           1,155,000       833,000      3,089,000      1,071,000
Income taxes       464,000       428,000      1,218,000        675,000
Net income         691,000       405,000      1,871,000        396,000
Per share:
  Basic and
   diluted           $0.13         $0.07          $0.35          $0.07
Avg. shares
 outstanding
  Basic          5,414,000     5,409,000      5,412,000      5,409,000
  Diluted        5,418,000     5,422,000      5,416,000      5,414,000