Bolt Announces 115 Percent Increase In Third Quarter Earnings.

NORWALK, Conn.--(BUSINESS WIRE)--April 7, 1998--Bolt Technology Corp. (AMEX:BTJ) today announced the results of operations for its third quarter and the first nine months of fiscal 1998.

Revenues for the three months ended March 31, 1998 increased 77 percent to $5,117,000 from $2,886,000 reported in last year's third quarter and net income increased 115 percent to $1,223,000 or 23 cents per common share from $570,000, or 11 cents per common share, last year.

For the nine months ended March 31, 1998, revenues increased 52 percent to $11,524,000 from last year's nine months revenues of $7,557,000 and this year's nine months net income increased 114 percent to $3,075,000 or 59 cents per common share from $1,435,000, or 28 cents per common share, last year. This year's nine months net income includes a net income tax benefit of $358,000.

President and Chief Executive Officer Raymond M. Soto, commented: "The excellent results for the third quarter and first nine months of fiscal year 1998 primarily reflect the continued high demand for our marine seismic energy sources as our customers continue to increase and upgrade their seismic exploration fleets. Third quarter results also benefited from the inclusion of the operations of Custom Products Corp. which was acquired in January 1998. Custom Products contributed approximately 16 percent of revenue and net income for the quarter."

Soto also commented, "Our order flow during the third quarter was very strong and we anticipate that increased shipments for our final quarter of 1998 should result in one of the best fiscal years in our Company's history."

Bolt Technology Corp. develops, manufactures and sells the world's leading Seismic Energy Sources used in the offshore seismic exploration for oil and gas and through its subsidiary, Custom Products Corporation, designs, manufactures and sells precision mechanical and pneumatic slip clutches.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform 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.

-0-

                         Bolt Technology Corp.
                           Financial Summary

                        Quarter ended              Nine months ended
                          March 31,                    March 31,

                      1998          1997           1998         1997

Revenues           $5,117,000    $2,886,000  $11,524,000   $7,557,000
Net Income          1,223,000       570,000    3,075,000(a) 1,435,000

Per share income:
      -Basic            $0.23         $0.11        $0.60        $0.29
      -Diluted          $0.23         $0.11        $0.59        $0.28

Shares outstanding:
      -Basic        5,204,000     4,977,000    5,119,000    4,973,000
      -Diluted      5,336,000     5,185,000    5,254,000    5,172,000

(a) Includes a net income tax benefit of $358,000

-0-

CONTACT: Bolt Technology Corp.

Alan Levy, 203/853-0700