The title track, "Bullet," arose from front man Glenn Danzig's morbid fascination with the life and death of President Kennedy, and, of course, his beloved widow, Jackie O. A line from the refrain gave the later melodic band Texas Is The Reason its name: "Texas is the reason that the president's dead." It has been said by both Jerry Only and Bobby Steele that "We Are 138" was based on George Lucas's 1971 science fiction film THX-1138, although Danzig has repeatedly denied this. "Hollywood Babylon" may have been based on the Kenneth Anger book of the same name.
The first pressing was limited to 1000 copies on plain black vinyl, in hand-screened gatefold covers, a fraction of which Danzig also hand-colored. The second, and final, printing was of 2000 copies on red vinyl in January of 1979. These records are sometimes incorrectly referred to as Better Dead On Red, because of the artwork that was added to the back cover, which featured an image of a bullet hole and the words "Better Dead On Red." These same covers were used to package approximately 100 of the first pressing black EPs, which have often been mistaken for a rare third pressing. In fact, there were only two pressings, and Danzig has refuted claims by Pushead of a third pressing numbering at least 7000. The initial pressing primarily featured a matching screened color insert, which was later replaced by low-quality black and white photocopies in the majority of records.
All four songs were part of a larger 17 track recording session that produced material for at least 5 Misfits records. Recording was done on three reels of 2" 16-track tape, which was mixed onto two 1/4" reels. All of these tracks feature at least two guitar tracks, with Franche Coma playing over Danzig's original tracks.