Bolt announces third quarter results.

NORWALK, Conn.--(BUSINESS WIRE)--April 9, 1997--Bolt Technology Corp. (AMEX:BTJ) today reported the results of operations for the third quarter and first nine months of fiscal 1997.

The company reported that revenues and net income for the three months ended March 31, 1997 amounted to $2,886,000 and $570,000 ($0.11 per share), respectively, as compared to revenues of $1,949,000 and net income of $277,000 ($0.06 per share) in last year's third quarter.

For the nine months ended March 31, 1997, revenues and net income amounted to $7,557,000 and $1,435,000 ($0.28 per share), respectively, as compared to revenues of $5,855,000 and net income of $741,000 ($0.15 per share) during the corresponding nine months last year.

Raymond M. Soto, president and chief executive officer of Bolt, said, "We are pleased to report that our fiscal 1997 third quarter results of operations have continued the upward trend experienced in our first two quarters. Third quarter revenues and income as well as the nine months' revenues and income represent the highest levels reported by the company since 1987."

Bolt Technology Corp. develops, manufactures and sells the world's leading Seismic Energy Sources which are primarily used in the off-shore seismic exploration for oil and gas.

                       Bolt Technology Corp.
                         Financial Summary

                          Quarter ended         Nine months ended
                            March 31,                March 31,
                        1997         1996        1997       1996
Revenues             $2,886,000   $1,949,000  $7,557,000  $5,855,000
Net income              570,000      277,000   1,435,000     741,000
Per share income          $0.11        $0.06       $0.28       $0.15
Average shares
 outstanding          5,185,000    4,971,000   5,172,000   4,971,000

CONTACT: Bolt Technology Corp.

Alan Levy, 203/853-0700