Bolt Announces First Quarter Results.

NORWALK, Conn.--(BUSINESS WIRE)--Oct. 14, 1997--Bolt Technology Corp. (AMEX:BTJ) announced the results of operations for the first quarter of fiscal 1998.

The company reported that revenues and net income for the three months ended Sept. 30, 1997 amounted to $2,657,000 and $868,000 ($0.17 per share), respectively, compared to revenues of $2,318,000 and net income of $393,000 ($0.08 per share) last year. This year's first quarter net income includes an income tax credit of $258,000 ($0.05 per share).

Raymond M. Soto, president and chief executive officer, said, "We are pleased that our first quarter 1998 results of operations continue the strong gains achieved in fiscal 1997. Customer demand for our marine seismic equipment remains strong and we are optimistic that our strong first quarter financial performance will continue for the remainder of fiscal 1998."

Bolt Technology Corp. designs, manufactures and sells geophysical equipment and provides geophysical data acquisition services for use in the seismic exploration for oil and gas.

                         Bolt Technology Corp.
                          Financial Summary

                            Quarter ended
                               Sept. 30,
                          1997          1996

Revenues                  $2,657,000    $2,318,000
Net Income                   868,000(a)    393,000
Per share income          $     0.17    $     0.08
Average shares
 outstanding               5,076,000     5,150,000

(a) Includes an income tax credit of $258,000 ($0.05 per share).

CONTACT: Bolt Technology Corp.

Alan Levy, 203/853-0700