Bolt Reports Record Second Quarter and Six Months Results.

NORWALK, Conn.--(BUSINESS WIRE)--Jan. 12, 1999--Bolt Technology Corporation (AMEX:BTJ) today announced the results of operations for the second quarter and the first six months of fiscal 1999. The second quarter and six months results are the highest reported for any second quarter or six months in the Company's history.

Quarterly revenues increased 56%, income before taxes increased 118% and net income increased 81%.

Six months revenues increased 75%, income before taxes increased 132% and net income increased 79%.

Revenues for the three months ended December 31, 1998 amounted to $5,849,000 compared to $3,750,000 in last year's second quarter and income before taxes amounted to $1,928,000 compared to $884,000 last year. Net income in this year's second quarter was $1,781,000 compared to $984,000 last year.

Revenues for the six months ended December 31, 1998 amounted to $11,209,000 compared to $6,407,000 last year and income before taxes amounted to $3,463,000 compared to last year's $1,494,000. Net income for the six months was $3,316,000 compared to $1,852,000 last year.

Raymond M. Soto, Chairman, President and Chief Executive Officer said, "We are extremely pleased with the second quarter and six months record results achieved despite continuing weak commodity prices. Our products are primarily used in three-dimensional seismic exploration surveys which have significantly reduced the cost of finding and producing hydrocarbons and we remain cautiously optimistic that the second six months of fiscal 1999 will reflect continued growth for Bolt."

Bolt Technology Corporation 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 risk 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.

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                     Bolt Technology Corporation
                          Financial Summary

                     Quarter ended              Six months ended
                      December 31,                 December 31,

                  1998           1997         1998           1997

Revenues      $5,849,000     $3,750,000   $11,209,000    $6,407,000
Net income     1,781,000(a)     984,000(b)  3,316,000(a)  1,852,000(c)

Per share
 income:
 Basic             $0.34          $0.19         $0.63         $0.36
 Diluted           $0.33          $0.19         $0.62         $0.36

Shares
 outstanding:
 Basic         5,263,000      5,078,000     5,248,000     5,077,000
 Diluted       5,352,000      5,220,000     5,362,000     5,213,000

(a) After income tax expense of $147,000. (b) After income tax credit of $100,000. (c) After income tax credit of $358,000.