President’s Message:

I am pleased to report that fiscal year 2009 was another strong year for our Company. Although we did not exceed last year’s record results, fiscal 2009 was the second best year in the Company’s history. Our sales and net income amounted to $48,876,000 and $10,501,000 ($1.22 per share), respectively.

The decrease in our operating results from fiscal year 2008 was primarily attributable to the significant decrease in the price of oil and the global economic downturn. This resulted in a decrease in demand for marine seismic exploration surveys in which our products are primarily used.
In addition to our sales and net income mentioned above, fiscal 2009 resulted in several significant financial achievements including –

• Cash and short-term investments increased to $27,737,000 from $19,137,000 last year.
  
• Working capital increased to $49,935,000 from $39,175,000 last year.
  
• Book value per share increased 19% to $7.69 from $6.44 last year.
  
• The Company remains debt free.

During fiscal 2009, we continued and intensified our search for suitable acquisition opportunities. Our search is focused on strong oil field service companies that manufacture and sell proprietary products and whose acquisition would be accretive to our stockholder value. Our senior management has spent considerable time reviewing and assessing opportunities and we continue to do so. We believe our strong financial position, including our cash balance, should facilitate our ability to capitalize on acquisition opportunities.

Looking to fiscal 2010 and beyond, we believe that the fundamentals of our industry remain strong due to the imbalance between supply and demand, low reserve replacement rates and increasing global demand, and that the current low level of marine seismic exploration activity should improve as general economic conditions strengthen.

We have previously reported financial results for our oilfield services businesses in one reportable segment – “oilfield services equipment” or “geophysical equipment.” As of June 30, 2009, we have decided to report our financial results in three reportable segments – “Seismic Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source Controllers.” Information concerning the performance of these segments is set forth in the footnotes to our Consolidated Financial Statements.

I am proud of our record of solid financial performance over the last five years, which resulted in an increase in stockholders equity to $66,468,000 at June 30, 2009 from $21,392,000 at June 30, 2004 – a compounded growth rate of over 25%. In closing, I wish to thank our loyal customers and hard-working employees for helping to make fiscal 2009 another successful year.

Raymond M. Soto
Chairman, President and Chief Executive Officer

Recent News	2009 Annual Report 598kb
2009 Bolt Technology Proxy Statement	Annual Meeting of Stockholders Proxy Card

Bolt Technology Corporation is listed on the NASDAQ and trades under the symbol BOLT.
As a public company all financial information is readily available from the links on this page.


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Contact: Joseph Espeso
Senior Vice President,Finance and Chief Financial Officer